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TEFRA Public Hearing for Heninger Village Apartments <br />August 2, 2016 <br />Page 2 <br />( TEFRA), the Internal Revenue Code and the California Government Code Section 6500 (and <br />following). Prior to such TEFRA Hearing, reasonable notice must be provided to the members of <br />the community. Following the close of the TEFRA Hearing, an "applicable elected representative" <br />of the governmental unit hosting the Project must provide its approval of the issuance of the <br />Bonds for the financing of the Project. A public notice was published on July 15, 2016 (Exhibit 1). <br />California Statewide Communities Development Authority <br />CSCDA is a joint powers authority sponsored by the League of California Cities ( "League ") and <br />the California State Association of Counties ( "CSAC "). CSCDA was created by the League and <br />CSAC in 1988 to enable local government and eligible private entities access to low -cost, tax - <br />exempt financing for projects that provide a tangible public benefit, contribute to social and <br />economic growth and improve the overall quality of life in local communities throughout <br />California. CSCDA is comprised of more than 500 members, including the City of Santa Ana. <br />CSCDA has issued more than $54 billion through 1,400 plus financings since 1988 and <br />consistently ranks in the top 10 of more than 3,000 nationwide public issuers of tax - exempt debt, <br />as measured by annual issuance amount. <br />The Bonds to be issued by CSCDA for the Project will be the sole responsibility of the Borrower, <br />and the City will have no financial, legal, moral obligation, liability or responsibility for the Project <br />or the repayment of the Bonds for the financing of the Project. All financing documents with <br />respect to the issuance of the Bonds will contain clear disclaimers that the Bonds are not <br />obligations of the City or the State of California, but are to be paid for solely from funds provided <br />by the Borrower. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item allows the City to meet Goal #5 - Community Health, Livability, Engagement <br />& Sustainability, Objective 3 (Facilitate diverse housing opportunities and support efforts to <br />preserve and improve the livability of Santa Ana neighborhoods). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Robert C. Cort&--- / <br />Special Assistant to the City Manager <br />City Manager's Office <br />Exhibits: 1. Public Notice <br />2. Resolution <br />75A -2 <br />