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Council holds TEFRA hearing, approves support for CMFA tax-exempt bonds for Franciscan Town & Country project
Summary
The council held the required TEFRA hearing and voted to adopt a resolution expressing the City of Salinas' approval for the California Municipal Finance Authority to issue tax-exempt bonds for a multi-jurisdictional affordable housing financing package that includes a Salinas mobile home property.
The Salinas City Council held a TEFRA (Tax Equity and Fiscal Responsibility Act) hearing on May 13 and adopted a resolution indicating the city's support for issuance of tax-exempt revenue bonds by the California Municipal Finance Authority (CMFA) for a multifacility affordable housing financing package that includes a property in Salinas.
Acting Assistant Finance Director A. Pedroza explained…
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