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Council approves TEFRA hearing resolution for Curitas/California Municipal Finance Authority bonds for mobile‑home park project
Summary
The council adopted a TEFRA resolution allowing the California Municipal Finance Authority to serve as issuer for tax‑exempt revenue bonds — up to $87 million statewide — for a Curitas Affordable Housing project affecting Salinas' Franciscan Town & Country mobile home park (20 Russell Road). The city emphasized it has no repayment obligation.
The Salinas City Council on May 13 held a TEFRA hearing and adopted a resolution to satisfy federal public hearing requirements for tax‑exempt financing proposed by the California Municipal Finance Authority (CMFA) on behalf of Curitas Affordable Housing, Inc.
A. Pedroza, acting assistant finance director, explained TEFRA (the Tax Equity and Fiscal Responsibility Act) requires a public hearing and a governing‑body resolution in jurisdictions where tax‑exempt bonds will finance projects.…
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