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Council holds TEFRA hearing and approves revenue bond issuance for Community Health Centers of the Central Coast project
Summary
The council held a Tax Equity and Fiscal Responsibility Act (TEFRA) hearing and approved the request to act as the public hearing body for California Municipal Finance Authority revenue bonds supporting Community Health Centers of the Central Coast projects in Santa Maria.
The Santa Maria City Council on July 1 opened and closed a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing and approved a motion allowing issuance of tax-exempt conduit revenue bonds through the California Municipal Finance Authority (CMFA) for Community Health Centers of the Central Coast.
The finance director, Rebecca Campbell, explained that the TEFRA hearing is required by federal tax rules when a municipal conduit issuer is used to issue tax-exempt financing for a nonprofit borrower. In this case the borrower is Community Health…
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