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San Bernardino holds TEFRA hearing; council approves tax-exempt financing for Village Green preservation
Summary
City held a TEFRA public hearing and adopted a resolution to allow the California Municipal Finance Authority to issue tax‑exempt bonds for preservation and rehabilitation of Village Green Apartments; city is not obligated to repay the bonds and any city participation will be decided later.
The San Bernardino City Council held a public hearing on Aug. 6 and adopted a resolution to satisfy the requirements of the Tax Equity and Fiscal Responsibility Act (TEFRA) so the California Municipal Finance Authority can issue tax‑exempt bonds for the Village Green Apartments preservation project.
City staff said the debt would be issued by the California Municipal Finance Authority on behalf of the borrower and that the city would not be obligated to repay the bonds. The housing division told the council the bond amount is “not to exceed $46,000,000” and that the city’s share, if any, is still under review; staff said an estimated city contribution under…
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