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Council approves tax‑exempt bonds to help Neighborhood HealthCare buy Escondido medical building
Summary
Escondido city staff and Neighborhood HealthCare representatives told the City Council that a resolution authorizing tax‑exempt revenue obligations would help Neighborhood HealthCare buy and upgrade a medical building at 488 East Valley Parkway.
Escondido city staff and Neighborhood HealthCare representatives told the City Council that a resolution authorizing tax‑exempt revenue obligations would help Neighborhood HealthCare buy and upgrade a medical building at 488 East Valley Parkway.
City staff explained that under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) the council must hold a public hearing before a local legislative body may approve tax‑exempt bonds for a nonprofit. "TEFRA is the Tax Equity and Fiscal Responsibility Act of 1982," the staff presentation said, and staff confirmed the hearing was publicly noticed in the Times Advocate on Oct. 23.
The staff presentation said the California Enterprise Development Authority…
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