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Committee holds TEFRA hearing and forwards tax-exempt financings for California College of the Arts and Progress Foundation
Summary
The committee heard required TEFRA/Tefra notifications and forwarded approvals for tax-exempt financings: up to $40 million for California College of the Arts (CCA) and up to $7.5 million for Progress Foundation refinancing of mental-health-supportive facilities; the city is not financially liable for the debt.
The committee considered two items under the Tax Equity and Fiscal Responsibility Act (TEFRA) process that permit certain nonprofit borrowers to receive tax-exempt debt through joint powers authorities.
Vishal Trivedi of the Comptroller's Office of Public Finance explained that the city must hold…
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