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Committee ratifies TEFRA hearing and seeks debt allocation for rehabilitation of Frederick Douglas Hanes Apartments
Summary
Committee moved to the Board a resolution to declare intent to reimburse certain expenditures and to apply for California Debt Limit Allocation Committee authority (up to $47.7M) for conduit bond financing to fund substantial rehabilitation of the Frederick Douglas Hanes Apartments; staff said financing would be conduit and not pledge city funds.
The Budget and Finance Committee advanced a resolution asking the Board of Supervisors to ratify the hearing required under federal law and to authorize submission of an application to the California Debt Limit Allocation Committee for conduit bonds not to exceed $47,700,000 to support the rehabilitation of the…
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