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Committee approves referral for CMFA financing to refinance San Francisco Art Institute debt
Summary
The committee heard Controller’s Office staff describe TEFRA‑required approval to allow the California Municipal Finance Authority to issue up to $7 million in tax‑exempt obligations (and up to $13 million taxable obligations, total up to $20 million) to refinance and fund improvements for the San Francisco Art Institute; the committee referred the matter to the full Board with a positive recommendation.
The Budget and Finance Committee heard a presentation from the Controller’s Office on TEFRA‑required approval for bond financing that would permit the California Municipal Finance Authority (CMFA) to issue tax‑exempt obligations in an amount not to exceed $7,000,000, and taxable obligations up to $13,000,000 (for a total not to exceed $20,000,000), on behalf of the…
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