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Council unanimously approves tax‑exempt revenue bonds for TIP Property/Caritas LLC
Summary
The San Bernardino City Council unanimously adopted a resolution supporting issuance of up to $15 million in tax‑exempt revenue obligations by the California Enterprise Development Authority for TIP Property/Caritas LLC, a pass‑through financing that staff said will not use city funds.
The City of San Bernardino on April 15 adopted a resolution supporting issuance of revenue obligations, not to exceed $15 million, by the California Enterprise Development Authority for TIP Property/Caritas LLC, a limited liability company affiliated with Community Action Partnership.
City staff described the vote as a TEFRA hearing — a federal Tax Equity and Fiscal Responsibility Act requirement for conduit tax‑exempt bond financings — and emphasized the city is acting as a host jurisdiction in a pass‑through capacity,…
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