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Eureka council clears $50 million in CMFA tax-exempt bonds for two apartment projects
Summary
The City Council approved two separate TEFRA hearings and resolutions supporting up to $30 million for Green Phase Apartments and up to $20 million for EarthCenter Apartments; both motions passed unanimously, and staff noted the city assumes no liability for the conduit issuances.
Eureka — On April 21 the City Council approved two separate resolutions under the Tax Equity and Fiscal Responsibility Act (TEFRA) to permit conduit issuances of tax-exempt revenue bonds by the California Municipal Finance Authority (CMFA): up to $30 million for the Green Phase Apartments and up to $20 million for EarthCenter Apartments.
City staff opened public hearings for each project and explained the bond issuances would be conduit…
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