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Board signs TEFRA approval for $71M CMFA bond package for Rancho Del Arroyo project
Summary
The Board held a TEFRA hearing and adopted a resolution consenting to up to $71 million in CMFA tax‑exempt revenue bonds to finance Rancho Del Arroyo, a 120‑space mobile home park in Oceano; staff confirmed the county bears no repayment obligation.
The Board conducted the required Tax Equity and Fiscal Responsibility Act (TEFRA) hearing for Coritas Affordable Housing Inc.’s request that the California Municipal Finance Authority issue up to $71,000,000 of tax‑exempt revenue bonds to finance acquisition and improvements for Rancho Del Arroyo (a 120‑space mobile home park at 2700 Cienaga Street in Oceano) and related projects. Administrative Services Manager George Solis explained the CMFA is a joint powers authority that issues debt on behalf of borrowers; he emphasized the county will not be legally obligated to repay the bonds and will not incur issuance costs.
The Board adopted the TEFRA resolution to satisfy federal and state requirements so the CMFA can proceed with issuance. The motion passed unanimously. The county will not record a financial liability for the bonds because documents will contain disclaimers that repayment is the borrower’s responsibility.
