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Board approves $20M TEFRA hearing for North Bay clinic acquisitions, county not liable
Summary
The board conducted a TEFRA hearing and approved a resolution allowing the California Municipal Finance Authority to issue up to $20 million in tax‑exempt bonds for HealthCorps Foundation to acquire several clinic buildings to be leased to North Bay Corporation; staff emphasized the county bears no financial obligation.
The Solano County Board of Supervisors held the required TEFRA public hearing and approved a resolution allowing the California Municipal Finance Authority to issue up to $20 million in tax‑exempt bonds to finance acquisition and improvement of health facilities to be leased to North Bay Corporation.
Denise Dix, assistant treasurer‑tax collector, told the board the authority (CMFA) will issue the bonds; she clarified that the county is not the borrower and bears no financial or legal liability for the debt. Chris Matthews, representing North Bay, told the board that roughly three‑quarters of North Bay patients are on Medi‑Cal/Medicare and outlined plans to expand ambulatory and cardiac services in Solano County. A representative of CMFA reiterated that the county will have no repayment obligation and that the hearing is Ministerial under TEFRA to permit tax‑exempt bond issuance.
Several public speakers asked why a nonprofit and bond structure were necessary; staff explained the TEFRA process and that the structure reduces the borrower’s cost of capital. The board adopted the resolution to approve the issuance and conduct the public hearing (vote 5‑0).
