CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY TEFRA Hearing for - - PowerPoint PPT Presentation

CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY

TEFRA Hearing for Vanguard University

March 3, 2020

CEDA MEMBER

• CEDA: California Enterprise Development Authority is a Joint Powers

Authority (JPA) created in 2006 to address gaps in economic development financing.

• The City joined in September 2019
• TEFRA: Tax Equity and Fiscal Responsibility Act requires a public hearing

and approval of the proposed 501(c)(3) Bond

• Previously City Council approved bond issuance for OCMA in 2019

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TEFRA HEARING

• Required for bond issuance
• A Hearing must be conducted by an

Applicable Elected Representative who is also a member of the Authority

• The representative must approve the

issuance of the tax-exempt

• bligation in accordance with

Section 147(f) of the Internal Revenue Code

• Public Notice for the hearing was in

the Daily Pilot on February 25, 2020

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VANGUARD UNIVERSITY

• Master Plan approved by City

Council on February 19, 2019 (5-2)

• 20-year anticipated project
• $42,000,000 bond
• Nonprofit public benefit corporation

bond

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CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY

TEFRA Hearing for Vanguard University

March 3, 2020

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Staff Recommendation: Conduct a public hearing to receive comments relating to the issuance of $42,000,000 by CEDA to Vanguard University Adopt a resolution approving the issuance of the obligations by the CEDA to finance Vanguard University campus Master Plan