CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY TEFRA Hearing for Vanguard University March 3, 2020
2 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
3 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 obligation 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
VANGUARD UNIVERSITY 4 • 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
5 Staff Recommendation: CALIFORNIA Conduct a public hearing to ENTERPRISE receive comments relating to DEVELOPMENT the issuance of $42,000,000 by AUTHORITY CEDA to Vanguard University TEFRA Hearing for Adopt a resolution approving Vanguard University the issuance of the obligations by the CEDA to finance March 3, 2020 Vanguard University campus Master Plan
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