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Garden Court Apartments Rehabilitation Project <br /> July 16, 2024 <br /> Page 6 <br /> voice their opinions regarding the use of tax-exempt bonds for the Project's financing. <br /> After the TEFRA Hearing concludes, an "applicable elected representative" of the <br /> governmental unit hosting the Project, in this case, the City, must provide approval for <br /> the CMFA to issue the Bonds for the Project's financing. <br /> The Bonds to be issued by the CMFA are the sole responsibility of the Borrower. The <br /> City bears no financial or legal liability for the Project or bond repayment and incurs no <br /> indebtedness. <br /> The TEFRA Resolution (Exhibit 3) and the approval of the Amended and Restated <br /> Regulatory Agreement are distinct processes with no direct correlation. Each carries its <br /> own significance and implications within the context of the broader framework. While the <br /> TEFRA Resolution primarily focuses on tax-exempt financing projects or investments, <br /> the approval of the Amended and Restated Regulatory Agreement pertains to the <br /> modification and enhancement of contractual terms and obligations. These two actions <br /> operate on separate tracks, addressing different aspects of the Project. <br /> The Board of Directors of the California Foundation for Stronger Communities, a <br /> California non-profit public benefit corporation (the "Foundation"), serves as the Board <br /> of Directors for the CMFA. Through its conduit issuance activities, the CMFA shares a <br /> portion of its issuance fees with its member communities and allocates a portion of <br /> these fees to the Foundation to support local charities. <br /> FISCAL IMPACT <br /> A TEFRA Hearing Fee for this project in the amount of$1,011 was received and will be <br /> deposited into the Miscellaneous Service Charge account (no. 01102002-53902). <br /> EXHIBIT(S) <br /> 1. Amended and Restated Regulatory Agreement <br /> 2. Draft Relocation Plan, as of June 27, 2024 <br /> 3. TEFRA Resolution <br /> Submitted By: Michael L. Garcia, Executive Director of Community Development <br /> Approved By: Alvaro Nunez, Acting City Manager <br /> City Council 27 — 6 7/16/2024 <br />