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Public Hearing on Issuance of <br />Tax Exempt Bonds for the Benefit of <br />Mater Dei High School <br />November 15, 2010 <br />Page 2 <br />exempt bonds with the goal to promote economic, cultural, and community development. The <br />City is a member of the Authority. <br />For all or a portion of the Bonds to qualify as tax - exempt bonds, the City of Santa Ana must <br />conduct a public hearing (the " TEFRA Hearing ") providing the members of the community an <br />opportunity to speak in favor of or against the use of tax - exempt bonds for the financing of the <br />project. Following the close of the TEFRA Hearing, an "applicable elected representative" of the <br />governmental unit hosting the project, in this case the City, must provide its approval of the <br />issuance of the Bonds by the Authority for the financing. <br />The bonds to be issued by the Authority are the sole responsibility of the borrower. The City has <br />no financial or legal liability for the project or repayment of the bonds and does not constitute any <br />type of indebtedness for the City. <br />FISCAL IMPACT <br />There is no fiscal impact to the City. <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency <br />75C -2 <br />