The County of Santa Clara
California

Hearing
67560
Hearing Closed
Jun 4, 2013 9:00 AM

Public Hearing to consider the proposed issuance of bonds by the California Municipal Finance Authority in an amount not to exceed $100,000,000 to improve facilities at Kirby Canyon. (Finance Agency)

Information

Department:Finance AgencySponsors:
Category:Hearing

Attachments

  1. Hearing Notice

Body

FISCAL IMPLICATIONS

The County incurs no financial liability from this financing and neither the faith and credit nor the taxing power of the County is pledged in any way in connection with the financing. The California Municipal Finance Authority will review the final application concerning the project and the issuance of bonds is contingent upon the California Municipal Finance Authority approval. The plan of finance may occur over a period of multiple years with a series of bonds.

REASONS FOR RECOMMENDATION

In compliance with section 147(f) of the Internal Revenue Service Code, the Board of Supervisors is the applicable legislative body required to authorize the issuance of these bonds.

CMFA, a joint powers authority, will be the issuer of the bonds. The Board of Supervisors authorized the County joining CMFA on August 25, 2009.

The project will be operated by Waste Management, Inc. or affiliate.

CHILD IMPACT

The recommended action is neutral to children.

SENIOR IMPACT

The recommended action is neutral for seniors.

SUSTAINABILITY IMPLICATIONS

The recommended action will fund improvements at the landfill site.

BACKGROUND

The bond proceeds will be used for the improvements listed on the attached hearing notice at the Kirby Canyon site.

CONSEQUENCES OF NEGATIVE ACTION

The proposed financing will be delayed.

STEPS FOLLOWING APPROVAL

One copy of the resolution and a copy of the Board agenda item should be sent to: Michele Bergland, Orrick, Herrington & Sutcliffe, 405 Howard St., San Francisco, CA 94105 by June 14, 2013

 

 

 

Meeting History

Jun 4, 2013 9:00 AM Video Board of Supervisors Regular Meeting

President Yeager opened the public hearing. Testimony was received. The President closed the hearing.

RESULT:HEARING CLOSED