No General Fund obligation is involved. The revenue bonds are to be issued by the ABAG Finance Authority for Nonprofit Corporations and will be secured solely by a pledge of revenues (rents, reserves, etc.) pledged under the bond documents. No County funds are pledged to secure the bonds.

The County has been requested to hold the public hearing required by Section 147(f) of the Internal Revenue Code.   
  
Episcopal Senior Communities, a nonprofit public benefit corporation, has requested that the ABAG Finance Authority for Nonprofit Corporations issue bonds in one or more series in an aggregate principal amount not to exceed $120,000,000. The proceeds of the bonds will be used to refinance existing debt, as well as finance the costs of acquisition, construction and renovations of several continuing care facilities, one of which is located at 1700 Tice Valley Boulevard, Walnut Creek.  
  
The recommended action is the adoption of a Resolution by the Board of Supervisors, as the applicable governing body of the governmental unit (Contra Costa County) having jurisdiction over the area in which the facility is located, authorizing the issuance of bonds. The Board’s recommended action confirms that a public hearing has been held. The proposed Resolution also authorizes certain officers and employees of the County to execute documents that give effect to and comply with the terms and intent of the proposed Resolution and the associated bond financing transaction.  
  

Negative action would prevent ABAG from meeting the public approval requirement of the Internal Revenue Code for issuing revenue bonds. As a result, the revenue bonds could not be issued and funds would not be available to refinance facilities owned by Episcopal Homes Foundation, including a continuing care facility located at 1700 Tice Valley Boulevard in Walnut Creek.

Not applicable

REMOVED from consideration