Recommendation to receive supporting documentation into the record regarding the Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing; and adopt resolution approving the issuance of revenue bonds by the California Municipal Finance Authority (CMFA) to benefit a limited partnership sponsored by Volunteers of America National Services, in an amount not to exceed $13,000,000.  (District 1)
Motion carries eight zero. Report from Financial Management and Development Services recommendation received supporting documentation to the record regarding the tip public hearing and adopt resolution of benefit of limited partnership sponsored by Volunteers of America National Services an amount not to exceed 30 million District one. Can I get a motion? Okay. There's been a motion and a second. Councilman Gonzalez. Oh. Oops. What did I do? Sorry. So. Okay. I just want to say, I'm really thrilled to hear that the chemist senior apartments will be getting refurbished. I think this is the third or so building in our district. That's that's done this and it's wonderful. I just had a question, though, as to the TEPHRA funds. When we received that loan, back with interest. How I know it will be going back to our housing fund, but is that reallocated back into the same district or how is that how is that appropriated? Councilmember I'm going to turn this over to our city treasurer, David Nakamoto. But again, this is one of our policies for affordable housing which are real. Glad to present tonight. So, David, thank you. Councilwoman Garcia. I'd like to make a comment. That was the former mayor. Thanks. Excuse, Councilwoman Garcia. It's okay to the council. My apologies. That's okay. There was a Garcia here in the first before, so. That's all right. I'd like to make a correction in that these funds are not issued by the city at all. What they are. It's a bond issue issued by a Joint Powers Authority, in this case, the CMC, which the city is a member of. We have no taxing authority. We have no financial obligation to support these bonds. Our role is merely to hold a. Temporary hearing to allow the agency to fulfill its regulatory requirements and then issue the bonds. Okay. But I see here and maybe that's where I'm a little unclear as to the I guess, the city loan. And it says from what we received from a staffer, funds will be deposited back into the city's housing fund and reused for affordable housing purposes. So, yeah. Councilwoman Gonzalez, I know you're. A members of the council. There's about $140,000 loan that is existing on the building from when it was. Originally built in 1993. That loan with interest will be repaid. Those funds will be deposited into the housing fund to be used citywide for affordable housing purposes. Okay, so it is city wide. Okay. Thank you. And thank you so much for the thorough information on the Simas Towers. We're really looking forward to that and the district's that. Thank you. Thank you. Any members of the public who wish to comment on the item? CNN members, please go and cast your votes. God, how are you? Eight zero. Motion carries an excited and pleased. Report from Human Resources recommendation to execute the renewal of contracts with seven health care providers for coverage of health, dental, vision, prescription and disability to maintain current benefit levels in compliance with state and federal laws on our plans citywide.