Public Hearing TEFRA Notices
For certain types of tax-exempt private activity bonds, a public hearing (also known as a TEFRA hearing, after the Tax Equity and Fiscal Responsibility Act of 1982) is required by federal tax regulations as a form of public approval. The hearing provides a reasonable opportunity for interested individuals to express their views, either orally or in writing, on the proposed issue of bonds, location, and nature of the project to be financed. This notice is designed to inform residents of the approving governmental unit, including residents of the issuing unit and the host governmental unit where a project is to be located, of the proposed bond issue.
NOTICES OF UPCOMING PUBLIC HEARINGS
Posted on Tuesday, June 23rd, 2020 at 1:48pm
NOTICE OF PUBLIC HEARING IN BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA OF ITS MULTIFAMILY HOUSING REVENUE BONDS (CENTER OF HOPE APARTMENTS PROJECT), SERIES 2020
NOTICE IS HEREBY GIVEN that a public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), will be held by a representative of The Industrial Development Authority of the County of Pima (the “Issuer”), on June 30, 2020, at 12:00 p.m. local time, or as soon thereafter as it may be heard, via toll free telephonic means accessible to the general public as described below, regarding the issuance by the Issuer of one or more series of tax-exempt and/or taxable debt expected to be referred to as The Industrial Development Authority of the County of Pima Multifamily Housing Revenue Bonds (Center of Hope Apartments Project), pursuant to a plan of financing, in an aggregate principal amount not to exceed $10,000,000 (the “Bonds”), for the benefit of Center of Hope Apartments, LP, an Arizona limited partnership (a member of which is La Frontera Partners, Inc., an Arizona nonprofit corporation), as borrower of the proceeds of the Bonds and owner of the below-described multifamily housing facilities (the “Borrower”).
The Issuer will loan the proceeds of the Bonds to the Borrower for the purposes of the “Project,” which is comprised of: (i) financing or refinancing all or a portion of the costs of the acquisition, construction, improvement, rehabilitation, development, equipping and/or operation of residential real property consisting of 100 units, some or all of which will provide housing for low-income tenants (including facilities functionally related and subordinate thereto), on certain real property located at 4554 S. Palo Verde Road in Tucson, Pima County, Arizona, to be commonly known as the “Center of Hope Apartments” (collectively, the “Facilities”), (ii) funding any required reserve funds, (iii) paying capitalized interest, if any, on the Bonds, and (iv) paying the costs of issuance for the Bonds (collectively, the “Project”).
The Bonds will constitute a special limited obligation of the Issuer. The principal of, premium (if any), and interest on the Bonds shall never constitute the debt or indebtedness, or a liability, of the Issuer, the County of Pima, Arizona (the “County”) or the State of Arizona (the “State”) or any political subdivision of the State within the meaning of any provision of the Constitution of the State and shall not constitute nor give rise to a pecuniary liability or a charge against the general credit or taxing powers of the Issuer, the County, or the State or any political subdivision of the State, but shall be payable solely from the sources provided for in the proceedings for the issuance of the Bonds. The Issuer has no taxing power.