HomeMy WebLinkAboutAgenda Report - September 19, 2007 E-10 PHAGENDA ITEM EA
A� CITY OF LODI
W COUNCIL COMMUNICATION
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AGENDA TITLE: Set Public Hearing for October 3, 2007, for Lodi Memorial Hospital
regarding issuance of tax-exempt obligations and approval of the California
Statewide Communities Development Authority's issuance of indebtedness
to construct a new Lodi Memorial Hospital project (Budget)
MEETING DATE: September 19, 2007
PREPARED BY: Kirk Evans, Budget Manager
RECOMMENDED ACTION: Set a public hearing for October 3, 2007, on behalf of Lodi Memorial
Hospital regarding the issuance of tax-exempt obligations and
approval of the California Statewide Communities Development
Authority's issuance of indebtedness to finance construction of a
new Lodi Memorial Hospital project.
BACKGROUND INFORMATION:
Lodi Memorial Hospital has submitted an application to the California Statewide Communities
Development Authority (CSCDA) for financing new construction and upgrades of various medical
facilities through the issuance of tax-exempt obligations. The aggregate principal amount will not exceed
$150 million. The City of Lodi has been asked to assist with this process by conducting a public hearing
on October 3, 2007, with respect to the proposed financing.
The CSCDA is a joint powers authority comprised of over 480 California public agencies. The City of
Lodi is a member. The CSCDA is authorized to assist in financing facilities for non-profit organizations
such as Lodi Memorial Hospital. In order to initiate such a financing, the member of the CSCDA in which
the project will be located - in this case, the City of Lodi - must conduct a public hearing. Although the
CSCDA will be the issuer of the tax-exempt revenue obligations for Lodi Memorial Hospital, financing
cannot proceed without the City of Lodi's approval.
FISCAL IMPACT There is no fiscal impact on the City of Lodi
FUNDING AVAILABLE: NIA
Respectfully submitted,
75),
Afnes Krueger, Deputy City Manager
APPROVED:^
BC-a4rl!ig, City Manager