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21 <br />THE CITY OF <br />m' -° ~°• °• -'- "" CITY COUNCIL AGENDA REPORT <br />j'L£~S~NTON® <br />April 17, 2007 <br />Finance Department <br />TITLE: ADOPT A RESOLUTION APPROVING THE ISSUANCE OF REVENUE <br />BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES <br />DEVELOPMENT AUTHORITY TO BENEFIT THE VALLEYCARE HEALTH <br />SYSTEM <br />SUMMARY <br />California Statewide Communities Development Authority (CSCDA) is a joint exercise of <br />powers authority consisting of numerous cities, counties and special districts, including <br />the City of Pleasanton. CSCDA is authorized to assist in the tax-exempt financing for <br />Section 501(c)(3) organizations. CSCDA is proposing to issue up to $85 million in tax- <br />exempt and taxable bonds to benefit ValleyCare Health System. The City's approval is <br />necessary since the projects to be funded/refunded reside in Pleasanton (and <br />Livermore). There is no financial obligation to the City of Pleasanton and the bonds are <br />not issued in the City's name. The City of Livermore is also scheduled to conduct a <br />public hearing and adopt a resolution approving the CSCDA bond sale. <br />RECOMMENDATION <br />Adopt the resolution approving the issuance of revenue bonds by the California <br />Statewide Communities Development Authority to benefit the ValleyCare Health <br />System. <br />FINANCIAL STATEMENT <br />There is no fiscal impact to the City of Pleasanton. The bonds are issued by CSCDA for <br />the benefit of ValleyCare Health System and the City has no financial involvement in the <br />transaction. <br />