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loan information out to the community. City Manager Fialho noted anon-traditional approach to marketing that the City will be doing in the next four weeks which is the Realtor's Forum that the Chamber of Commerce is hosting. Councilmember Sullivan stressed the need for public/private partnerships to encourage affordable housing. Mayor Hosterman opened the public hearing. David Stark addressed the Council acknowledging the efforts of staff in putting this item together so quickly. He noted this is a loan program and any dollar that is eventually allocated in this program, the City will see returned with interest as well. The reality of the housing market has affected its success recently. He noted these programs are a great example of public/private partnerships. He urged Council to approve the funding. Hearing no further requests to speak, public comment was closed. Motion: It was m/s by Cook-Kallio/Thorne, to approve funding for the City Down Payment Assistance Program with the caveat that there is an intense outreach effort, and to have the Housing Commission review the program to see how it may be more successful. Motion passed by the following vote: Ayes: Cook-Kallio, McGovern, Sullivan, Thorne, Mayor Hosterman Noes: None Absent: None 21. Public Hearing: Consider a resolution approving the issuance of revenue bonds by the California Statewide Communities Development Authority to benefit the ValleyCare Health System David Culver, Director of Finance, presented the staff report and noted the California Statewide Communities Development Authority (CSCDA) is a joint exercise of powers authority consisting of numerous cities, counties and special districts, including the City of Pleasanton. CSCDA is authorized to assist in the tax-exempt financing for Section 501(c)(3) organizations. CSCDA is proposing to issue up to $85 million in tax-exempt and taxable bonds to benefit ValleyCare Health System. The City's approval is necessary since the projects to be funded/refunded reside in Pleasanton (and Livermore). There is no financial obligation to the City of Pleasanton and the bonds are not issued in the City's name. The City of Livermore is also scheduled to conduct a public hearing and adopt a resolution approving the CSCDA bond sale. Staff recommended Council adopt the resolution approving the issuance of revenue bonds by the California Statewide Communities Development Authority to benefit the ValleyCare Health System. Councilmember McGovern confirmed that the City is not responsible for any defaults on the bonds. Mayor Hosterman opened the public hearing. There being no one wishing to speak the hearing was closed. City Council Minutes 12 April 17, 2007