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File Number: 12 -167 to such TEFRA Hearing, reasonable notice must be provided to members of the community. Following the close of the TEFRA Hearing, an "applicable elected representative" of the governmental unit hosting the Project must provide its approval of the issuance of the bonds for the financing of the Project. Analysis The CMFA was created on January 1, 2004 pursuant to a joint exercise of powers agreement to promote economic, cultural and community development through the financing of economic development and charitable activities throughout California. To date, over 150 municipalities have become members of CMFA. The CMFA was formed to assist local governments, non - profit organizations and businesses with the issuance of taxable and tax - exempt bonds aimed at improving the standard of living in California. The CMFA's representatives and its Board of Directors have considerable experience in bond financings. In order for the CMFA to have the authority to serve as the issuer of the bonds for the Project, it is necessary for the City to become a member of the CMFA. Attached to this report is a copy of the Joint Exercise of Powers Agreement (Agreement) to be executed by a designated signatory of the City. The Agreement provides that the CMFA is a public entity, separate and apart from each member executing such agreement. The debts, liabilities and obligations of the CMFA do not constitute debts, liabilities or obligations of the members executing such agreement. The bonds to be issued by the CMFA for the Project will be the sole responsibility of the Borrower, and the City will have no financial, legal, moral obligation, liability or responsibility for the Project or the repayment of the bonds for the financing of the Project. All financing documents with respect to the issuance of the bonds will contain clear disclaimers that the bonds are not obligations of the City or the State of California, but are to be paid for solely from funds provided by the Borrower. Other than holding the TEFRA hearing, adopting the required resolution and executing the Agreement of the CMFA, no other participation or activity of the City or the City Council with respect to the issuance of the bonds will be required. The Agreement expressly provides that any member may withdraw from such agreement upon written notice to the Board of Directors of the CMFA. In the case of the proposed bond financing for the Borrower and following its execution of the Agreement, the City could withdraw from the CMFA by providing written notice to the Board of Directors of the CMFA at any time following the issuance of the bonds. Applicable General Plan Policies • Goal 56: AFFORDABLE HOUSING CONSERVATION: Encourage the preservation and rehabilitation of the existing affordable housing stock. • Goal 58: SPECIAL NEEDS POPULATIONS: Proactively address the special housing needs of City of San Leandro Page 2 Printed on 411012012