3/13/2025
1 RiversideCA.gov1
RiversideCA.gov
TAX EQUITY AND FISCAL RESPONSIBILITY ACT (TEFRA) PUBLIC HEARING REGARDING BONDS FOR CALIFORNIA BAPTIST UNIVERSITYCity Council March 25, 2025Finance Department RiversideCA.gov2
1. Revenue bond financing to fund capital projects2. Issued by the California Municipal Financing Authority (CMFA)3. Proceeds of the Bonds will be used to:•Refund the outstanding 2014A CBU Bonds,•Refund the outstanding 2013 Lancer Plaza Bonds, and•Issue tax-exempt bonds to fund the acquisition, construction,improvement, and equipping of a Softball & Baseball ClubhouseBACKGROUND1 2 3/13/2025
2 RiversideCA.gov3
•Section 147(f) of the IRS Code of 1986 requires anyissuance of private activity revenue bonds beapproved by the local government entity within whichthe project is located•Requires a TEFRA public hearing to allow members ofthe public to comment on the project•City is not under any obligation to repay the bondedindebtednessTAX-EXEMPT REVENUE BONDS RiversideCA.gov4
•Request from California Baptist University•Issue revenue or refunding bonds in an amount not-to-exceed $100 million•Funds to be used to refinance prior bonds to achieve debtservice savings, and to finance the acquisition,construction, improvement and equipping of a softball andbaseball clubhouse located on California BaptistUniversity’s campus in the City of RiversideTEFRA PUBLIC HEARING3 4 3/13/2025
3 RiversideCA.gov5
Strategic Priority No. 2 – Community Well-BeingGoal 2.1 - Facilitate the development of a quality and diverse housing supply that is available and affordable to a wide range of income levels.Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
RiversideCA.gov6
That the City Council:1. Conduct the Tax Equity and Fiscal Responsibility Act (TEFRA) PublicHearing regarding the issuance of revenue or refunding bonds for theproject2. Adopt the attached resolution authoring the issuance of revenue orrefunding bonds in an amount not-to-exceed $100 million by theCalifornia Municipal Finance Authority, on behalf of California BaptistUniversity, for the project;3. Authorize the City Manager, or his designee, to execute all the requireddocuments, including making minor and non-substantive changes.RECOMMENDATIONS5 6