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NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that at 6:00 p.m., or as soon thereafter as the matter may be heard, on January 28, 2025, at the regular meeting place of the City Council (the “Council”) of the City of Santa Clarita (the “City”), City Council Chambers, 23920 Valencia Boulevard, Santa Clarita, CA 91355, a public hearing as required by Section 147(f) of the Internal Revenue Code o f 1986 (the “Code”), will be held to consider the proposed issuance of one or more series of bonds, including qualified 501(c)(3) bonds as defined in Section 145 of the Code , for a rental senior living community, from time to time pursuant to a plan of fin ance, by (i) the California Public Finance Authority (“CalPFA”) of its bonds in an aggregate principal amount not to exceed $ 130,000,000 (the “California Bonds”), and (ii) the Arizona Industrial Development Authority (“AZIDA”) of its bonds in an aggregate principal amount not to exceed $170,000,000 (the “Arizona Bonds” and, together with the California Bonds, the “Bonds”).
All of the proceeds of the California Bonds and a portion of the proceeds of the Arizona Bonds (in an amount not to exceed $20,000,000) will be used by ISF Ativo Holdings LLC (the “Borrower”), the sole member of which is Integrated Senior Foundation, an organization described in Section 501(c)(3) of the Code, to: (1) finance or reimburse the costs of acquisition, construction, expansion, remodeling, renovation, improvement, furnishing, and/or equipping of a rental senior living community to be l ocated at 16330 Village Way, Santa Clarita, California (the “Facility”); (2) pay certain expenses incurred in connection with the issuance of the Bonds; (3) pay capitalized interest on the Bonds; (4) fund one or more debt service reserves with respect to the Bonds; and (5) fund related working capital costs. The Facility will be owned by ISF Ativo Santa Clarita LLC, the sole member of which is the Borrower.
At the hearing, the testimony of all interested persons will be heard. Persons who require accommodation for any audio, visual or other disability in order to participate in a public hearing of the City Council may obtain assis tance by requesting such accommodation in writing addressed to the City Clerk, 23920 Valencia Boulevard, Santa Clarita, CA 91355 or telephonically by calling (661) 255 -4391.
Any such request for accommodation should be made at least 48 hours prior to the s cheduled meeting for which assistance is requested.
If you challenge the proposed action in court, you may be limited to raising only those issues you or someone else raised at the public hearing described in this notice or in written correspondence delivered to the City Council at or prior to the public hearing.
The California Bonds, including the principal of (premium, if any) and interest thereon, will not constitute a debt or a loan of credit or a pledge of the full faith and credit or taxing power of the City, CalPFA, the State of California, or any political subdivision thereof, within the meaning of any State of California Constitutional provision or statutory limitation and shall never constitute or give rise to a pecuniary liability of the City, CalPFA, the State of California, or any political subdivision thereof. The California Bonds shall not constitute, directly or indirectly, or contingently obligate or otherwise constitute a general obligation of or a charge against the general credit of the City, CalPFA, the State of California, or any political subdivision thereof, but shall be special limited obligations of CalPFA payable solely from the sources provided for in the proceedings for the issuance of the California Bonds. CalPFA has no taxing power.
The Arizona Bonds, including the principal of (premium, if any) and interest thereon, will not constitute a debt or a loan of credit or a pledge of the full faith and credit or taxing power of the City, AZIDA, the Arizona Finance Authority, the State of Arizona, or any political subdivision thereof, within the meaning of any S tate of Arizona Constitutional provision or statutory limitation and shall never constitute or give rise to a pecuniary liability of the City, AZIDA, the Arizona Finance Authority, the State of Arizona , or any political subdivision thereof. The Arizona Bonds shall not constitute, directly or indirectly, or contingently obligate or otherwise constitute a general obligation of or a charge against the general credit of the City, AZIDA, the Arizona Finance Authority, the State of Arizona, or any political -2-
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subdivision thereof, but shall be special limited obligations of AZIDA payable solely from the sources provided for in the proceedings for the issuance of the Arizona Bonds. AZIDA has no taxing power.
Dated: January 18, 2025