Staff recommends Elk Grove City Council approve CNU's request to seek tax-exempt bonds

This afternoon, the Elk Grove City Clerk's office posted the agenda for the special Elk Grove City Council meeting scheduled for Wednesday, August 21. 

The special meeting is, according to the agenda to "consider a resolution approving the issuance of Hospital Revenue Bonds in an amount not to exceed $900 Million by the California Public Finance Authority for the California Northstate Medical Center Campus Project Hospital to be repaid by Northern California Health Services and Research Foundation, Incorporated." 

The staff report written by Brandon Merritt, one of the city's finance analyst recommends the city council adopt CNU's request. The report's recommendation says "the issuance of the Bonds by the California Public Finance Authority for the benefit of Northern California Health Services and Research Foundation, Incorporated, a California non-profit public-benefit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, to provide for the financing of the California Northstate University Medical Center Campus Project Hospital."

Wednesday's meeting will be held at the City Council Chamber at Elk Grove City Hall and starts at 6 p.m. The complete report can be viewed here

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