In an effort to offset any staff time of a public agency that facilitates public hearing proceedings on behalf of the California Public Finance Authority (“CalPFA”) and to offset the cost of public services to any respective CalPFA project over the life of the financing, CalPFA has established a Community Benefit Program as follows:
- Each public agency who conducts the TEFRA hearing for a CalPFA Affordable Housing, Industrial Development, or other Exempt Facility project shall receive 10% of the CalPFA annual administrative fee collected for the term of the respective bonds issued by CalPFA.
- Each public agency who conducts the TEFRA hearing for a CalPFA 501(c)(3) Nonprofit project shall receive 15% of the CalPFA annual administrative fee collected for the term of the respective bonds issued by CalPFA.
- In the event a CalPFA bond financing encompasses multiple jurisdictions, each public agency that conducts the required TEFRA hearings will receive an equally divisible share of the annual administrative fee detailed above, regardless of the amount of bond proceeds to be expended in each public agency. For example, if a CalPFA bond financing encompasses project locations requiring TEFRA in the jurisdictions of two public agencies, each public agency will receive one-half of the Community Benefit Program percentage of the CalPFA annual administrative fee collected for the entire project for the period the bonds remain outstanding.
- CalPFA will remit payment to each respective public agency annually within 45 days following the CalPFA fiscal year end of June 30th.
- The portion of the annual administrative fee collected by CalPFA on behalf of each public agency under its Community Benefit Program is subject to the CalPFA fee schedule and the amounts will vary from time to time based on fees assessed by issuance type, bond pay downs, or bond redemptions.
- CalPFA will only be responsible for remitting to public agencies amounts determined from the above-noted percentages based on fees actually collected during the course of the fiscal year.
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