California Enterprise Development Authority Regular Meeting Agenda Packet March 2023
CEDA enters tax-exempt loan with Farmers & Merchants Bank
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Description
The California Enterprise Development Authority authorized an Authority Loan agreement with Farmers and Merchants Bank of Long Beach to fund up to $50,000,000 in tax-exempt financing for Cornerstone Housing for Adults with Disabilities. The bank will act as private placement lender, with borrower payments assigned to satisfy the Authority’s obligations.
Contract Details
Contract Amount
Not to exceed $50,000,000 (Authority Loan corresponding to Borrower Loan)
Vendor
FARMERS & MERCHANTS BANK OF LONG BEACH
Agency
California Enterprise Development Authority, CA
Contract Type
FINANCIAL_SERVICES
Document Date
March 2, 2023
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APPROVEDCalifornia Enterprise Development Authority Regular Meeting Agenda Packet March 2023
APPROVEDIssuing Agency
California Enterprise Development Authority
Special District
Sacramento, CA
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