REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
August 18, 2026
FROM
MATTHEW ERICKSON, County Chief Financial Officer, Finance and Administration
SUBJECT
Title
Public Hearing and Bond Issuance Approval of California Municipal Finance Authority Tax-Exempt Financing
End
RECOMMENDATION(S)
Recommendation
1. Conduct a Tax Equity and Fiscal Responsibility Act public hearing approving the issuance by California Municipal Finance Authority of one or more series of tax-exempt bonds in an aggregate principal amount not to exceed $31,440,000, for the purpose of financing the acquisition and improvement of three mobile home parks within San Bernardino County for Augusta Communities II LLC.
2. Adopt Resolution approving the issuance by California Municipal Finance Authority of one or more series of tax-exempt bonds in an aggregate principal amount not to exceed $31,440,000, for the purpose of financing the acquisition and improvement of three mobile home parks within San Bernardino County for Augusta Communities II LLC.
(Presenter: Robert Saldana, Deputy Executive Officer, 387-4883)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Provide for the Safety, Health and Social Service Needs of County Residents.
FINANCIAL IMPACT
Approval of this item will not result in the use of Discretionary General Funding (Net County Cost). Bonds issued under this Resolution are limited obligations of the California Municipal Finance Authority (CMFA) payable solely out of revenues and receipts derived. Pursuant to the joint exercise of powers agreement governing CMFA, Agreement No. 07-564, in which the County is a member, the bonds do not constitute a debt of the County nor do the bonds represent a pledge of the faith and credit of the County.
A portion of the initial issuance fee may be remitted to the County and will cover the costs of legal and staff time associated with this item.
BACKGROUND INFORMATION
This item will allow CMFA to issue tax-exempt bonds in an aggregate principal amount not to exceed $31,440,000 to acquire and improve three manufactured housing communities in San Bernardino County: Seasons Community in Victorville, Timber Canyon in Rialto, and Mission Valley Oaks in Yucaipa for Augusta Communities II LLC (Augusta Communities).
The bonds proceeds will be used to acquire the three properties and to make near-term improvements to park common areas, including roofs, heating and cooling systems, pools, clubhouses, and streets. Augusta Communities offers resident programming to strengthen the sense of community and support their resident’s ongoing housing needs.
Pursuant to section 147(f) of the Federal Internal Revenue Code, a public hearing must be conducted by the governmental entity having jurisdiction over the area in which the project is or will be located. Further, since CMFA is issuing the bonds, the approving body must be a member of CMFA. The County meets both of these requirements.
The bonds, when issued, will be limited obligations of CMFA payable solely out of revenues duly pledged. The financing will be structured so that the County has no financial liability. The bonds will not represent a pledge of the faith or credit of the County.
PROCUREMENT
Not applicable.
REVIEW BY OTHERS
This item has been reviewed by County Counsel (Daniella Hernandez, Deputy County Counsel, 387-5455) on July 22, 2026; and County Finance and Administration (Amanda Trussell, Principal Administrative Analyst, 387-4773) on July 22, 2026.