DATE: November 4, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Housing and Neighborhood Services Department
TITLE: APPROVAL OF ISSUANCE OF TAX-EXEMPT REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY (THE “CMFA”) TO BENEFIT NORTH COUNTY HEALTH PROJECT INCORPORATED (DBA TRUECARE) FOR CERTAIN HEALTH CARE FACILITIES. ISSUANCE OF THE BONDS BY THE CMFA DOES NOT CONSITUTE A FINANCIAL OR LEGAL LIABILITY OR RESPONSIBILITY FOR THE PROJECT BY THE CITY OF OCEANSIDE.
RECOMMENDATION
title
Staff recommends that the City Council:
Conduct the public hearing under the requirements of Tax and Equity Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended (the “Code”); and
Adopt a resolution approving the issuance of qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986 (the “Code”) by CMFA for the benefit of North County Health Project Incorporated (the “Borrower” - DBA Truecare), in an aggregate principal amount not to exceed $15,550,000 (the “Bonds”) for the purpose of financing a portion of the costs of the acquisition of certain health care facilities in the City of Oceanside, California (the “City”).
Issuance of the Bonds by CMFA to benefit the Corporation will not constitute a financial or legal liability or responsibility by the City of Oceanside.
body
BACKGROUND AND ANALYSIS
North County Health Project Incorporated (dba TrueCare), is a 501(c)(3) nonprofit health care provider serving Oceanside since 1984. TrueCare operates 11 health centers throughout the City, providing medical, dental, behavioral health, and specialty services to approximately 16,400 residents annually, primarily low-income and underserved populations. Through its recent merger with Palomar Family Counseling Service, TrueCare has expanded behavioral health services to 20 Oceanside schools.
TrueCare also provides community-based services through mobile medical and dental units, street medicine, and partnerships...
Click here for full text