The IRS guidelines require that a TEFRA notice be published in the daily newspaper of largest circulation in both the project and Authority locations at least 14 days prior to the hearing date. In addition, CHEFA guidelines require that the notice be published both in English and Spanish. The TEFRA hearing must be held two weeks prior to approval of the financing by the Authority's Board of Directors.
A TEFRA notice is a notice of a public hearing that is mandated by the IRS. Its purpose is to provide a reasonable opportunity for interested individuals to express their views, either orally or in writing, on the issuance of bonds and the nature of the improvements and projects for which the bond funds will be allocated.
The notice serves as an invitation to persons desiring to make a brief statement regarding the projects with prior notice in writing to the Authority no later than twenty-four (24) hours prior to the hearing. Written comments can be submitted and CHEFA requires that they must be postmarked no later than five (5) days prior to the hearing date.
Following the TEFRA hearing, the minutes and other materials regarding the proposed financing are sent to the Governor for approval, as required under IRS guidelines whereby the issue must be approved by an elected official of the applicable governmental entity.
