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incorporated herein by this reference. The trial judge made the
following findings of fact, which we adopt.
FINDINGS OF FACT
At the time its petition was filed, the principal office of
petitioner Harbor Bancorp & Subsidiaries was Long Beach,
California. Petitioners Edward J. and Elena Keith resided in
Pebble Beach, California, when they filed their joint petition.
Riverside County is a political subdivision of the State of
California, governed by an elected board of supervisors. Within
the Riverside County government exists the Housing Authority.
The Housing Authority is empowered to issue revenue bonds, the
proceeds of which are lent to private developers to construct
housing projects. The Riverside County Housing Authority
Advisory Commission (Advisory Commission) was created to review
proposed multifamily housing bond issuances.
By the mid-1980's, there was a large demand for low- and
moderate-income housing in Riverside County. In the fall of
1985, an established commercial and residential development
company named SBE Development, Inc. (SBE), approached officials
of Riverside County seeking "conduit financing"3 to fund
3Conduit financing is distinguishable from "governmental
financing" in which the bond proceeds would be used directly by
the governmental unit in order to construct public facilities,
such as roads, bridges, and schools. Here, the Bond proceeds
were not going to be used directly by the issuing governmental
unit (the Housing Authority), but rather by a private developer,
(continued...)
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