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Home My WebLink AboutPFA 062210CITY OF ATASCADERO ATASCADERO PUBLIC FINANCING AUTHORITY (The Public Financing Authority (PFA) is a public corporation empowered to borrow money and issue bonds The City of Atascadero formed the PFA in 2004 to assist in raising capital for essential public projects ) SPECIAL MEETING AGENDA Tuesday, June 22, 2010 Time Immediately following the conclusion of the Community Redevelopment Agency meeting at 6.00 P.M. Atascadero City Hall 6907 EI Camino Real, Atascadero, California ROLL CALL. Chairperson Fonzi Vice Chairperson O'Malley Board Member Beraud Board Member Clay Board Member Kelley APPROVAL OF AGENDA. Roll Call COMMUNITY FORUM BOARD ANNOUNCEMENTS AND REPORTS (On their own initiative, the Board Members may make a brief announcement or a brief report on their own activities Board Members may ask a question for clarification, make a referral to staff or take action to have staff place a matter of business on a future agenda. The Board may take action on items listed on the Agenda.) En A. CONSENT CALENDAR Board Meeting Minutes — January 12, 2010 ■ Board Secretary Recommendation. Board approve the Authority Board meeting minutes of January 12, 2010 [Board Secretary] B PUBLIC HEARINGS None. C MANAGEMENT REPORTS Establishment of Regular Meeting Dates for Public Finance Authority Meetings ■ Fiscal Impact: None ■ Recommendation. Board adopt Draft Resolution A establishing regular meeting dates for Public Financing authority meetings [Treasurer] D ADJOURNMENT fi F5 En ITEM NUMBER PFA A - 1 DATE. 06/22/10 CITY OF ATASCADERO ATASCADERO PUBLIC FINANCING AUTHORITY (The Public Financing Authority (PFA) is a public corporation empowered to borrow money and issue bonds The City of Atascadero formed the PFA in 2004 to assist in raising capital for essential public projects ) DRAFT MINUTES Tuesday, January 12, 2010 Time- Immediately Following City Council meeting that follows Community Redevelopment Agency meeting at 6.00 P.M Atascadero City Hall 6907 EI Camino Real, Atascadero, California Chairperson Fonzi called the meeting to order at 8 55 p m ROLL CALL. Present: Board Members Beraud, Clay, Kelley, Vice Chairperson O'Malley and Chairperson Fonzi Others Present: Board Secretary Marcia McClure Torgerson Staff Present: Assistant Executive Director Jim Lewis, Police Chief Jim Mulhall, Community Development Director Warren Frace, Administrative Services Director Rachelle Rickard, and City Attorney Brian Pierik. APPROVAL OF AGENDA. Roll Call MOTION By Board Member Beraud and seconded by Vice Chairperson O'Malley to approve the agenda. Motion passed 5.0 by a roll -call vote. Draft Public Financing Authority Minutes 01/12/10 Page 1 of 2 3 ITEM NUMBER PFA A - 1 DATE 06/22/10 COMMUNITY FORUM None BOARD ANNOUNCEMENTS AND REPORTS None A. CONSENT CALENDAR 1 Board Meeting Minutes — January 13, 2009 ■ Board Secretary Recommendation. Board approve the Authority Board meeting minutes of January 13, 2009 [Board Secretary] MOTION By Board Member Clay and seconded by Board Member Beraud to approve the Consent Calendar Motion passed 5.0 by a voice vote. B ADJOURNMENT Chairperson Fonzi adjourned the meeting at 8 56 p m MINUTES PREPARED BY Marcia McClure Torgerson, C M C City Clerk / Board Secretary Draft Public Financing Authority Minutes 01/12/10 Page 2 of 2 El CM on ITEM NUMBER PFA C - 1 DATE. 06/22/10 A tascadero Public Financing Authority Staff Report - Treasurer Establishment of Regular Meeting Dates for Public Finance Authority Meetings RECOMMENDATION Board adopt Draft Resolution A Establishing Regular Meeting Dates for Public Financing Authority Meetings DISCUSSION - In November of 2004, the City of Atascadero and the Community Redevelopment Agency of Atascadero entered into a joint powers agreement (JPA), forming the Atascadero Public Financing Authority The JPA was formed for the purpose of facilitating the issuance of bonds and other financing mechanisms and is instrumental in keeping bond issuance costs down The Public Financing Authority was used to facilitate the issuance of the City's 2004 Redevelopment Bonds The City and the Redevelopment Agency are now interested in issuing new bonds in order to fund the Historic City Hall Project and other improvement projects throughout the City Section 6592 1 of the California Government Code reads "6592 1 A resolution authorizing bonds or any issuance of bonds or accepting the benefit of any bonds or the proceeds of bonds shall be adopted by an authority only during a regular meeting held pursuant to Section 54954 " This section states that in order to issue the bonds, the Public Financing Authority must adopt a resolution at a REGULARLY scheduled Board Meeting The current bylaws only call for one regularly scheduled meeting in January; however the Board may set additional regular meetings by resolution Draft Resolution A sets July 27, 2010 and August 10, 2010 as regular meeting dates for the Authority Adoption of this resolution will allow the Authority to consider the issuance of bonds at its July 27, 2010 meeting and/or its August 10, 2010 meeting 5 FISCAL IMPACT None ATTACHMENT Draft Resolution A- Establishing Regular Meeting Dates for Authority Meetings DRAFT RESOLUTION A RESOLUTION OF THE ATASCADERO PUBLIC FINANCING AUTHORITY ESTABLISHING REGULAR MEETING DATES FOR AUTHORITY MEETINGS WHEREAS, the Atascadero Public Financing Authority (the "Authority") 1s a public agency duly organized and existing pursuant to a Joint Exercise of Powers Agreement (the "JPA Agreement'), dated November 9, 2004, by and between the City of Atascadero (the "City") and the Community Redevelopment Agency of Atascadero (the "Agency"), and, WHEREAS the Authority is governed by a board of directors compnsed of the five member City Council of the City; and, WHEREAS, the Authority is statutorily authorized by Article 4 of Chapter 5 of Division 7 of Title 1 of the California Government Code and is empowered under the JPA Agreement to issue its bonds to, among other things, provide financial assistance to the City and/or the Agency; and, WHEREAS, section 6592.1 of the California Government Code, newly effective as of January 1, 2010, provides that a resolution authonzmg bonds or any issuance of bonds or accepting the benefit of any bonds or the proceeds of bonds must be adopted by the Authority only during a regular meeting; and WHEREAS, to provide flexibility for the Authonty to adopt resolutions for the issuance of bonds when expedient, it is necessary and appropnate to establish regular meeting dates for the Authority; NOW, THEREFORE BE IT RESOLVED - SECTION 1 The Authority hereby determines that July 27, 2010, and August 10, 2010, shall be established as regular meeting dates of the Authority for 2010, to be held in conjunction with regular meetings of the City Council of the City Such establishment of regular meeting dates shall not preclude the calling of special meetings of the Authority, when necessary, for purposes other than the adoption of resolutions for the issuance of bonds SECTION 2. This Resolution shall take effect immediately on 7 On motion by Board Member and seconded by Board Member the foregoing Resolution is hereby adopted in its entirety on the following roll call vote AYES NOES ABSENT ADOPTED ATTEST Marcia McClure Torgerson, C.M.0 Board Secretary APPROVED AS TO FORM. Brian A. Pienk, City Attorney FQ ATASCADERO PUBLIC FINANCING AUTHORITY Roberta Fonzi, Chairperson rn