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Home My WebLink AboutPublic Financing Authority - Establish Regular Meeting Dates I C,00ncil/Agency Meeting Held: Deferred/Continued to: App vet ❑ Conditionally Approved ❑ Denied �( its ignatu I Council Meeting Date: 4/5/2010 Departm Pt ID Number: FN 10-013 CITY OF HUNTINGTON BEACH REQUEST FOR CITY COUNCIL ACTION SUBMITTED TO: HONORABLE MAYOR AND CITY OUNCIL MEMBERS PUBLIC FINANCING AUTHORIT MBERS SUBMITTED BY: FRED A. WILSON, CITY ADM TOR PREPARED BY: BOB WINGENROTH, DIRECT F FINANCE JOAN FLYNN, CITY CLERK SUBJECT: CHANGE IN MEETING DATES FOR THE HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY Statement of Issue,Funding Source,Recommended Action,Alternative Action(s),Analysis,Environmental Status,Attachment(s) Statement of Issue: To pr,vide flexibility for the Huntington Beach Public Financing Authority to issue bonds, a resolution must be approved to establish regular meeting dates. Funding Source: Not Applicable. Recommended Action: Motion to: 1. Approve Resolution No. 19 of the Huntington Beach Public Financing Authority establishing regular meeting dates for Authority meetings. 2. Approve and adopt the minutes of the December 21, 20o9 , annual meeting of the Huntington Beach Public financing Authority as written on file with the Office of Secretary. Alternative Action(s): Do not approve the resolution and do not change the meeting dates. REQUEST FOR CITY COUNCIL COUNCIL ACTION MEETING DATE: 4/5/2010 DEPARTMENT ID NUMBER: FN 10-013 Analysis: The Authority was formed in 1988 primarily as a financing mechanism for both the City and Redevelopment Agency. The Huntington Beach Public Financing Authority's annual meeting dates had been previously set for the third Monday in December of each year and did not formally meet on any other occasion unless action was required. New state laws effective January 1, 2010, now require that the Huntington Beach Public Financing Authority can only issue debt at a regularly scheduled meeting. The purpose of this change was to ensure greater transparency for local governmental finance and debt issuance. Staff has been analyzing the Huntington Beach Public Financing Authority's debt issuances to see if it is economically beneficial to refund certain debt so the City could reduce its debt service expenditures. Staff plans to present to the City Council a proposal to refund Huntington Beach Public Financing Authority debt at the April 19, 2010, City Council meeting. Since the Huntington Beach Public Financing Authority has only established the third meeting in December as a regularly scheduled meeting date, this transaction cannot be approved unless the regular meeting dates are changed. The attached resolution will change the Huntington Beach Public Financing Authority's meeting dates to coincide with the regular meeting dates of the City Council and Redevelopment Agency even if no Huntington Beach Public Financing Authority business will be conducted. However, it will give flexibility for the City Council and the Huntington Beach PoUic Financing Authority to act quickly if it is beneficial to refund or defease existing debt, or to issue new debt for specific projects. Strategic Plan Goal: Maintain financial viability and our reserves. Environmental Status: Not Applicable. Attachment(s): 1. Resolution No. 19 "A Resolution of the City of Huntington Beach Public Financing Authority Establishing Regular Meeting Dates for Authority Meetings." 2. Minutes from December 21, 2009 meeting of the Huntington Beach Public Financing Authority -2- 3/29/2010 10:24 AM II ATTACHMENT # 1 HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY RESOLUTION NO. 19 RESOLUTION ESTABLISHING REGULAR MEETING DATES FOR AUTHORITY MEETINGS RESOLVED, by the Board of Directors of the Huntington Beach Public Financing Authority(the"Authority") as follows: WHEREAS, the Authority is a public agency duly organized and existing pursuant to a Joint Exercise of Powers Agreement (the "JPA Agreement"), dated March 8, 1988, by and between the City of Huntington Beach (the "City") and the Redevelopment Agency of the City of Huntington Beach(the "Agency"); WHEREAS, the Authority is governed by a board of directors comprised of the seven member City Council of the City; 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; WHEREAS, section 6592.1 of the California Government.Code, newly effective as of January 1, 2010, provides that a resolution authorizing 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 Authority to adopt resolutions for the issuance of bonds when expedient, it is necessary and appropriate to establish regular meeting dates for the Authority; NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: Section 1. The Authority hereby determines that the first and third Monday of each month shall be established as regular meeting dates of the Authority, 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. PFA Resolution No. 19 Section 2. This Resolution shall take effect from and after the date of its passage and adoption. PASSED AND ADOPTED by the Huntington Beach Public Financing Authority at a meeting thereof on April 05 , 2010. Chair ATTEST: APPROVED AS TO FORM: Secr ry Authority Attorney REVI ND APPROVED: Au rty dministrator -2- Res. No. 19 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH ) I, JOAN FLYNN, the duly elected, qualified Secretary of the Huntington Beach Public Financing Authority, do hereby certify that the whole number of members of the Board of Directors of the Huntington Beach Public Financing Authority is seven; that the foregoing resolution was passed and adopted by the affirmative vote of at least a majority of all the members of said Board at a special meeting thereof held on April 5, 2010 and that it was so adopted by the following vote: AYES: Directors: Carchio, Coerper, Hardy, Green, Bohr, Dwyer, Hansen NOES: Directors: None ABSENT: Directors: None ABSTAIN: Directors: None ecretary of the Board Directors of the Huntington Beach Public Financing Authority � ATTACHMENT #2 Minutes Huntington Beach Public Finance Authority Council Chambers, Civic Center 2000 Main Street Huntington Beach, California 92648 Monday, December 21, 2009 .CALL TO ORDER Chair Bohr called the meeting of the Huntington Beach Public Finance Authority to order at 7:15 PM. ROLL CALL Present: Carchio, Coerper, Hardy, Green, Bohr ,yer,'at i_Hansen Absent: None An annual meeting is held in December eacK-liras fo elect new officers n tie Huntington Beach :., Public Finance Authority. ELECTION OF OFFICERS A motion was made by Coerper, seco# I;'C reh o to elecf' k,y Green, Chair of the Huntington Beach Financing Authority; Jill Hardy, Vke-Ch@ ibf the Hurif%ri ton Beach Financing Authority; and, Joan L. Flynn, Secretary of the Huriffiln Bat .Financir q,.,,A thority. The motion carried by the following roll call upte r t AYES: Cara io, Coerper, Fardy, Greeri;y8ohr, Dwyer, and Hansen NOES: Nor ADOPT M)NLTS A motion as made byuerper, send Carchjo fd approve and adopt the minutes of the joint meeting`of#he Huntingto&$#ach PON'b-financing Authority of December 15, 2008 as written and on file irr t# e Secretary's ftce Theption carried by the following roll call vote: AYES: .j#phio, Coerper, Hardy, Green, Bohr, Dwyer, and Hansen NOES: Ncrie ADJOURN HUNTINGf 140M."eH PUBLIC FINANCE AUTHORITY MEETING RECONVENE CITY COUNCIUREDEVELQMENT AGENCY MEETING Chair Green adjourned the Huntington Beach Public Finance Authority Meeting and reconvened the City Council/Redevelopment Agency meeting at 7:17 PM. Secretary ATTEST: Secretary Chair CA ROUTING SHEET INITIATING DEPARTMENT: FINANCE SUBJECT: Change in Meeting Dates for the Huntington Beach Public Financing Authority COUNCIL MEETING DATE: April 5, 2010 RCA=ATTACHMENTS STATUS Ordinance (w/exhibits & legislative draft if applicable) Attached ❑ Not Applicable Resolution (w/exhibits & legislative draft if applicable) Attached Not Applicable ❑ Tract Map, Location Map and/or other Exhibits Attached ❑ Not Applicable Contract/Agreement (w/exhibits if applicable) Attached ❑ (Signed in full by the City Attorney Not Applicable F Subleases, Third Party Agreements, etc. Attached ❑ Approved as to form by City Attorney) Not Applicable Certificates of Insurance (Approved by the City Attorney) Attached ❑ Not Applicable Fiscal Impact Statement (Unbudgeted, over$5,000) Attached ❑ Not Applicable Bonds (If applicable) Attached ❑ Not Applicable Staff Report(if applicable) Attached El Not Applicable Commission, Board or Committee Report (If applicable) Attached ❑ Not Applicable Findings/Conditions for Approval and/or Denial Attached ❑ Not Applicable EXPLANATION FOR KISSING ATTACHMENTS REVIEWED RETURNED FO ED Administrative Staff Deputy City Administrator Initial City Administrator Initial City Clerk ( ) rV EXPLANATION FOR RETURN OF ITEM: ® a o RGA Author: Robert Sedlak