Item 3 - Waiver of Annual Meeting for the Poway Public Financing Authority AGENDA REPORT SUMMARY r,i'Gvc
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TO: Honorable Chairman and Directors of the Poway Public Financing Authority
FROM: James L. Bowersox, Executive Dire'
INITIATED BY: L. Diane Shea, Secretary _
DATE: January 4, 2005
SUBJECT: Waiver of Annual Meeting for the Poway Public Financing Authority
ABSTRACT
Pursuant to the provisions of the Bylaws, it is recommended that the Poway Public Financing
Authority adopt a Resolution waiving the requirement for its annual meeting.
ENVIRONMENTAL REVIEW
This action is not subject to CEQA review.
FISCAL IMPACT
None.
PUBLIC NOTIFICATION AND CORRESPONDENCE
None.
RECOMMENDATION
It is recommended that the Poway Public Financing Authority adopt the attached Resolution waiving
the requirement for an annual meeting.
ACTION
Approved staff recommendation, adopted�l tion No• F-05-01 5-0.
L. Diane Shea, City Clerk
M:Icityclerktreponsppta annual waiver-sum.doc
1 of 5 January 4, 2005 Item # J13
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This report is included on the Consent Calendar. There will be no separate discussion al the report prior to approval by the City Council unless members of the
Council.stall or public request it to be removed from the Consent Calendar and discussed separately. If you wish to have this report pulled for discussion,please fill
out a slip indicating the report number and give it to the City Clerk prior to the beginning of the City Council meeting.
TO: Honorable Chairman and Directors of� Poway Public Financing Authority
FROM: James L. Bowersox, Executive Direc
1111
INITIATED BY: L. Diane Shea, Secretary W
Sherrie D. Worrell, Assistant Secretary
DATE: January 4, 2005
SUBJECT: Waiver of Annual Meeting for the Poway Public Financing Authority
BACKGROUND
On October 8, 1991, the City Council and the Poway Redevelopment Agency approved the
formation of the Poway Public Financing Authority, a joint powers authority, pursuant to the Marks-
Roos Local Bond Pooling Act of 1985. The Authority was formed for the purpose of assisting the
City and the Redevelopment Agency in financing and refinancing public capital improvements. The
Bylaws state that the Authority shall hold at least one regular meeting each year unless waived by a
resolution adopted by the Authority. It is recommended that the Poway Public Financing Authority
(PPFA) adopt the attached Resolution waiving the requirements of its annual meeting.
FINDINGS
The requirement to hold an annual meeting during the upcoming calendar year for the PPFA is not
anticipated at this time, since we don't anticipate any debt offerings in 2005. When this item was heard
last year the Council requested additional information regarding the PPFAs recent activities, which are
included in the staff report. By using the PPFA the City is able to issue debt on a negotiated sale basis.
This provides the City with the ability to negotiate both the price and structure-of offering to make sure
they are done on the lowest cost basis.
•
The last activity for the PPFA in 2003 was with two significant debt offerings. The first was-the 2003
Certificates of Participation (COPs) for the City Office Building. In this offering the Authority issued
$17,655,000 in COPs in January of 2003. This offering was secured by the.lease with the City for the
new building that was under construction and occupied this spring. The second offering was the 2003
Tax Allocation Bonds (TABs) in the amount of $150,300,000 issued in October of 2003. The TABs
were issued to refund an existing bond of approximately $100,000,000 and the balance of the funds
were to make pass thru payments;.pay obligations under Owner Participation Agreements, and.finally
to provide funds for new Agency projects. The Agency Board in December of 2003 appropriated these
funds for new projects. Both offerings were well received in the market and achieved an overall rate of
under 5%.
2 of 5 January 4, 2005 Item # 5 _.
Waiver of Annual Meeting foray Public Financing Authority
January 4, 2005
Page 2
ENVIRONMENTAL REVIEW
None.
FISCAL IMPACT
None.
PUBLIC NOTIFICATION AND CORRESPONDENCE
None.
RECOMMENDATION
It is recommended that the Poway Public Financing Authority adopt the attached Resolution
waiving the requirement for an annual meeting.
JLB:LDS:sdw
Attachment 1: Proposed Resolution
M:lcityclerlclreportslppfa annual waiver-consent.doc
3 of 5 January 4, 2005 Item # 3
® RESOLUTION NO. F-05-01
A RESOLUTION OF THE BOARD OF DIRECTORS
OF THE POWAY PUBLIC FINANCING AUTHORITY
WAIVING ITS ANNUAL MEETING
WHEREAS, The Poway Public Financing Authority (the "Authority")was created on
October 8, 1991, pursuant to the Marks-Roos Local Bond Pooling Act of 1985 and
pursuant to Resolution No. 91-116 of the City of Poway (the "City") and Resolution No. R-
91-16 of the Poway Redevelopment Agency (the "Agency"); and
WHEREAS, the Board of Directors of the Authority (the"Board"), having determined
that no necessity currently exists for conducting an annual meeting of the Board, desires,
pursuant to the terms of that certain Joint Powers Agreement by and between the City and
the Agency executed on October 29, 1991, to waive its annual meeting requirement.
NOW THEREFORE BE IT RESOLVED, by the Board of Directors of the Poway
Public Financing Authority as follows:
Section 1. The foregoing statements are true and correct.
Section 2. The Board hereby waives the requirement of an annual meeting of the
Board and determines that, hereafter, all meetings of the Board shall be held only as and
when the Board determines in its sole discretion that the necessity therefore exists.
PASSED, ADOPTED AND APPROVED, by the Poway Public Financing Authority of
the City of Poway, California, at a meeting thereof this 4th day of January, 2005.
Michael P. Cafagna, Chairman
ATTEST:
L. Diane Shea, Secretary
4 of 5 ATTACHMENT 1 January 4, 2005, Item # 5
® ® Resolution No. F-05-01
Page 2
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I, L. Diane Shea, Secretary of the Poway Public Financing Authority, do hereby
certify under penalty of perjury that the foregoing Resolution No. F-05-01 was duly adopted
by the Poway Public Financing Authority at a meeting of said Agency held on the 4th day of
January 2005, and that it was so adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
L. Diane Shea, Secretary
Poway Public Financing Authority
5 of 5 January 4, 2005, Item #