Item 6 - Waiver of Annual Meeting for the Poway Public Financing Authority *AGENDA REPORT SUMMARY
TO: Chairman and Directors of the Poway Public `.�.4 or pjrgy\
Financing Authority
� Y
FROM: James L. Bowersox, Executive Dire '�:•% F �'
CnY tN TiE °Jr
INITIATED BY: Marjorie K. Wahlsten, Secretary7)a..j^'
Lori Anne Peoples, Assistant Secretary\Pr
DATE: January 6, 1998
SUBJECT: Waiver of Annual Meeting for 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
None required.
FISCAL IMPACT
None
ADDITIONAL 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 Adopted Resolution No. F-98-01. 5-0. �M , ON.,. Q
ohi Anne Peoples, As istant City Clerk
•
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JAN s I i 58 ITEM 13
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AGENDA REPORT
This report is included on the Consent Calendar. There will be no separate discussion of the report prior to approval by the City Council unless
members of the Council,staff 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: Chairman and Directors of the Poway Public Financing Authority
•
FROM: James L. Bowersox, Executive Direc a
INITIATED BY: Marjorie K. Wahlsten, Secretary /1, '. 1c P
Lori Anne Peoples, Assistant Secretary
DATE: January 6, 1998
SUBJECT: Waiver of Annual Meeting for 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 adopt the attached resolution waiving the requirement of its
annual meeting.
FINDINGS
Pursuant to the provisions of the bylaws, it is in order to adopt this resolution.
FISCAL IMPACT
None
ENVIRONMENTAL REVIEW
None required.
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:MKW:Ip
Attachments:
___P_r000sed resolution
pubfin.rpl
2of3 JAN 61 18 ITEM 13
® RESOLUTION NO. F-98-01
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 therefor exists.
PASSED, ADOPTED AND APPROVED, by the Poway Public Financing Authority
of the City of Poway, California, at a meeting thereof this 6th day of January, 1998.
ATTEST: Don Higginson, Chairman
Marjorie K. Wahlsten, Secretary
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I, Marjorie K. Wahlsten, Secretary of the Poway Public Financing Authority, do
hereby certify under penalty of perjury that the foregoing Resolution No. F-98-01 was duly
adopted by the Poway Public Financing Authority at a meeting of said Agency held on the
6th day of January; 1998, and that it was so adopted by the following vote:
3of3
Marjorie K. Wahlsten, Secretary
—111 Poway Public Financing Authority
JAN s ;gig REM 13