Item 7 - Waiver of Annual Meeting for the Poway Public Financing Authority y
® AGENDA REPORT SUMMARY ail
TO: Chairman and Directors of the Poway Public 7<' °F "Pik
Financing Authority a " \
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FROM: James L. Bowersox, Executive Dire •- 1:',--
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INITIATED BY: Marjorie K. Wahl sten, Secretary7l-9. nt,
DATE: January 7, 1997 !\J1
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 F-97-01. 4-0, Councilmember Goldby absent.
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City ri K. Wahl sten, City Clerk
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JAN 7 1997 ITEM 7
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CITY OF POWAY 16ff.
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IN THE v
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 Direc44,a
INITIATED BY: Marjorie K. Wahlsten, Secretary''P •-t
DATE: January 7, 1997
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:ml
Attachments:
Proposed resolution
e:\city\1.gtsl.t\cftyclrk\ag.nda\pubfln.rpt
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r2 of 3 ) :JAN 7 1997 ITEM 7
RESOLUTION NO. F-97-
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 7th day of January,
1997.
Don Higginson, Chairman
ATTEST:
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-97- was duly adopted by the Poway Public Financing
Authority at a meeting of said Agency held on the 7th day of January, 1997,
and that it was so adopted by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Marjorie K. Wahlsten, Secretary
Poway Public Financing Authority
E:ICITYLLEGISIATCITYCLRMAGENOAIPUBFIN.R E5
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JAN 7 1997 ITEM 7 -01