Item 9 - Waiver of Annual Meeting for the Poway Public Financing Authority AGENDA REPORT SUMMARY �'; OF ppygY
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TO: Honorable Chairman and Directors/ of the Poway Public Financing Authority
FROM: Rod Gould, Executive Director"
INITIATED BY: L. Diane Shea, Secretary
DATE: January 8, 2008
SUBJECT: Annual Meeting for the Poway Public Financing Authority and approval of minutes for
the January 2, 2007 meeting.
ABSTRACT
Pursuant to the provisions of the Bylaws, it is recommended that the Poway Public Financing
Authority hold its annual meeting.
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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 hold its annual meeting and approve
the Poway Public Financing Authority minutes for the January 2, 2007 meeting.
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ACTION Approved staff recommendation, 5-0. lh�
L' lane Shea.Cily Clerk
:cilyclerkVeponslppla annual waiver-sum.doc
January 8, 2008 Item # 4
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AGENDA REPORT cfrfTHEG
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This report Isincludedontne Consent Calendar. There wit be noseparate discussion of the report prior toapproval by the City Council unless members of the Council,Stan
or public request it to be removed from the Consent Calendar and discussed separately.If youwish to have Nis report pulled for discussion,please LII out a stip indicating the
report number and give kap the City belt prior to the beginning of the Clty Council meeting.
TO: Honorable Chairman and Directors of the'Poway Public Financing Authority
FROM: Rod Gould, Executive Director ` -
INITIATED BY: L. Diane Shea, Secretary
DATE: January 8, 2008
SUBJECT: Annual Meetiingifor the Poway Public Financing Authority and approval of
minutes for the January 2, 2007 meeting.
BACKGROUND
On October. 8", 1991, the City Council and the Poway .Redevelopment Agency approved the
formation of the Pbway 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•Redeveiopment Agency in financing and refinancing public capital improvements. The
Bylaws state that the Authority shall hold at least one regular meeting each year
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.offeririgs•in'2008. The•purpose•of the PPFA
is to enable the issuance of 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 debtofferings. The frsfwas the 2003
Certificates of Participation (COPs) for the City Office Building. In this offering the Authority issued
$17,655,000.ih•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 in the,spring of 2004. 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 ofthe
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
raterof'under 5%.
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January 8, 2008 Item # 9
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Annual:Meeting?forPoway. I iic Financing Authority
January 8, 2008
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ENVIRONMENTAL REVIEW
None. •
FISCAL IMPACT
None.
PUBLIC NOTIFICATION AND CORRESPONDENCE
None.
RECOMMENDATION
It is recommended that the Poway Public Financing Authority hold its annual meeting and approve
the Poway Public Financing Authority minutes for the January 2, 2007 meeting.
Attachment: Public Financing Authority Minutes dated January 2, 2007
3 of 5' January 8, 2008 Item # 1.
CITY OF POWAY,.CALIFORNIA
MINUTES`OFTHE POWAY PUBLIC FINANCING AUTHORITY •
REGULAR MEETING.
JANUARY 2, 2607
The January 2, 2007, Regular Meeting of the. Poway :Public Financing Authority was
called to Order at 7:06 ptm., by Chairman Cafagna at the City Council Chambers,
13325 Civic Center'Drive, Poway, California.
DIRECTORS':ANSWERING•ROLL CALL
Merrilee Boyack, Bob Emery, Don Higginson, Betty Rexford, Mickey Cafagna
DIRECTORS ABSENT AT ROLL CALL
None
STAFF MEMBERS PRESENT
Rod Gould Executive Director
L. Diane Shea Secretary
PLEDGEOF
Vice Chair Boyack led the Pledge of Allegiance.
PUBLIC ORAL COMMUNICATIONS
Chair Cafagna explained the procedure for Public Oral Communications. There was no
one present•wishing to speak.
CONSENT CALENDAR
Motion by Vice-Chair Boyack, seconded by Director Rexford to approve the Consent
Calendar as follows:
7. Approval.of'Minutes — Poway Public Financing Authority
January 10, 2006 Regular Meeting
9. Adoption. of Resolution No. F-07-01., entitled, '"A Resolution of the Board of
Directorsof'thePoway Public Financinq.Authority Waiving Its Annual Meeting."
(071.8-05)
Motion carried unanimously.
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Page 2 — Poway Public Financing Authority — January 2, 2007
ADJOURNMENT
Chair Cafagna adjourned the meeting at 8:16 p.m.
L. Diane.Shea, Secretary
Poway Public Financing Authority
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