Item 28 - Waiver of Annual Meeting for Poway Public Financing Authority
~AGENDA REPORT SUMMARY
TO: Chairman and Directors of the Poway Public
Financing Authority
- James L. Bowersox, Executive Dire~
"ROM:
1\
INITIATED BY: John D. Fitch, Assistant Executive Director~r
Marjorie K. Wahlsten, secretary""U
DATE: January 3, 1995
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
- ,"..",ØA'publm.'um
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CITY OF POWAY
AGENDA REPORT
TO: Chairman and Directors of the Poway Public Financing Authority
FROM: James L. Bowersox, Executive Dir~
INITIATED BY: John D. Fitch, Assistant Executive Directo~~
Marjorie K. Wahlsten, Secretary
DATE: January 3, 1995
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 1995 ITï:M 28
JAN 3
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,-
RESOLUTION NO. F-95-
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:
Sect ion 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 3rd day of January,
- 1995.
Don Higginson, Chalrman
ATTEST:
MarJorie K. Wahlsten, Secretary
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
!, Marjorie K. Wahlsten, Secretary of the Poway Public Financing
Authority, do hereby certify under penalty of perjury that the foregoing
Resolution No. F-95- was duly adopted by the Poway Public Financing
Authority at a meeting of said Agency held on the 3rd day of January, 1995,
and that it was so adopted by the following vote:
AYES:
NOES:
ABSTAIN:
- ABSENT:
MarJorie K. Wahlsten, Secretary
Poway Public Financing Authority
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