HomeMy WebLinkAboutPFA Agenda Item No. 2CITY OF
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REPORT TO PUBLIC FINANCING AUTHORITY
TO: CHAIRMAN AND MEMBERS OF THE PUBLIC FINANCING AUTHORITY
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: OCTOBER 12, 2010
SUBJECT: RESOLUTION ESTABLISHING A REGULAR MEETING SCHEDULE
Background
The Public Finance Authority was established in 1989. At that time, the Board
established that regular meetings would be held on the second Tuesday of each month.
California Government Code section 6592.1 was adopted earlier this year and requires
that a Board resolution regarding bonds be considered only during a regularly scheduled
meeting.
Discussion
The Finance Team has recommended that the Authority establish its regular meeting
schedule on the second and fourth Tuesday of each month in order to provide more
flexibility in obtaining Authority approval for the issuance of bonds.
A resolution providing for regular meetings on the second and fourth Tuesday of each
month is attached for the Board's consideration. The resolution provides that, if there is
no scheduled business to conduct, the regular meeting will be automatically canceled.
Fiscal Impac
There is no fiscal impact.
Recommendations
Adopt Resolution No. 2010-003 PFA establishing the Authority's meeting schedule.
AGENDA ITEM NO. 2.
Page 1 of 4
Resolution Establishing Meeting Schedule
October 12, 2010
Page 2
Prepared by: James R. Rile
Director of Admi i trative Service
Approved by: Robert A. Brady
City Manager/Executive Directo
Page 2 of 4
RESOLUTION NO. 2010-03 PFA
A RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING
AUTHORITY ESTABLISHING A REGULAR MEETING SCHEDULE AND
PROVIDING FOR OTHER MATTERS RELATED THERETO
WHEREAS, on July 25, 1989, the City of Lake Elsinore (the "City") and the
Redevelopment Agency of the City of Lake Elsinore (the "Agency'), entered into a Joint
Exercise Powers Agreement (the "Agreement") creating the Lake Elsinore Public
Financing Authority (the "Authority"), pursuant to Articles 1 through 4 (commencing with
Section 6500) of Chapter 5, Division 7, Title 1 of the Government Code of the State of
California (the "Act'); and
WHEREAS, as of January 1, 2010, California Government Code (the "Code")
Section 6592.1 requires that a resolution authorizing bonds or any issuance of bonds or
accepting the benefit of any bonds or the proceeds of bonds shall be adopted by the
Authority only during a regular meeting held pursuant Section 54954 of the Code; and
WHEREAS, it now appears necessary and advisable for the Authority to establish a
more frequent regular meeting schedule.
NOW, THEREFORE, the Lake Elsinore Public Financing Authority does hereby
resolve as follows:
Section 1. The foregoing recitals are true and correct and the Authority
hereby so finds and determines.
Section 2. The Board hereby establishes a regular meeting schedule of the
Authority, consisting of the second (2"d) and fourth (4th) Tuesday of every month at
7:00 p.m., or as soon thereafter as the City of Lake Elsinore City Council meeting is
concluded, for which an agenda is posted at least 72 hours in advance of the meeting
(each, a 'Regular Meeting), beginning October 12, 2010.
Section 3. In the event there is no scheduled business to conduct, no
agenda for the Authority shall be posted and such Regular Meeting shall be
automatically canceled thereby.
Section 4. The Regular Meeting schedule established herein . may be
amended by the adoption of a supplemental resolution by the Commission.
Section 5. The Chairman, Vice Chairman, Executive Director, Treasurer
and Secretary, or their respective designees, are, and each of them is, hereby
authorized and directed to do any and all things, and to execute and deliver any and
all documents which said officers may deem necessary or advisable in order to carry
out, give effect to and comply with the terms and intent of this Resolution.
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Resolution No. 2010-03 PFA
Page 2 of 2
Section 6. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Board of
Directors of the Lake Elsinore Public Financing Authority this 12th day of October, 2010.
DARYL HICKMAN
CHAIRMAN
ATTEST:
CAROL COWLEY, CMC
SECRETARTY
APPROVED AS TO FORM:
BARBARA ZEID LEIBOLD
AUTHORITY COUNSEL
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE SS
CITY OF LAKE ELSINORE
I, CAROL COWLEY, Secretary of the Lake Elsinore Public Financing Authority,
hereby certify that Resolution No. 2010-003 PFA was adopted by the Board of Directors of
the Lake Elsinore Public Financing Authority, at a regular meeting held on the 12th day of
October, 2010, and that the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
CAROL COWLEY, CMC
SECRETARY
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