sr-051011-3kSanta Monica Public Financing Authority Meeting: May 10, 2011
.Agenda Item: ~' ~L
To: Chairperson and Board of Directors
From: Carol Swjndell, Treasurer
Subject: Resolution of the Santa Monica- Public Financing Authority Establishing
Regular Annual Meeting Date
Recommended Action
Staff recommends that the Santa Monica Public Financing Authority:
1. Adopt the attached Authority Resolution establishing regular meetings of the
Authority;
2. Authorize the officers of the Authority to take all actions necessary to implement
the purpose of the Resolution.
Executive Summary
Effective January 1, 2010, Section 6592.1. was added to the Galifornia .Government:
Code requiring that "A resolution authorizing bonds or any issuance of bonds or
accepting the benefit of any bonds or the proceeds of bonds shall be adapted by an
authority only during a regular meeting held pursuant to Section 54954."
Currently, the Board has not established a schedule of regular meetings with the
exception of an annual meeting. By establishing a regular meeting to be held on the
fourth Tuesday of every May on the same date and time. as a regular meeting of the City
Council of the City, the Authority will be able to authorize the issuance of bonds at the
regularly scheduled meeting held on the 4~h Tuesday of May in each year and thus,
meet the requirements of Section 6592.1 of the California Government Code.
Background
On July 25, 1995, as authorized by Resolution No. 8923(CCS), the Santa Monica Public
Financing Authority was organized pursuant to applicable provisions of the California
Government Code Section 6500 et seq., and a Joint Exercise of Powers Agreement,
dated July 25, 1995, by and between the City and the Redevelopment Agency of the
City of Santa Monica. The purpose of the Authority is to provide financing for its
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members or other local public agencies in connection with the acquisition, construction
and improvement of public capital improvements, working capital requirements or,
liability or other insurance needs of its members or other local agencies.
Discussion
Effective January 1, 2010, Section 6592.1 was added to the California Government
Code requiring 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 an
authority only during a regular meeting held pursuant to Section 54954." Section 3.04
of the current Joint Exercise of Powers Agreement provides that "if the Board decides to
hold regular meetings, such regular meetings shall be held at such time as the Board of
Directors may fix by resolution from time to time." The attached Resolution sets the
date and time of the Authority's regular meeting on the fourth Tuesday of May of every
year, to be held as a joint meeting with the City Council. Additional regularly scheduled
meetings may be added by resolution in the future in connection with other future
financings.
Financial Impacts and Budget Actions
This Resolution establishes the regular meeting date of the Santa Monica .Public
Financing Authority and has no budget/financial impact.
Prepared by: Alan Seltzer, Chief Deputy City Attorney
Approved:
Carol Swindell
Treasurer
Forwarded to Council:
Rod Gould
Executive Director
Attachment: Resolution of the Santa Monica Public Financing Authority Establishing
Regular Annual Meeting Date
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Reference Resolution No.
6 (PEAS).