SR 10-11-2011 8D0
Santa Monica Public Financing
City of Authority Report
Santa Monica'
Santa Monica Public Financing Authority Meeting: October 11, 2011 ,
Agenda Item: O�
To: Chairperson and Board of Directors
From: Gigi Decavalles- Hughes, Acting 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 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."
On May 10, 2011, the Board established 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. By adding a second regularly scheduled meeting to be held on the
fourth Tuesday of October, the Authority will be able to authorize the issuance of bonds
at a regularly scheduled meeting held on either the fourth Tuesday of May or the fourth
Tuesday of October 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
1
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 and the
fourth Tuesday of October, 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 dates of the Santa Monica Public
Financing Authority and has no budget/financial impact.
Prepared by: Alan Seltzer, Chief Deputy City Attorney
Approved:
Aw//A
Gi i Decavalles-k hes
Acting Treasurer
Forwarded to Council:
Rod Gould
Executive Director
Attachment: A. Resolution of the Santa Monica Public Financing Authority Establishing
Regular Annual Meeting Date
`a
Reference Resolution No.
8 (PEAS).