Public Financing Authority Minutes - 5_8_18 - signed.pdf
1 May 8, 2018
CITY OF SANTA MONICA
PUBLIC FINANCING AUTHORITY MINUTES
MAY 8, 2018
A special joint meeting of the Santa Monica City Council and the Public Financing Authority was called
to order by Chair Winterer at 9:58 p.m., on Tuesday, May 8, 2018, at the City Council Chamber, 1685
Main Street.
Roll Call: Present: Chair Ted Winterer
Vice Chair Gleam Davis
Authority Member Sue Himmelrich
Authority Member Kevin McKeown
Authority Member Pam O’Connor
Authority Member Tony Vazquez
Absent: Authority Member Terry O’Day
Also Present: Executive Director Rick Cole
Authority Attorney Lane Dilg
Authority Secretary Denise Anderson-Warren
CONVENE On order of the Chair, the Public Financing Authority convened to a joint
meeting with the City Council at 9:58 p.m., with Authority Member
O’Day absent.
REPORT ON MEETING
COMPENSATION
Pursuant to State law, Authority Secretary Denise Anderson-Warren,
announced that Council will receive no compensation for meeting as the
Public Financing Authority.
PUBLIC HEARINGS:
LEASE REVENUE BONDS
9.A. Public Hearing and Issuance of Lease Revenue Bonds, Series
2018 to Finance Fire Station No. 1, was presented.
Recommended Action
Staff recommends that the City Council:
1. Hold a public hearing, receive public comment, and adopt
attached Resolution No. 11113 (CCS) entitled, “A
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA MONICA AUTHORIZING THE EXECUTION AND
DELIVERY BY THE CITY OF A GROUND LEASE, A
LEASE AGREEMENT, AN INDENTURE, A BOND
PURCHASE AGREEMENT AND A CONTINUING
DISCLOSURE CERTIFICATE IN CONNECTION WITH THE
2 May 8, 2018
ISSUANCE OF SANTA MONICA PUBLIC FINANCING
AUTHORITY LEASE REVENUE BONDS, SERIES 2018
(DOWNTOWN FIRE STATION PROJECT), APPROVING
THE ISSUANCE OF SUCH BONDS IN AN AGGREGATE
PRINCIPAL AMOUNT OF NOT TO EXCEED $38,000,000,
AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL
STATEMENT IN CONNECTION WITH THE OFFERING
AND SALE OF SUCH BONDS AND AUTHORIZING THE
EXECUTION OF NECESSARY DOCUMENTS AND
CERTIFICATES AND RELATED ACTIONS”.
Staff recommends that the Public Financing Authority:
1. Hold a public hearing, receive public comment, and adopt
attached Resolution No. 15 (PFA) entitled, “A RESOLUTION
OF THE BOARD OF DIRECTORS OF THE SANTA MONICA
PUBLIC FINANCING AUTHORITY AUTHORIZING THE
EXECUTION AND DELIVERY OF A GROUND LEASE, A
LEASE AGREEMENT, AN INDENTURE AND A BOND
PURCHASE AGREEMENT IN CONNECTION WITH THE
ISSUANCE OF SANTA MONICA PUBLIC FINANCING
AUTHORITY LEASE REVENUE BONDS, SERIES 2018
(DOWNTOWN FIRE STATION PROJECT), AUTHORIZING
THE ISSUANCE OF SUCH BONDS IN AN AGGREGATE
PRINCIPAL AMOUNT OF NOT TO EXCEED $38,000,000,
AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL
STATEMENT IN CONNECTION THEREWITH AND
AUTHORIZING THE EXECUTION OF NECESSARY
DOCUMENTS AND CERTIFICATES AND RELATED
ACTIONS”.
Member of the public Johnathan Foster, spoke to the recommended
action.
Motion by Councilmember McKeown, seconded by Councilmember
Himmelrich, to adopt Resolution No. 11113 (CCS). The motion was
approved by the following vote:
AYES: Councilmembers O’Connor, Himmelrich, Vazquez,
McKeown, Mayor Pro Tem Davis, Mayor Winterer
NOES: None
ABSENT: Councilmember O’Day
3 May 8, 2018
Motion by Authority Member McKeown, seconded by Authority
Member Vazquez, to adopt Resolution No. 15 (PFA). The motion was
approved by the following vote:
AYES: Authority/Councilmembers McKeown, Vazquez,
Himmelrich, O’Connor, Chair/Mayor Pro Tem Davis,
Chair/Mayor Winterer
NOES: None
ABSENT: Authority/Councilmember O’Day
ADJOURNMENT: On order of the Chair, the special meeting of the Public Financing
Authority adjourned at 10:05 p.m.
ATTEST: APPROVED:
Denise Anderson-Warren Ted Winterer
Authority Secretary Chair
Ted Winterer (Dec 11, 2018)
Ted Winterer
Denise Anderson-Warren (Dec 12, 2018)
Denise Anderson-Warren