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HomeMy WebLinkAboutStaff Report 6.A 01/28/20086.A January 28, 2008 CITY OF PFTALUMA, CALIFORNIA AGENDA BILL Agenda Title: Meeting Date: Annual Meeting of the City of Petaluma Public Financing Corporation January 28, 2008 Meeting Time: © 3:00 PM ❑ 7:00 PM Category: ❑ Presentation ® Consent Calendar ❑ Public Hearing ❑ Unfinished Business ❑ New Business Department: Director: Contact Person: Phone Number: Administrative Services I Steven Carmichael Steven Carmichael 778-4352 Cost of Proposal: None Account Number: N/A Amount Budgeted: None Name of Fund: N/A Attachments to Agenda Packet Item: 1. Memo dated January 2, 2008 on the status of activity for FY 2006-07 from Steven Carmichael 2. Petaluma Public Financing Corporation Annual Meeting Minutes from January 22, 2007 Summary Statement: The City of Petaluma Public Financing Corporation (PPFC), not-for-profit public benefit corporation, was created in October, 1990 to provide financial assistance to the City by acquiring, constructing and financing various facilities and then leasing them back to the City. The by-laws of the corporation require an annual meeting and a report on fiscal year activity. Currently the City has one COP outstanding, the 2003 COP, which was originally issued by the PPFC. The 2003 COP proceeds were used to refund the airport portion of the 1993 COP and to provide additional financing for the current airport hangar expansion project. This debt is the responsibility of the Airport Fund. The FY 2006 principal and interest payments were made by the City, and are current. The outstanding balance of the debt, $5,960,000, was included in the City Annual Financial Report (CAFR) and additional information was disclosed in the notes to the financial statements. The PPFC is a blended component unit of the City, for financial reporting purposes, and does not issue its own financial statements. Recommended City Council Action/Suggested Motion: 1. Approve Annual Meeting minutes of January 22, 2007 2. Open the meeting for public comment. 3. Accept the Public Financing Corporation's Annual Report viewed by Admin. Svcs. Dir: Reviewed by City Attorney: Date: Approvel Approveby City Mann er: Late,7F—�1C Date. Rev. # 1 Date Last Revised: 1-10-08 rile: CITY OF PETALUMA, CALIFORNIA MEMORANDUM Finance Department, 11 English Street, Petaluma, CA 94952 707-778-4352 Fm: 707-778-4428 E-mail: linance(aki.netahnna.ea. its DATE: January 7, 2008 TO: Michael A. Bierman, Chief Financial Officer City of Petaluma Public Financing Corporation FROM: Steven Carmichael, Administrative Services Director SUBJECT: City of Petaluma Public Financing Corporation Annual Report The City of Petalurna Public Financing Corporation (PPFC) was created in October, 1990 to provide financial assistance to the City by: acquiring, constructing, and financing various facilities, and then leasing them back to the City. The PPFC is a nonprofit public benefit corporation, which has been used to issue debt in the form of one Certificate of Participation (COP). The 1990 COP was refunded in September, 2002 and is now part of the Water Revenue Bonds 2001, Series B. It is no longer part of the Public Financing Corporation. The 1993 COP was refunded in December, 2003. All of the debt service requirements of the 2003 COP are the responsibility of the Airport Fund. The outstanding balance as of June 30, 2007 for the 2003 COP was $5,960,000. The by-laws of the PPFC require an annual meeting and a report on current corporate activity. The debt service activity of the corporation is conducted by the City of Petaluma for the 2003 COP'S. The City makes the principal and interest payments, and the debt payments are current. The debt and the related payments are recorded on the City's financial statements. The City discloses the PPFC as a blended component unit in its notes to the financial statements. NEW BUSINESS A. Annual Meeting of the Petaluma Public Financing Corporation. (Carmichael) Status Report on Activity for Fiscal Year 2005-06. Approval of Minutes of January 23, 2006. 7APubFinance Administrative Services Director Steven Carmichael Motion: Approve January 23, 2006 minutes of the Petaluma Public Financing Corporation, and accept Status Report on Activity for Fiscal Year 2005-06. Moved by Council Member Mike O'Brien, seconded by Council Member Mike Harris. Council Member Barrett City Attorney Danly Motion: (Amending previous motion) Approve the January 23, 2006 minutes of the Petaluma Public Financing Corporation. Moved by Council Member Mike O'Brien, seconded by Council Member Mike Harris. Vote: Motion carried 4-0. Yes: Council Member Mike Harris; Vice Mayor Karen Nau; Mayor Pamela Torliatt; Council Member Mike O'Brien Abstain: Council Member Teresa Barrett; Council Member David Rabbitt Motion: Approve Accept the Status Report on Activity for Fiscal Year 2005-06. Moved by Council Member Mike O'Brien, seconded by Council Member Mike Harris. Vote: Motion carried 6-0. Yes: Council Member Mike Harris; Council Member Teresa Barrett; Vice Mayor Karen Nau; Mayor Pamela Torliatt; Council Member David Rabbitt; Council Member Mike O'Brien Director Carmichael