HomeMy WebLinkAboutStaff Report 6.A 01/23/2006CITY OF PETALUMA, CALIFORNIA
6.A
AGENDA BILL January 23, 2006
AEenda Title: Meeting Date:
Annual Meeting of the City of Petaluma Public Financing January 23, 2006
Corporation Meeting Time: ® 3:00 PM
❑ 7:00 PM
Cateuory (check one): ❑ Consent Calendar ❑ Public Hearing 0 New Business
❑ Unfinished Business ❑ Presentation
Department: I Director: Contact Person: Phone Number:
Administrative Services I Steven Cannichael Steven Carmichael 778-4323
Cost of Proposal: None Account Number: N/A
Amount Budgeted: N/A Name of Fund: N/A
Attachments to Agenda Packet Item:
1. Memo dated January 12, 2006 on the status of activity for FY 2004-05 from Steven Carmichael
2. Petahuna Public Financing Corporation Annual Meeting Minutes from December 6, 2004
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.
The PPFC had no activity for the fiscal year 2004-2005. The City of Petaluma conducted the business of
the Certificate of Participation (COP), which was issued through the PPFC.
Currently the City has one COP outstanding, the 2003 COP, which was originally issued by the PPFC. The
2003 COP proceeds were used to ref ind 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 2005 principal and interest payments were made by the City, and are current. The
outstanding balance of the debt, $6,295,000, 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 December 6, 2004
2. Open the meeting for public comment.
3. Accept the Public Financing Corporation's Annual Report
Re iewed by Finance Director:
Date: _lNw DS
Today's Date:
January 12, 2006
Reviewed by City Attorney:
Date:
Revision # and Date Revised:
ADDroved by City Manager:
`Y Date:
1�
File Code:
S'/agenda/Pub finance carp/annual ring for 2006
CITY OF PETALUMA, CALIFORNIA
MEMORANDUM
Finance Department, 11 English Street, Petaluma, Cl 94953
707-778-4353 Fes 707-775-4438 E-rxail: tinnncefri cLncfrrhena.ca.us
DATE: January 12, 2006
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 Petaluma 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 two
Certificates 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, 2005 for the 2003 COP was $6,295,000.
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. The City makes the principal and interest payments, and the
debt payments are current. The debt mid 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.
Excerpt from December 6, 2004 Petaluma City Council/PCDC Meeting Minutes
ADJOURN TO: ANNUAL MEETING OF THE
PETALUMA PUBLIC FINANCING CORPORATION
7. NEW BUSINESS
A. Annual Meeting of the Petaluma Public Financing Corporation
Finance Director Netter introduced the report and explained the information
provided.
• Approval of Minutes of October 27, 2003 and January 5, 2004.
• Status Report on Activity for Year 2004.
MOTION to approve the minutes and status report.
M/S: O' Brien/Harris
CARRIED UNANIMOUSLY
The above is a true excerpt from the adopted Petaluma City Council/PCDC/Petaluma Public
Financing Corporation Minutes of December 6, 2004,
Claire Cooper, City Clerk