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HomeMy WebLinkAboutStaff Report 7.A 01/22/2007CITY OF PETALUMA, CALIFORNIA AGENDA BILL Agenda Title: Annual Meeting of the City of Petaluma Public Financing Corporation TA January 22, 2007 Meeting Date: January 22, 2007 Meeting Time: © 3:00 PM ❑ 7:00 PM Categorv: ❑ Presentation ❑ Consent Calendar ❑ Public Hearing ❑ Unfinished Business ® New Business Department: Director: Contact Person: Phone Number: Administrative Services Steven Cannichael 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, 2007 on the status of activity for FY 2005-06 from Steven Carmichael 2. Petaluma Public Financing Corporation Annual Meeting Minutes from January 23, 2006 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 2005-2006. 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 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 2005 principal and interest payments were made by the City, and are current. The outstanding balance of the debt, 56,130,000, 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 Citv Council Action/Suggested Motion: 1. Approve Annual Meeting minutes of January 23, 2006 2. Open the meeting for public comment. 3. Accept the Public Financing Corporation's Annual Report Reviewed by Admin. Svcs. Div: Reviewed by City Attornev: Annroved WCity Manager: ��� l,J� Date: � Date: Date: CITY OF PETALUMA, CALIFORNIA MEMORANDUM Finance Department, 11 English Street, Petahana, Cd 949.12 707-778-4352 Fac 707-778-4438 E-mail: linance cci.petalama.ca.as DATE: January 2, 2007 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, 2006 for the 2003 COP was $6,130,000. 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 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. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 January 23, 2006 Vote: Motion carried 4-1 Vol. 41, Page 355 Yes: David Glass; Mike Healy; Karen Nau; Mike O'Brien No: Pamela Torliatt Abstain: Mike Harris Absent: Keith Canevaro Council Member Harris returned to the dais. Council Member Healy left the dais. ADJOURN TO: ANNUAL MEETING OF THE PETALUMA PUBLIC FINANCING CORPORATION 6. NEW BUSINESS A. Annual Meeting of the Petaluma Public Financing Corporation. (Carmichael) Administrative Services Director Steven Carmichael presented the staff report. MOTION: Approve Petaluma Public Financing Corporation Meeting minutes of December 6, 2004. Moved by Pamela Torliatt, seconded by David Glass. Vote: Motion carried 5-0. Yes: David Glass; Mike Harris; Karen Nau; Mike O'Brien; Pamela Torliatt No: None Absent: Keith Canevaro; Mike Healy ADJOURN TO CLOSED SESSION — 5:35 p.m. PUBLIC COMMENT None. CLOSED SESSION • CONFERENCE WITH LABOR NEGOTIATORS: Government Code §54957.6. Agency Negotiator: Michael Bierman/Pamola Robbins. Employee Organization: AFSCME.