HomeMy WebLinkAboutStaff Report 3.B 03/05/2018DATE: March 5, 2018
Agenda Item #3.B
TO: Petaluma Public Financing Corporation Board of Directors through Chief
Financial Officer
FROM: Corey Garberolio, Acting Finance Director ;
Janine Tedrow, Senior Accountant
SUBJECT: Petaluma Public Financing Corporation Status Report and Audited Financials for
Fiscal Year 2016-17.
RECOMMENDATION
It is recommended that the Petaluma Public Financing Corporation Board of Directors Accept
the Status Report and Audited Financials for Fiscal Year 2016-17.
BACKGROUND
The City of Petaluma Public Financing Corporation (PPFC), a 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 PPFC issues debt in the form of Certificates of Participation (COPs). The by-laws of the
corporation require an annual meeting and a report on fiscal year activity.
DISCUSSION
There is currently no outstanding debt held by the Petaluma Public Financing Corporation. The
2003 COP, which was originally issued by the PPFC and used to refinance the airport portion of
the 1993 COP and to provide additional financing for the current airport hangar expansion
project was retired in FY2015-16.
FINANCIAL IMPACTS
None
ATTACHMENT
Memo dated March 5, 2018 on the status of activity for FY 2016-17 from the Acting Finance
Director.
ATTACHMENT 1
CITY OF PETALUMA, CALIFORNIA
MEMORANDUM
Finance Department, 11 English Street, Petaluma, CA 94952
(707) 778-4352 Fax (707) 778-4428 E-mail. finance@cipetahuma.ca.ns
DATE: March 5, 2018
TO: John Brown, Chief Financial Officer
City of Petaluma Public Financing Corporation
FROM: Corey Garberolio, Acting Finance 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 one Certificate of Participation
(COP).
The by-laws of the PPFC require an annual meeting and a report on fiscal year activity. Below is
a report on the fiscal year 2016-2017 activity to comply with the requirements of the by-laws.
The City Council serves as the board for the Petaluma Public Financing Corporation and the
annual meeting is scheduled for March 5, 2018 to accept this report.
The 1993 Certificate of Participation (COP) was refunded in December, 2003. All of the debt
service requirements of the 2003 COP are the responsibility of the Airport Fund. The COP's
were retired during fiscal year 2015-2016 with the issuance of the 2016 Airport Lease
Obligation. They are no longer part of the Public Financing Corporation.
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