HomeMy WebLinkAboutStaff Report 3.B 04/01/2019I 1 • - • • i
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DATE: April 1, 2019
TO: Petaluma Public Financing Corporation Board of Directors through Chief
Financial Officer
FROM: Corey Garberolio, Finance Director
Janine Tedrow, Finance and Accounting Manager
SUBJECT: Petaluma Public Financing Corporation Status Report and Audited Financials for
Fiscal Year 2017-18.
RECOMMENDATION
It is recommended that the Petaluma Public Financing Corporation Board of Directors Accept the
Status Report and Audited Financials for Fiscal Year 2017-18.
BACKGROUND
The City of Petaluma Public Financing Corporation (PPFC), a not-for-profit public benefit
corporation, was created in October, 1,990 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.
FINANCIAL IMPACTS
None
ATTACHMENT
Memo dated April 1, 2019 on the status of activity for FY 2017-18 from the Finance Director.
ATTACHMENT 1
CITY OF PETALTIMA, CALIFORNIA
MEMORANDUM
Fbiame Department, 11 English Street, Petaltnm, CA 94952
(707) 778-4352 Fax (707) 778-4428 E-mail. finance@ci petalttma.ca.its
DATE: April 1, 2019
TO: Peggy Flynn, Chief Financial Officer
City of Petaluma Public Financing Corporation
FROM: Corey Garberolio, 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 2017-2018 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 April 1, 2019 to accept this report.
There is currently no outstanding debt held by the Petaluma Public Financing Corporation.
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