HomeMy WebLinkAboutStaff Report 6.A 01/05/2004I IL.
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CITY OF PETALUMA, CALIFORP
AGENDA FILL
6A.
January 5, 2004
Agenda Title
Meeting Date:
Annual Meeting of the City. of. Petaluma Public Financing,
January 5 2004
'Corporation
Meeting 'Time ® 3:00 PM
❑ 7:00 PM
Category (check one) ❑ Consent Calendar Public Hearing ❑ New Business
❑ Unfinished Business ❑ Presentation
Department
Director
Contact Person
Phone Number
Finance
William Thomas
William. Thomas
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 November 24,. ,20Q °from. William Thomas
2. Minutes from Annual Meeting of 2002
: Summary Statement
The City of Petaluma Public Financing Corporation was, created in: October .1990 to provide financial
assistance to the Cit by acquiring,'constructing and financing °various facilities and leasing there to the City.
This is a nonprofit public benefit corporation which as been used to issue debt in the forma of two
Certificates of Participation (COPS). One of the COPs, the 1990 issue was xefunded, in FY 2002 and made
park of the Water Revenues Bonds 2001, Series B. At year -end, only the 1.993 COPS were outstanding.
y � rp q 're an annual meeting:., and a report on :any activity. There was no
The , by-laws of the Co j oration ,re u
activity in FY 2003. Subsequent to. FY 2003, the 1993' ,COPs will be refunded in December 2003 as
described in the attached memo to the Chief ;Financial Officer (City Manager) of the Public Financing
Corporation.
Recommended City Council Action /Suggested .Motion
Approve minutes and close the public Bearing for the Authority.
Reviewed by Finance Directors
.'I Review"ed by City Attorney
Date:
Approved 'by City Manager
Date:
te•
Today's Date
Revision # and Date Revised:
, File Code:
4
November 24, 2003
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CITY OF PETALUVIA, CALIFORNIA
MEMORANDUM
Finance Department, II EnglishStreet, Petaluma, CA 94952-
707 -778 - 4352' „Fax 707 -778 -4428 E- mail.•. mancena,ci:petaluma.ca.us
DATE: November 2 2003
TO: Michael A. Bierman, Chief Financial Officer' City of Petaluma Public
Financing Corporation
FROM: William J. Thomas, Finance Director — City of Petaluma
SUBJECT: CITY OF'PETALUMA PUBLIC FINANCING CORPORATION ANNUAL
REPORT
The City of Petaluma Public Financing 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. This `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 issued. in „the amount of $,6,600,000 and was used for water system
improvements in the Cororia -Ely area of the City. These' bonds were refunded in
September 2002 and are now part of the Water Revenue: Bonds 2001, Series B. They are
no longer part of the Public Financing. Corporation.'
was use o manse e
acquisition and construction of Street,Lights 670,500
airport hangars and to Airport`(Non= Taxable) 1,903,000
consolidate under a single Airport (Taxable) 580,000
lease the prior obligations of $ 6,265,000
the City for the 1985 lease
relating to the Police Facilities Project, the 1987 lease relating to the Community °Center,
the 1989 lease relating`to the Street Lighting System Acquisition, and seven airport loans
from the State of California Department of Transportation.. These bonds are currently
scheduled to be refunded in December 2003. The refunding will eliminate the
Community Center, the. Police Facility and the Street Light debt. All of the debt service
requirements of the new °'COPs will be the responsibility of the Airport fund. The
outstanding balance,as of June 30,.2003 for the 1993 COPs was $6,265,000 as shown in
the above table.
The 1993 COP was issued' in
the amount of $9,290,000 and Community Center $ 2,261,000
A t f th Police Facility 850 500
The by -laws of the corporation require an annual meeting and a report. on any activity.
As indicated above, the activity consisted of refinancing the 1 990 COP and removing it
from the veil of the Public Financing Corporation. It is now the responsibility of the
Water Utility- fund. Since this Corporation was to provide financial assistance to the City,
it does not issue `its own financial, reports. Instead it Jsa blended component unit of the
City for financial report purposes. " All, of the debt service activity' is done by the City of.
Petaluma for the 1993 COP's. The City made the principal and interest payments and the
debt payments 'are current. The debt and the payments are recorded on the City's
financial statements. The City 'discloses this Corporation in its notes to the .financial
statements.
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December 16, 2002,
Vol. 38 Page 293
�p,.LU
a City of Petaluma, California
CITY COUNCIL AND'
�85a PETALUMA PUBLIC FINANCING, CORPORATION MEETING
City Council /Petaluma Public.,Fin, ancing. Corporation Minutes
Monday, December 16,'2002 - 3:00 p.m.
Regular Meeting
PRESENT: O'Brien Torliatt, Cader - Thompson; Vice Mayor Healy, Mayor
Thompson, Maguire
ABSENT: Moynihan
2:00 P.M. - RECEPTION FOR OUTGOING, COUNCIL MEMBERS
3:00 P.M. - CITY OF PETALUMA PU$LIC FINANCING CORPORATION
ROLL CALL
Present: O'Brien, Torliatt, Cader- Thompson, Vice Chair Healy, Chair
Thompson, Maguire
Absent: Moynihan
NEW BUSINESS
1. Annual Meeting of the City of 'Petaluma Public Financing Corporation.
A. Approval of Minutes of December 17, 2001.
MOTION to adopt the Minutes as ,presented:
M/S Maguire /Healy
AYES: O'Brien, Torliatt, Coder- Thompson, Vice Chair Healy,
Chair Thompson; Maguire
NOES; None
ABSENT: Moynihan
B.. Status Report on Activity for Year.2002. ACCEPTED AS REPORTED.
A DJOURN PETALUMA P-UBUC FINANCING CORPORATION