HomeMy WebLinkAbout05 DISSOLUTION OF THE COUNTYWIDE PUBLIC FINANCING AUTHORITYAGENDA REPORT
MEETING DATE: JANUARY 16, 2018
TO: JEFFREY C. PARKER, CITY MANAGER
Agenda Item —'5
Reviewed:
City Manager
Finance Director
FROM: JOHN A. BUCHANAN, ACTING FINANCE DIRECTOR
JENNY LEISZ, DEPUTY DIRECTOR - FINANCIAL SERVICES
SUBJECT: DISSOLUTION OF THE COUNTYWIDE PUBLIC FINANCING AUTHORITY
SUMMARY:
Member cities of the Countywide Public Financing Authority are moving forward with the
dissolution process for the Authority. The dissolution shall take effect upon the concurrence of all
members.
RECOMMENDATION:
Adopt Resolution No. 18-04 approving the dissolution of the Countywide Public Financing Authority.
FISCAL IMPACT:
None.
CORRELATION TO THE STRATEGIC PLAN:
Adopting the attached Resolution No. 18-04 contributes to the City's Strategic Plan Goal D: Strong
Community and Regional Relationships by continuing to work collaboratively with agencies outside
Tustin on issues of mutual interest and concern.
DISCUSSION:
The Countywide Public Financing Authority was created by member cities pursuant to a joint powers
agreement dated January 30, 1996. This authority was originally formed to fund (through bonds) the
financing of the MHz system. The bonds have been fully paid and the Authority has no remaining
assets, liabilities, or other outstanding obligations.
In July 2017 the Board Members of the Countywide Public Financing Authority were contacted by
letter with the proposal to dissolve the Authority. No objections were received, so the Members were
DISSOLUTION OF THE COUNTYWIDE PUBLIC FINANCING AUTHORITY
Page 2 of 2
contacted in December 2017 with direction to adopt the attached resolution to dissolve the Authority,
which will take effect upon the concurrence of all Members.
nny Leisz
Deputy Director - Financial Services
Attachment: Resolution No. 18-04
John Buchanan
Actin - Finance Director
RESOLUTION NO. 18-04
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN APPROVING
THE DISSOLUTION OF THE COUNTYWIDE PUBLIC FINANCING AUTHORITY
WHEREAS, pursuant to a joint powers agreement, dated June 19, 1996 (the
"Agreement"), the City and the cities of Brea, Buena Park, Fullerton, Garden Grove,
Orange, Santa Ana, Seal Beach, and Stanton (the "Members"), created the Countywide
Public Financing Authority (the "Authority") to provide a vehicle for financing projects
beneficial to the Members; and
WHEREAS, the Authority has no outstanding indebtedness and is not a party to
any outstanding material contracts and the Members desire to dissolve the Authority;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUSTIN DOES
RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The City, as a Member, hereby elects to terminate the Agreement
and to dissolve the Authority which dissolution shall take effect upon the concurrence of
all Members.
SECTION 2. Quint & Thimmig LLP, Larkspur, California, is hereby authorized to
provide all necessary documentation to the State Controller to effectuate such dissolution.
SECTION 3. All actions of the officers, agents, and employees of the Council or
the City that are in conformity with the purposes and intent of this Resolution, whether
taken before or after the adoption hereof, are hereby ratified and confirmed.
SECTION 4. This Resolution shall be in full force and effect immediately upon its
adoption.
Resolution No. 18-04
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
TUSTIN that the Dissolution of the Countywide Public Financing Authority is hereto
approved and adopted.
PASSED, APPROVED, AND ADOPTED BY THE CITY COUNCIL OF THE CITY
OF TUSTIN THIS 16th DAY OF JANUARY, 2018.
ELWYN A. MURRAY
Mayor
ATTEST:
ERICA N. RABE
City Clerk
APPROVED AS TO FORM:
DAVID E. KENDIG
City Attorney
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
I, Erica N. Rabe, City Clerk and ex -officio Clerk of the City Council of the City of Tustin,
California, do hereby certify that the whole number of the members of the City Council of
the City of Tustin is five; that the above and foregoing Resolution No. 18-04 was duly passed
and adopted at a regular meeting of the Tustin City Council, held on the 16th day of January,
2018 by the following vote:
COUNCILMEMBER AYES:
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED:
COUNCILMEMBER ABSENT:
ERICA N. RABE
City Clerk
Resolution No. 18-04