Cathedral City Public Finance Authority
MEETING DATE: 6/10/2015
TITLE:
Title
Regular meeting schedule for the Cathedral City Public Finance Authority
End
FROM:
Tami E. Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends the Cathedral City Public Finance Authority adopt a resolution establishing a regular meeting schedule and providing for matters related thereto.
Body
BACKGROUND:
The City of Cathedral City, California (the "City") and the Cathedral City Redevelopment Agency have entered into that certain Joint Exercise of Powers Agreement, dated as of December 1, 1993, establishing the Cathedral City Public Financing Authority (the "Authority") for the purpose, among other things, of issuing its bonds to be used to provide financing and refinancing for any purposes which are authorized by law.
DISCUSSION:
To date the Authority has not established a regular public meeting schedule, due in large part to a lack of regular business items for the Authority to attend to. Changes in State law, however, require that any resolution of the Authority authorizing bonds, the issuance of bonds, or accepting the benefit or proceeds of any bonds, be adopted at a regular meeting of the Authority. (Government Code ? 6592.1)
In light of this, it is necessary for the Authority to adopt the attached Resolution establishing a regular meeting schedule in anticipation of future financial transactions. The proposed meeting schedule is contemporaneous with meetings of the City Council. Notably, the Resolution states that if there is no business for the Authority to attend to at its regularly scheduled meeting, no agenda will be posted and the meeting will automatically be canceled.
The Board hereby establishes a regular meeting schedule of the Authority consisting of June 22, 2015 and thereafter the second (2nd) and fourth (4th) Wednesday of every month for which an agenda is posted for the Authority at l...
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