Joint Special Council/BFPD
07/18/22 06:00 PM
Finance
Marc Puckett
Other
Doc ID: 5082
AGENDA ITEM
AGENDA MATTER:
ANNUAL MEETING OF THE BARSTOW PUBLIC FACILITIES CORPORATION AND REVIEW OF THE FISCAL YEAR 2021 PUBLIC FACILITIES CORPORATION FINANCIAL STATEMENT EXECUTIVE SUMMARY:
The Barstow Public Facilities Corporation (BPFC) was incorporated on September 20, 1989. The purpose of the Corporation is to assist the City in the financing of public improvements. Per the by-laws and resolutions of the Corporation that were subsequently enacted, the Board must meet at least annually on the third Monday of July each year. The Corporation has no assets, no liabilities, and no activities to report for the fiscal year ending June 30, 2021.
DISCUSSION:
The Barstow Public Facilities Corporation (BPFC) was incorporated on September 20, 1989. The purpose of the Corporation is to assist the City in the financing of public improvements. This type of nonprofit corporation is required by the Federal Internal Revenue Code in order to issue a public financing instrument called a Certificate of Participation (COP). A COP is a type of public financing instrument for public facilities or equipment typically used by local governments in California. It is essentially a type of lease purchase that requires a third party for the lease transaction. The Corporation assigns all of the rights, obligations and financial transactions to others, such as the Trustee for the COP.
Per the by-laws and resolutions of the Corporation that were subsequently enacted, the Board must meet at least annually on the third Monday of July each year.
The Barstow Public Facilities Corporation (BPFC) has not had any financial activity during the past year.
The Corporation has no assets, no liabilities, and no activities to report for the fiscal year ending June 30, 2021.
FISCAL IMPACT:
There is no fiscal impact to this agenda item.
RECOMMENDED ACTION:
Staff recommends that,
1. The Board of the Barstow Public Facilities Corporation hold its annual meeting as required by prior Board action, and
2. Review and accept the Barstow Public Facilities Corporation Financial Statement for the Fiscal Year ending June 30, 2021 for filing.