G:\FIDELA\CITY COUNCIL\CPIC\Minutes\072621.doc
Report received and filed.
7. New Business.
There was no new business.
8. Adjournment.
President Nomura adjourned the meeting at 7:08 p.m.
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Brian C. Barrett, CPIC Secretary
City of Carpinteria
CARPINTERIA PUBLIC IMPROVEMENT CORPORATION
BOARD MEETING
July 25, 2022
ITEM FOR BOARD CONSIDERATION
Carpinteria Public Improvement Corporation (CPIC) Annual Report.
STAFF RECOMMENDATION
Receive and file the annual report.
Sample Motion: I move to receive and file the annual report.
BACKGROUND / DISCUSSION
The Carpinteria Public Improvement Corporation was established in July 1988 as a public non-profit corporation to provide a funding mechanism for development of certain capital improvements through a lease-purchase arrangement with the City and issuance of certificates of participation (COP) by the corporation. In July 1988, $2,015,000 in COPs were issued by the corporation to be repaid through semi-annual lease payments by the City. The $2 million in proceeds (less $99,960 in discount on issue) plus the interest earned was used for construction and delivery of a variety of capital improvements such as the construction of the community swimming pool, expansion of El Carro Park, City Hall improvements, and construction of Parking Lot No. 3. All construction and delivery was completed at the end of FY 1989-90. The COPs were paid in full in March 1, 2018.
Even though there are currently no bonds or COPs outstanding for the CPIC, it is necessary to continue holding the annual meetings if the CPIC entity is to continue. State law requires that the CPIC consider its annual report at a public meeting of the Board.
This staff report serves as the annual report and the Board meeting was properly noticed in the local newspaper.
FINANCIAL CONSIDERATIONS
No fiscal impact as a result of this action.
G:\Licette\STAFF\cpic 2022.docx
Carpinteria Public Improvement Corporation Annual Report July 25, 2022
Staff Contact: Licette Maldonado, Treasurer
805) 755-4448, [email protected]
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Signature