Agenda Report
Fullerton City Council
MEETING DATE: october 20, 2026
TO: CITY COUNCIL / SUCCESSOR AGENCY
SUBMITTED BY: SUNAYANA THOMAS, DIRECTOR OF COMMUNITY AND ECONOMIC DEVELOPMENT PREPARED BY: daniel valdez, housing manager
SUBJECT: CALIFORNIA MUNICIPAL FINANCE AUTHORITY JOINT EXERCISE OF POWERS AGREEMENT
SUMMARY
The California Municipal Finance Authority (CMFA) has requested City Council approval of a resolution authorizing execution of its Joint Exercise of Powers (JPA) Agreement to update the City’s existing membership documentation and facilitate the previously approved Magnolia Ridge Mobile Home Park financing.
PROPOSED MOTION
Adopt Resolution No. 2026-XXX.
RESOLUTION NO. 2026-XXX - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FULLERTON, CALIFORNIA, APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT RELATING TO THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY
ALTERNATIVE OPTIONS
Approve the Proposed Motion
Other options brought by Council.
STAFF RECOMMENDATION
Staff recommends City Council adopt the proposed resolution.
CITY MANAGER REMARKS
None.
PRIORITY POLICY STATEMENT
This item matches the following Policy Priority Statement:
Fiscal and Organizational Stability.
FISCAL IMPACT
Approval of the proposed resolution is not expected to result in any additional fiscal impact, as the Magnolia Ridge financing has been previously approved. The resolution serves to satisfy procedural documentation requirements and facilitate completion of the financing.
DISCUSSION
The CMFA is a joint powers authority established to facilitate financing for projects that promote economic and community development, including affordable housing. A JPA Agreement allows participating public agencies to jointly exercise certain governmental powers, including the issuance of tax-exempt bonds. CMFA’s membership supports eligible financing transactions, subject to applicable project-specific approvals.
On August 18, 2026, City Council adopted Resolution No. 2026-045 approving the Tax Equity and Fiscal Responsibility Act (TEFRA) resolution for the proposed Magnolia Ridge Mobile Home Park financing. That action provided the required local approval and authorized related actions to facilitate the financing. However, a separate resolution approving the CMFA JPA was not included in the agenda and therefore was not adopted by City Council.
CMFA and bond counsel have requested formal City Council approval of the JPA resolution and execution of the agreement to update the City's membership documentation. Although the prior TEFRA action provided authority to proceed with the financing, adoption of the JPA resolution requires a separate City Council action.
Approval of the proposed resolution would satisfy the requested procedural documentation and support completion of the previously approved Magnolia Ridge financing.
Attachments:
Attachment 1 – Draft Resolution
cc: City Manager Eddie Manfro
California Municipal Finance Authority Membership Resolution October 20, 2026 - Page 2