PISMO BEACH PUBLIC FINANCING AUTHORITY
AGENDA REPORT
Agenda Item #9.E
SUBJECT/TITLE:
ANNUAL ELECTION OF OFFICERS: PISMO BEACH PUBLIC FINANCING
AUTHORITY
RECOMMENDATION:
Adopt a Resolution of the Board of Directors of the Pismo Beach Public Financing Authority conducting the annual election of officers.
BACKGROUND:
The purposes of this agenda item of the Public Financing Authority (Authority) are to hold the annual regular meeting and to hold the annual election of specified officers—as required by Authority Resolutions and by the Rules and Regulations of the Authority.
History
The Pismo Beach Public Financing Authority was created pursuant to a Joint Exercise Powers Agreement dated April 2, 1991, by and between the City of Pismo Beach and the Redevelopment Agency of the City of Pismo Beach. The Agreement provides that "The Authority shall be administered by a Board of five (5) Directors…" and that "The members of the City Council of the City […] shall constitute the Directors of the Authority."
At its initial meeting on April 2, 1991, the Authority Board of Directors adopted Resolution No. PFA-91-1, electing and designating officers. The Board also adopted Resolution No.
PFA-91-2, which provided for Regular Meetings of the Board to be held annually on the first Tuesday of each April.
Resolution No. PFA-91-2 also established the Rules and Regulations of the Authority.
Section 3.02 of the Rules and Regulations provides that "The Chairperson, Vice Chairperson and Secretary shall be chosen annually by the Board." Section 3.03 provides that "The Board may elect or authorize the appointment of such other officers […] as the business of the Authority may require."
Purpose of the Authority
The Authority has an outstanding debt issuance, the 2012 Series Lease Revenue Bonds to support the Wastewater Treatment Facilities and Loan Match refunding. These bonds will mature in fiscal year 2033, at which time, the Authority could be closed down.
Today
Following the practices of recent annual elections, the attached Resolution (Attachment 1) provides for the election of a Chairperson, Vice Chairperson, and Secretary, and also for the election of an Executive Director, a Legal Advisor, and a Deputy Secretary. The persons named in the attached Resolution are the same persons elected last year.
Section 3.02 of the Agreement provides that "the Treasurer of the City is hereby Council Agenda 4-5-2022 9.E-1
designated as the Treasurer of the Authority," thus no election needs to be made for the office of Treasurer.
Conclusion and Recommendation
Staff recommends that the City Council, convened as the Board of Directors of the Pismo Beach Public Financing Authority, adopt the attached Resolution (Attachment 1) conducting the annual election of officers.
FISCAL IMPACT:
No direct fiscal impact is associated with the annual election of officers.
ALTERNATIVES:
1. Elect different persons to the offices listed.
ATTACHMENTS:
1. Resolution
Prepared by: Nadia Feeser, Treasurer Meeting Date: April 5, 2022 Executive Director Approval:
Council Agenda 4-5-2022 9.E-2
RESOLUTION NO. PFA-R-2022-XXX
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PISMO BEACH PUBLIC
FINANCING AUTHORITY CONDUCTING THE ANNUAL ELECTION OF OFFICERS
WHEREAS, the Pismo Beach Public Financing Authority was created pursuant to a Joint Exercise Powers Agreement dated April 2, 1991, by and between the City of Pismo Beach and the Redevelopment Agency of the City of Pismo Beach; and
WHEREAS, said Agreement provides that the Authority shall be administered by a Board of five Directors; and
WHEREAS, said Agreement also provides that the members of the City Council of the City, as such members may change from time to time, shall constitute the Directors of the Authority; and
WHEREAS, the Rules and Regulations of the Authority were established by Authority Resolution No. PFA-91-2, adopted by the Board of Directors on April 2, 1991; and
WHEREAS, Article III of The Rules and Regulation of the Authority provides for the election of Officers.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the Pismo Beach Public Financing Authority that the following persons be elected to the offices set opposite their names below, as Chairperson, Vice Chairperson and Secretary of the Authority, each to hold office until she or he shall resign or shall be removed, or otherwise shall be disqualified to serve, or her / his successor shall be elected and qualified to serve:
Chairperson Edward Waage
Vice Chairperson Mary Ann Reiss
Secretary Erica Inderlied
BE IT FURTHER RESOLVED by the Board of Directors of the Pismo Beach Public Financing Authority that the following persons be elected to the offices set opposite their names below, as Executive Director, Legal Advisor and Deputy Secretary of the Authority, each of whom shall hold office for such period, have such authority and perform such duties as are provided in the Rules and Regulations, or as the Board from time to time may authorize or determine:
Executive Director James R. Lewis
Legal Advisor David Fleishman
Deputy Secretary Leah Moss
Council Agenda 4-5-2022 9.E-3
Attachment 1
UPON MOTION OF Board Member , seconded by Board Member , the foregoing resolution was adopted by the Public Financing Authority of the City of Pismo Beach this 5th day of April 2022, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
RECUSED:
Approved: Attest:
________________________ ________________________
Ed Waage, Chairperson Erica Inderlied, Secretary
Council Agenda 4-5-2022 9.E-4
Attachment 1