PISMO BEACH PUBLIC FINANCING AUTHORITY
STAFF REPORT
Agenda Item #9.C
SUBJECT/TITLE:
APPOINTMENT OF SUCCESSOR EXECUTIVE DIRECTOR: PISMO BEACH PUBLIC
FINANCING AUTHORITY
RECOMMENDATION:
Adopt a Resolution of the Board of Directors of the Pismo Beach Public Financing Authority appointing a successor Executive Director.
BACKGROUND:
The Pismo Beach Public Financing Authority (PFA) 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." Resolution No. PFA-91-2 also established the Rules and Regulations of the Authority.
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 PFA
The Authority has an outstanding debt issuance, the 2012 Series Lease Revenue Bonds to support the Wastewater Treatment Facilities and Loan Match refunding.
Current Action
Due to the resignation of the former City of Pismo Beach’s City Manager, who currently holds the Executive Director position of the PFA, the PFA seeks to replace Mr. Lewis as Executive Director with the successor City Manager, Mr. Jorge E. Garcia. The attached Resolution (Attachment 1) appoints Jorge E. Garcia to serve as the PFA’s Executive Director.
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) appointing Jorge E. Garcia as the Executive Director.
FISCAL IMPACT:
No direct fiscal impact is associated with the appointment of a successor Executive Director.
ALTERNATIVES:
1. Appoint different persons to the Executive Director position.
Council Agenda 10-17-2023 9.C-1
ATTACHMENTS:
1. Resolution
Prepared by: Nadia Feeser, Treasurer Meeting Date: October 17, 2023 Executive Director Approval:
Council Agenda 10-17-2023 9.C-2
RESOLUTION NO. PFA-R-2023-XXX
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PISMO BEACH PUBLIC
FINANCING AUTHORITY APPOINTING A SUCCESSOR EXECUTIVE DIRECTOR 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 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; and WHEREAS, due to the resignation of the former City of Pismo Beach’s City Manager, who currently holds the Executive Director position of the PFA, the PFA seeks to replace Mr. Lewis as Executive Director with the successor City Manager, Mr. Jorge E. Garcia.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the Pismo Beach Public Financing Authority that the following person be appointed to the office set opposite their name below, as Executive Director, who 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 Jorge E. Garcia
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 17th day of October 2023, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
RECUSED:
Council Agenda 10-17-2023 9.C-3
Attachment 1
Approved: Attest:
________________________ ________________________
Ed Waage, Chairperson Erica Inderlied, Secretary
Council Agenda 10-17-2023 9.C-4
Attachment 1