1 July 13, 2021
(NOT APPROVED)
CITY OF SANTA MONICA
PUBLIC FINANCING AUTHORITY MEETING MINUTES
JULY 13, 2021
A special meeting of the Public Financing Authority was called to order by Chair Himmelrich at 8:26 p.m., on Tuesday, July 13, 2021, at City Council Chambers, 1685 Main Street.
Roll Call: Present: Chair Sue Himmelrich
Chair Pro Tem Kristin McCowan
Agency Member Phil Brock
Agency Member Gleam Davis
Agency Member Oscar De La Torre
Agency Member Christine Parra
Absent: Agency Member Lana Negrete
Also Present: Interim Executive Director John Jalili
Interim Agency Attorney George S. Cardona
Agency Secretary Denise Anderson-Warren
CONVENE On order of the Chair, the Public Financing Authority convened to a special joint meeting with the City Council at 8:26 p.m., with Authority Member Negrete absent.
REPORT ON MEETING
COMPENSATION
Pursuant to State law, Agency Secretary Anderson-Warren announced that members will receive no compensation for meeting as the Public Financing Authority.
CITY YARDS
MODERNIZATION
PROJECT
9.B. Adoption of Resolution No. 11352 (CCS), entitled “A
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA AUTHORIZING THE EXECUTION AND DELIVERY BY
THE CITY OF A GROUND LEASE, A LEASE AGREEMENT, AN
INDENTURE, A BOND PURCHASE AGREEMENT AND A
CONTINUING DISCLOSURE CERTIFICATE IN CONNECTION
WITH THE ISSUANCE OF SANTA MONICA PUBLIC FINANCING
AUTHORITY LEASE REVENUE BONDS (CITY YARDS PROJECT),
SERIES 2021, APPROVING THE ISSUANCE OF SUCH BONDS IN
AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED
$70,000,000, AUTHORIZING THE DISTRIBUTION OF AN
OFFICIAL STATEMENT IN CONNECTION WITH THE OFFERING
AND SALE OF SUCH BONDS AND AUTHORIZING THE
2 July 13, 2021
EXECUTION OF NECESSARY DOCUMENTS AND
CERTIFICATES AND RELATED ACTIONS” and Resolution No. 17 (PFA), entitled, “A RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SANTA MONICA PUBLIC FINANCING AUTHORITY
AUTHORIZING THE EXECUTION AND DELIVERY OF A
GROUND LEASE, A LEASE AGREEMENT, AN INDENTURE AND
A BOND PURCHASE AGREEMENT IN CONNECTION WITH THE
ISSUANCE OF SANTA MONICA PUBLIC FINANCING
AUTHORITY LEASE REVENUE BONDS (CITY YARDS PROJECT),
SERIES 2021, AUTHORIZING THE ISSUANCE OF SUCH BONDS
IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED
$70,000,000, AUTHORIZING THE DISTRIBUTION OF AN
OFFICIAL STATEMENT IN CONNECTION THEREWITH AND
AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS
AND CERTIFICATES AND RELATED ACTIONS”, was presented.
Recommended Actions
Staff recommends that the City Council:
1. Hold a public hearing, receive public comment, adopt the attached Resolution Authorizing Issuance of Lease Revenue Bonds (City Yards Project) Series 2021 (Attachment A), and approve the related documents required for the Issuance of Lease Revenue Bonds (City Yards Project), Series 2021 (Attachments C, D, E, F, G, and H).
Staff recommends that the Public Financing Authority:
1. Hold a public hearing, receive public comment, adopt the attached Resolution Authorizing Issuance of Lease Revenue Bonds (City Yards Project), Series 2021 (Attachment B), and approve the related documents required for the Issuance of Lease Revenue Bonds (City Yards Project), Series 2021 (Attachments C, D, E, F, G, and H).
There was no public comment on this item.
Motion by Councilmember Brock, seconded by Mayor Pro Tem McCowan, to adopt Resolution No. 11352 (CCS) and the staff recommendation. The motion was approved by the following vote:
AYES: Councilmembers de la Torre, Brock, Davis, Parra Mayor Pro Tem McCowan, Mayor Himmelrich
NOES: None
ABSENT: Councilmember Negrete
Motion by Authority Member Brock, seconded by Authority Member Davis, to adopt Resolution No. 17 (PFA), and the staff recommendation. 3 July 13, 2021
The motion was approved by the following vote:
AYES: Authority Members Parra, Davis, Brock, de la Torre, Chair Pro Tem McCowan, Chair Himmelrich
NOES: None
ABSENT: Authority Member Negrete
MINUTES 9.C Approval of minutes for Public Financing Authority meeting, was presented.
Recommended Action
Staff recommends that the Public Financing Authority approve the minutes of the March 23, 2021 meeting.
Motion by Chair Pro Tem McCowan, seconded by Authority Member Brock, to adopt the staff recommendation. The motion was approved by the following vote:
AYES: Authority Members de la Torre, Brock, Davis, Parra, Chair Pro Tem McCowan, Chair Himmelrich
NOES: None
ABSENT: Authority Member Negrete
ADJOURNMENT: On order of the Chair, the Public Financing Authority meeting was adjourned at 8:33 p.m. with Authority Member Negrete absent.
ATTEST: APPROVED:
Denise Anderson-Warren Sue Himmelrich
Agency Secretary Chair