TAFT CITY COUNCIL/SUCCESSOR AGENCY
JOINT REGULAR MEETING AGENDA
TUESDAY, OCTOBER 18, 2022
CITY HALL COUNCIL CHAMBER
209 E. KERN ST., TAFT, CA 93268
___________________________________________________________________________________________________________________________ City of Taft Council Meetings are being held in-person with full capacity seating and are livestreamed at https://www.youtube.com/user/CityofTaft. Public comment can be made in person and also can be received per the following:
• Written comments may be dropped off in the drop box in front of City Hall. • Comments may be emailed to the City Clerk at [email protected]. • Made by phone to the City Clerk’s office at (661) 763-1222. • Public comments will be accepted up until 5:00 PM the day of the meeting. • Any comments received will be read into the record.
___________________________________________________________________________________________________________________________
REGULAR MEETING
Pledge of Allegiance
Invocation
Roll Call: Mayor Noerr
Mayor Pro Tem Krier
Councilmember Bryant
Councilmember Eveland
Councilmember Whiting
1. CITIZEN REQUESTS/PUBLIC COMMENTS
COMMENTS ARE TO BE RECEIVED AS STATED IN ABOVE POLICY
THIS IS THE TIME AND PLACE FOR THE GENERAL PUBLIC TO ADDRESS THE CITY COUNCIL ON MATTERS WITHIN ITS JURISDICTION. STATE LAW PROHIBITS THE COUNCIL FROM ADDRESSING ANY ISSUE NOT PREVIOUSLY INCLUDED ON THE AGENDA. COUNCIL MAY RECEIVE COMMENT AND SET THE MATTER FOR A SUBSEQUENT MEETING. PLEASE LIMIT COMMENTS TO FIVE MINUTES.
2. COUNCIL STATEMENTS (NON-ACTION)
3. DEPARTMENT REPORTS
4. CITY MANAGER STATEMENTS
5. CITY ATTORNEY STATEMENTS
6. FUTURE AGENDA REQUESTS
**************************************************************************************************** CONSENT CALENDAR ITEMS 7-10
7. MINUTES
October 4, 2022 regular
Recommendation – Approve as submitted.
City of Taft Council/Successor Agency Meeting
Agenda
October 18, 2022
8. PAYMENT OF BILLS
Warrant # 10/14/22 Check No. 96969-97201 $ 216,032.46
Recommendation – Approve payment of the bills.
9. TREASURER’S REPORT
Recommendation – Motion to receive and file Treasurer’s Report for the Month of June 2022.
10. TERMINATION OF LEASE AGREEMENT WITH TAFT PUBLIC FINANCING AUTHORITY AND
ACCEPTANCE OF PROPERTY TRANSFER
Recommendation – Motion to adopt a resolution entitled A RESOLUTION OF THE TAFT CITY COUNCIL TERMINATING LEASE AGREEMENT DATED JANUARY 1, 1997 BETWEEN THE TAFT
PUBLIC FINANCING AUTHORITY AND THE CITY OF TAFT AND ACCEPTING CONVEYANCE OF PROPERTY, ALONG WITH ALL RIGHT, TITLE AND INTEREST IN THE LEASED PROPERTY. ****************************************************************************************************
CLOSED SESSION
A. CONFERENCE WITH LEGAL COUNSEL – EXISTING LITIGATION
Government Code Section 54956.9 (a) – Case # BCL-22-013308 B. CONFERENCE WITH LABOR NEGOTIATOR, CRAIG JONES, CITY MANAGER Government Code 54957.6 – All units
C. CONFERENCE WITH LEGAL COUNSEL – EXISTING LITIGATION
Government Code Section 54956.9 (a) – Taft Union High School vs. City of Taft
ADJOURNMENT
AMERICANS WITH DISABILITIES ACT: In compliance with the Americans with Disabilities Act, if you need special assistance, a disability-related modification or accommodation, agenda materials in an alternative format, or auxiliary aids to participate in this meeting, please contact the Office of the City Clerk at (661) 763-1222 or [email protected] as soon as possible. Providing at least 72 hours’ notice will help ensure that reasonable arrangements can be made.
AFFIDAVIT OF POSTING
I, Yvette Mayfield, declare as follows:
That I am the City Clerk for the City of Taft; that an agenda was posted on a public information bulletin board located near the door of the Civic Center Council Chamber on October 13, 2022 at ________ a.m. /p.m., pursuant to 1987 Brown Act Requirements.
I declare under penalty of perjury that the foregoing is true and correct.
Executed October 13, 2022, at Taft, California.
Signature _________
TAFT CITY COUNCIL/SUCCESSOR AGENCY
MINUTES
OCTOBER 4, 2022
The October 4, 2022, regular joint meeting of the Taft City Council/Taft Successor Agency, held in the Council Chamber at Taft City Hall, 209 East Kern Street, Taft, CA 93268, was opened by Mayor Dave Noerr at 6:00 PM. The Pledge of Allegiance was led by Mayor Noerr, followed by an invocation given by Greg Mudge.
PRESENT: Mayor Dave Noerr and Mayor Pro Tem Orchel Krier Council Members Josh Bryant and Ed Whiting
City Manager Craig Jones and City Attorney Jason Epperson City Clerk Yvette Mayfield
ABSENT: Council Member Jeff Eveland
1. CITIZEN REQUESTS/PUBLIC COMMENTS
There were none.
2. COUNCIL STATEMENTS (NON-ACTION)
Council Member Bryant talked about this being homecoming week in Taft.
Mayor Noerr mentioned it’s important to keep a pulse on world events, as they can affect our life here in the valley.
3. DEPARTMENT REPORTS
Chief of Police, Damon McMinn, reported on the department statistics for the month of September.
4. CITY MANAGER STATEMENTS
There was none.
5. CITY ATTORNEY STATEMENTS
There was none.
6. FUTURE AGENDA REQUESTS
There was none.
********************************************************************************************* CONSENT CALENDAR ITEMS 7-9
Motion: Moved by Bryant, seconded by Whiting to approve consent calendar items 7-
9. AYES: Krier, Bryant, Whiting, Noerr
PASSED: 4-0
City of Taft Council/Successor Agency Meeting
Minutes
October 4, 2022
7. MINUTES
September 20, 2022 regular
Recommendation – Approve as submitted.
8. PAYMENT OF BILLS
Warrant # 9/21/22 Check No. 96838-96906 $ 4,359.59
Warrant # 9/30/22A Check No. 96911-96913 $ 37,420.43
Warrant # 9/30/22 Check No. 96914-96968 $ 154,041.46
Recommendation – Approve payment of the bills.
9. ACCEPT BID AND APPROVE THE PURCHASE OF 2023 CHEVROLET SILVERADO 1500 2WD PICKUP
Recommendation – Motion to accept the bid from Three-Way Chevrolet in the amount of $50,619.56 and approve purchase of the 2023 Chevrolet Silverado 1500 2 WD Crew Cab Pickup.
********************************************************************************************* At 6:17 PM the regular meeting was recessed to closed session.
CLOSED SESSION
A. CONFERENCE WITH LEGAL COUNSEL – EXISTING LITIGATION
Government Code Section 54956.9 (a) – Case # BCL-22-013308 B. CONFERENCE WITH LABOR NEGOTIATOR, CRAIG JONES, CITY MANAGER Government Code 54957.6 – All units
The City Council discussed in closed session those items agendized for closed session discussion and direction was given to staff. No other reportable action was taken.
ADJOURNMENT - With no further business to conduct the meeting was adjourned at 6:38 PM. __________ ____________
Yvette Mayfield, MMC Dave Noerr
City Clerk Mayor
September 20, 2022
Members of City Council
City of Taft
Reference: Treasurer's Report for the Month of June, 2022 Dear Members of the City Council:
The attdched are Treasurer's Investment Fund Summary Report, Cash Receipts & Disbursements Summary Report, and other supporting documents of the report. The investment Fund Summary Report is presented at fair market value, as well as book value in accordance with Stdtement No. 3l of the Governmental Accounting Standards Board (GASB), Accounting and Financial Reporting for Certain Investments. As defined, when the Treasurer's Pooled Cash Portfolio is an external pool and must report accordance with GASB 31 for fiscal years beginning afier June I5, 1997. The reporting at fair market value is for compliance with GASB 31 and is not to be usedfor budgetary purposes, since actual fund values and interest allocated in the Investment Fund are on an accrued accounting basis according to Generally Accepted Accounting Principles.
The monthly interest earnings from the pooled unrestricted money iflvestments in passboolr/cheching dccounts, certificate of deposit, and investment in U.S. government securities for the month ended June 30, 2022 were $9.883.03 and the restricted money itvestment monthly interest earnings were $1.242.44. These earnings represented an average net annualized yield of 1.06%o. and .38o%. respectively. For reference, a comparable statement of interest earnings on a quarterly basis for the year ending March 31, 2022 is shown at the bottom of the Summary of Receipts & Disbursements report. The investment program generates additional annual operating revenue for the City. Interest earnings are distributed quarterly to the participating funds in the City's Investment Fund.
California Government Code Section 53646 (b) (2) requires o report of " compliance with the statement of investment policy, or manner in which the investment is not in compliance". At the time of purchase all investments were in compliance with State lqw and our irwestment policy.
ADMINISTBATION . FINANCE . PLANNING . PUBLIC WORKS
209 E, KEBN STREET . TAFT, CA 93268
661 1763-1222.661 / 765-2480 FAX
www.cityoftaft.org
California Goyernment Code Section 53646 (b)(3) requires a " statement denoting the ability of the local agency to meet its pool's expenditure requirements for the next six months... ... " To the best of my htowledge, the City's investment fund has sufficient liquidity to meet its obligations for the next six month's.
It is recommended that you receive and file this information.
Very truly yours,
Ben
City Treasurer
Cc: Teresa C. Binkley, Finance Director
Accountant
SlVoll\FINANCE\EXCEL\FIJND09\Tres Report\2o2 I -2022\TRS0622.doc
EXHIBIT A
CITY OF TAFT
TREASURER'S REPORT - CASH & INVESTi'ENT SUMMARY
AS OF JUI{E, 2022
PERCENT
PORTFOLIO
OF
YIELO TO IATURITY
ATURITY
DATE
350 oAYS 355 oAYS
EQUIVALENT EAUryALENT
POOLEO DESIGNATED AND OPERANNG
4&-! 9AS!-grvECUE!]i
BOOK ISARKET
VALUE
9l0O Paasbook / Ch€crhg Accourns
WESTAMERICA &qNK $2.35s.,t79 62 15-50% NOW
9101 Locd r€e1cy lnvostm€rn Fuds (A)
Stare Pool Demand D€posG(365)
0.q2%
0-3il%
0.02%
0.62%
1-8rt6
1.71%
0.0296
0.32%
0.021%
0.82596
r.84%
1.73%
9,87% SEE F:)GIBIT O
B€n Mangum, Treasurer,
57.337 5Ozt.2E $7,337,504.28 4.2a1*
!2!3ps4q $263,892.09 1.74,%
$1. 500 000 00 lr [email protected]@.00
12,691,3121.01
5863,440.04
515.011,670.04
18.65% SEE €XHtEtr D
5.97% SEE EdHIBIT D
1(x).qr%
12,833,862.52
s907 ,124.4n
$15.197.866.91
R€STRICTED CASH A INVESTXE IS
1G102 r,u!fic As€rqr Rotr€msnt S€fvic3s (PARS)
5}1m RosicEd casi - lnmatc werre Fuld
5+100 Resticted cash - lomd6 Tn st Furd
6(1114 Rostsiled catl. Elctow Accoun CDFW
62103 Restrid€d castF LcToP-aus PAssEs
67-101 R€sticted '19 R€.r. Rofni&E Bdld llw€5tn€nts
US Bank
Sarry of U.S. GoY€rnnE t (I5)
7cro2 ResEted cstlwlvTP Con$udioo (386)
71104 R€stided cash - COP USDA (8423)
71-102 MONTES TO HO|-O ACCT OPEN FROi,l FO 71
81.33%
2.17l,
0.36%
o.m%
0.oa%
0_@%
NOW
NOW
NOW
01F7nA
-6.62L
o.02%
0.0,2%
0.02%
o.0216
0.00%
4.71%
0.025%
0.025%
0.02596
0.025%
0.00%
12,623,865.76 t2.623,805.76
t79,653.08
!r-!19.rL 11 579.1
so 00 10.00
s2,526.la 52,526 4a
so.@ fo.00
1344.395.rJ
3153,957.56
53{4.39s 73 10 6A% SEE EXHIEITD
4.77% SEE EXHIBIT O
0.31%
[email protected]%
0.55%
2.02%
0.56%
s1 54,299 16 2.050%
10.026 83 510.026.E3
TOTAL RESTRICTEO CASI! & IIWESTiIENTS: 33,226,004.62 346 22 Tn(l erod iB F€s€rn€d Fr$ran b 0!e Clty of Tafrs llllosBnern Pdiq v,ri$ vEs r&ir€d bv lhe Tan City Coux, d ils reg!.dely sffiied m€€liag ol JUNE 2OZ Th€.e arE $fided fuld3 to ltE€r tle nen 6 mo.ihs ouigations. (A) As dlai,Ed by Calilomkr Govemment Code Secrix 536'{q6), atlrch€d E)dlib( O & E)dilil E p.ovii€s lhe aq€ncy ojneit makel vdue as of the r€portrrg dat€ JUNE 30. 2022 Taff
s2 355.479.62
$103 Cartfcate of O€9olil
U cd Seorily Bank
$1(x lrl!€ercri-lr.S Go/rtnm€.ts€oriliit3
US Eakcorp PF€tJfi'rt
9115 UBS FharxJal Servb€6, lnc
OCERATI"G CISrl A NVEST El{nJ:
s79.653.08
GRAND TOTAL CASH tt TNVEST ENTS t1!,423,87r.53 118,236.016.2G
EXHIBIT B
CITY OF TAFT
Treasure/s Report - Summary of Rsceipts t Disbu6emenE
Fo. the montt ending JUNE 2022
BALANCE
o5t31t22
PAIO
,NTEFESI
DtliBURSElEtirts GAIN {LOSS)
TRAiiSFER
RECEIPTS IN {ouT) 06t3,t22
POOLED DESIGI{ATED AIIO OPERANNG
CASH A INVEST ENTS:
PASSBOOVCHECKING ACCOUNT-WA
CET]FICATE OF DEPOSITruNIIED SECURfi BANK
LOCAL AGENCY INVESruENT FUND
INVESTMENI-]J S GOVERNMENTSECURMES
CER]IBCATE OF OEPOSIT/WELLS FARGO
CERTIFICATE OF DEPOSIruBSi FINANCIAL SERMCES INC
52,559.679 36
s2&,a36.07
s7,37,504.28
61,500,000 o0
v.425,954.5/
s905,251.00
$381,191.34 {51,045,,132.74) s41 66
s56 02
so.00
57.SO7 95
$1,A17.4
TOTAI POOLED OESIGNAIED AXD
OPERATING CASH A
'NVESTIIENTS
sl5,392.U5 2A $3a1,1913 (s1 085.432.74) s9 8€3 03 s0 o0 50 o0 515,1S7,366 91 RESTRICTED CASH I II'{VEST EIiITS
PUELIC AGENCY RETIREMENT SERVICES IPARS)
INMATE WELFARE FUNO
INMATE TRUST FUNO
ESCROW ACCOUMT-COFW
LCTP€US PA$SES
2019 REV REFUNOING BONO.US &ANK
WELLS FARGGWWTP CONSTRUC-NON
WELLS FARGO4OP USOA
MONIES TO HOLD ACCT (70) FROM FO 71
TOTAL RESIRICTED CA.SH & INVESTUEI'TS:
GRAND TOTAL CASH A NVESTMENTS
$2,7&,O71.74
$79,64322
$11,t6.16
to.0o
u,50401
50.00 $u4,240.74
,152,931.46
t10,02683
t2,623,865 76
179,653_(ts
t11,57918
!o 00
12,526.4{t
t0.00
t3t4,395.73
t153,95756
$10,026 83
($1,339.81) {t104,S6.1A
!1S86
s3.02
s0@
s0 00 s3 47 sl5 00 30 00
s1a9 s9 (s35 0ol
s1.02610
s3 330.944.16 s0 00 (s1 339.81) ($103,623.73) {s20 00) s0.00 s3,226,004.62 s14.723,213 44 58€1.19134 (s1 086 772.55) ($93,74070) (!29,0!) q).00 s14,423.871s3 II,{TERESI EARNED DURIT{G THE CURRENT f,ONTH ENOED JUIiIE 30, 2022 AiE AS FOLI.OWS:
MONTHLY QUARTERLY
s41.66
$56 02
P@LEO CASH & INVESTMENIS. WITH. WA
POOIED C,d6H & II.IVESTMENTS , !v!TH - U,S, BANK
P@LED CASH & INVESTMENIS . I]VITH - LAI F
P@TEO CASH & INVESTMEMIS . wlTH . PIPER JAFRAY
POOTEO Cr'.SH & II{VESTMENIS,WITH-WELLS FARGO
POOLED CASH & INVESTMEMIS.VWT}1.{JBS FINANCIAL SERVICE
RESTRICTEO C.ASH & iI{VESTIiIENTS
s7,s0795
81,477.10
(5103,623.73)
____$931419r
t1166
i56.02
l0@
$o.00
l7,so7 95
$1,4n.4
([email protected] 73)
30 00
s!.00
TOTAL
OUARTERLY INTEREST EARIIING ARE AS FOILOWS:
TOIA]' UNRESIRICED CASH A INVESTMENTS (EXCLUOINC T.AIF) TOTAL
(393,74070)
QTR. ENOING
sEP 30 2021
QTR, ENDING
ttARcH $ 2A22
QTR ENOING
JUNE 30 2022
FISCAL
YEA&I9.PA]E
$0 0o s0.00
POOLEO CASH & INVESTMENTS . wlTH . WA
POOLEO CASH & INVESTMENTS . vvlTH , U S. AANK
POOLED CASH & INVESIMEN'TS WTH ' L,A,I.F.
POOLED CASH & INVESTMENTS . WITH . UNITEO SECURTIY BAN
POOLED CASH & INVESTMENTS . vvlTH . MS
POOLEO CASH & INVESTMENTS , vvITH , UBS
RESTRICTED CASH & II.IVESTUEN'S
l'124-4'1
s0@
$3,679 64
t271.23
19,473.3
t4,390 41
$f'3.47
956.28
$4,647.50
14,702.73
s271!6
113,910.49
s341.81
11,29689
$44.12
$o.00
54,401 02
1264.67
58,933.87
54,79507
652.00
5133 79
a0.m
,5.7n.57
$16621
1121,594.14
s2.270.-t1
sl.34175
!394 60
54,647 50
118,760.96
5940 57
s46,911 83
S11,797,t3
52.764 11
91,t,315.45
$18,15.49
t2{),564.,l:}
925,267.16
51,r,133.73
$14.53,r.75
t18,526 6
$24,303.60
s67,540.04
s86,301 @
t2,355,479 62
1263,892 o9
57,337,5O.r.28
s1,5@,0@.@
s2,83,862.52
ts07,124 40
50 00
SEMI,ANNUAL
QTR END1NG
DEei12.SZ1
EXHIBIT C
GITY OF TAFT
TREASURER'S REPORT - CASH & INVESTMENT SUMMARY
POOLED DESIGNATED, OPERATING CASH, & INVESTMENTS
AS OF JUNE 2022
NC# POOLED DESIGNATED AND OPERATING
CASH & INVESTiIENTS:
BOOK
VALU E
MARKET
VALUE
9-100 Passbook / Checking Accounts
WESTAMERICA BANK
"NOW' Demand Deposits (365)
9-103 Certificate of Deposit
UNITED SECURITY BANK
$104 lnvestrnent-U - S. Govemment Securities
US Bankcorp Piper Jaffray
$.1 1s BONO SECURtry
UBS FINANCIAL SERVICES, INC
355,479.62 $2,355,479.62
$7,3s7 504.2A $7 s04.28
$263,892.09 $263,892.09
$1,500,000.00 $1,500,000.00
$2,833,862.52 $2,691,314.01
$907.128.40 $863.480.04
$15,197,866.91 $15,011,670.04
TOTAL POOLED DESIGNATED AND
OPERATING CASH & INVESTi'ENTS:
SUMMARY OF CASH & INVESTMENT BALANCES BY FUNDS
GENERAL FUND
SPECIAL REVENUE FUND
COMMUNITY CORRECTIONAL FACILIry
SEWER FUND
REFUSE FUND
TRANSIT FUNO
FEDERAL WWTP
TAFT COMMUNITY DEVELOPMENT AGENCY
WASTEWATER TREATMENT PLANT
FED DOJ DRUG FORFEITURE
UNALLOCATED INTEREST INCOME
EXPENDITURE CONTROL
($1 ,910,124.53)
1 ,258,167.18
$2,394,896.94
$3,75s,'185.58
$1,768,542.68
($1,814,087.01)
9s,426,726.64
$s32,977.55
$3,985,s81.88
$0.00
$0.00
$1s,197,866.91
PRINT FORMAT: P. TOTAL POOLED DESIGNATED ANo
OPERATING CASH & INVESTMENTS:
9-101 LocalAgency lnvestrnent Funds (A)
State Pool Demand Deposits(365)
9-114 Certificate of Deposit
WELLS FARGO
$0.00
EXHIBIT F
Balance As of
06130121
Balance As of
o6t30122
Changes
lnc <dec>
POOLED DESIGNA AND OPERATING
CASH & INVESTiIENTS:
PassbooUchecking Account - WA
Certificates of Oeposits - United Security Bank
Local Agency lnvestrnent Fund
lnveslrnents.U.S. Govemment Securities
US Bancorp Piper Jaffay
Certificales of Deposits -wells Fargo
Cedificates of Deposits - UBS Financial Services
RESTRICTED CASH & IIVESTIIENTS:
Public Agency Retirement Services (PARS)
IN[\iiATE WELFARE FUNO
INMATE TRUST FUND
ESCROW ACCOUNT CDFW . US BANK
LCTP . BUS PASSES USB
2019 REV, REFUNDING BOND - US BANK
MORGAN STANLEY-VVWTP CONSTRUCTION
MORGAN STANLEY.COP USOA
MONIES TO HOLD ACCT (70) FROM FD 71
TOTAL RESTRICTED CASH & INVESTMENTS:
$2,924,329.17
$369. 1 3,1.57
$7 ,7 18,7 43.32
$1,5{rc,000.00
$2,355,479.62
$263.892.09
$7,337,504.28
$1,500,000.00
(s558,849.55)
(t105,242.48)
($381,239.04)
$0.00
92,786,950.69
ss05.435.04
$2,833,862.52
$907.128.40
$46,911.83
s401.693.36
TOTAL POOLEO DESIGNATED AND OPERATING
CASH & INVESTMENTS: $15,804.592.79 $15,197,866.91 ($606,725.E8) $2,979,859.55
$83.055.17
$11,693.76
$17,466.56
$45,111.06
$0.00
v70,712.37
$151,665.63
$10,026.8i)
$3,770,590.93
$2,623,865.76
t79,6s3.08
$11,579.18
$0.00
52.526.48
t0.00
$344,395.73
$153,957.56
$10,026.83
$3,226,004.62
(s355,993.79)
($3.402.0s)
($114.58)
(917,465.56)
(s43,584. s8)
$0.00
($'126,316.64)
t2,291,93
$0.00
(s544,586.31 )
CITY OF TAFT
Trsasure/s Report - CASH & lnyestnent Summary Comparison Balances as JUNE 2'l and JUNE 22
GRANo TOTAL CASH & INVESTiTENTS: $1r.5?5'183.?, $1ffi
INTEREST
RATE
TE RM
IVIATURITY
DATE
INTEREST EARNED
IN FISCAL YEAR
INTEREST
PAYS
MARKET
VALUE OF CD
SETTLEMENT
DATE
BANK COST OF CD
CITY OF TAFT
June 30,2022
US GOVERNMENTSECURITIES
FEDERAL FARM CREDIT EANK $ 1,s00,000.00 o.625Vo 4t1t2024 $ 9,375.00 WELI.S TARGO
BMW BK N AN4ERICA CD
CITIBANK
NEI.NET BANK CD
BANK OF BARODA
BANK HAPOALIM
BANK OF PRINCETON
TEXAS EXCHAN6E
JONESBORO ST BANK
STATE BANI( OF INDIA
LUANA SAVINGS IA
STATE BANK OF INDIA NY
NEW VAI.LEY BANX
EAGI-EMARK SVGS 8K
GOTDMAN SACHS BK USA CO
CAPITAL ONE BK MCLEAN VA
OISCOVER GREENWOOD
COMENITY BANK WITMINGTN
9t25t2025
6t6t2023
4t15t2026
12t28t2023
3t612024
12130t2024
6121t2024
11113t2025
11t24t2025
12t30t2025
3h6t2026
2t25t2027
3/9t2027
9t29t2026
5t4t2027
6t712027
6t14t2027
09118t20
05t29118
04na21
12t18t18
02t28t19
06t17120
06t17 t20
11l16nO
11119t20
12t21t20
03t01t21
03103t22
03109122
09t29t21
05t04t22
06t07122
06113t22
RESTRICTED:
BANK OF BARODA
FIOELITY GOVERNMENT
12t28t18
12t11h9
$ 56,341.60
$ 340,000.00
3.50%
0.56%
5 YEARS
1O YEARS
12t2812023
6t24t2029
2,008.78
328.18
$ 50,000.00
$ 240,000.00
$ 100.000.00
$ 169,000.00
$ 240,000.00
$ 245,000.00
$ 245,000.00
$ 140,000.00
$ 100,000.00
$ 250,000.00
$ 100,000.00
$ 169,235.00
$ 100,000.00
$ 200,000.00
$ 250,000.00
$ 20,000.00
$ 200,000.00
$ 45,603.00
$ 241,101.60
$ 90,776.00
$ 170,030.90
$ 239,553.60
$ 228,570.30
$ 232,652.00
$ 126,732.20
$ 90,966.00
$ 225,527.50
$ 90,599.00
$ 1s7,493.10
$ 93,893.00
$ 171,840.00
$ 245,735.00
$ 19,734.80
$ 195.026.00
SEIV]I-ANNUALLY
SEMI.ANNUALLY
SEMI.ANNUALLY
SEIVI-ANNUALLY
SEIVII-ANNUALLY
MONTHLY
MONTHLY
MONTHLY
SEMI-ANNUALLY
SEMI-ANNUALLY
SEMI-ANNUALLY
IUONTHLY
SEMI.ANNUALLY
SEMI-ANNUALLY
SEIVlI-ANNUALLY
SEIV]I-ANNUALLY
MONTHLY
0.50%
3.25%
0.750/o
3.50o/o
3.05%
0.55%
0.65%
0.40%
0.55%
0.40%o
0.65%
1.70o/o
2.OO%
1.050k
3.05%
3.15%
3.15%
2.35o/o
3.35"/"
2.23o/o
0.50"/o
1.000/0
1.45o/o
1.05o/o
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
4 YEARS
4 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
5 YEARS
3 YEARS
250.00
7,799.99
750.00
5,915.00
7,320.00
1,347.51
1 ,592.47
512.44
550.00
'1,000.00
650.00
950.13
1 ,041 .37
5,896.03
'1,688.77
1,109.04
500.00
504.'l 1
1,346.30
997.26
6B 91 1.38
$
$
$
$
$
$
$
$
$
$
$
$
$
m
x
-
@
=U
$ 56,000.00
$ 570,0'12.48
$ 100,000.00 $ 100,ooo.oo
$ 100,000.00
$ 100,000.00
$ '100.000.00
$ 199,444.38
$ 200,000.00
$
$
SEMI-ANNUALLY
IVIONTHLY
U85 FINANCIAL SERVICES
COMENITY BANK
DISCOVER BK
MORGAN STANLEY
STATE BK IT US RT
GOTDMAN SACHS
BANK UNITED
SALLIE MAE BANK UT US
07 t25t17
07125118
07 t26119
09125t20
o$t09n'l
12114t21
12t15121
8t2t2022
811t2023
8t1t2024
9122t2025
811812026
12t8t2026
12t15t2024
$ 99,981.00
$ 100,474.00
$ 97,779.00
$ 91,226.00
$ 90,957.00
$ 183,230.00
$ 188,966.00
$
$
$
$
I
$
$
Total lnterest Earned
3t24t2020 $ 1,500,000.00 4 YEARS SEMI-ANNUALLY
MONTHLY
SEMI-ANNUALLY
SEMI-ANNUALLY
SEMI.ANNUALLY
SEMI.ANNUALLY
QUARTERLY
SEIII.ANNUALLY
Maturity Distribution
As of JUNE, 2022
Po rtfo lio/ Be n ch m a rk
0-1
Years
1-2
Years Years
3-4
Years
4-5
Years
>5
Years
US Treasuries
Certificates of Deposits 3.00% 28.OOo/o
1000/a
14.00vo 23.OOok 23.00% 9.00%
I2Alo
100%
80%
60%
&/o
20%
0%
140%
m
x
-
w
=m
2A.AO%
23.O0% 23.AOo/r IT 9.Oa%
3.00%
I
0"1 t-2 3-4 4-5 >5
1,4.OO% I
REVIEWED BY:
CITY CLERK FINANCE DIRECTOR CITY MANAGER
City of Taft Agenda Report
DATE: October 18, 2022
TO: HONORABLE MAYOR AND COUNCIL MEMBERS
AGENDA MATTER:
TERMINATION OF LEASE AGREEMENT WITH TAFT PUBLIC FINANCING AUTHORITY AND
ACCEPTANCE OF PROPERTY TRANSFER
SUMMARY STATEMENT:
In January 1997, the City entered into a lease agreement with the Taft Public Financing Authority (TPFA) for the purpose of bond financing for the building of the correctional facility.
The facility was built, and all bond debt has been paid in full which terminates the need for the lease agreement. It is now the intent of the City and the TPFA to memorialize the termination of stated lease agreement and the TPFA will now be transferring the property over to the City.
RECOMMENDED ACTION
Motion to adopt a resolution entitled A RESOLUTION OF THE TAFT CITY COUNCIL TERMINATING LEASE AGREEMENT DATED JANUARY 1, 1997 BETWEEN THE TAFT
PUBLIC FINANCING AUTHORITY AND THE CITY OF TAFT AND ACCEPTING CONVEYANCE
OF PROPERTY, ALONG WITH ALL RIGHT, TITLE AND INTEREST IN THE LEASED
PROPERTY
IMPACT ON BUDGET (Y/N): No
ATTACHMENT (Y/N): Yes, Resolution, Lease Termination Agreement and Acceptance of Property
PREPARED BY: City Clerk
RESOLUTION NO. ___________
A RESOLUTION OF THE TAFT CITY COUNCIL TERMINATING LEASE AGREEMENT DATED JANUARY 1, 1997 BETWEEN THE TAFT PUBLIC
FINANCING AUTHORITY AND THE CITY OF TAFT AND ACCEPTING
CONVEYANCE OF PROPERTY, ALONG WITH ALL RIGHT, TITLE AND INTEREST
IN THE LEASED PROPERTY
WHEREAS, the Taft Public Financing Authority (the “Authority”) is a joint powers authority duly organized and existing under Article 1 and Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the “JPA Act”) and pursuant to that certain Joint Exercise of Powers Agreement, dated as of January 1, 1993 (the “Agreement”), by and between the City of Taft (the “City”) and the Taft Community Development Agency (the “Agency”); and WHEREAS, the City and the Authority entered into a Lease Agreement dated as of January 1, 1997, a memorandum of which was recorded on January 7, 1997 as Document No. 0197001612 in the Official Records of the County of Kern, pursuant the Authority leased certain property therein; and
WHEREAS, the City and the Authority acknowledge and agree that the Lease Agreement has terminated in accordance with the terms thereof and desire to enter into this Termination Agreement to memorialize that Lease Agreement has terminated and is no longer in any force or effect;
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE TAFT PUBLIC FINANCING AUTHORUTY AS FOLLOWS:
Section 1. Recitals; Defined Terms; Section References. The foregoing Recitals are true and correct and incorporated into the Termination Agreement by reference.
Section 2. Termination of Lease Agreement. The City and Authority acknowledge and agree that: (i) the Lease Agreement has terminated and is of no force or effect in accordance with the terms thereof; (ii) Authority has concurrently herewith delivered to the City a grant deed to the Leased Property conveying to the City all of the Authority’s right, title and interest in and to the Leased Property, all improvements thereon and additions, easements and other appurtenances thereto; and (iii) Authority has no right, title or interest in the Leased Property.
Section 3. Authority to Execute and Acceptance of Property. Effective immediately upon adoption of this Resolution, the Mayor, City Manager, and/or Assistant City Manager shall have full authority to execute any and all documents necessary to effect and finalize the acceptance and transfer of the real property.
This Resolution shall take effect immediately upon its adoption.
MOVED, PASSED AND ADOPTED on this 18th day of October 2022. __________________________________
Dave Noerr, Mayor
Attest:
______________________________________
Yvette Mayfield, MMC
City Clerk
Resolution No. _______
I, Yvette Mayfield, City Clerk of the Taft City Council, do hereby certify that the foregoing Resolution was duly and regularly adopted by the Taft City Council at a regular meeting thereof held on the 18th day of October, 2022 by the following vote:
AYES: Council Members -
NOES: Council Members -
ABSENT: Council Members -
ABSTAIN: Council members -
____________________________
Yvette Mayfield, MMC
City Clerk
RECORDING REQUESTED BY:
City of Taft
WHEN RECORDED RETURN TO:
City of Taft
Attn: City Clerk
209 E. Kern Street
Taft, CA 93268
APN: 220-280-16-00-0 (Space Above Line For Recorder’s Use Only) (Exempt from Recording Fees Per Govt Code §27383)
TERMINATION OF LEASE AGREEMENT
by and between
TAFT PUBLIC FINANCING AUTHORITY
as Lessor
and
CITY OF TAFT
as Lessee
Dated as of October 18, 2022
TERMINATION OF LEASE AGREEMENT
THIS TERMINATION OF LEASE AGREEMENT (this “Termination Agreement”) is dated as of October 18, 2022 and is by and between the TAFT PUBLIC FINANCING AUTHORITY, a public entity and agency duly organized and existing under the laws of the State of California (“Authority”), and the CITY OF TAFT, a municipal corporation duly organized and existing under the laws of the State of California (“City”).
W I T N E S S E T H:
WHEREAS, the Authority, as lessor, and City, as lessee, entered into that certain Lease Agreement (the “Lease Agreement”) dated as of January 1, 1997, a memorandum of which was recorded on January 7, 1997 as Document No. 0197001612 in the Official Records of the County of Kern, pursuant to which the Authority leased certain property to the City described therein and in Exhibit A attached hereto and incorporated herein by this reference (the “Leased Property”); and WHEREAS, the Authority and the City acknowledge and agree that the Lease Agreement has terminated in accordance with the terms thereof and desire to enter into this Termination Agreement to memorialize that the Lease Agreement has terminated and is no longer of any force and effect.
A G R E E M E N T:
NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:
1. Recitals; Defined Terms; Section References. The foregoing Recitals are true and correct and incorporated into this Termination Agreement by this reference. Any capitalized terms not defined herein have the meanings assigned to them in the Lease Agreement.
2. Termination of Lease Agreement. The Authority and City hereby acknowledge and agree that: (i) the Lease Agreement has terminated and is of no force or effect in accordance with the terms thereof; (ii) Authority has concurrently herewith delivered to the City a grant deed to the Leased Property conveying to the City all of Authority’s right, title and interest in and to the Leased Property, all improvements thereon and additions, easements and other appurtenances thereto; and (iii) Authority has no right, title or interest in the Leased Property.
3. Counterparts. This Termination Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which, when taken together, shall constitute one agreement. The signature and acknowledgment pages from each counterpart may be removed and attached to a single document in order to create one original instrument. [SIGNATUES ON NEXT PAGE]
IN WITNESS WHEREOF, this Termination Agreement has been executed by each party’s respective duly authorized officers.
TAFT PUBLIC FINANCING AUTHORITY, a public
entity and agency
By:
Name:
Title:
CITY OF TAFT, a municipal corporation
By:
Name:
Title:
ATTEST:
Yvette Mayfield, MMC
City Clerk
ACKNOWLEDGMENT
A notary public or other officer completing this
certificate verifies only the identity of the individual who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or
validity of that document.
State of California
County of Kern
On before me, _______________________________, Notary
Public, personally appeared ___________________________________________ who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature (Seal)
ACKNOWLEDGMENT
A notary public or other officer completing this
certificate verifies only the identity of the individual who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or
validity of that document.
State of California
County of Kern
On before me, ___________________________, Notary
Public personally appeared ___________________________________________ who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature (Seal)
A-1
EXHIBIT A
LEGAL DESCRIPTION
That certain real property in the City of Taft, County of Kern, State of California, described as follows:
PARCEL 2 OF PARCEL MAP 9319 IN THE CITY OF TAFT, COUNTY OF KERN, STATE OF CALIFORNIA, AS PER MAP RECORDED JANUARY 31, 1991 IN BOOK 41, PAGE 75 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
EXCEPTING THEREFROM ALL OIL, GAS AND OTHER HYDROCARBONS; NONHYDROCARBON GASES OR GASEOUS SUBSTANCES; ALL OTHER MINERALS OF
WHATSOEVER NATURE, WITHOUT REGARD TO SIMILARITY TO THE ABOVE
MENTIONED SUBSTANCES, AND ALL SUBSTANCES THAT MAY BE PRODUCED THEREWITH FROM THE PROPERTY.
ALSO EXCEPTING THEREFROM THE SOLE AND EXCLUSIVE RIGHT FROM TIME TO
TIME TO DRILL AND MAINTAIN WELLS AND OTHER WORKS INTO OR THROUGH THE
PROPERTY AND THE ADJOINING STREETS, ROADS AND HIGHWAYS BELOW A DEPTH OF 500 FEET AND TO PRODUCE, INJECT, STORE AND REMOVE FROM AND THROUGH
SUCH WELLS OR WORKS, OIL, GAS, WATER, AND OTHER SUBSTANCES OF
WHATEVER NATURE, INCLUDING THE RIGHT TO PERFORM BELOW SAID DEPTH ANY
AND ALL OPERATIONS DEEMED BY GRANTOR NECESSARY OR CONVENIENT FOR THE EXERCISE OF SUCH RIGHTS.
THE RIGHTS HEREINABOVE EXCEPTED AND RESERVED TO GRANTOR DO NOT
INCLUDE AND DO NOT EXCEPT OR RESERVED TO GRANTOR AND RIGHT OF GRANTOR TO USE THE SURFACE OF THE PROPERTY OR THE FIRST 500 FEET BELOW SAID SURFACE OR TO CONDUCT ANY OPERATIONS THEREON OR THEREIN. UNLESS
HEREIN SPECIFICALLY EXCEPTED AND RESERVED, ALL RIGHTS AND INTERESTS IN THE SURFACE OF SAID REAL PROPERTY ARE HEREBY CONVEYED TO GRANTEE.
ALSO EXCEPTING THEREFROM THE EXCLUSIVE RIGHT FROM TIME TO TIME TO
ENTER UPON THE SURFACE OF THE FOLLOWING DESCRIBED PARCEL OF LAND, THEREIN CALL THE "DRILL SITE PARCEL," (1) FOR THE PURPOSE OF EXPLORATION
FOR OIL, GAS AND OTHER HYDROCARBONS AND OTHER MINERALS (INCLUDING THE RIGHT TO CONDUCT GEOPHYSICAL TESTS AND STUDIES); (2) TO DRILL AND
MAINTAIN WELLS (INCLUDING OIL, GAS, INJECTOR AND DISPOSAL WELL(S) INTO AND THROUGH THE SURFACE OF THE LAND; (3) TO PRODUCE, INJECT, STORE AND
REMOVE FROM AND THROUGH SUCH WELLS OR WORKS OIL, GAS, WATER AND
OTHER SUBSTANCES INCIDENTAL TO EXPLOITATION OF OIL, GAS AND OTHER MINERALS; AND (4) TO CONSTRUCT AND MAINTAIN ON THE SURFACE OF SAID LAND
SUCH DISCOVERY OF EXPLOITATION OF OIL, GAS AND OTHER HYDROCARBONS AND
MINERALS (WHETHER OR NOT SUCH OIL, GAS AND OTHER HYDROCARBONS ARE
RESERVED HEREIN) INCLUDING WITHOUT LIMITATION THE RIGHT TO CONSTRUCT FACILITIES INCIDENTAL TO EXTRAORDINARY RECOVERY METHODS. THE RIGHTS
HEREIN EXCEPTED AND RESERVED SHALL INCLUDE WITHOUT LIMITATION A-2
EASEMENTS AND RIGHTS OF WAY OVER AND ACROSS THE REMAINDER OF THE
PROPERTY AS DESCRIBED ABOVE FOR NECESSARY OR CONVENIENT ACCESS ROADS,
PIPELINES AND OTHER FACILITIES TO CONNECT SAID DRILL SITE PARCEL TO ADJOINING LANDS.
ALSO RESERVING THEREFROM A DRILL SITE PARCEL:
COMMENCING AT THE NORTHEAST CORNER OF THE PROPERTY THENCE SOUTH 0 DEGREES 17'46" EAST ALONG THE EAST LINE THEREOF A DISTANCE OF 419.24 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING ALONG SAID EAST LINE SOUTH 0 DEGREES 17'46" EAST A DISTANCE OF 262.68 FEET; THENCE SOUTH 89 DEGREES 42'14" WEST A DISTANCE OF 331.66 FEET; THENCE NORTH 0 DEGREE 17'46" WEST A DISTANCE OF 262.68 FEET; THENCE NORTH 89 DEGREES 42'14" EAST A DISTANCE OF 331.66 FEET TO THE TRUE POINT OF BEGINNING.
ALL OF ABOVE AS RESERVED BY CHEVRON USA INC., IN DEED RECORDED AUGUST 24, 1988 IN BOOK 6156, PAGE 245 OF OFFICIAL RECORDED, AND CORRECTED APRIL 19, 1989 IN BOOK 6230, PAGE 1435 OF OFFICIAL RECORDS.
APN: 220-280-16-00-0
CERTIFICATE OF ACCEPTANCE
THIS IT TO CERTIFY that the interest in real property conveyed by the Grant Deed dated October 18, 2022, from the TAFT PUBLIC FINANCING AUTHORITY, a public entity and agency of the State of California, to the CITY OF TAFT, a municipal corporation organized and existing under the laws of the State of California, is hereby accepted by the undersigned officer or agent on behalf of the City of Taft, pursuant to authority conferred by the council on October 18, 2022, and the City, by its duly authorized officer, consents to the recordation thereof.
Dated: October 18, 2022
By: _________________________
Dave Noerr, Mayor
City of Taft
ACKNOWLEDGEMENT
State of California }
County of Kern }
On , before me, Yvette Mayfield, Notary Public, personally appeared Dave Noerr, Mayor of the City of Taft, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
__________________________________
Signature of Notary Public
A notary public or other officer completing this certificated verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.