TO:Andrew P. Powers, City Manager
FROM:Jaime Boscarino, Finance Director
DATE:July 8, 2025
SUBJECT: Thousand Oaks Public Financing Authority Annual Update RECOMMENDATION:
1. Receive and file annual update.
2. Find that this action is not a project as defined under the California Environmental Quality Act.
LEVINE ACT ITEM: No
FINANCIAL IMPACT:
No Additional Funding Requested. Minimal staff time to prepare the report is included in the Adopted FY 2025-26 General Fund Budget.
BACKGROUND:
The Thousand Oaks Public Financing Authority (Authority) is a Joint Powers Agency (JPA) formed in 1988 by a Joint Exercise of Powers Agreement (Agreement) between the City and the Thousand Oaks Redevelopment Agency (Agency). The Authority is authorized under the Marks-Roos Local Bond Pooling Act of 1985 and was created to provide for the financing of public capital improvements through the leasing, acquisition, and/or purchase of City and Agency debt obligations.
The Authority Board of Directors (Board) are the members of City Council. The Board appointed the following officers: Chair is City Mayor; Vice-Chair is City Mayor Pro Tem; Secretary is City Clerk; Treasurer is City Finance Director/Treasurer; and Executive Director is City Manager.
Thousand Oaks Public Financing Authority Annual Update
July 8, 2025
The Authority’s regular meeting schedule coincides with City Council meetings. If no Authority agenda is posted, the regular meeting is considered canceled without any further action from the Authority. The Agreement, however, requires at least one regular meeting per year. Effective February 1, 2012, redevelopment agencies were dissolved and successor agencies were appointed to wind down the affairs of the agencies. The City chose to serve as the successor agency to the Agency. Pursuant to Section 8.08 of the Agreement, the Agreement is binding upon the successors of the City or the Agency.
DISCUSSION/ANALYSIS:
To comply with the requirement that the Authority hold at least one regular meeting a year, staff has prepared this summary of the Authority and update on its activity.
The Authority has issued several bonds and purchased numerous local obligations over the years. Currently, only the 2020 Refunding Lease Revenue Bonds (Municipal Facilities Projects) remain outstanding. This bond issue refunded previous debt issues used to construct, repair, and improve the Thousand Oaks Grant R. Brimhall Library. In addition, prior bond proceeds were used for the construction of the Newbury Park Branch Library, Goebel Adult Community Center, Alex Fiore Teen Center, and Conejo Creek Park North.
As of June 30, 2025, the outstanding principal amount is $5,265,000. The 2020 bonds mature on June 1, 2031.
COUNCIL GOAL COMPLIANCE:
Meets the following City Council goal:
C. Operate City government in a fiscally and managerially responsible and prudent manner to ensure that the City of Thousand Oaks remains one of California's most desirable places to live, work, visit, recreate, and raise a family.
PREPARED BY: Ryan LaSalle, Debt and Investment Analyst
FIN:340-30\H:\COMMON\Council\2025\Administration\070825 TOPFA Annual Update Staff Report.docx