ACTION:
____________________________
Clerk/Secretary
Department: Finance Item No: C12
Prepared by: Mike Sylvia, Director/Treasurer Meeting Date: March 25, 2025 Approved by: John Conley, City Manager Agenda Location: Consent Calendar SUBJECT: ADOPT VISTA JOINT POWERS FINANCING AUTHORITY REGULAR MEETING DATES RECOMMENDATION: Adopt Vista Joint Powers Financing Authority Resolution No. 2025- , setting regular meeting dates.
CORRELATION TO CITY COUNCIL GOALS: Routine operational item not corresponding to a specific City Council goal.
PRIOR ACTION: None.
STATEMENT ON THE SUBJECT
The Vista Joint Powers Financing Authority (the “Authority”) is a public entity that is duly organized and existing under the Joint Exercise of Powers Agreement, dated November 13, 1989 (the “JPA Agreement”) by and between the City of Vista (the “City”) and the Community Development Commission of the City of Vista (the “Community Development Commission”), and under the Constitution and laws of the State of California, including but not limited to Article 4 thereof, known as the “Marks-Roos Local Bond Pooling Act of 1985,” Government Code Section 6584 et seq. (the “Act”).
Section 2.04(a) of the JPA Agreement provides that the Authority shall fix the date, hour and place of the holding of regular meetings. The Board previously established the first Tuesday of each November as the date of regular meetings of the Authority.
Staff expects to bring an Authority bond issuance (the “Proposed 2025 Lease Revenue Bonds”) to the Board for consideration later this calendar year. The Proposed 2025 Lease Revenue Bonds, if issued, are expected to refinance the Authority’s outstanding 2015 Refunding Lease Revenue Bonds.
Pursuant to legislation that became law in 2010 (Government Code § 6592.1), which comprises part of the Act, the Authority must approve the issuance of bonds at a regular meeting. Establishing Authority regular meeting dates concurrent with each regular meeting of the City Council is consistent with the City’s current practice in connection with meetings of the Authority and other entities for which the City Council serves as the governing board, such as the Community Development Commission and Buena Sanitation District.
Under Government Code § 6592.1, the Authority must approve bonds at a regular meeting. Currently, the Authority holds only one regular meeting per year.
AGENDA
REPORT
CITY COUNCIL
COMMUNITY DEVELOPMENT COMMISSION
SUCCESSOR AGENCY
BUENA SANITATION DISTRICT
JOINT POWERS FINANCING AUTHORITY
Approved above recommendation, adopted Vista Joint Powers Financing Authority Resolution No. 2025-01. Vote: 5-0
MEETING DATE: March 25, 2025 PAGE 2
SUBJECT: ADOPT VISTA JOINT POWERS FINANCING AUTHORITY REGULAR MEETING DATES In order to enable the City and Authority to proceed with the issuance of the Proposed 2025 Lease Revenue Bonds in a timely manner, it necessary to set regular meeting dates of the Authority sooner than November 2025. The City Clerk’s practice is to agendize meetings of all entities for which the City Council serves as the governing board concurrently with each regular City Council meeting.
The attached Resolution will establish regular meetings of the Authority concurrently with regular meetings of the City Council and rescind any prior resolution to the extent that such resolution established a single annual regular meeting of the Authority. In the event that the Authority has no business to conduct at a given regular meeting, the Resolution provides that the Authority meeting may be suspended.
FISCAL IMPACT: There is no direct fiscal impact associated with the staff recommendation.
EXHIBITS:
1.Vista Joint Powers Financing Authority Resolution No. 2025- , establishing regular meeting dates of the Board of Directors.
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4907-3499-7034v2/200168-0004
RESOLUTION NO. 2025-
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE VISTA JOINT
POWERS FINANCING AUTHORITY ESTABLISHING REGULAR MEETING
DATES OF THE BOARD OF DIRECTORS
The Board of Directors of the Vista Joint Powers Financing Authority does resolve as follows:
1. Findings. The Vista Joint Powers Financing Authority hereby finds and declares the following:
A. The Vista Joint Powers Financing Authority (the “Authority”) is a joint exercise of powers authority 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”) for the purpose of assisting the City of Vista (the “City”) in the financing and refinancing of the construction, reconstruction, modernization and equipping of certain capital improvements on behalf of the City; and,
B. To fulfill its purposes, the Authority, from time to time, authorizes the issuance of bonds pursuant to the JPA Act; and,
C. Government Code Section 6592.1 provides that the Authority may adopt a resolution authorizing bonds or any issuance of bonds or accepting the benefit of any bonds or the proceeds of bonds only during a regular meeting of the Authority held pursuant to Government Code Section 54954; and
D. The Authority desires to adopt this resolution in accordance with the provisions of Government Code Section 54954 to establish regular meeting dates.
2. Action.
A. Each of the above recitals is true and correct and each of said recitals is adopted by the Authority.
B. Regular Meeting Dates: Notwithstanding any provision to the contrary in the joint powers agreement establishing the Authority, any bylaws of the Authority or in any prior resolutions or actions of the Board of Directors of the Authority, from the date hereof, the regular meetings of the Authority shall be held at the same time and place as each regular meeting of the City Council of the City, and may be held as a joint meeting with the City Council of the City.
In the event that the Secretary determines that there is no business of the Authority to be conducted at a regular meeting, then the Chair, the Secretary and other officers of the Authority are authorized to take whatever actions are required by law to cancel such regularly scheduled meeting.
C. Other Actions: The Chair, Vice Chair, Executive Director, Treasurer, Secretary and other officers of the Authority are authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable in order to effectuate the purposes of this Resolution, and such actions previously taken by such officers are hereby ratified and confirmed.
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EXHIBIT 1
RESOLUTION NO. 2025-
VISTA JOINT POWERS FINANCING AUTHORITY
PAGE 2
2 4907-3499-7034v2/200168-0004
3. Adoption. PASSED AND ADOPTED at a meeting of the Authority held on March 25, 2025, by the following vote:
AYES:
NOES:
ABSTAIN:
JOHN FRANKLIN, CHAIRPERSON
APPROVED AS TO FORM: ATTEST:
WALTER C. CHUNG, AUTHORITY COUNSEL KATHY VALDEZ, AUTHORITY SECRETARY
By: By:________________________________
APPROVED
Walter C. Chung
20250319141648
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