| | | | | | | | Agenda Item - 5.a.
City of Garden Grove
INTER-DEPARTMENT MEMORANDUM
| To: | Scott C. Stiles
| From: | Kingsley Okereke
| | Dept.: | City Manager
| Dept.: | Finance
| | Subject: | Adoption of a Resolution to approve the dissolution of the Countywide Public Financing Authority. (Action Item) | Date: | 1/9/2018 |
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| | | | | | | | OBJECTIVE
For the City Council to adopt the attached Resolution to approve the dissolution of the Countywide Public Financing Authority as requested by the City of Santa Ana. |
| | | | | | | | BACKGROUND
In June 1996, the Countywide Public Financing Authority was created as a Joint Powers Agreement by and between the member cities of Brea, Buena Park, Fullerton, Garden Grove, Orange, Santa Ana, Seal Beach, Stanton, and Tustin for financing mutually beneficial projects. |
| | | | | | | | DISCUSSION
Bonds that were used for projects have been fully paid and there are no remaining assets, liabilities or outstanding obligations. In accordance with the Authority bylaws Article IV, Section 3, “The Authority may, with the approval of all of the Members, be dissolved by majority vote of the Directors if, at the time of such dissolution the Authority has no outstanding indebtedness and is not a party to any outstanding material contracts.” |
| | | | | | | | FINANCIAL IMPACT
There is no financial impact. |
| | | | | | | | RECOMMENDATION
It is recommended that the City Council:
- Adopt the attached Resolution electing to terminate the Countywide Public Financing Authority joint powers agreement.
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| ATTACHMENTS: | | Description | Upload Date | Type | File Name | | CC Resolution | 1/3/2018 | Resolution | 1-9-18_-_termination_of_the_Countywide_Joint_Powers_Authority.pdf |
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