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HomeMy WebLinkAboutSRJPFA Financial ReportCITY of Agenda Item No: 1 n. Meeting Date: December 7, 2015 SAN RAFAEL JOINT POWERS FINANCING AUTHORITY Department: Finance Prepared by: Mark Moses, City Manager Approval: egl� Treasurer TOPIC: PERIODIC FINANCIAL AND ACTIVITY REPORT SUBJECT: RESOLUTION OF THE BOARD OF DIRECTORS OF THE SAN RAFAEL JOINT POWERS FINANCING AUTHORITY ACCEPTING PERIODIC FINANCIAL AND ACTIVITY REPORT RECOMMENDATION: ADOPT RESOLUTION ACCEPTING REPORT BACKGROUND: The San Rafael Joint Powers Financing Authority (the "SRJPFA") was formed in April 1992 pursuant to a Joint Exercise of Powers Agreement (the "JPA Agreement") between the City of San Rafael and the San Rafael Redevelopment Agency ("the Agency"). The original purpose of the SRJPFA was to facilitate the financing and refinancing of certain redevelopment activities of the Agency. The most recent financing activities were the issuance of bonds to finance a parking garage (2003), and a subsequent refinancing of the outstanding bonds (2012). Upon the dissolution of the Agency on February 1, 2012, the City of San Rafael, in its role as successor agency (Successor Agency), succeeded the Agency as a member of the SRJPFA. Under the current dissolution law, the Successor Agency will cease to exist on or before December 1, 2023. Because the City wanted to maintain the option to use the SRJPFA to refinance existing bonds or issue new bonds whose terms would likely exceed the life of the Successor Agency, the Successor Agency's membership in SRJPFA was terminated in March 2013, at which time California Municipal Finance Authority (CMFA) was added as a member of the Authority. The purpose of this report is to ensure that SRJPFA Boardmembers are informed of the financial status of the SRJPFA and its compliance with reporting requirements. Although there is no substantive information on which to report, it is considered prudent to meet periodically for an update. REPORT: Because the City is financially responsible for the SRJPFA; although it is a legally FOR CITY CLERK ONLY File No.: JPFA 2012 - SRFA Meeting: 12/07/2015 Disposition: Resolution FA 2015-01 SAN RAFAEL JOINT POWERS FINANCING AGENDA REPORT / Pa2e: 2 separate entity, it is considered, in substance, part of the City's operations. For this reason, the SRJPFA's financial activities are reported in combination with those of the City. The SRJPFA's audit and financial reporting requirements are thus fulfilled by the City's annual financial audit. The SRJPFA does not currently hold any assets, maintain any liabilities, receive any revenues, or pay any expenses. In the case of the 2012 Parking Refunding Bonds, payable from lease payments made by the City (Parking Fund) to SRJPFA, the rights to the lease payments have been irrevocably transferred by SRJPFA to the Trustee. Activities related to these bonds are reported in the Parking Services Enterprise Fund. The SJPRFA does not have active plans to refund outstanding 2012 Parking Refunding Bonds, or issue bonds; however SJPRFA-issued bonds may be one of the options considered in 2016 for the City's public safety facility improvement construction financing. FISCAL IMPACT: There is no fiscal impact to the Authority related to this action. RECOMMENDED ACTION: Adopt Resolution. ATTACHMENTS Resolution W:\Finance- WorkFile\Council Material\Staff Reports\SRJPFA-meeting-12-07-15doc RESOLUTION NO. FA 2015-01 RESOLUTION OF THE BOARD OF DIRECTORS OF THE SAN RAFAEL JOINT POWERS FINANCING AUTHORITY ACCEPTING FINANCIAL AND ACTIVITY REPORT WHEREAS, the San Rafael Joint Powers Financing Authority (SRJPFA) was formed under a Joint Exercise of Powers Agreement dated April 20, 1992, between the former San Rafael Redevelopment Agency and the City of San Rafael (the "City"), as amended and restated in its entirety by the Amended and Restated Joint Exercise of Powers Agreement dated as of March 18, 2013, among the City, the California Municipal Finance Authority and the City of San Rafael as Successor Agency to the San Rafael Redevelopment Agency "Successor Agency"; and WHEREAS, the Amended and Restated By-laws of the SRJPFA require the conduct of audits of SRJPFA financial records and the preparation of audited financial reports; and WHEREAS, the designated Treasurer of the SRJPFA has prepared and submitted a report on financial and related activities of the SRJPFA for consideration by the Board. NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the San Rafael Joint Powers Financing Authority hereby accepts the Treasurer's report as submitted. PASSED AND ADOPTED by the Board of Directors of the San Rafael Joint Powers Financing Authority at a regular meeting thereof held on the 7th day of December 2015. AYES: MEMBERS: Bushey, Colin, Gamblin, McCullough & Chairman Phillips NOES: MEMBERS: NONE ABSENT: MEMBERS: NONE --- - 9-M41t"f - ESTHER C. BEIRNE, SECRETARY