Title
A. MFA RESOLUTION NO. 2016-001 OF THE CHULA VISTA MUNICIPAL FINANCING AUTHORITY ESTABLISHING REGULAR MEETING DATES
B. PFA RESOLUTION NO. 2016-001 OF THE CHULA VISTA PUBLIC FINANCING AUTHORITY ESTABLISHING REGULAR MEETING DATES
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RECOMMENDED ACTION
Recommended Action
Authorities adopt the resolutions.
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SUMMARY
On June 11, 2013, the City Council adopted Resolution 2013- 110 establishing the Municipal Financing Authority (MFA), a Joint Powers Authority whose members are the City of Chula Vista and City of Chula Vista Housing Authority. The regular meeting date was set as the fourth Tuesday of the month. On November 5, 2013, the MFA established the regular meeting date as the third Tuesday of the month.
On April 4, 1995, the City Council adopted Resolution 17852 establishing the Public Financing Authority (PFA), a Joint Powers Authority whose members are the City and the former Redevelopment Agency, now Successor Agency. The regular meeting date was set as the first Tuesday of the month. On November 5, 2013, the PFA established the regular meeting date as the third Tuesday of the month.
Approval of this item will set the new regular meeting dates for both the MFA and the PFA as the same date of each regular City Council meeting. If no business is to be conducted for the MFA or the PFA, such regular meeting of either entity may be cancelled.
ENVIRONMENTAL REVIEW
Environmental Notice
Environmental Notice
The activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines; therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required.
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Environmental Determination
The Director of Development Services has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a “Project” as defined under Section 15378 of the State CEQA Guidelines because it will not result in a physical change in the environment; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines, the activity is not subject to CEQA. Thus, no environmental review is required.
BOARD/COMMISSION RECOMMENDATION
Not applicable.
DISCUSSION
This item is an administrative action that will set new regular meeting times and dates for both the Chula Vista Municipal Financing Authority (MFA) and the Chula Vista Public Financing Authority (PFA). The PFA and the MFA are joint powers authorities created for the purpose of assisting the City in the financing of the construction, reconstruction, modernization and equipping of certain capital improvements on behalf of the City.
The PFA was created in 1995 and the City and the former Redevelopment Agency, now Successor Agency, are its members. Health and Safety Code Section 34178(b)(3) provides that existing joint powers agency agreements originally established by a redevelopment agency and a city are not invalid; however, bond counsel recommends that new transactions not be entered into by these joint powers agencies except in limited circumstances. This led the City to create the Chula Vista Municipal Financing Authority in 2013 with only the City and Housing Authority as its members.
Government Code Section 6592.1 provides that a joint powers authority such as the MFA or the PFA 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 such entity held pursuant to Government Code Section 54954. Currently, the regular meeting dates for both the MFA and the PFA are the same date and time as the regular third Tuesday meeting of the City Council.
This action will set the MFA and PFA regular meeting date as the same date and time as each regular City Council meeting. If no business needs to be conducted by either the MFA or the PFA, the regular meeting of such entity may be cancelled.
DECISION-MAKER CONFLICT
Staff has reviewed the decision contemplated by this action and has determined that it is not site-specific and consequently, the 500-foot rule found in California Code of Regulations Title 2, section 18702.2(a)(11), is not applicable to this decision for purposes of determining a disqualifying real property-related financial conflict of interest under the Political Reform Act (Cal. Gov't Code § 87100, et seq.).
Staff is not independently aware, and has not been informed by any Chula Vista Municipal Financing Authority Board Member or Chula Vista Public Financing Authority Board Member, of any other fact that may constitute a basis for a decision maker conflict of interest in this matter.
LINK TO STRATEGIC GOALS
The City’s Strategic Plan has five major goals: Operational Excellence, Economic Vitality, Healthy Community, Strong and Secure Neighborhoods and a Connected Community. By increasing the frequency with which the MFA and PFA Boards conduct regular Board Meetings, The Boards have the ability to act more swiftly upon economic opportunities, such as debt refunding, which enhances Operational Excellence and maximizes Economic Vitality.
CURRENT YEAR FISCAL IMPACT
There is no current year fiscal impact other than City Staff time to prepare this report.
ONGOING FISCAL IMPACT
There is no ongoing fiscal impact.
ATTACHMENTS
None
Staff Contact: Mike Sylvia, MBA, CPFO, Finance & Purchasing Manager