FA - Item 4A - Designate Dates of Regular Meetings for The AuthorityROSEMEAD FINANCING AUTHORITY
STAFF REPORT
TO: THE HONORABLE CHAIRMAN AND BOARD MEMBERS
FROM: JEFF ALLRED, CITY MANAGER
DATE: JUNE 8, 2010
SUBJECT: DESIGNATE DATES OF REGULAR MEETINGS FOR THE AUTHORITY
SUMMARY
The Rosemead Financing Authority was created on February 1, 2006 as part of the
2006 Tax Increment Bonds that were issued by the Community Development
Commission (CDC). At the time of creation, formal action to designate when regularly
scheudled meetings would be held was not required. Government Code Section 6592.1
which became effective January 1, 2010 requires that any action by the Authority
related to the issuance of bonds be held at a regularly scheduled meeting of the
Authoirty. Since the Preliminary Official Statement and supporting resolutions will be
brought before the CDC and the Financing Authority on June 22nd, the designation of
the regulary meeting schedule must be done prior to taking any action on the proposed
bond issuance.
Staff Recommendation
That the Rosemead Financing Authority adopt Resolution FA 2010-01 designating the
second and fourth Tuesday of each month at 6:00p.m. as the regular meeting schedule.
Meetings of the Financing Authority will be convened as needed to conduct business.
ANALYSIS
The Rosemead Financing Authority is a Joint Powers Authority formed between the
Rosemead Community Development Commission and the City of Rosemead. The
Financing Authority is the legal entity that undertakes the issuance and sale of bonds for
tax increment purposes. The Authority was first created in conjuction with the issuance
of the 2006 Tax Increment Bonds and has had no significant activity since that time.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted by:
Matthew E. Hawkesworth
Assistant City Manager
Attachment: Resolution FA 2010-01
ITEM NO. 4A
APPROVED FOR CITY COUNCIL AGENDA:
RESOLUTION NO. FA 2010-01
RESOLUTION OF THE GOVERNING BOARD OF THE ROSEMEAD
FINANCING AUTHORITY ESTABLISHING REGULAR MEETING
DATES
WHEREAS, the Rosemead Financing Authority (the "Authority") is a joint powers
authority formed pursuant to Section 6500 et seq. of the California Government Code and under
a joint exercise of powers agreement dated as of February 1, 2006 between the City of Rosemead
and the Rosemead Community Development Commission; and
WHEREAS, Government Code Section 6592.1 act requires resolutions authorizing
bonds or any issuance of bonds or accepting the benefit of any bonds or the proceeds of bonds be
adopted by a joint powers authority at a regular meeting held pursuant to Government Code
Section 54954;
NOW, THEREFORE, BE IT RESOLVED by the Governing Board of the Rosemead
Financing Authority, as follows:
Section 1. The regular meetings of the Governing Board of the Authority shall be
held on the second and fourth Tuesday of each month, at 6:00 p.m. in the Council Chamber of
City Hall in the City of Rosemead, pursuant to Government Code 54954.
Section 2. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the Governing Board of the Rosemead Financing
Authority on June 8, 2010.
Gary Taylor
Chairperson
ATTEST:
Gloria Molleda
Secretary
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