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Agenda Item 23.

City Council Meeting

Meeting Date:

05/15/2018

Subject:

Resolution Approving the Dissolution of the Countywide Public Financing Authority

RECOMMENDATION

Adopt the Resolution.

BACKGROUND/DISCUSSION

The City of Brea, along with the cities of Buena Park, Fullerton Garden Grove, Orange, Santa Ana, Seal Beach, Stanton and Tustin (Members), created the Countywide Public Financing Authority (Authority) in 1996 for the purpose of financing the purchase and implementation of the initial 800 MHz Countywide Coordinated Communication System (Project). In 1996, Revenue Bonds (Bonds) were issued in order to finance the Project. The Bonds have been paid in full and the Authority has no assets, liabilities, outstanding obligations, or other activities. As a result, the State Controller's Office has requested the Authority be dissolved.

In accordance with Authority Bylaws Article IV, Section 3, "The Authority, may with the approval of all of the Members be dissolved by a majority vote of the Directors, at the time of such dissolution the Authority has no outstanding indebtedness and is not party to any outstanding material contracts". Therefore, the member cities have been asked by the Authority Treasurer to consider a Resolution approving the dissolution of the Authority.

FISCAL IMPACT/SUMMARY

There is no fiscal impact related to this action.

RESPECTFULLY SUBMITTED:

William Gallardo, City Manager
Prepared by: Cindy Russell, Administrative Services Director

Attachments
Resolution
Countywide PFA Joint Powers Agreement
Countywide PFA Bylaws
California SCO Letter
Countywide PFA Treasurer Letter