HomeMy Public PortalAbout01-23-1996LPFA_sp
AGENDA ITEMS FOR CONSIDERATION
AT THE SPECIAL MEETING OF
LYNWOOD PUBLIC FINANCE AUTHORITY
TO BE HELD ON
JANUARY 23, 1996
6:00 P.M.
CITY HALL COUNCIL CHAMBERS
PAUL H. RICHARDS, II
PRESIDENT
LOUIS HEINE
VICE PRESIDENT
ROBERT HENNING
MEMBER
CHIEF ADMINISTRATIVE OFFICER
FAUSTIN GONZALES
TREASURER
IRIS PYGATT
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RECEIVED
CITY OF LYNWOOU
CITY CLERKS OFFICE
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LOUI~> BYRD
MEMBER
ARMANDO REA
MEMBER
FINANCE DIRECTOR
ALFRETTA EARNEST
SECRETARY
ANDREA L. HOOPER
GENERAL COUNSEL
WILLIAM B. RUDELL
1: CALL TO ORDER
2 . ROLL CALL OF AGENCY MEMBERS : ~ ,1~
Richards, Byrd, Heine, Henning, Rea, N~
3. CERTIFICATION OF AGENDA POSTING BY THE CITY CLERK
SCHEDULED MATTERS
4. MINUTES OF PREVIOUS MEETING:
October 17, 1995
5. STIPEND FOR MEMBERS' ATTENDANCE AT AUTHORITY MEETINGS
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F-,; ,- LYNWOOD FINANCE AUTHORITY, OCTOBER 17..1995
The`Finance Authority of the City of Lynwood met in a Special
Session in the City Hall, _11330 Bullis Road on the above date at
8:20 p.m.
President Byrd presiding.
Members Heine,. Rea, Richards anc: Byrd answered the roll call.
Also present were Chief .Administrator Officer Gonzales, General
Counsel Rudell, Finance Director Earnest, Secretary Hooper and
Treasurer Pygatt. -
Secretary Hooper announced the Agenda had been .duly posted in
accordance with The Brown Act.
SCHEDULED MATTERS
It was moved~by Member Richards, seconded by Member rem and.
. carried to approve the following minutes:
a) Regular Meeting,.. September 19, 1995
President Byrd introduced the next item, Water Revenue Bonds..
;It was then moved by Member Richards, seconded by Member Heine to
open Public Orals. .
Benjamin Miranda stated. concerns with the Water Revenue Bonds. ,
• Chief Administrative Officer Gonzales stated the title•of the
item is.incorrect, the correct title if Revenue Bonds.
Patricia Carr questioned where the bonds are financed through,
who makes up the management group, the costs of each program,- the
time frame for projects., the underwriting agency, the debt ratio,
and the government code section that authorizes the Authority to
buy and sell the bonds.
.Director of Facilities Maintenance Oskoui and Director of Public
• Works Murga gave a brief summary of the affected and proposed.
projects.
Hearing no further discussion, it was moved by Member Richards,
seconded by Member Rea and carried to adjourn at 8:40 p.m.
SECRETARY ANDREA L. HOOPER
AGEI`:TJA TTE*1
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DATE: January 23,.1996
TO: President and -Members of the Lynwood Public Financing Authority
- FROM: Faustin Gonzales, .Chief Administrative Officer
- SUBJECT: LYNWOOD PUBLIC FINANCING AUTHORITY
'BACKGROUND.
The Lynwood City Council established the Lynwood Public Financing Authority
(LPFA) in 1.993 for- the purpose of providing a mechanism. to finance various
public irnprbvements. - . :-
A requesfi has 'been made that the CPFA members be .paid a stipend of one
_; hundred dollars ($100) per meeting of the LPFA. -
Jf approved by the LPFA, a subsequent enabling resolution of the Lynwood City
Councilwill be prepared to authorize. compensation for the members of the
LPFA. This City Council. resolution can be made retroactive to the LPFA meeting
in January 1996. . - -
. RECOMMENDATION
It is". recommended that the Lynwood Public Financing Authority adopt the
Resolution requesting that compensation be .paid to its members for attendance
of each. meeting of the. LPFA.
AGENDA.ITEM.
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. ~ :`RESOLUTION NO.` .
A RESOLUTION OF.: THE' LYNWOOD PUBLIC FLNANCING AUTHORITY
(LPFA) -APPROVING COMPENSATION F.OR ITS MEMBERS FOR
ATTENDANCE AT MEETINGS
. ~ WHEREAS, the LPFA was =established to provide a ~ mechanism for ~ ~ .
financing various public improvements; and .
1NHEREAS, it ~is necessary .that the LPFA meet :from time-to-time to
.review and to carry: out various financing options #hat are available to the City; -
NOW, THEREFORE, the Lynwood Public Financing Authority does .find
. order, proclaim and resolve as follows:.
_ Section 1. The Lynwood Public Financing Authority requests that the
Lynwood City Council authorize compensation to be paid to its :members in the
sure of one hundred dollars ($100) for-.attendance at each meeting of the LPFA.
Section 2. Ths~resolution is effective immediately upon its adoption..
PASSED APPROVED, AND ADOPTED THIS DAY OF , 1.996.
., PAUL H. RICHARDS,_ll -.
President, LPFA ~ . ... ~ ~ -
..ATTEST:
"ANDREA L. HOOPER
Secretary, LPFA ~ - APPROVED AS TO CONTENT:
' ~ .. FAUSTIN GONZALES .
. ~ Chief Administrative Officer, LPFA
. APPROVED AS TO FORM:_
LPFA COUNSEL
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