AgdaPkt 2015-02-23 Joint SA and PFA

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7.1.D. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager February 23, 2015 SUBJECT Establish Regular Meeting Schedule of Redwood City Public Financing Authority RECOMMENDATION Adopt Resolution of Redwood City Public Finance Authority Setting Time and Place of Regular Meetings. BACKGROUND The City of Redwood City Public Financing Authority (the "Authority") was established in 1991 by the City of Redwood City and the Redevelopment Agency of the City of Redwood City and operates pursuant to a Joint Exercise of Powers Agreement dated as of June 18, 1991 (the "JPA Agreement"). The only members of the PFA are the City of Redwood City (the "City") and the Successor Agency to the Redwood City Redevelopment Agency (the "Successor Agency"). The members of the City Council of the City of Redwood City serve as the Commission of the Authority. Pursuant to Section 2.04(a) of the JPA Agreement, the Commission is authorized to fix, by resolution, the date, hour and place of the regular meetings of the Commission. ANALYSIS The Public Financing Authority has typically acted in the past during special, rather than regular, meetings that are called administratively on an as-needed basis. Under state law, certain actions of the Authority may now only be taken at regular meetings of the Authority. For the sake of for administrative convenience, staff recommends that a regular meeting of the Public Finance Authority be held at the same date, time and place as each regular meeting of the City Council. This would match the City's practice for meetings of the Successor Agency to the Redevelopment Agency. ALTERNATIVES Do not adopt the proposed resolution but the Public Finance Authority would be out of compliance with legal requirements. FISCAL IMPACT None.