Title
Adopt a Resolution:
Rescinding By-Laws and Authorizing Related Actions
Report
RECOMMENDATION:
It is recommended that the Governing Board of the East Garrison Public Financing Authority, adopt a resolution:
Rescinding By-Laws and Authorizing Related Actions
SUMMARY:
The East Garrison Public Financing Authority (EGPFA) was created by a joint powers agreement between the County of Monterey and the East Garrison Community Services District (EGCSD) in 2006, with the Board of Supervisors also serving as the Board of Directors of the EGCSD. The Board of the EGCSD was designated as the Governing Board of the EGPFA. The Great Recession caused the East Garrison Project to go dormant for several years until 2011, when a new developer, UCP East Garrison, LLC (UCP) restarted the project.
The primary purpose of the EGPFA is to serve as the vehicle for the creation of the East Garrison Community Facilities District (EGCFD) and issuance of EGCFD bonds. Pursuant the Disposition and Development Agreement (DDA) between the (now) Successor Agency to the Redevelopment Agency of the County of Monterey and UCP, UCP has requested that the EGCFD finance the purchase from UCP of certain public infrastructure improvements through the issuance of bonds in a yet undetermined amount. Staff is evaluating the request, for a possible bond sale later this year. Subsequent series of bonds are also contemplated in the DDA.
Staff is recommending that the governance structure of the EGPFA be changed to designate the Board of Supervisors, and not the Board of Directors of the EGCSD, as the Governing Board of the EGPFA. This change would have the effect of assuring that each series of bonds contemplated under the DDA are issued under the umbrella and established procedures of the County of Monterey as provided in Sections E and F of Attachment No. 4 to the DDA. Monterey County is an experienced debt issuer, and, while Monterey County is not incurring any financial obligation or backi...
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