To: Executive Director and Members of Board of Directors
From: Heather Ippoliti, Treasurer
Prepared By: Heather Ippoliti, Treasurer
TITLE:
Title
Joint Exercise of Powers Agreement
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a resolution approving and authorizing the Napa Industrial Development Authority Treasurer to execute a Joint Exercise of Powers Agreement with the City of Napa establishing the City of Napa Joint Public Finance Authority
Body
DISCUSSION:
In order to ensure that the City will have access to a joint powers authority for assistance with future long-term financings, City staff proposes the formation of a new joint powers authority (the “City of Napa Joint Public Finance Authority (“JPFA”)) between the City and the City of Napa Industrial Development Authority (the “IDA”); the members of the City Council will be the members of the JPFA’s board of directors.
The statutory purpose of the IDA is to increase opportunities for useful employment or otherwise contribute to economic development. Staff believes that the IDA will advance this purpose by forming the JPFA with the City.
The City Council introduced the Ordinance forming the IDA during its August 21, 2018 meeting. The Ordinance to form the City of Napa Industrial Development Authority was adopted during the City Council meeting on September 4, 2018, along with a Resolution declaring the City Council as its governing board. The Ordinance became effective on October 4, 2018.
Articles 1 and 2, Chapter 5, Division 7, Title 1 of the California Government Code (Section 6500 et seq.) permits two or more public agencies, by agreement, to exercise jointly powers common to the contracting parties. This is done through the execution of a joint exercise of powers agreement. Such an agreement, the subject of this evening’s staff report, is entered into to facilitate the financing and/or refinancing of certain public programs, projects and public improvements of the City and the IDA.
FINANCIAL IMPACTS:
This action bears no fiscal impact, but merely establishes the JPFA in order to facilitate financing for public programs.
CEQA:
The Treasurer has determined that the recommended actions described in this agenda report are not subject to CEQA, pursuant to CEQA Guidelines Section 15060(c).
DOCUMENTS ATTACHED:
ATCH 1 - Resolution
ATCH 2 - Joint Exercise of Powers Agreement
NOTIFICATION:
None.