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HomeMy WebLinkAbout07 - CC-8 - Resolutions Dissolving OC Fairgrounds - 2/17/2015CITY COUNCIL/PUBLIC FINANCE AUTHORITYAGENDA REPORT MEETING DATE: FEBRUARY 17, 2015 ITEM NUMBER: CC -8 SUBJECT: CITY COUNCIL AND THE PUBLIC FINANCING AUTHORITY RESOLUTIONS DISSOLVING THE ORANGE COUNTY FAIRGROUNDS AUTHORITY DATE: February 6, 2015 FROM: CITY CLERK'S OFFICE PRESENTATION BY: BRENDA GREEN, CITY CLERK FOR FURTHER INFORMATION CONTACT: RECOMMENDATION: Staff recommends: Brenda Green, City Clerk, (714) 754-5221 City Council adopt Resolution No. 15-09 to be read by title only and further reading waived: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA CALIFORNIA, AUTHORIZING THE DISSOLUTION OF THE ORANGE COUNTY FAIRGROUNDS AUTHORITY; and 2. Costa Mesa Public Financing Authority adopt Resolution No. PFA 15-01 to be read by title only and further reading waived: A RESOLUTION OF THE COSTA MESA PUBLIC FINANCING AUTHORITY AUTHORIZING THE DISSOLUTION OF THE ORANGE COUNTY FAIRGROUNDS AUTHORITY. BACKGROUND: On May 18, 2010, the Costa Mesa City Council and the Costa Mesa Public Financing Authority adopted separate resolutions authorizing the formation of the Orange County Fairgrounds Authority ("OCFA"). The purpose of OCFA was to acquire the Orange County Fair and Event Center from the State of California and assume the operations. Ultimately the State of California decided to not sell the property. No meetings of the Authority have been held since August 2010 and the State Controller's office recommends dissolving the Authority. Article IV, Section 3 of OCFA's bylaws provides that OCFA may dissolve with the approval of all its members and after a majority vote of its Directors so long as OCFA has no outstanding indebtedness and is not a party to any outstanding material contracts. Therefore, both the City and the Financing Authority need to adopt resolutions authorizing the dissolution of OCFA before OCFA can dissolve by a majority vote of its Directors. After the City and Financing Authority have passed resolutions authorizing dissolution, OCFA must adopt a resolution that makes findings that it has no outstanding indebtedness and that OCFA is not a party to an outstanding material contract. This same resolution can simultaneously dissolve the OCFA by majority vote, which when passed, will formally dissolve OCFA. The OCFA Resolution should be adopted after the City and Financing Authority adopt their respective resolutions. Attached to this Agenda Report as Attachment 1 is the City Council Resolution authorizing dissolution, and Attachment 2 is the Financing Authority Resolution authorizing dissolution. FISCAL REVIEW: None LEGAL REVIEW: The City Attorney has approved the resolution as to form. CONCLUSION: Dissolving the Authority must be adopted by resolution of OCFA after the City and Public Financing Authority authorize dissolution. BRENDA GREEN RICK FRANCIS City Clerk Assistant Chief Executive Officer ATTACHMENTS: 2 1. Citv Council Resolution authorizing dissolution of OCFA 2. Public Financing Authority resolution authorizing dissolution of OCFA E RESOLUTION NO. 13-09 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA CALIFORNIA AUTHORIZING DISSOLUTION OF THE ORANGE COUNTY FAIRGROUNDS AUTHORITY WHEREAS, on May 18, 2010, the Costa Mesa City Council adopted Resolution No. 10-31 that authorized the formation of the Orange County Fairgrounds Authority ("OCFA") with the Costa Mesa Public Financing Authority; and WHEREAS, on May 18, 2010 the City and the Financing Authority approved a Joint Exercise of Powers Agreement that created OCFA; and WHEREAS, Article IV, Section 3 of OCFA's bylaws provides that OCFA may dissolve with the approval of all its members and after a majority vote of its Directors so long as OCFA has no outstanding indebtedness and is not a party to any outstanding material contracts; and WHEREAS, the City desires to express its approval of the dissolution of the OCFA in accordance with the Article IV, Section 3 of OCFA's bylaws. NOW THEREFORE, the City Council of the City of Costa Mesa resolves as follows: The City of Costa Mesa, as a member of OCFA, approves of the dissolution of OCFA in accordance with Article IV, Section 3 of OCFA's bylaws provided that all necessary perquisites of dissolution are complied with. PASSED AND ADOPTED this 17th day of February, 2015. Stephen M. Mensinger, Mayor Costa Mesa City Council 1 STATE OF CALIFORNIA ) )ss COUNTY OF ORANGE ) I, Brenda Green, City Clerk of the City of Costa Mesa, do hereby certify that the foregoing Resolution was passed and adopted at a meeting of the City of Costa Mesa City Council held on February 17, 2015, by the following votes: AYES: COUNCILMEMBERS NOES: COUNCILMEMBERS ABSENT: COUNCILMEMBERS ABSTAIN: COUNCILMEMBERS Brenda Green Costa Mesa City Clerk 2 RESOLUTION NO. PFA 15-01 A RESOLUTION OF THE BOARD OF THE COSTA MESA PUBLIC FINANCING AUTHORITY AUTHORIZING DISSOLUTION OF THE ORANGE COUNTY FAIRGROUNDS AUTHORITY WHEREAS, on May 18, 2010, the Board of the Costa Mesa Financing Authority adopted Resolution No. P.F.A. 10-1 that authorized the formation of the Orange County Fairgrounds Authority ("OCFA") with the City of Costa Mesa; and WHEREAS, on May 18, 2010 the City and the Financing Authority approved a Joint Exercise of Powers Agreement that created OCFA; and WHEREAS, Article IV, Section 3 of OCFA's bylaws provides that OCFA may dissolve with the approval of all its members and after a majority vote of its Directors so long as OCFA has no outstanding indebtedness and is not a party to any outstanding material contracts; and WHEREAS, the Costa Mesa Public Financing Authority desires to express its approval of the dissolution of the OCFA in accordance with the Article IV, Section 3 of OCFA's bylaws. NOW THEREFORE, the Board of the Costa Mesa Public Financing Authority resolves as follows: The Costa Mesa Public Financing Authority, as a member of OCFA, approves of the dissolution of OCFA in accordance with Article IV, Section 3 of OCFA's bylaws provided that all necessary perquisites of dissolution are complied with. PASSED AND ADOPTED this 17th day of February, 2015. Stephen M. Mensinger, Chair 1 STATE OF CALIFORNIA ) )ss COUNTY OF ORANGE ) I, Brenda Green, Secretary of the Public Financing Authority, foregoing Resolution was passed and adopted at a meeting Authority held on February 17, 2015, by the following votes: AYES: MEMBERS NOES: MEMBERS ABSENT: MEMBERS ABSTAIN: MEMBERS Brenda Green Authority Secretary do hereby certify that the of the Public Financing