HomeMy WebLinkAbout22 - OCFA CC-1 - Attachment 2 - 2/17/2015OCFA RESOLUTION NO. 15-01
A RESOLUTION OF THE BOARD OF THE ORANGE COUNTY FAIRGROUNDS
AUTHORITY AUTHORIZING DISSOLUTION OF THE ORANGE COUNTY
FAIRGROUNDS AUTHORITY
WHEREAS, on May 18, 2010, the City of Costa Mesa and the Costa Mesa
Financing Authority adopted resolutions that authorized the formation of the Orange
County Fairgrounds Authority ("OCFA"); 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 of Costa Mesa has expressed its approval of dissolution by
way of Resolution No. 15-09; and
WHEREAS, the Costa Mesa Public Financing Authority has expressed its approval
of dissolution by way of Resolution No. 15-01; and
WHEREAS, OCFA has no outstanding indebtedness, nor is it a party to any
outstanding material contract.
NOW THEREFORE, the Board of the Orange County Fairground Authority
resolves as follows:
1. The Orange County Fairgrounds Authority, by and through its Board of
Directors, hereby finds that OCFA has no outstanding indebtedness, nor is
OCFA a party to any outstanding material contract.
2. The City of Costa Mesa and the Costa Mesa Public Financing Authority are
the only two members of OCFA. Both entities have formally expressed their
approval of the dissolution of OCFA by resolution on February 17, 2015.
3. Pursuant to Article IV, Section 3 of OCFA's bylaws, the Board of Directors
hereby dissolves OCFA, and orders the assets of OCFA, if any, to be
distributed to the City of Costa Mesa and the Costa Mesa Public Financing
Authority.
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PASSED AND ADOPTED this 17th day of February, 2015.
Stephen M. Mensinger, Chair
STATE OF CALIFORNIA )
)ss
COUNTY OF ORANGE )
I, Brenda Green, Authority Secretary for the Orange County Fairgrounds Authority, do
hereby certify that the foregoing Resolution was passed and adopted at a meeting of the
Orange County Fairgrounds Authority board members held on February 17, 2015, by the
following votes:
AYES:
NOES:
ABSENT:
ABSTAIN:
Brenda Green, Authority Secretary
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