REPORT TO THE CITY COUNCIL
October 20, 2016
FROM: MICHAEL LIMA, Finance Director/City Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
RESOLUTION - Approving, authorizing and directing the execution and delivery of the Agreement to terminate the Central California Joint Powers Health Financing Authority between the City of Fresno and the City of Clovis
Body
RECOMMENDATION
Staff recommends that the Council approve the termination of the Central California Joint Powers Health Financing Authority.
EXECUTIVE SUMMARY
In 1993, the Cities of Fresno and Clovis established the Central California Joint Powers Health Financing Authority (the "Authority") for the purpose of facilitating and financing projects for Community Hospital of Central California, Fresno Community Hospital and Medical Center, and Sierra Hospital Foundation. The Authority has since become obsolete due to the availability of funds from the California Municipal Finance Authority (the "CFMA") and the California Statewide Communities Development Authority (the "CSCDA"), which are now used by hospitals for financing projects. As a housekeeping matter, City staff would like to dissolve the Authority because there are no outstanding or anticipated projects where the Authority may be necessary.
BACKGROUND
The Authority was created in 1993 by a Joint Exercise of Powers Agreement entered into between the City of Fresno and the City of Clovis. The purpose of the Authority was to facilitate financing the acquisition, construction, improvement, renovation, expansion and/or equipping of health care facilities owned and operated by the member organizations of Community Hospitals of Central California, Fresno Community Hospital and Medical Centers, and Sierra Hospital Foundation ("Community Medical Centers"). Community Medical Centers no longer use the Authority for financing. Instead they uti...
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