REPORT TO THE CITY COUNCIL
August 20, 2020
FROM: MICHAEL LIMA, Finance Director/City Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
Actions pertaining to the Fresno Joint Powers Financing Authority Lease Revenue Refunding Bonds (Various Capital Projects), Series 2004:
1. RESOLUTION of the City Council of the City of Fresno authorizing the release of facilities (Promenade Parking Lot) and amendment to the Facilities Lease and Facilities Sublease relating to the Fresno Joint Powers Financing Authority Lease Revenue Refunding Bonds (Various Capital Projects), Series 2004 and approving the taking of all necessary or desirable actions in connection therewith (Council action)
2. RESOLUTION of the Fresno Joint Powers Financing Authority authorizing the release of facilities (Promenade Parking Lot) and amendment of the Facilities Sublease relating to the Fresno Joint Powers Financing Authority Lease Revenue Refunding Bonds (Various Capital Projects), Series 2004 and approving the taking of all necessary or desirable action in connection therewith (Authority action)
Body
RECOMMENDATION
Staff recommends that the Council and Authority approve the respective resolutions authorizing Staff to proceed with the release of the Promenade Parking Lot from the list of assets securing the Fresno Joint Powers Financing Authority (the "Fresno JPFA") Lease Revenue Bonds (Various Capital Projects), Series 2004 (the "2004 Bonds").
EXECUTIVE SUMMARY
On May 10, 2017, the Fresno JPFA issued refunding bonds (the "2017 Bonds") to refinance several of its outstanding bonds, including the tax-exempt portion of the 2004 Bonds. Assets were pledged by the City to the Fresno JPFA to secure the 2017 Bonds. Prior to refinancing, the fair rental value of the assets secured by the 2004 Facilities Leases and 2004 Facilities Subleases were approximately equal to the Base Rental Payme...
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