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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of November 15, 1994 <br />TO: Honorable Mayor, City Council, and City Manager <br />FROM: Thomas K. Clarke, Electric Utility Director Date: 11/9/94 <br />SUBJECT: APPROVE AND ADOPT A RESOLUTION OF THE CITY COUNCIL <br />OF THE CITY OF COLTON, CALIFORNIA, APPROVING AN <br />AMENDMENT TO THE JOINT EXERCISE OF POWERS <br />AGREEMENT RELATING TO THE COLTON PUBLIC <br />FINANCING AUTHORITY AND CERTAIN ACTIONS IN <br />CONNECTION THEREWITH <br />BACKGROUND <br />The Colton Electric Utility is proposing to issue electric revenue bonds through the Colton Public <br />Financing Authority for improvements to the electric system. The Authority is a joint powers <br />agency comprised of the members of the Redevelopment Agency. The Authority was created <br />expressly as a financing vehicle for the City. <br />STATEMENT OF THE PROBLEM <br />When the City of Colton was restructured to allow for seven council seats rather than the previous <br />five, the Joint Powers Agreement was not modified to indicate that the Authority would also be <br />comprised of seven members. The City Council must make that amendment to recognize seven <br />voting members of the Authority. <br />ALTERNATIVES <br />This is a procedural matter. Without the amendment, the vote of the Authority would not be in <br />accordance with the Joint Exercise of Powers Agreement. <br />FINANCIAL IMPACT <br />The are no financial impacts as a result of the request. <br />Page 1 of 2 Item No.22 B <br />