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Finance Authority of Long Beach

Tuesday, May 26, 2020 · 9:00 AM AM · Teleconference

TL;DR

The Finance Authority of Long Beach held a teleconference meeting to approve several administrative and financial matters. The key action was authorizing a $25 million revolving line of credit, which could potentially support city infrastructure and financial flexibility.

Key Decisions

  • Approve Previous Meeting Minutes Passed
  • Authorize $25 Million Revolving Line of Credit Passed
  • Receive Plans for Public Safety Parking Garage Bond Series Passed
Agenda PDF Minutes PDF

Agenda

  1. SPECIAL MEETING
  2. FINANCE AUTHORITY OF LONG BEACH MEETING VIA TELECONFERENCE PURSUANT TO EXECUTIVE ORDER N-29-20 ISSUED BY GOVERNOR GAVIN NEWSOM
  3. CALL TO ORDER
  4. ROLL CALL
  5. REGULAR AGENDA
  6. 1. Recommendation to approve the minutes for the Finance Authority of Long Beach meeting held Thursday, October 24, 2019.
    FA-Finance Authority
    Action: approve recommendation Passed

    A motion was made by Member Gross, seconded by Member Nakamoto, to approve recommendation. The motion carried by the following vote:

  7. 2. Recommendation to authorize resolution to execute a Revolving Line of Credit in an amount not to exceed $25,000,000 for a one-year term, with the option to extend the term for an additional one-year period.
    FA-Resolution
    Action: approve recommendation and adopt Passed

    A motion was made by Member Gross, seconded by Member Nakamoto, to approve recommendation and adopt Resolution No. F.A.L.B. 2020-01. The motion carried by the following vote:

  8. 3. Recommendation to receive into the record Plans and Specifications related to the Finance Authority of Long Beach Lease Revenue Bonds, Series 2019A (Public Safety Parking Garage).
    FA-Finance Authority
    Action: approve recommendation Passed

    A motion was made by Member Gross, seconded by Member Nakamoto, to approve recommendation. The motion carried by the following vote:

  9. ADJOURNMENT
  10. I, Jonathan Nagayama, City Clerk Specialist, certify that the agenda was posted not less than 72 hours prior to the meeting.
  11. NOTE: The agenda and supporting documents are available on the Internet at www.longbeach.gov. Agenda items may be reviewed in the Office of the City Clerk or online at the Main Library and at the Branch Libraries. Persons interested in obtaining an agenda via e-mail should subscribe to the City of Long Beach LINKLB System at www.longbeach.gov/linklb. E-Mail correspondence can be directed to cityclerk@longbeach.gov. Communicate through the Telephone Device for the Deaf (TDD) at (562) 570-6626. If a special accommodation is desired pursuant to the Americans with Disabilities Act, or if you need the agenda provided in an alternate format, please phone the Office of the City Clerk at (562) 570-6101 by 12 noon Monday, the day prior to the meeting. Inquire at the City Council Chamber Audio-Visual Room for an assistive listening device. jn
  12. SPECIAL MEETING
  13. FINISHED AGENDA & MINUTES