SPECIAL MEETING JPA REPORT - Laserfiche WebLink

BACKGROUND In June 1993, the Pleasanton Joint Powers Financing Authority ("the Authority") was formed by a Joint Exercise of Powers Agreement between the City of Pleasanton and the Housing Authority. The City Council serves as the Board of Directors for the Authority. The Authority is the issuing agency for the Series 2004A and 20046 Reassessment Revenue Bonds and also facilitates lease financing (through Certificates of Participation) for many of the City public buildings. The by-laws of the Authority require that an annual meeting be held to conduct any new business of the organization. Attached for the Board's review is the October 2007 secondary market disclosure document available on the City's web site to bond investors and prospective investors of the Series 2004A and Series 20046 Reassessment Revenue Bonds. This document, prepared annually, updates interested parties on the on-going credit worthiness of the bonds by disclosing land development, land valuation, delinquency information, and fund balances in the North Pleasanton Improvement District assessment areas. The Secretary of the Authority will file the fiscal year 2007 financial audit when it becomes available. There were no material weaknesses or misstatements noted by the auditors in the 2006 audit. The original principal of the assessment bonds issued between 1981 and 1992 totaled more than $250,000,000. The remaining principal is currently $36,000,000 and is scheduled to be paid off by 2011. Submitted by: ~. Ll~'.a~~.Q,~,~- David P. Culver Treasurer/Controller Attachment: 1. October 2007 Continuing Disclosure Report Approved by: Nelson Fialho Executive Director Page 2 of 2