PUBLIC HEARING Adoption of a Resolution (1) Authorizing the City Manager or Designee to Execute a Joint Exercise of Powers Agreement with California Municipal Financing Agency (CMFA) and (2) Approving the Issuance of Bonds by the California Municipal Financing Agency for the Benefit of MWLA Inc. (dba Turning Point School 8780 National Blvd Culver City) to Provide Project Financing. City of Culver City California Agenda Item Report Item Number: PH 1 Meeting Date: 7/27/09 CITY COUNCIL AGENDA ITEM: PUBLIC HEARING Adoption of a Resolution (1) Authorizing the City Manager or Designee to Execute a Joint Exercise of Powers Agreement with California Municipal Financing Agency (CMFA) and (2) Approving the Issuance of Bonds by the California Municipal Financing Agency for the Benefit of MWLA Inc. (dba Turning Point School 8780 National Blvd Culver City) to Provide Project Financing. Contact Person/Dept.: Nick Kimball Senior Management Analyst Fiscal Impact: Yes X No General Fund: Yes X No Phone Number: 310 253 6013 Public Hearing: X Action Item: Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (07/22/09); (Published) Culver City News (7/08/09); (E Mail) Turning Point School representatives (07/22/09). Department Approval: Jeff Muir (07/20/09) Chief Financial Officer Approval: Jeff Muir (07/21/09) City Attorney Approval: Carol Schwab (by H. Baker) (07/22/09) City Manager Approval: Mark Scott (07/22/09) RECOMMENDATION: Staff recommends the City Council: (1) conduct the public hearing under the requirements of Tax and Equity Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986 (IRC) as amended; (2) adopt a Resolution authorizing the City Manager or designee to execute a Joint Exercise of Powers Agreement with the California Municipal Financing Agency (CMFA); and (3) approve the issuance of bonds by CMFA for the benefit of MWLA Inc. (dba Turning Point School) to provide pro...
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