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CC:PFA - ACTION ITEM: Adoption of Respective Resolutions of the City Council and the Culver City Public Finance Authority Board of Directors Approving the Disclosure Statement for the Culver City Public Finance Authority Lease Revenue Bonds, Series 2026A and Series 2026B (Federally Taxable).
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Meeting Date: November 9, 2026
Contact Person/Dept: Erin Spragan/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Attachments: Yes [X] No []
Public Notification: (Email) Meetings and Agendas – City Council (11/04/2026); (Email) Ongoing Topics – Fiscal and Budget Issues (11/04/2026)
Department Approval: Erin Spragan, Chief Financial Officer (11/04/2026) _____________________________________________________________________
RECOMMENDATION
Staff recommends that the City Council and the Board of Directors of the Culver City Public Finance Authority (the “Authority”) each adopt a resolution approving the Disclosure Statement dated June 30, 2026 (the “Disclosure Statement”) relating to the Culver City Public Finance Authority Lease Revenue Bonds, Series 2026A and Series 2026B (Federally Taxable) (the “Series 2026 Bonds”), authorizing its execution and delivery, and authorizing related actions.
BACKGROUND
On June 8, 2026, the City Council (Resolution No. 2026-R058) and the Authority Board (Resolution No. 2026-PFA002) approved the issuance of the Series 2026 Bonds and the related financing documents. The Series 2026 Bonds, in the aggregate principal amount of $42,690,000 (Series 2026A: $16,060,000; Series 2026B (Federally Taxable): $26,630,000), were purchased directly by Barclays Bank PLC (the “Original Purchaser”) under a Purchase Contract dated June 18, 2026, and were delivered on June 30, 2026.
The Series 2026 Bonds are payable from Base Rental Payments to be made by the City under a Lease Agreement with the Authority, which is a General Fund obligation of the City. Bond proceeds fi...
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