About the Sausalito Financing Authority

• On November 18, 2014 the Sausalito Financing Authority was formed.
• Under California State law, the Financing Authority enables Sausalito to issue tax-exempt revenue bonds. 

Background/Overview

• Under California state law cities may issue tax-exempt revenue bonds through the formation of a public financing authority.
• The California Municipal Finance Authority (CMFA), was created under State law to aid cities in forming new financing authorities.
• On November 18, 2014 the Sausalito Financing Authority was formed; in order to form the Sausalito Financing Authority, the City and CMFA entered into an agreement.
• The formation documents of the Sausalito Financing Authority designate the members of the City Council of the City and City staff members to be the officers of the authority.

Formation Documents

• Resolution No. 5482, adopted November 18, 2014
• Joint Exercise of Powers Agreement by and between the City of Sausalito and the California Municipal Finance Authority Creating the Sausalito Financing Authority, November 21, 2014

Meetings

• The regular meetings of the Authority are held at 420 Litho Street or at such other place as the Board may designate from time to time. 
• Such regular meetings shall occur on the regular City Council meeting dates in each year.

Administrative Officials

• Executive Director of the Authority: City Manager
• Secretary of the Authority: City Clerk
• Treasurer of the Authority: Administrative Services Advisor (Contract)
• Compensation and Benefits

Budget

• The Sausalito Financing Authority does not have a budget as it is a conduit agency rather than a transactional agency.
• Financial Reserves Policy.

Audits

• The Sausalito Financing Authority does not have any audits as there are no funds that flow through the Financing Authority. However, the Financing Authority is referenced and reviewed in the City’s ACFR.

Public Records

• Resolution No. 5482- Establishing the Financing Authority
• Financing Authority Resolution No. 14-0001- Adopting By-Laws
• Financing Authority Resolution No. 14-0002- Authorizing Issuance and Sale of Sewer Revenue Bonds
• Financing Authority Resolution No. 15-0001- Authorizing the Execution of Lease Financing Documents for Certificates of Participation
• Financing Authority Resolution No. 15-0002- Authorizing the Execution of Lease Financing Documents for Certificates of Participation
• Public Records Act Request Information

Revenue Sources

• The Sausalito Financing Authority does not have a revenue source as it is a conduit agency rather than a transactional agency.

Contracts

• Background on Lease Agreement Documents from the December 1, 2015 Financing Authority meeting
• Financing Authority Resolution No. 15-0001- Authorizing the Execution of Lease Financing Documents for Certificates of Participation
•  Financing Authority Resolution No. 15-0002- Authorizing the Execution of Lease Financing Documents for Certificates of Participation

JPA Agreement

• Joint Exercise of Powers Agreement by and between the City of Sausalito and the California Municipal Finance Authority Creating the Sausalito Financing Authority, November 21, 2014

Questions

• Any questions about the Sausalito Financing Authority may be directed to (415) 289-4105