TO:
Honorable Mayor and Members of the City Council
THROUGH:
Mark Danaj, City Manager/Chief Executive Officer
FROM:
Bruce Moe, Finance Director/Chief Financial Officer
SUBJECT:Title
Reorganization of the Manhattan Beach Capital Improvements Corporation (Finance Director Moe).
ELECT A NEW PRESIDENT AND VICE PRESIDENT
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Recommended Action
RECOMMENDATION:
Staff recommends that the Board of Directors of the Manhattan Beach Capital Improvements Corporation elect a new President and Vice President.
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FISCAL IMPLICATIONS:
There is no fiscal implication associated with the recommended action.
BACKGROUND:
The Manhattan Beach Capital Improvements Corporation (CIC) was formed in 1996 to facilitate issuance of debt for improvements to the water and wastewater system. Most recently, the CIC was the conduit for the refunding of the Metlox Public Improvements (2003), the Water/Wastewater projects (1996), and the Police/Fire Facility (2004) Certificates of Participation (COPs).
DISCUSSION:
The bylaws of the Corporation state that the President and Vice President of the Corporation must be elected from the members of the City Council. Typically, the current Mayor serves as the President, with the Mayor Pro Tem serving as the Vice President. Appointed positions include the City Manager serving as the CIC's Chief Administrative Officer, and the City's Finance Director serving as the Chief Financial Officer.
With the change of Mayor and Mayor Pro Tem on the agenda for the July 7th City Council meeting, staff recommends that the CIC board of directors elect a new President and Vice President.
CONCLUSION:
Staff recommends that the Board of Directors of the Manhattan Beach Capital Improvements Corporation elect a new President and Vice President.