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File #: CIC-10    Version: 1
Type: Consent - Staff Report Status: Agenda Ready
In control: City Council Regular Meeting
On agenda: 11/16/2021 Final action:
Title: Consideration of a Resolution of the Capital Improvements Corporation Approving the Issuance of Refunding Certificates of Participation Not to Exceed $8.0 Million to Refinance Outstanding Certificates of Participation and Related Documents (Finance Director/CFO Charelian). ADOPT RESOLUTION NO. CIC-11
Attachments: 1. Resolution No. CIC-11
TO:
Honorable Mayor and Members of the City Council

THROUGH:
Bruce Moe, City Manager

FROM:
Steve S. Charelian, Finance Director/Chief Financial Officer
Julie Bondarchuk, Financial Controller
Libby Bretthauer, Financial Services Manager

SUBJECT:Title
Consideration of a Resolution of the Capital Improvements Corporation Approving the Issuance of Refunding Certificates of Participation Not to Exceed $8.0 Million to Refinance Outstanding Certificates of Participation and Related Documents (Finance Director/CFO Charelian).
ADOPT RESOLUTION NO. CIC-11
Line
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Recommended Action
RECOMMENDATION:
Staff recommends that the Corporation Board of Directors adopt Resolution No. CIC-11.
Body
FISCAL IMPLICATIONS:
There are no fiscal implications associated with the recommended action.

BACKGROUND:
Please Note: This staff report is a counterpart of a corresponding item on General Business on the City Council agenda, which is hereby incorporated by this reference. The proposed refunding requires action by both the City Council and the Manhattan Beach Capital Improvements Corporation ("CIC" hereinafter).

The CIC was formed in 1996 to facilitate issuance of debt for improvements to the water and wastewater systems. Since then, it has been used for the Police/Fire Facility, Metlox Improvements and Marine Avenue Sports Fields.

City Councilmembers serve CIC Board Members. 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. On September 9, 2021, the Capital Improvements Corporation Board elected Mayor Stern as President and Mayor Pro Tem Napolitano as Vice President. Appointed positions include the City Manager serving as the Capital Improvements Corporation's Chief Administrative Officer, and the City's Finance Di...

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