HomeMy WebLinkAboutAnnual 02-27-03
MINUTES OF THE ANNUAL REGULAR MEETING
OF THE BOARD OF DIRECTORS
CITY OF DOWNEY PUBLIC FACILITIES FINANCING CORPORATION
FEBRUARY 27, 2003
The Annual Regular Meeting of the Board of Directors of the City of Downey Public
Facilities Financing Corporation was called to order at 5:02 p.m., February 27, 2003, in the
Administrative Services Conference Room of the Downey City Hall, President John Kennedy
presiding.
PRESENT:
John Kennedy, President (District 5)
Nikki Utermohlen, Treasurer (District 1)
Carl Jackson, Director (District 3)
Doris Patterson, Director (District 4)
ABSENT:
Vacant (District 2)
ALSO PRESENT:
Lee Powell, Chief Financial Officer
Kathleen L. Midstokke, Assistant Secretary
MINUTES
It was moved by Mr. Jackson, seconded by Ms. Utermohlen, and unanimously carried
approve theMinutes of the Adjourned Regular Meeting of November 12, 2002
(4-0) to .
FINANCIAL REPORT - JUNE 30, 2002
Chief Financial Officer Powell explained that the Financial Report is the annual report that
the auditors prepare each year which shows how much money the bank trustee is holding for the
corporation and it also shows the payment of the debt for that fiscal year, which is 2002-2002 for
the Civic Center complex. He stated that everything is operating, from a financial standpoint,
stable.
It was moved by Mr. Jackson, seconded by Ms. Utermohlen, and unanimously carried
receive and file the Financial Report
(4-0) to as submitted.
ELECTION OF OFFICERS
It was moved by Ms. Utermohlen, seconded by Mr. Jackson, and unanimously carried
elect the following officers:
(4-0) to
John Kennedy, President
Nikki Utermohlen, Treasurer
Carl Jackson, Secretary
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ORAL COMMUNICATIONS:
No one came forward to speak.
OTHER BUSINESS
At this time, Mr. Powell updated the Board on the status of the Golf Course Clubhouse
remodel. He stated that the financing that the corporation approved was completed, the bonds
were sold and the money is now being held by the trustee. All of the documents are completed,
executed and recorded. Part of the money was used to pay for the driving range fence
replacement which has been completed. The clubhouse is closed and the asbestos abatement has
occurred. The plans and specifications have been completed by the architect and they have been
sent to the County for Health Department approval and also to the City plan checker. When the
plans come back, the Council will then approve a bid package and the project will be bid
sometime in the next 2 months.
ADJOURNMENT
It was moved by Ms. Utermohlen, seconded by Mr. Jackson, and unanimously carried to
adjourn
the meeting at 5:07 p.m..
Respectfully submitted,
Kathleen L. Midstokke, Assistant Secretary
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