HomeMy WebLinkAboutAnnual 03-03-05
MINUTES OF THE ANNUAL REGULAR MEETING
OF THE BOARD OF DIRECTORS
CITY OF DOWNEY PUBLIC FACILITIES FINANCING CORPORATION
MARCH 3, 2005
The Annual Regular Meeting of the Board of Directors of the City of Downey Public
Facilities Financing Corporation was called to order at 5:30 p.m., March 3, 2005, in the
Administrative Services Conference Room of the Downey City Hall, located at 11111 Brookshire
Avenue, Downey, California, President John Kennedy presiding.
PRESENT:
John Kennedy, President (District 5)
Nikki Utermohlen, Treasurer (District 1)
Doris Patterson, Director (District 4)
ABSENT:
Carl Jackson, Secretary (District 3)
Vacant (District 2)
ALSO PRESENT:
Lee Powell, Chief Financial Officer
Kathleen L. Midstokke, Assistant Secretary
MINUTES
It was moved by Treasurer Utermohlen, seconded by President Kennedy, and unanimously
approve theMinutes of the Regular Meeting of February 19, 2004
carried (3-0) to .
FINANCIAL REPORT - JUNE 30, 2004
Chief Financial Officer Powell explained that the Financial Report is prepared by the City’s
auditors regarding the corporation and the activities of the trustee. Everything is current as far as
debt service and the trustee is operating in accordance with all of the covenants.
In response to Treasurer Utermohlen, Chief Financial Officer Powell explained that the
amount of reserve is stipulated by the original bond documents and is approximately equal to one
year of future debt service.
It was moved by Treasurer Utermohlen, seconded by Director Patterson, and unanimously
receive and file the Financial Report
carried (3-0) to as submitted.
ELECTION OF OFFICERS
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It was moved by Director Patterson, seconded by Treasurer Utermohlen, and unanimously
reelect the following officers:
carried (3-0) to
John Kennedy, President
Nikki Utermohlen, Treasurer
Carl Jackson, Secretary
PUBLIC COMMENT:
No one came forward to speak.
OTHER BUSINESS:
None
ADJOURNMENT
It was moved by Treasurer Utermohlen, seconded by Director Patterson, and unanimously
adjourn
carried (3-0) to the meeting at 5:35 p.m.
Respectfully submitted,
Kathleen L. Midstokke, Assistant Secretary
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Pub. Facilities Financing Corp. Minutes 03/03/05