[00:00:09]
THE TIME IS NOW 1:01 PM I CALL THE MEETING OF THE FINANCE AUTHORITY OF LONG BEACH TO ORDER, UH, WE'LL BEGIN WITH THE ROLL CALL TOM MOCA ABSENT.
THE UH, FIRST ITEM ON THE AGENDA IS THE APPROVAL OF THE MINUTES FROM THE PRIOR FALB MEETING, WHICH WAS HELD ON WEDNESDAY, JULY 29TH, 2026.
[CALL TO ORDER]
AND I SECOND, UH, IS THERE PUBLIC COMMENT? OKAY, HEARING NONE.[ROLL CALL]
AYE.THE UH, SECOND ITEM ON THE AGENDA
[1. 26-55772 Recommendation to approve the minutes for the Finance Authority of Long Beach meeting of Wednesday, July 29, 2026. Suggested Action: Approve recommendation. ]
IS A RECOMMENDATION TO ADOPT THE RESOLUTION OF THE FINANCE AUTHORITY OF LONG BEACH AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN LEASE FINANCING DOCUMENTS IN CONNECTION WITH IMPLEMENTATION OF A REVOLVING CREDIT FACILITY.LEASE FINANCING IN AN AGGREGATE PRINCIPLE AMOUNT NOT TO EXCEED $50 MILLION OUTSTANDING
[2. 26-55773 Recommendation to adopt resolution of the Finance Authority of Long Beach authorizing the execution and delivery of certain lease financing documents in connection with implementation of a revolving credit facility lease financing in an aggregate principal amount not to exceed $50,000,000 outstanding at any one time to finance various capital projects and equipment for the City of Long Beach, approving the forms and authorizing execution of related documents and approving related official actions. Suggested Action: Approve recommendation. ]
AT ANY ONE TIME.TO FINANCE VARIOUS CAPITAL PROJECTS AND EQUIPMENT FOR THE CITY OF LONG BEACH, APPROVING THE FORMS AND AUTHORIZING EXECUTION OF RELATED DOCUMENTS AND APPROVING RELATED OFFICIAL ACTIONS.
AND, UH, I SECOND, UM, BEFORE TAKING PUBLIC COMMENT OR DISCUSSING AMONGST THE MEMBERS, IS THERE A PROPOSED AMENDMENT TO THE PENDING MOTION? YES.
UH, I MOVE TO AMEND THE MOTION TO APPROVE THE UPDATED DRAFT FEE AND INTEREST RATE AGREEMENT IN THE FORM PRESENTED TO THE COMMITTEE, TO THE FINANCIAL, TO THE, UM, FINANCE AUTHORITY OF LONG BEACH REVISED TO REFLECT THE UPDATED COMMITMENT FEE RATE PERCENTAGES IN SECTION 1.1 OF THAT DOCUMENT AND THE UPDATED APPLICABLE SPREAD PERCENTAGES TO REF TO REFLECT WELLS FARGO'S UPDATED PRICING ON THE CITY'S PROPOSED ASSETS.
A COPY OF THE REVISED FEE AND INTEREST RATE AGREEMENT HAS BEEN PROVIDED TO THE AUTHORITY MEMBERS AND TO THE CITY CLERK.
AND I ALSO WANT TO, I I DID ALSO WANT TO AMEND TO CLARIFY THAT THE CITY MANAGER OR WHOEVER'S DESIGNATED BY THE CITY MANAGER IS DIRECTED TO FINALIZE AND EXECUTE THE DRAFT DOCUMENTS PROVIDED FOR THIS AGENDA ITEM.
IS THERE A SECOND TO THE AMENDMENT? UH, YES.
IT HAS BEEN MOVED AND SECONDED TO AMEND THE PENDING MOTION.
IS THERE ANY DISCUSSION ON THE AMENDMENT? YES.
I WANT TO EXPLAIN WHY I AM PROPOSING THIS AMENDMENT.
THE REASON IS THAT IN THE ORIGINAL DOCUMENTS THAT WERE PROVIDED TO THE FINANCING AUTHORITY MEMBERS, TO THE FINANCE AUTHORITY MEMBERS AND TO THE PUBLIC, THE ORIGINAL DOCUMENTS WERE BASED ON, UM, THE SECURITY FOR THE SHORT TERM LINE OF CREDIT FROM WELLS FARGO BEING SECURED BY THREE SEPARATE CITY PROPERTIES.
UH, AND THOSE WERE THE THREE PROPERTIES THAT WERE CITED IN THE REQUEST FOR PROPOSAL THAT WELLS FARGO BANK WON WITH THE WINNING, UH, WITH THE, THE BEST PROPOSAL AND THE LOWEST, UH, THE LOWEST PRICE, THE LOWEST INTEREST RATE, THE LOWEST BID.
BUT SINCE THAT TIME, ONE OF THOSE THREE PROPERTIES NEEDS TO BE REPLACED BY A THIRD AND DIFFERENT CITY OWNED PROPERTY AND THAT GENERATES VERY SLIGHT CHANGES TO THE DRAFT FEE AND INTEREST RATE AGREEMENT AND TO THE COMMITMENT FEE PERCENTAGES, UH, IN THE, UH, APPLICABLE AND UP AND CHANGES IN THE UPDATED APPLICABLE SPREAD PERCENTAGES IN THE DOCUMENTS THAT I'M MOVING TO AMEND.
THAT'S THE REASON FOR THE AMENDMENT TODAY.
IS THERE PUBLIC COMMENT ON THE AMENDMENT? HEARING NONE.
ALL IN FAVOR OF THE AMENDMENT? AYE.
ALL THOSE OPPOSED, HEARING NONE.
UH, WILL NOW RETURN TO THE MAIN MOTION AS AMENDED.
IS THERE PUBLIC COMMENT ON THE MAIN MOTION AS AMENDED? HEARING NONE.
THE MOTION CARRIES AND THE RESOLUTION IS APPROVED AS AMENDED.
AND FINALLY, UH, IS THERE ANY MEMBER OF THE PUBLIC WISHING TO ADDRESS THE AUTHORITY ON ITEMS OF INTEREST TO THE PUBLIC? OKAY, HEARING NONE, UH, THE TIME IS NOW ONE 1:06 PM THE MEETING IS NOW ADJOURNED.