CALISTOGA PUBLIC FACILITIES CORPORATION

Board of Directors Chairman: Donald Williams Vice Chairman Irais Lopez-Ortega Board Member Kevin Eisenberg Board Member Lisa Gift Board Member Scott Cooper Officers AGENDA FOR CALISTOGA President: Laura Snideman PUBLIC FACILITIES Treasurer: Nitish Sharma CORPORATION August 15, 2023 - Following the Regular City Council Meeting In - Person Below is information on how the public may observe and participate in the meeting. The City recognizes that not all residents have the same ways to stay engaged, so several alternatives are offered. Please participate in the meeting by observing or listening to the meeting in one of the following ways: 1.) In-Person – Calistoga Community Center 1307 Washington Street COMMENT ON THIS MATTER DURING THE MEETING: Please participate in the meeting by providing public comment on any item on the agenda. WRITTEN COMMENTS: Alternatively, you may provide public comment on any item on the agenda or any item of municipal concern via email. Please submit your comment, limited to 350 words or less, via email to publiccomment@ci.calistoga.ca.us. Written public comments submitted by email should clearly indicate the Agenda Item No. or specify “Oral Communications” in the Subject Line for items not on the agenda and are requested to include the submitter’s full name. Comments received by 2:00 p.m. on the day of the meeting will be posted online with the agenda packet and included in the record but will not be read aloud. Comments received after 2:00 p.m. will be made part of the written record but will not be read verbally at the meeting. Note: The methods of observing or listening to the meeting or providing public comments may be altered or the meeting may be cancelled, if needed, due to certain technical disruptions. 1. CALL TO ORDER/ROLL CALL 2. ORAL COMMUNICATION ON CONSENT ITEMS OR NON-AGENDA ITEMS This time is set aside to receive comments from the public regarding matters on the Consent Calendar or matters of municipal concern not on the agenda. Pursuant to Government Code section 54954.3 (the Brown Act), however, the Council cannot consider any issues or take action on any requests during this comment period. Speakers are encouraged to limit their comments to 3 minutes maximum so that all speakers have an opportunity to address the City Council. 3. GENERAL ACTIVITIES 3.1. Annual Report of the Calistoga Public Facilities Corporation 3-5 Recommended Action: Receive and File Report Staff Report & Debt Schedule 4. ADJOURNMENT NOTICE: If you challenge a city’s zoning, planning, or other decision in court, you may be limited to raising only those issues you or someone else raised at the public hearing described in this notice, or in written correspondence delivered to the City Council at, or prior to, the public hearing. Judicial review of any City administrative decision may be had only if a petition is filed with the court not later than the 90th day following the date upon which the decision becomes final. Judicial review of environmental determinations may be subject to a shorter time period for Litigation, in certain cases 30 days following the date of final decision. Pursuant to GC §54957.5 any writings/documents provided to a majority of the City Council regarding any item on this agenda will be made available for public inspection on the City website at www.ci.calistoga.ca.us. SUPPLEMENTAL MATERIAL RECEIVED AFTER THE POSTING OF THE AGENDA: Any supplemental writings or documents distributed to a majority of the City Council regarding any item on this Agenda, after the posting of the Agenda, such writings or documents will be made available on the City’s website and will be available for public review in the City Clerk’s Office located at 1232 Washington Street, Calistoga, California, during normal business hours and by appointment. AMERICANS WITH DISABILITIES ACT: The City can provide special assistance for persons with disabilities to participate in public meetings. To make a request for disability-related modification or accommodation please contact the City Clerk at mrittburg@ci.calistoga.ca.us or (707) 942-2807. If you need assistance or accommodation, please provide notice at least 48 hours prior to the meeting. For TTY/ Speech-to-Speech users, dial 7-1-1 for the California Relay Service, offering free text-to-speech, speech-to-speech, and Spanish language services 24 hours a day, 7 days a week. Se les pide por favor que avise con 48 horas de anticipación cuando haga un pedido para asistencia. Esto les da suficiente tiempo antes de la junta para permitir que la ciudad tome medidas razonables. POSTING: I declare a copy of this agenda was posted at City Hall, 1232 Washington Street, Calistoga, among other locations in the city limits of Calistoga, on August 10, 2023, by 4:30 p.m. Yudiana Galvan, Interim City Clerk Page 2 of 5  Item #3.1. I FA C HJHE S IT OGA P UBLC CA LS CORP ORAITO N P. ST AF F REP 0 RT TO: Board of Directors, Calistoga Public Facilities Corporation FROM: Nitish Sharma, Finance Director (Interim) DATE: August 15,2023 SUBJECT: Annual Report of the Calistoga Public Facilities Corporation Approved by DESCRIPTION Annual Report ofthe Calistoga Public Facilities Corporation. RECOMMENDATION Receive and File Report. BACKGROUND The Calistoga Public Facilities Corporation was created as a Section 501 (c) (4) non-profit public benefit corporation in September 1987 by the City of Calistoga as part of the initialfinancing of the new Police Station and parking lot. The costs of these improvements were funded, in part, through the issuance of a 1987 $2,115,000 Certificate of Participation (COP). This type of non-profit corporation is required by the Federal IRS code in order to issue a public financing instrument called a Certificate of Participation (COP). A COP is a typical California public financing instrument for public facilities or equipment. It is essentially a type of lease purchase that requires a third party for the lease transaction. The Calistoga Public Facilities Corporation (CPFC) assigns all of the rights, obligations, and financial transactions to others, such as the City or Trustee for the COP. Even though the CPFC is a separate legal entity, it is considered a "component unit" of the City and is included in the audit of the Comprehensive Annual Financial Report. In November 2007, the City issued a municipal lease for $4,649,000 to provide funding for several community projects. The lease was secured by the public works facility and fire station and Page 3 of 5  Item #3.1. provided funds to complete the projects. The lease was issued for 20 years at 4.95% annual interest. The funds were invested to earn an estimated $170,000 over the two—year period, which served to offset a portion of the interest costs. In addition, the lease incorporated the ability to pay off the financing in a shorter period than usual. This lease was reset on May 1,2016. On April 5, 2016, through resolution 2016-029, the City Council approved a rate reset on the City's existing 2007 Capital Improvement Project Lease. A rate reset with the original lender, Westamerica Bank minimized the overall costs of the lease. The outstanding par amount that was refunded was $3,870,414. The City's debt service is approximately $374,000 and fiscal year savings approximately $52,400 per year. The lease was issued for 12 years at 2.44% interest rate and payments to be made monthly commencing July 1, 2016. Current outstanding balance at June 30, 2020 is $2,611,940. In June 2011, the City issued a previously authorized USDA loan of $3,750,000 to finance construction of the Mt Washington Water Tank project. This financing, along with funds previously authorized through Measure A, will fund the remainder of the project. The USDA loan was issued for 40 years at 2.5% annual interest. Debt service payments will be made from the Water Utilityand were anticipated during the recently updated rates. The current outstanding balance at June 30, 2020 is $2,718,852. On May 8, 2018, the City issued $8,920,000 2018 Water and Wastewater Revenue Certificates of Participation (“2018 Refunding COPs”). The 2018 bond refinanced the 2005D Water, 2008 COPS Water, 2001 B Wastewater and 2005 COPs Wastewater. In total, the City refinanced approximately $8.9 million of outstanding debt for interest rate savings. The current outstanding balance at June 30, 2020 for Water is $3,555,000 and for Wastewater $4,455,000. 2022/23 Activity All debt service payments have been made on a timely basis for the 2007, 2011, and 2018 financing. Future Financings There are no anticipated future financings at this time. INA I L ACT None ATTACHMENT Page 4 of 5  Item #3.1. Citv of Calistoqa Fiscal Year 23-24 Budget Debt Schedule FY 2023-24 Principal Original Issue Balance Principal Interest Total Balance Amount 7/1/2023 Pymts Pvmts 6/30/2024 WATER FUND Water Revenue COP 2018 $ 3,905,000 $ 3,040,000 $ 185,000 $ 111,257 $ 296,257 $ 2,855,000 Issue Date: 05/08/2018 Principal Payments Due 10/1 2 875 % to 5.0% ‘October 2044 USDA 2011 GOP $ 3,750,000 $ 2,510,852 $ 73,000 $ 61,859 $ 134,859 $ 2,437,852 Issue Date: 08/10/2009 Principal Payments Due 07/12 2.5%/$148,237 *" Principal varies based on drawdowns TOTAL WATER DEBT 7 116 43 116 WWTP FUND Wastewater Revenue COP 2018 $ 5,015,000 $ 3,595,000 $ 310,000 $ 128,588 $ 438,588 $ 3,285,000 Issue Date: 05/08/2018 Principal Payments Due 10/1 2.875 % to 5.0% ‘October 2044 SWRCB-SR Loan Issue Date: 01/18/2002 Payments Due 10/30 $ 5,609,999 $ 354,919 $ 354,919 $ 354,919 ‘October 30, 2023 2.6% TOTAL WWTP DEBT I $ 10.624399 3 1949.919 5 684.91 S 128,555 5 793,507 3 3.285.000] GENERAL LONG TERM DEBT ACCOUNT GROUP Lease Payable-West America $ 3,870,413 $ 1,647,616 $ 337,457 $ 36,445 $ 373,902 $ 1,310,159 Pool, Fire, recreation, public works Issue Date: 05/01/2016 ‘February 1, 2028 2.44% TOTAL LONG TERM DEBT |‘s u3.a7,u,4 13 rs \.s47«.s‘,I,|L$’.Z 337 9:57-I’ $ :37a;'902“Is 1.310, 159 Was;z45:J,rs * GRAND TOTAL s zz15n,41 3 s 1 1 1.43.336 s 1.260.316 3 333,149 5 593,525 5 s.aaa.n11 Page 5 of 5