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Council creates financing authority bylaws to enable bridge financing for South Pine Street project
Summary
Council members convened as the Paso Robles Infrastructure Financing Authority, adopted bylaws and appointed officers so the city can use a JPA to issue revenue debt for the South Pine Street bridge project; the action passed unanimously.
City leaders took steps on June 17 to create the Paso Robles Infrastructure Financing Authority and adopt bylaws that will let the city issue revenue debt through a joint powers vehicle to fund the planned South Pine Street bridge project.
Administrative Services Director/Treasurer Ryan Cornell and City Manager Christopher Huot explained the joint‑powers structure. Under the proposed bylaws, city officers will serve as the authority's officers (the mayor as chair, the mayor pro tem as vice chair, the city manager as executive director, the finance director as treasurer and the city clerk as secretary). Regular authority meetings will coincide with city council meeting dates, Cornell said.
Council members serving as the authority voted unanimously to adopt the bylaws, establish regular meeting dates and authorize related actions. The council later reconvened as the city council.
The bylaws and authority are the second of three procedural steps the city must take to issue revenue bonds for the bridge project; staff said a separate financing item will be brought to council when it is time to issue debt.
