Berkeley authority approves lease revenue notes to finance fire administration and training project

The Berkeley Joint Powers Financing Authority voted Tuesday to authorize the execution, sale and delivery of lease revenue notes to fund a fire administration and training project.

The action, taken at the authority’s May 20 meeting, follows a staff presentation and a legal explanation by bond counsel Chris Lynch of Jones Hall. Lynch said the financing uses a lease structure because “in California, cities who wish to finance things using their general fund as the source of payment have to structure them as lease financings.” He explained that the city first must hold a public hearing and approve the financing before the joint powers authority issues the debt.

Committee member moved to adopt the resolution laid out as the action item and the motion was seconded; the clerk conducted a roll call and recorded affirmative votes from members present. The resolution authorizing the lease revenue notes passed and the minutes indicate the authority approved the financing. The transcript records no public comments on the item.

Earlier in the meeting, the authority approved the consent calendar (minutes). The meeting concluded after a motion to adjourn and a roll-call confirmation by the clerk.

The transcript does not state the total dollar amount of the notes, the proposed repayment schedule, or the anticipated impact on the city’s general fund; those details were not specified in the presentation on the record. Officials present indicated staff will follow the standard two-part process for general‑fund-backed lease financings, which requires prior city council action and subsequent authority approval as described by bond counsel Lynch.

The authority adjourned after the vote. The official minutes should be consulted for the roll-call vote tally and the formal text of the adopted resolution.