Sausalito Financing Authority

About the Sausalito Financing Authority

• On November 18, 2014 the Sausalito Financing Authority was formed.
• Under California State law, the Financing Authority enables Sausalito to issue tax-exempt revenue bonds. 

Background/Overview

• Under California state law cities may issue tax-exempt revenue bonds through the formation of a public financing authority.
• The California Municipal Finance Authority (CMFA), was created under State law to aid cities in forming new financing authorities.
• On November 18, 2014 the Sausalito Financing Authority was formed; in order to form the Sausalito Financing Authority, the City and CMFA entered into an agreement.
• The formation documents of the Sausalito Financing Authority designate the members of the City Council of the City and City staff members to be the officers of the authority.

Meetings

• The regular meetings of the Authority are held at 420 Litho Street or at such other place as the Board may designate from time to time. 
• Such regular meetings shall occur on the regular City Council meeting dates in each year.

Administrative Officials

• Executive Director of the Authority: City Manager
• Secretary of the Authority: City Clerk
• Treasurer of the Authority: Administrative Services Advisor (Contract)
• Compensation and Benefits

Budget

• The Sausalito Financing Authority does not have a budget as it is a conduit agency rather than a transactional agency.
• Financial Reserves Policy.

Audits

• The Sausalito Financing Authority does not have any audits as there are no funds that flow through the Financing Authority. However, the Financing Authority is referenced and reviewed in the City’s ACFR.

Revenue Sources

• The Sausalito Financing Authority does not have a revenue source as it is a conduit agency rather than a transactional agency.

Questions

• Any questions about the Sausalito Financing Authority may be directed to (415) 289-4105