Coronado Financing Authority
The Coronado Financing Authority (CFA) is a joint powers authority, organized pursuant to a Joint Exercise of Powers Agreement, dated as of January 1, 1990 (the "Joint Powers Agreement") by and between its members, the Community Development Agency (CDA) and the Coronado Unified School District (District), and amended on September 1, 1992, to include the City as a member. The Joint Powers Agreement was entered into pursuant to the provisions of the California Government Code.
The CFA is a separate entity constituting a public instrumentality of the State of California and was formed for the public purpose of assisting financing and refinancing public capital improvements for a member through the purchase by the CFA of a member agency's bonds pursuant to bond purchase agreements, and/or loan of funds to a member. The CFA also establishes a vehicle which may reduce local borrowing costs and promote the greater use of existing and new financial instruments and mechanisms. The Marks-Roos Local Bond Pooling Act of 1985 authorizes agencies formed under the Joint Exercise of Powers Law to assist in the financing of public capital improvements to be owned by any of its members.
The governing board of the CFA consists of the one member from the Successor Agency to the Community Development Agency Board, one member of the City Council, and one member of the Coronado Unified School District Board of Trustees. The current members are:
- Richard Bailey, Coronado City Council
- Mike Donovan, Successor Agency
- Lee Pontes, Coronado Unified School District
The CFA meets as needed. The annual meeting of the CFA occurs on the first Tuesday in February at 2:30 pm.