Board of Directors
The City Council acts as the Governing Board of the Public Financing Authority (PFA). Each year, the PFA designates its own Chair and Vice-Chair.
City Council/Board of Directors Terms
Because City Council members act as the Board of Directors for the PFA, four-year terms on the PFA Board are concurrent with City Council members' terms. The PFA annually reorganizes its officers as Chair and Vice-Chair. The City Clerk acts as the Secretary for the PFA.
PFA meetings are held only as required, at least once annually for purposes of reorganization of Board officers. All PFA meetings are held at the Cultural Center, 183 North Main St., usually in conjunction with a regular meeting of the Lake Elsinore City Council.
The purpose of the Public Financing Authority is to provide, through issuance of revenue bonds, a financing pool to fund capital improvement projects. The Authority was formed in 1989 and is a joint exercise of powers authority organized and existing under and by virtue of the Joint Powers Act. The Authority is authorized to issue its revenue bonds pursuant to Bond Law. As the legislative body of the City, the City Council also acts as the Governing Board of the Public Financing Authority.