Reports

Measurement Report

April 2023

Performance Measurements:

• Has the Authority issued sufficient debt, when viewed in connection with City debt issuance, to support the capital needs of the City and has the Authority reimbursed the City for capital costs incurred?
  
  Yes.

• Has the Authority paid debt service and fulfilled its other obligations related to its outstanding debt in a timely manner?
  
  Yes.

• Has the Authority issued debt at fair and reasonable rates relative to market conditions at the time of issuance?
  
  Yes.

• Has the Authority complied with its continuing disclosure undertakings?
  
  Yes.

• Do investors and rating agencies understand the Authority and its credit structure?
  
  Yes.

• Has the cost-effectiveness of ratings has been weighed against investor expectations and the evolution of the extent of usage of ratings by issuers and the value of ratings in different contexts by investors? If it is determined to be appropriate to eliminate some or all bond ratings for the Authority, has this recommendation been presented to the Board?
  
  The Authority does not believe utilizing fewer or no ratings would be cost-effective at this time.

Additional questions:

1. Have the board members acknowledged that they have read and understood the mission of the public authority?
   
   Yes.
   
   
2. Who has the power to appoint the management of the public authority?
   
   The Board of Directors of the Authority appoints the Officers of the Authority.
   
   
3. If the Board appoints management, do you have a policy you follow when appointing the management of the public authority? 
   
   It is the practice of the Authority that management presents proposed appointments to the Board of Directors for review and approval.
   
   
4. Briefly describe the role of the Board and the role of management in the implementation of the mission. 
   
   Management handles the day-to-day operation of the Authority and presents recommendations with respect to the issuance of debt, the setting of management policies, procurements of services, financial statements and the adoption of the  Authority’s budget to the Board of Directors. The Board of Directors reviews and approves these items.
   
   
5. Has the Board acknowledged that they have read and understood the responses to each of these questions?
   
   Yes.