Thursday’s Plymouth City Council agenda included a presentation by John O’Sullivan, Senior Vice President and Manager of Public Finance for Oakland-based KNN Public Finance, who discussed the need for a public capital overhaul in the city. Vice Mayor Pat Fordyce and Councilwoman Pat Shackleton were excused from the meeting. O’Sullivan believes that “bringing in a Financial Advisor this early is a good vote of preparedness” for future development. O’Sullivan began his presentation with an introduction to KNN, formed in 1982. The company is often ranked in the top 10 nationally based on par value, and it serves all levels of State and Local Government including cities, counties, K-14 School Districts, Special Districts, the California State University System, and the State of California Public Works Board and Infrastructure Bank. He also explained the role of a financial advisor as the main determiner of the most effective and efficient methods of financing capital improvements, including conducting the sale of bonds and securing ratings. City Manager Dixon Flynn stated that issues specifically identified for Plymouth included the need for published audited financial statements. At the conclusion of the presentation, Flynn reminded the council that this is currently just an informational presentation, but it will come back as an action item in the future.
Tuesday, 17 June 2008 02:58
Plymouth Looks At Public Financing Overhaul
Thursday’s Plymouth City Council agenda included a presentation by John O’Sullivan, Senior Vice President and Manager of Public Finance for Oakland-based KNN Public Finance, who discussed the need for a public capital overhaul in the city. Vice Mayor Pat Fordyce and Councilwoman Pat Shackleton were excused from the meeting. O’Sullivan believes that “bringing in a Financial Advisor this early is a good vote of preparedness” for future development. O’Sullivan began his presentation with an introduction to KNN, formed in 1982. The company is often ranked in the top 10 nationally based on par value, and it serves all levels of State and Local Government including cities, counties, K-14 School Districts, Special Districts, the California State University System, and the State of California Public Works Board and Infrastructure Bank. He also explained the role of a financial advisor as the main determiner of the most effective and efficient methods of financing capital improvements, including conducting the sale of bonds and securing ratings. City Manager Dixon Flynn stated that issues specifically identified for Plymouth included the need for published audited financial statements. At the conclusion of the presentation, Flynn reminded the council that this is currently just an informational presentation, but it will come back as an action item in the future.
