HomeMy WebLinkAboutNBPFC 1 - MinutesA.
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August 14, 2018
NBPFC Agenda Item No. 1
CITY OF NEWPORT BEACH
Newport Beach Public Facilities Corporation
Annual Meeting
August 8, 2017
ROLL CALL - 5:14 p.m.
Present: Director Jeff Herdman, Director Will O'Neill, Director Scott Peotter, Vice Chairman Kevin
Muldoon, Chairwoman Diane Dixon
Absent.: Director Brad Avery, Director Duffy Duffield
PUBLIC COMMENTS ON AGENDA AND NON -AGENDA ITEMS
Jim Mosher discussed the Directors' service, unfunded liability, and the Civic Center lease.
ELECTION OF OFFICERS
Motion by Director Peotter, seconded by Director O`Neill, to elect Mayor Kevin Muldoon as
Chairperson of the Corporation, Mayor Pro Tem Duffy Duffield as, the Vice Chairperson of the
Corporation, and the Council Members as the Corporation's Board of Directors for the 2017-2018
fiscal year.
The
Ab
API
1.
Ayes: Director Dixon, Director Peotter, Chairman Muldoon
Abstain: Director Herdman, Director O'Neill
.Absent: Director Avery, Vice Chairman Duffield
CURRENT BUSINESS
2. Review of Annual Financial Statements
Vice Chairman Muldoon,
Meeting
to waive reading of subject
Deputy Chief Financial Officer Montano discussed the purpose of the Corporation and reported
on the 2010 Certificates of Participation (COP) and the Corporation's transactions.
In response to Director questions, Deputy Chief Financial Officer Montano confirmed that. the
2010 COP debt service total does not include any offset from the Federal subsidy and that, the
reference on the City's website to this and the long term liability can be amended to be clearer.
He reported that the current principal balance is $107.4 million and the remaining net interest
net of the Federal subsidy is expected to be $68.7 million over the next 23 years.
PFC 2017 - Page 1
City of Newport Beach
Newport Beach Public Facilities Corporation
August 8, 2017
Motion by Director Dixon, seconded by Director O'Neill, to receive and file the Annual
Financial Statements.
The motion carried by the following roll call vote:
Ayes: Director Herdman, Director Dixon, Director Peotter, Director O'Neill, Chairman
Muldoon
Absent: Director Avery, Vice Chairman Duffield
F. ADJOURNMENT - 5:22 p.m.
The agenda for the Newport Beach Public Facilities Corporation was posted on the City's
website and on the City Hall Electronic Bulletin Board located in the entrance of the City
Council Chambers at 100 Civic Center Drive on August 3, 2017, at 5:00 p.m.
PFC 2017 - Page 2