HomeMy WebLinkAbout08/25/2020 - Special MeetingCITY OF NEWPORT BEACH
Newport Beach Public Facilities Corporation
Annual Meeting
August 25, 2020
A. ROLL CALL - 3:30 p.m
Present: Director Brad Avery, Director Joy Brenner, Director Kevin Muldoon, Vice Chair Will
O'Neill, Chair Diane Dixon
Absent: Director Duffy Duffield (excused), Director Jeff Herdman (excused)
B. PUBLIC COMMENTS - None
C. ELECTION OF OFFICERS
Motion by Director Dixon, seconded by Director O'Neill, to elect Mayor Will O'Neill as
Chairperson of the NBPFC, Mayor Pro Tem Brad Avery as the Vice Chairperson of the NBPFC, and
the Council Members as the NBPFC's Board of Directors for the 2020-2021 fiscal year.
With Directors Duffield and Herdman being absent, the motion carried 5-0.
D. APPROVAL OF MINUTES
1. Minutes of the August 13, 2019 Public Facilities Corporation Meeting
Motion by Chairman O'Neill, seconded by Director Dixon, to waive reading of subject
minutes, approve as written, and order filed.
With Directors Duffield and Herdman absent, the motion carried 5-0.
E. CURRENT BUSINESS
2. Review of Annual Financial Statement
Chief Financial Officer Matusiewicz reported that the Corporation drew down some principal /
which looked like a net loss for the year, but explained it was excess assets held by the trustee.
Without objection, the Annual Financial Statement was received and filed.
3. Resolution No. PFC2020-1: Approval of Release of Certain Assets Securing the City's
2010 Certificates of Participation
Chief Financial Officer Matusiewicz confirmed Chairman O'Neill's explanation that the
Corporation is releasing all properties, except the Central Library and the Civic Center, from the
Certificates of Participation (COP) securities.
Jim Mosher stated that, prior to the meeting, Chief Financial Officer Matusiewicz answered most
of his questions, including why the Civic Center COP security properties were being released
now instead of in 2013. He commented that the Directors have the responsibility to verify that
1) 95% of the respective funds were used toward the construction of the Central Library and Civic
Center, 2) the City provided the Corporation with outside counsel opinion that this action would
not have any tax obligations or ramifications to the Build America Bonds, and 3) the City has
promised to provide notice in its continuing disclosure agreement; and indicated that all three
items have been done.
Paul G. expressed concerns about how public comments are being handled during meetings.
PFC 2020 - Page 1
City of Newport Beach
Newport Beach Public Facilities Corporation
August 25, 2020
Motion by Chairman O'Neill, seconded by Vice Chairman Avery, to a) determine this
action is exempt from the California Environmental Quality Act (CEQA) pursuant to Sections
15060(c)(2) and 15060(c)(3) of the CEQA Guidelines because this action will not result in a
physical change to the environment, directly or indirectly; and b) adopt Resolution No. PFC2020-
1, A Resolution of the Board of Directors of the Newport Beach Public Facilities Corporation
Approving Supplement No. 1 to Lease/Purchase Agreement, a First Amendment to the Site Lease
and a First Amendment to the Assignment Agreement and Certain Additional Documents and
Authorizing Certain Actions in Connection Therewith.
With Directors Duffield and Herdman absent, the motion carried 5-0.
F. ADJOURNMENT - 3:40 p.m
The agenda 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 20, 2020, at 4:00 p.m.
SiZeretary
PFC 2020 - Page 2