HomeMy WebLinkAbout0 - PFCPUBLIC FACILITIES CORPORATION
ANNUAL MEETING NOTICE
Tuesday, July 14, 2009
4°00 p.m.
City Council Chambers
3300 Newport Blvd.
Newport Beach, CA 92663
AGENDA
1
2.
3.
4.
5.
Election of Officers
Mayor
Mayor Pro Tern
Council Members
City Manager
Administrative Services Director
Chairperson of the Corporation
Vice - Chairperson of the Corporation
Corporation's Board of Directors
Corporation's Secretary
Corporation's Treasurer
Approval of Minutes from the meeting of July 8, 2008
Receive, discuss as necessary, and file Corporation's Financial Report from the
Authority's Treasurer
Public Comments
Adjournment
CITY OF NEWPORT BEACH
CITY COUNCIL STAFF REPORT
Agenda Item No. PFC -3
July 14, 2009
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Administrative Services Department
Dennis C. Danner, Administrative Services Director
(949) 644 -3123 or ddanner @city.newport- beach.ca.us
Dan Matusiewicz, Finance Officer
(949) 644 -3126 or dmatusie @city.newport- beach.ca.us
SUBJECT: Newport Beach Public Facilities Corporation
RECOMMENDATION:
It is recommended the City Council convene the meeting of the City of Newport Beach
Public Facilities Corporation for the 2009 -10 fiscal year, elect officers, approve minutes
of the July 8, 2008, meeting, and receive and file this brief financial report.
DISCUSSION:
Background:
A common and efficient way to finance public facilities is through the use of Certificates
of Participation (COPs) but they are dependant on a lease revenue stream between two
entities. The City of Newport Beach Public Facilities Corporation was first formed for this
purpose in 1988 in order to specifically finance the acquisition and construction of the
Cannery Village Parking Lot. The Corporation's role was later expanded to allow for the
construction of public facilities, more generally, when financing of the Central Library
construction was necessary in 1992.
The COPs for the Cannery Village Parking lot were paid off in 1993. The original
Library COPs of $7,500,000 were issued with a term of 25 years but were refunded in
1998 for a net economic gain of $495,745. The principal amount of the refunded COPs
totaled $7,330,000 and has an approximate annual debt service of $565,000. They will
reach final maturity on June 1, 2019. The current outstanding principal balance of the
refunded Library COPs is $4,335,000.
Newport Beach Public Facilities Corporation
July 14, 2009
Page 2
The Bylaws of the Corporation call for an annual meeting of the Board of Directors. The
City Council sits as the Board, with the City Manager serving as Secretary, and the
Administrative Services Director serving as Treasurer. Normally, the Mayor will serve as
Chairperson of the Board, with the Mayor Pro -Tem serving as Vice - Chairperson.
Environmental Review:
The City Council's approval of this item does not require an environmental review.
Public Notice:
The agenda item has been noticed according to the Brown Act (72 hours in advance of
the meeting at which the City Council considers the item).
Funding Availability:
There is no funding required by this action.
Alternatives:
Not applicable.
Prepared by:
Submitted by:
Dennis C. Danner
Administrative Services Director
Attachments: Agenda
Minutes of the July 8, 2008 meeting
NEWPORT BEACH PUBLIC FACILITIES CORPORATION
Balance Sheet
JUNE 30, 2009
Library
r'no
Assets
Cash and investments $ _
Cash with fiscal agent 565,778
Due from other funds _
Other
Total Assets $ 565,778
Liabilities and Fund Balances
Liabilities:
Accounts payable $ _
Due to other funds _
Total Liabilities _
Fund balances:
Reserved for debt service 565,778
Unreserved:
Undesignated _
Total fund balance F;F.F; 77R
Total liabilities and fund balance $ 565,778
NEWPORT BEACH PUBLIC FACILITIES CORPORATION
Statement of Revenues,
Expenditures and Changes in Fund Balances
For the Year ended June 30, 2009
Library
COP
Revenues:
Lease revenues 548,750
Investment income 22,023
Other _
Total revenues 570,773
Expenditures:
Current:
General government
_
Public safety
_
Public works
_
Community development
_
Community services
_
Capital outlay
-
Debt service:
Principal
330,000
Interest and fiscal charges
240,984
Service fees
-
Total expenditures
570,984
Excess (deficiency) of revenues
over expenditures
(211)
Other financing sources (uses):
Transfers in
_
Transfers out
_
Total other financing sources (uses)
-
Net change in fund balance
(211)
Fund balance, beginning
565,989
Fund balance, ending
$ 565,778
CITY OF NEWPORT BEACH
Public Facilities Corporation
July 8, 2008 — 3:00 p.m.
1. CALL THE MEETING TO ORDER.
Present: Council Member Henn, Council Member Curry, Council Member Gardner, Mayor Selich
Excused: Council Member Rosansky, Mayor Pro Tem Daigle, Council Member Webb
2. ELECTION OF OFFICERS.
Motion by Council Member Curry to elect the Mayor as Chairperson of the Corporation, the
Mayor Pro Tem as the Vice - Chairperson of the Corporation, the Council Members as the
Corporation's Board of Directors, the City Manager as the Corporation's Secretary, and the
Administrative Services Director as the Corporation's Treasurer for the 2008 -2009 fiscal year.
The motion carried by the following roll call vote:
Ayes: Council Member Henn, Council Member Curry, Council Member Gardner, Mayor Selich
Absent: Council Member Rosansky, Mayor Pro Tem Daigle, Council Member Webb
3. APPROVAL OF MINUTES FROM THE MEETING OF JULY 10, 2007.
Motion by Council Member Curry to waive reading of the subject minutes, approve as written
and order filed.
The motion carried by the following roll call vote:
Ayes: Council Member Henn, Council Member Curry, Council Member Gardner, Mayor Selich
Absent: Council Member Rosansky, Mayor Pro Tem Daigle, Council Member Webb
4. NEWPORT BEACH PUBLIC FACILITIES CORPORATION FINANCIAL REPORT.
Motion by Council Member Curry to receive and file the Financial Report.
The motion carried by the following roll call vote:
Ayes: Council Member Henn, Council Member Curry, Council Member Gardner, Mayor Selich
Absent: Council Member Rosansky, Mayor Pro Tem Daigle, Council Member Webb
PUBLIC COMMENTS - None.
6. ADJOURNMENT - 3:03 p.m.