HomeMy WebLinkAbout0 - PFCANNUAL MEETING N®TICK
Tuesday, July 26, 2005
4:00 p.m.
City Council Chambers
3300 Newport Blvd.
Newport Beach, CA 92663
AGENDA
1
2.
2.
3.
4.
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 13, 2004
Receive, discuss as necessary, and file Corporation's Financial Report from the
Authority's Treasurer
Public Comments
Adjournment
corp.agenda
July 26, 2005
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Administrative Services Department
Dennis C. Danner, Administrative Services Director (949) 644 -3123
ddanner @city.newport- beach.ca.us
SUBJECT: Newport Beach Public Facilities Corporation
It is recommended the City Council convene the meeting of the City of Newport Beach
Public Facilities Corporation for the 2005 -06 fiscal year, elect officers, approve minutes
of the July 13, 2004, meeting, and receive and file this brief financial report.
DISCUSSION:
Background:
The City of Newport Beach Public Facilities Corporation was originally formed to sell the
Cannery Village Certificates of Participation (COPs) for the acquisition and construction
of the Cannery Village Parking Lot. The Corporation's role was expanded in 1992 to
allow for the issuance of COPs to construct the new, Central Library with a principal
amount of $7,500,000.
The COPs for the Cannery Village Parking lot were paid off during fiscal year 1994 -95.
The original Library COPs were issued for 25 years and were refunded in 1998 in the
principal amount of $7,330,000. The refunded COPs will reach final maturity on June 1,
2019. The approximate annual debt service for the Library COPs is $560,000. The
current outstanding principal balance of the refunded Library COPs is $5,570,000. U.S.
Bank Trust National Association of Los Angeles serves as Trustee and Paying Agent for
the refunded Library COPs.
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 -Tern serving as Vice - Chairperson.
Newport Beach Public Facilities Corporation
July 26, 2005
Page 2
Public Notice: Posted as required.
Funding Availability: Funds are included in the adopted budget.
Alternatives: None.
Submitted by:
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Dennis Danner
Administrative Services Director
Attachments: Agenda
Minutes of the July 13, 2004 meeting