HomeMy WebLinkAbout0 - PFCANNUAL MEETING NOTICE
Tuesday, July 13, 2004
5:00 p.m.
City Council Chambers
3300 Newport Blvd.
Newport Beach, CA 92663
AGENDA
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Election of Officers
Mayor
Mayor Pro Tern
Council Members
City Manager
Administrative Services Director
Chairperson of the Authority
Vice - Chairperson of the Authority
Authority's Board of Directors
Authority's Secretary
Authority's Treasurer
Approval of Minutes from the meeting of July 8, 2003
Receive, discuss as necessary, and file Authority's Financial Report from the Authority's
Treasurer
Public Comments
Adjournment
corp.agenda
CITY OF NEWPORT BEACH
CITY COUNCIL STAFF REPORT
July 13, 2004
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 Authority
RECOMMENDATION:
It is recommended the City Council convene the meeting of the City of Newport Beach
Public Facilities Authority for the 2004 -05 fiscal year, elect officers, approve minutes of
the July 8, 2003, meeting, and receive and file this brief financial report.
DISCUSSION:
Background:
The City of Newport Beach Public Facilities Authority was originally formed to sell the
Cannery Village Certificates of Participation (COPs) for the acquisition and construction
of the Cannery Village Parking Lot. The Authority'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 $5,845,000. U.S.
Bank Trust National Association of Los Angeles serves as Trustee and Paying Agent for
the refunded Library COPs.
The Bylaws of the Authority 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.
Newport Beach Public Facilities Authority
July 13, 2004
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 8, 2003 meeting