HomeMy WebLinkAbout0 - PFCCITY OF NEWPORT BEACH
PUBLIC FACILITIES AUTHORITY
ANNUAL MEETING NOTICE
Tuesday, July 24, 2001
4:30 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
Receive, discuss as necessary, and file Authority's Financial Report from the Authority's
Treasurer.
Public Comments
Adjournment
corp.agenda
CITY OF NEWPORT BEACH
ADMINISTRATIVE SERVICES DEPARTMENT
Resource Management Division
July 24, 2001
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Dennis Danner, Administrative Services Director ,00-
SUBJECT NEWPORT BEACH PUBLIC FACILITIES AUTHORITY
DISCUSSION:
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 $6,610,000. 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.
RECOMMENDATION:
It is recommended the City Council convene the meeting of the City of Newport Beach Public
Facilities Authority for the 2001 -02 fiscal year, elect officers, and receive and file this brief
financial report.
CORP.DOC 06/07/95 4:44 PM