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Home My WebLink About0 -PFCCITY OF NEWPORT BEACH ADMINISTRATIVE SERVICES DEPARTMENT Resource Management Division July 28, 1997 TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: Dennis Danner, Administrative Services Director SUBJECT NEWPORT BEACH PUBLIC FACILITIES CORPORATION DISCUSSION: 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 Library COPS were issued for 25 years and will reach final maturity on June 1, 2019. The approximate annual debt service for the Library COPS is $580,000. The current outstanding principal balance of the Library COPS is $6,940,000. Bank of New York serves as Trustee and Paying Agent for the Library COPs, taking over this role from Bank of America which sold its trust unit this past year. 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. RECOMMENDATION: It is recommended the City Council convenes the meeting of the City of Newport Beach Public Facilities Corporation for the 1997 -98 fiscal year, elect officers, and receive and file this brief financial report. CORP.DOC 06/07/95 4:44 PTNr NEWPORT BEACH PUBLIC FACILITIES CORPORATION AGENDA July 28, 1997 Council Chambers 5:00 p.m. 11 'U-, 2 8 1. Call the meeting to order. The meeting will be called to order by Board. 2. Election of Officers. The Chairperson of the board shall call for Election of the Officers of the Board. Normally, the Mayor will serve as Chairperson and the Mayor Pro-Tem will serve as Vice- Chairperson. The City Manager normally serves as the Secretary to the Board and the Administrative Services Director normally serves as the Treasurer of the Corporation. 3. Financial Report by the Treasurer of the Corporation. The Treasurer will give a brief financial report on the activities of the Corporation. 4. Adjourn.