HomeMy WebLinkAbout07/12/2011 - Public FacilitesCITY OF NEWPORT BEACH
City Council Minutes
Newport Beach Public Facilities Corporation
July 12, 2011 -- 4:00 p.m.
1. ROLL CALL - 4:00 p.m.
Present: Council Member Hill, Mayor Pro Tem Gardner, Mayor Henn, Council Member
Selich, Council Member Curry, Council Member Daigle
Excused: Council Member Rosansky
Council Member Rosansky arrived at 4:05 p.m.
2. ELECTION OF OFFICERS
Motion by Council Member Curry, seconded by Council Member Selich 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 Finance Director as the Corporation's Treasurer for
the 2011 -2012 fiscal year.
The motion carried by the following roll call vote:
Ayes: Council Member Hill, Council Member Rosansky, Mayor Pro Tem Gardner, Mayor
Henn, Council Member Selich, Council Member Curry, Council Member Daigle
3. APPROVAL OF MINUTES FROM THE MEETINGS OF JULY 27 2010 AND
NOVEMBER 9, 2010
Motion by Corporation Board of Director Curry, seconded by Corporation Board
of Director Selich, to waive reading of the subject minutes, approve as written, and order
filed.
Aves: Board of Directors Rosansky, Selich, Curry, Daigle; Vice - Chairperson Gardner; and
Chairperson Henn
Abstain: Board of Director Hill
4. NEWPORT BEACH PUBLIC FACILITIES CORPORATION FINANCIAL REPORT
Corporation Treasurer McCraner provided a staff report to discuss the Central Library
Certificates of Parcipation (COPS), the issuance of the COPS to finance the Civic Center
Project, and the outstanding principal balances.
In response to Council Member Hill's questions, Corporation Secretary Kiff explained why
the term acquisition might have been used relative to the Civic Center Project, but stated
that the property belongs to the City. Corporation Treasurer McCraner explained that the
balance sheet only lists current year activities for the bond funds.
James Mosher suggested that the report include how funding through the Corporation
compares to the cost to the taxpayers if the same facilities were financed through a voter -
approved bond.
Corporation Board of Director Curry reported that the use of COPS dates back to 1976
in California. He stated that using General Obligation Bonds would be cheaper but includes
the authority to levy a tax for the debt. He emphasized that the City did not see a need to
levy a tax and decided to utilize COPS in order to not raise taxes.
Motion by Corporation Board of Director Curry. seconded by Corporation Board
of Director Selich, to receive and file the Newport Beach Public Facilities Corporporation
Financial Report.
Ayes: Board of Directors Hill, Rosansky, Selich, Curry, Daigle; Vice - Chairperson Gardner;
and Chairperson Henn
5. PUBLIC COMMENTS - None
6. ADJOURNMENT - 4:07 p.m.
The agenda for the Newport Beach Public Facilities Corporation was posted on
July 7, 2011, at 2 :10 p.m. on the City Hall Bulletin Board located outside of the City
of Newport Beach Administration Building.
City Clerk
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Recording Secretary
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Mayor