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Public Comments
July 22, 2014
July 22, 2014, Public Facilities Corp. Agenda Comments
The following comments on items on the Newport Beach Public Facilities Corporation agenda are
submitted by: Jim Mosher (iimmosher(a�yahoo.com ), 2210 Private Road, Newport Beach 92660
(949- 548 -6229)
Front Matter
I would suggest the date on the agenda be corrected to read:
"Groundhog Da v, July 22, 2014"
for Corporate staff, perhaps still groggy from reemerging to the light of day after a year of
hibernation, has recycled the previous year's PFC agenda and report, which repeats the
same mistakes made and corrected in 2013.
Under "Staff Members," the persons expected to be in attendance are incorrectly listed.
Based on the amended elections /appointments made on July 23, 2013, as reflected in
the minutes of that meeting, it should read:
"Staff Members"
"Dave Kiff, President"
"Leilani Brown, Secretary"
"Dan Matusiewicz, Treasure"*
* the correct corporate title is "Chief Financial Officer'
Item C. Election of Officers
As was the case in 2013, and as is reflected in the draft minutes of the Board's July 23,
2013, meeting, the slate of "officers" indicated on the present agenda is inconsistent with
the by -laws promulgated when the Newport Beach City Council created the Corporation
with Resolution Number 92 -21.
Specifically, as was recognized in 2013, the Board does not elect a Secretary or a
Treasurer. The City Manager is automatically serves as what is called the Corporation
President, with the City Clerk as Corporation Secretary, and the City Treasurer as Chief
Financial Officer.
Item D.1. Approval of Minutes for the July 23, 2013, Meeting
1. Page 1: Since this is a meeting of the Corporation, rather than of the City Council, I
would assume that under "Roll Call," the persons present should be listed as:
" Chairman Gardner, Council "",, r Director Petros,
Mayor PFo em Director Hill, Mayer Vice Chairman Curry,
Director Selich, er Director Henn, Director
Daigle"
July 22, 2014, Public Facilities Corp. Agenda Comments - Jim Mosher Page 2 of 2
2. Page 2, paragraph 1, last sentence: "He likened paying the COPs to paying off a
mortgage, noting that it assizes amortizes so the principal increases each year
to maintain a level debt service payment." [beyond the spelling correction, I would guess
the speaker was trying to say either "so the principal decreases each year' or "so the
amount paid towards principal increases each year. "]
Item E.2. Review of Annual Financial Report
The last sentence of the discussion states that "As of June 30, 2014, the outstanding
principal balance of the Series 2010 Certificates is $119,455,000." It would have
seemed helpful to cite the corresponding figure for the previous year, which according to
the July 23, 2013, report was $122,230,000. That reconciles with the present statement
(last page of staff report) indicating that out of $10,556,076 of expenditures in FY2014,
$2,775,000 went towards paying down principal, the remaining $7,781,076 going
towards interest and other charges.
Item F. PUBLIC COMMENTS ON NON - AGENDA ITEMS
What I believe are the Corporation's by -laws clearly state (Section 3.05,
"Organization and Annual Meeting ") that the Annual Meeting is to be held "on the
second Monday of July at 2:00 o'clock p.m." 6:00 p.m. on the fourth Tuesday does
not seem to me the same as 2:00 p.m. on the second Monday.
2. They also say the annual and regular meetings can be held without notice, which
seems inconsistent with the promise to uphold the Brown Act in Section 3.11.
3. This suggests the Board may, at a future meeting, wish to review its 22 year old by-
laws.