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CITY OF NEWPORT BEACH
PUBLIC FACILITIES CORPORATION
ANNUAL MEETING NOTICE
AGENDA
1. Election of Officers
Tuesday, July 10, 2007
4:00 p.m.
City Council Chambers
3300 Newport Blvd.
Newport Beach, CA 92663
• Mayor
Mayor Pro Tem
Council Members
City Manager
Administrative Services Director
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Chairperson of the Corporation
Vice- Chairperson of the Corporation
Corporation's Board of Directors
Corporation's Secretary
Corporation's Treasurer
2. Approval of Minutes from the meeting of July 11, 2006
3. Receive, discuss as necessary; and file Corporation's Financial Report from the
Authority's Treasurer
4. Public Comments
5. Adjournment
• CITY OF NEWPORT BEACH
CITY COUNCIL STAFF REPORT
Agenda Item No. 1 -3
July 10, 2007
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Administrative Services Department
Dennis C. Danner, Administrative Services Director (949) 6443123
ddanner@city.newport-beach.ca.us
SUBJECT: Newport Beach Public Facilities Corporation
RECOMMENDATION:
It is recommended the City Council convene the meeting of the City of Newport Beach
Public Facilities Corporation for the 2007 -08 fiscal year, elect officers, approve minutes
• of the July 11, 2006, meeting, and receive and file this brief financial report.
DISCUSSION:
Background:
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 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 $4,980,000. U.S.
Bank Trust National Association of Los Angeles serves as Trustee and Paying Agent for
the refunded Library COPs.
The Bylaws of the 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.
Newport Beach Public Facilities Corporation
July 10, 2007
Page 2
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Public Notice: Posted as required.
Funding Availability: Funds are included in the adopted budget.
Alternatives: None.
Submitted by:
De rns Danner
Administrative Services Director
Attachments: Agenda
Minutes of the July 11, 2006 meeting
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0 CITY OF NEWPORT BEACH
Public Facilities Corporation
July 11, 2006 — 3:30 p.m.
1.
CALL THE MEETING TO ORDER.
The meeting was called to order by Mayor Webb at 3:35 p.m. The roll call was as follows:
Present: Council Member Curry, Council Member Selich, Mayor Webb, Council Member
Daigle
Excused: Mayor Pro Tem Rosansky, Council Member Ridgeway, Council Member Nichols
2.
ELECTION OF OFFICERS
Motion by Council Member Selich to elect the Mayor as Chairperson of the Corporation,
the Mayor Pro Tem as 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
Administrative Services Director as the Corporation's Treasurer for the 2006 -2007 fiscal
year.
The motion carried by the following roll call vote:
Ayes: Council Member Curry, Council Member Selich, Mayor Webb, Council Member
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Daigle
Absent: Mayor Pro Tem Rosansky, Council Member Ridgeway, Council Member Nichols
S.
APPROVAL OF MINUTES FROM THE MEETING OF JULY 26, 2005.
Public Facilities Corporation Minutes
Motion by Council Member Selich to waive reading of subject minutes, approve as
written and order filed.
The motion failed by the following roll call vote:
Ayes: Council Member Selich, Mayor Webb, Council Member Daigle
Abstain: Council Member Curry
Absent: Mayor Pro Tem Rosansky, Council Member Ridgeway, Council Member Nichols
Council Member Nichols arrived at 3:40 p.m.
The motion carried by the following roll call vote:
Ayes: Council Member Selich, Mayor Webb, Council Member Daigle, Council Member
Nichols
Abstain: Council Member Curry
Absent: Mayor Pro Tem Rosansky, Council Member Ridgeway
4.
NEWPORT BEACH PUBLIC FACILITIES CORPORATION FINANCIAL REPORT.
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Corporate Treasurer Danner provided a background of the Public Facilities Corporation •
and a staff report, and responded to questions.
Motion by Council Member Selich to receive and file the Financial Report.
The motion carried by the following roll call vote:
Ayes: Council Member Curry, Council Member Selich, Mayor Webb, Council Member
Daigle, Council Member Nichols
Absent: Mayor Pro Tem Rosansky, Council Member Ridgeway
5. PUBLIC COMMENTS
Dolores Otting noted how much the Central Library has cost the City. She stated that the
City has about $12 million and suggested paying cash for new fire stations instead of
financing them.
6. ADJOURNMENT - 5:45 p.m.
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