HomeMy WebLinkAbout12/21/1993 - Adjourned Regular MeetingCOUNCIL MEMBERS
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ROLL CRLL
Present x x x x
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CITY OF NEWPORT BEACH
MINUTES
C' ADJOURNED COUNCIL MEETING
°f PLACE: Council Chambers
TIME: 3:00 P.M.
DATE: December 21, 1993
Motion x
Ayes x x x x x
Noes x
Motion
All Ayes
x
INDEX
Report from the Finance Director
UrounawaL
regarding GROUNDWATER PROJECT FINANCING,
Financing
and proposed Ordinance No. 93 -29, being,
Ord 93 -29
(89)
AN ORDINANCE OF THE CITY COUNCIL
OF THE CITY OF NEWPORT BEACH
ADDING CHAPTER 3.27 TO TITLE 3 OF
THE NEWPORT BEACH MUNICIPAL CODE
ESTABLISHING THE PROCEDURE FOR
ISSUANCE OF REVENUE BONDS.
It was noted that on December 13, 1993
the City Council approved proceeding
with bond financing for the Groundwater
Project. In addition, the Council
approved hiring the law firm of
Stradling, Yocca, Carlson and Rauth to
act as Bond Counsel, and the firm of
Meridian Trust Company to act as
registrar, paying agent, and trustee for
the issue. The staff has been advised
by bond counsel that to proceed with the
bond issue, the City Council must adopt
an enabling ordinance for the sale of
Water Revenue Bonds, and therefore, it
is recommended the proposed ordinance be
introduced and passed to second reading
on January 10, 1994.
Hearing no further comments, motion was
made by Council Member Cox to introduce
Ordinance No. 93 -29, and refer this
matter to the Utilities Committee for
final determination of the total amount
of the bond issue, and pass to second
reading on January 10, 1994.
Report from Utilities Director ight -ot-
concerning RICHT -OF -ENTRY AGREEMENT WITH ntry Agmt/
ARMSTRONG PETROLEUM AND RANCHO SANTIAGO tilities
PARTNERSHIP - UTILITIES YARD EXPANSION and Expnsn
PROJECT. _ ---•
It was noted that as part of the City's
Groundwater Development Project, it is
necessary to acquire additional property
adjacent to the Utilities Yard on 16th
Street. This property is currently
owned by a partnership that includes
Armstrong Petroleum and Mobil Oil
Corporation. The subject agreement
allows the City to enter onto the
property adjacent to the Utilities Yard
to perform work and construct
improvements. Additionally, the
agreement is necessary to perform work
under the contract for temporary grading
and surcharge earthwork approved by the
Council at their last meeting.
Following discussion, motion was made by
Council Member Sansone to approve the
subject agreement and authorize the
Mayor and City Clerk to execute.
Volume 47 - Page 357
CITY OF NEWPORT BEACH
COUNCIL MEMBERS
ROLL CHLL December 21, 1993
Je
3. COUNCIL POLICY MANUAL REVIEW.
AT THIS TIME (3:15 P.M.), THE MEETING
ADJOURNED TO STUDY SESSION TO REVIEW
COUNCIL POLICY REVISIONS, FOLLOWED BY A
CLOSED SESSION AT 5:40 P.M. TO REVIEW
POSSIBLE PROPERTY ACQUISITION.
The meeting reconvened at 5:50 p.m., with no
action taken, and was immediately adjourned.
myr *mermxrerxx�rar*
The agenda for this meeting was posted
on December 17, 1993, at 4:16 p.m., on
the City Hall Bulletin Board located
outside of the City of Newport Beach
Administration Building.
yor
Volume 47 - Page 358
MINUTES
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