HomeMy WebLinkAbout07/24/2012 Public FacilitesCity Council Minutes
Newport Beach Public Facilities Corporation
July 24, 2012 — 4:30 p.m.
1. ROLL CALL
Present: Council Member Hill, Mayor Pro Tem Curry, Mayor Gardner, Council Member Selich,
Council Member Henn, Council Member Daigle
Excused: Council Member Rosansky
2. ELECTION OF OFFICERS
Motion by Mayor Pro Tern Curry, seconded by Council Member Selich to to elect the Mayor
as Chairperson of the Corporation, the Mayor Pro Tam 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 2012 -2013 fiscal year.
The motion carried by the following roll call vote:
Ayes: Council Member Hill, Mayor Pro Tom Curry, Mayor Gardner, Council Member Selich,
Council Member Henn, Council Member Daigle
Absent: Council Member Rosansky
3. APPROVAL OF MINUTES FOR THE MEETING OF JULY 12, 2011
Motion by Vice - Chairperson Curry, seconded by Board of Director Selich to waive reading
of the subject minutes, approve as written, and order filed.
The motion carried by the following roll call vote:
Ayes: Board of Directors Hill, Selich, Henn, and Daigle; Vice - Chairperson Curry; and Chairperson
Gardner
Absent: Board of Director Rosansky
4. NEWPORT BEACH PUBLIC FACILITIES CORPORATION (NBPFC)
FINANCIAL REPORT
Corporation Treasurer McCraner reported that the only outstanding NBPFC bonds are the Civic
Center bonds which were issued in November 2010. Additionally, the financial information in the
staff report indicated the current year's activities; the net debt service on the bonds, which was
about $7.1 million; and that all Federal subsidies have been received by the City. The bonds were
funded by lease revenue payments from the City and have an outstanding principal balance of
$124,920,000 as of June 30, 2012.
Jim Mosher noted that the City borrowed money to finance the new Civic Center, reviewed
how much has been paid on the debt, and asked when the debt will be paid off. Corporation
Treasurer McCraner reported that the bonds are scheduled to be paid off in July 2040.
In response to Board of Director Daigle's question regarding the Library Bonds, Corporation
Treasurer McCraner indicated that approximately $4 million in the Library bonds were refunded
with the Civic Center Certificates of Participation (COP), and bonds received for the refunding
portion will be paid according to the same schedule as the Library bonds, ending in 2019, Board of
Director Henn clarified that it was a defeasance. Treasurer McCraner stated that the Library bonds
were prepaid by the City in an escrow account and are no longer on the City's debt schedule.
5. PUBLIC COMMENTS ON NON AGENDA ITEMS - None
6. ADOURNMENT - 4:35 p.m
The agenda for the Newport Beach Public Facilities Corporation was posted on July 19,
2012, at 4:45 p.rn on the City hall Bulletin Board located outside of the City of Newport
Beach Administration Building.
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City Clerk