HomeMy WebLinkAbout0 - PFCANNUAL MEETING NOTICE
Tuesday, July 11, 2006
3:30 p.m.
City Council Chambers
3300 Newport Blvd.
Newport Beach, CA 92663
AGENDA
1
2.
3.
4.
5.
Election of Officers
Mayor
Mayor Pro Tern
Council Members
City Manager
Administrative Services Director
Chairperson of the Corporation
Vice - Chairperson of the Corporation
Corporation's Board of Directors
Corporation's Secretary
Corporation's Treasurer
Approval of Minutes from the meeting of July 26, 2005
Receive, discuss as necessary, and file Corporation's Financial Report from the
Authority's Treasurer
Public Comments
Adjournment
corp.agenda
CITY OF NEWPORT BEACH
CITY COUNCIL STAFF REPORT
July 11, 2006
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Administrative Services Department
Dennis C. Danner, Administrative Services Director (949) 644 -3123
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 2006 -07 fiscal year, elect officers, approve minutes
of the July 26, 2005, 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 $5,280,000. 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 F _.alic Facilities Corporation
July 11, 2006
Page 2
Public Notice: Posted as required.
Funding Availability: Funds are included in the,adopted budget.
Alternatives: None.
Submitted by:
Dennis Danner
Administrative Services Director
Attachments: Agenda
Minutes of the July 26, 2005 meeting
NEWPORT BEACH PUBLIC FACILITIES CORPORATION
MINUTES
July 26, 2005
1. CALL THE MEETING TO ORDER.
The meeting was called to order by Mayor Heffernan at 4:00 p.m. The roll call was as
follows:
Present: Selich, Rosansky, Webb, Ridgeway, Daigle (arrived at 4:08 p.m.), Nichols, Mayor
Heffernan
Absent: None
2. ELECTION OF OFFICERS.
Motion by Council Member Ridgeway 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
2005 -2006 fiscal year.
The motion carried by the following roll call vote:
Ayes: Selich, Rosansky, Webb, Ridgeway, Nichols, Mayor Heffernan
Noes: None
Abstain: None
Absent: Daigle
3. APPROVAL OF MINUTES FROM THE MEETING OF JULY 13, 2004.
Motion by Mayor Pro Tem Webb to waive reading of subject minutes, approve as written
and order filed.
The motion carried by the following roll call vote:
Ayes: Rosansky, Webb, Ridgeway, Nichols, Mayor Heffernan
Noes: None
Abstain: Selich
Absent: Daigle
4. NEWPORT BEACH PUBLIC FACILITIES CORPORATION FINANCIAL REPORT.
Corporate Treasurer Dennis Danner provided the staff report on the item and responded to
questions.
Dolores Otting expressed her confusion over the various types of debt instruments used by
the City and when a vote of the public is required.
Motion by Mayor Pro Tem Webb to receive and file the Financial Report.
The motion carried by the following roll call vote:
Ayes: Selich, Rosansky, Webb, Ridgeway, Daigle, Nichols, Mayor Heffernan
Noes: None
Abstain: None
Absent: None
5. PUBLIC COMMENTS - None.
6. ADJOURNMENT - 4:18 p.m,