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HomeMy WebLinkAbout0 - PFCCITY OF NEWPORT BEACH PUBLIC FACILITIES AUTHORITY ANNUAL MEETING NOTICE Tuesday, July 24, 2001 4:30 p.m. City Council Chambers 3300 Newport Blvd. Newport Beach, CA 92663 AGENDA 1 2 3 0 Election of Officers Mayor Mayor Pro Tern Council Members City Manager Administrative Services Director Chairperson of the Authority Vice - Chairperson of the Authority Authority's Board of Directors Authority's Secretary Authority's Treasurer Receive, discuss as necessary, and file Authority's Financial Report from the Authority's Treasurer. Public Comments Adjournment corp.agenda CITY OF NEWPORT BEACH ADMINISTRATIVE SERVICES DEPARTMENT Resource Management Division July 24, 2001 TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: Dennis Danner, Administrative Services Director ,00- SUBJECT NEWPORT BEACH PUBLIC FACILITIES AUTHORITY DISCUSSION: The City of Newport Beach Public Facilities Authority was originally formed to sell the Cannery Village Certificates of Participation (COPS) for the acquisition and construction of the Cannery Village Parking Lot. The Authority'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 $6,610,000. U. S. Bank Trust National Association of Los Angeles serves as Trustee and Paying Agent for the refunded Library COPS. The Bylaws of the Authority 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. RECOMMENDATION: It is recommended the City Council convene the meeting of the City of Newport Beach Public Facilities Authority for the 2001 -02 fiscal year, elect officers, and receive and file this brief financial report. CORP.DOC 06/07/95 4:44 PM