HomeMy WebLinkAbout2002-75 - Robinson-Skinner Annuity AgreementRESOLUTION 2002- 75
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NEWPORT BEACH AUTHORIZING THE CITY
TO ENTER INTO A MEMORANDUM OF AGREEMENT WITH THE
CALIFORNIA REGIONAL WATER QUALITY CONTROL BOARD,
SANTA ANA REGION, REGARDING THE ROBINSON-SKINNER ANNUITY
WHEREAS, Newport Bay is a vital and important ecological and recreational
resource to the residents of and visitors to Newport Beach; and
WHEREAS, Newport Bay is water quality limited as defined by Section 303(d)
of the federal Clean Water Act; and
WHEREAS, these impairments include sediment, nutrients, fecal coliform
bacteria, and toxic materials; and
WHEREAS, the City of Newport Beach is an active participant in the
Watershed Executive Committee and the Watershed Management Committee,
two entities which collectively manage and administer plans called Total
Maximum Daily Loads which are intended to restore Newport Bay's water quality;
and
WHEREAS, the California Regional Water Quality Control Board, Santa Ana
Region intends to transfer up to $3.8 million to the City to hold in trust in an
annuity fund called the Robinson - Skinner Annuity, also known as the Newport
Bay Maintenance Dredging and Total Maximum Daily Load Compliance Account;
and
WHEREAS, interest revenue from the Account will be used according to
standards and guidelines described in a Memorandum of Agreement executed
by the Mayor and the Board upon adoption of resolutions authorizing the
execution of the MOA; and
WHEREAS, the Fund shall be invested prudently and in accordance with
investment practices approved by the State Water Resources Control Board, the
City, and the Regional Board within the aforementioned MOA; and
WHEREAS, the City Council, on April 9, 2002, adopted Resolution 2002 -31
authorizing the creation of the Account and the Citys acceptance of the
responsibility to administer the Account properly and prudently; now, therefore be
it
RESOLVED by the City Council of the City of Newport Beach that it hereby
authorizes the Mayor to execute a Memorandum of Agreement with the
California Regional Water Quality Control Board, Santa Ana Region, for the
purposes of administering the Robinson - Skinner Annuity.
ADOPTED this 12"' day of November, 2002.
ATTEST:
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LAVONNE HARKLESS
City Clerk
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TOD W. RIDGE Y
Mayor
STATE OF CALIFORNIA }
COUNTY OF ORANGE } ss.
CITY OF NEWPORT BEACH }
I, LaVonne M. Harkless, City Clerk of the City of Newport Beach, California, do
hereby certify that the whole number of members of the City Council is seven; that the foregoing
resolution, being Resolution No. 2002 -75 was duly and regularly introduced before and adopted by
the City Council of said City at a regular meeting of said Council, duly and regularly held on the 12th
day of November, 2002, and that the same was so passed and adopted by the following vote, to wit:
Ayes: Heffernan, O'Neil, Bromberg, Glover, Proctor, Mayor Ridgeway
Noes: None
Absent: Adams
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
official seal of said City this 13th day of November, 2002.
(Seal)
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City Clerk
Newport Beach, California