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July 22, 2014
PFC Agenda Item No. 1
CITY OF NEWPORT BEACH
City Council Minutes
Newport Beach Public Facilities Corporation
July 23, 2013
ROLL CALL – 4:30 p.m.
Present: Council Member Gardner, Council Member Petros, Mayor Pro Tem Hill, Mayor Curry,
Council Member Selich, Council Member Henn, Council Member Daigle
ELECTION OF OFFICERS
Jim Mosher indicated that the Newport Beach Public Facilities
City Manager is the Corporation's President and the City Clex
Attorney Harp indicated that these changes are appropriate toy;
Chairperson of the Corporation, the Mayor Pro Tem6As
Council Members as the Corporation's Board of Di
President, the City Clerk as the Corporation's Secretary,
Treasurer for the 2013 -2014 fiscal year.
Director Gardner,
Chairman Hill, Ch.
Ayes: Director Gardner, Director Pe
Chairman Hill, Chairman Curry
.)oration's By -Laws state that the
the Corporation's Secretary. City
Henn, to elect the Mayor as
-0h person of the Corporation, the
CAY-I' Manager as the Corporation's
Finance Director as the Corporation's
Henn, Director Daigle, Vice
to waive reading of the subject minutes,
Henn, Director Daigle, Vice
4. NEWPORT BEACH PUBLIC FACILITIES CORPORATION FINANCIAL REPORT
Corporation Treasurer Matusiewicz noted that the staff report includes a detailed financial report and
explains the purpose of the Corporation.
Motion by Director Henn, seconded by Director Petros, to receive and file.
Jim Mosher discussed why he believes the Corporation was created, believed that the City is spending
more money paying back the Certificates of Participation (COPs) over time than paying them off
immediately, referenced the Study Session item relative to the Facilities Financial Planning Program
(FFPP), and suggested using the City's reserve funds or other funds to pay back the bonds in full sooner
than later.
City of Newport Beach
Newport Beach Public Facilities Corporation
July 23, 2013
Chairman Curry clarified that general obligation bonds require a vote of the people because they have
the full taxing power and authority of the City, and appears as a tax on the property tax bill. He
emphasized that the City chose not to raise taxes to finance the Civic Center and Park Project. He noted
that most counties and cities, including Newport Beach, choose to use COPS to finance public facilities.
He likened paying the COPS to paying off a mortgage, noting that it ammortizes so the principal
increases each year to maintain a level debt service payment.
The motion carried by the following roll call vote:
Ayes: Director Gardner, Director Petros, Director Selich, Director Henn, Director Daigle, Vice
Chairman Hill, Chairman Curry
5. PUBLIC COMMENTS — None
6. ADJOURNMENT - 4:39 p.m
The agenda for the Newport Beach Public Facilities Co
at 4:07 p.m. on the City's website; on July 19, 2013, at
Secretary
Chairman
was posted on July 18, 2013,
on the City Hall Electronic
imbers at 100 Civic Center
ader located in the entrance