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Home My WebLink About0 - PFCCITY OF NEWPORT BEACH PUBLIC FACILITIES CORPORATION ANNUAL MEETING NOTICE Tuesday, July 8, 2008 3:00 p.m. City Council Chambers 3300 Newport Blvd. Newport Beach, CA 92663 AGENDA 1 2. 3. 4. 5. Election of Officers Mayor Mayor Pro Tem 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 10, 2007 Receive, discuss as necessary, and file Corporation's Financial Report from the Authority's Treasurer Public Comments Adjournment CITY OF NEWPORT BEACH CITY COUNCIL STAFF REPORT Agenda Item No. PFc - 1 July 8, 2008 TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: Administrative Services Department Dennis C. Danner, Administrative Services Director (949) 644 -31.23 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 2008 -09 fiscal year, elect officers, approve minutes of the July 10, 2007, 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 $4,665,000. 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 Public Facilities Corporation July 8, 2008 Page 2 Public Notice: Posted as required. Funding Availability: Funds are included in the adopted budget. Alternatives: None. Submitted by: Dennis C. Danner Administrative Services Director Attachments: Agenda Minutes of the July 10, 2007 meeting CITY OF NEWPORT BEACH Public Facilities Corporation July 10, 2007 — 4.00 p.m. 1. CALL THE MEETING TO ORDER. Present: Council Member Henn, Council Member Curry, Mayor Pro Tem Selich, Mayor Rosansky, Council Member Webb, Council Member Daigle, Council Member Gardner 2. ELECTION OF OFFICERS. Motion.by...C.ouncil Member Curry to elect the Mayor as Chairperson of the Corporation, the Mayor Pro Tem 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 Administrative Services Director as the Corporation's Treasurer for the 2007 -2008 fiscal year. The motion carried by the following roll call vote: Ayes: Council Member Henn, Council Member Curry, Mayor Pro Tem Selich, Mayor Rosansky, Council Member Webb, Council Member Daigle, Council Member Gardner 3. APPROVAL OF MINUTES FROM THE MEETING OF JULY 11, 2006. Motion by Council. Member Curry to waive reading of the subject minutes, approve as written and order filed. The motion carried by the following roll call vote: Ayes: Council Member Curry, Mayor Pro Tem Selich, Mayor Rosansky, Council Member Webb, Council Member Daigle Abstain: Council Member Henn, Council Member Gardner 4. NEWPORT BEACH PUBLIC FACILITIES CORPORATION FINANCIAL REPORT. M_ otion by_ Council.Membe_r_Webb to receive and file the Financial Report. The motion carried by the following roll call vote: Ayes: Council Member Henn, Council Member Curry, Mayor Pro Tem Selich, Mayor Rosansky Council Member Webb, Council Member Daigle, Council Member Gardner 5. PUBLIC COMMENTS - None. 6. ADJOURNMENT - 4:14 p.m.