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RESOLUTION NO. 2006- 13 <br />A RESOLUTION OF THE CITY COUNCIL OF <br />NEWPORT BEACH, CALIFORNIA <br />ESTABLISHING A FACILITIES FINANCE REVIEW COMMITTEE <br />WHEREAS, the City Council has had under consideration the construction <br />of a civic center project, consisting of a new city hall, a replacement fire station <br />and a parking garage; and <br />WHEREAS, the City staff was working with a financial team for the <br />issuance of Certificates of Participation (GOP's) as the project's financing <br />instrument; and <br />WHEREAS, concerns have been expressed in the community as to <br />whether COP's are the proper financing mechanism for this project and whether <br />the City can afford this type of debt financing. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of City of <br />Newport Beach as follows: <br />Section 1. The Facilities Finance Review Committee is hereby <br />established. <br />Section 2. The Commission shall consist of seven to eleven (7 -11) <br />residents, appointed by the City Council and three (3) Ad- <br />Hoc City Council Members, appointed by the Mayor. <br />Section 3. The Mission Statement of the committee states: "after <br />reviewing the 20 year facility needs of the City and the City's <br />financial capacity to meet those needs, make <br />recommendations to the City Council on financing, budgeting <br />and revenue methods which will allow those needs to best <br />be addressed for the continuation of high quality City <br />services to meet the community's needs." <br />Section 4. PROCESS: <br />A. All Committee meetings are to be open to the public. <br />Public comments and questions are allowed to be heard <br />during each meeting, at the discretion of the Committee's <br />Chair, as long as they do not hinder the Committee in <br />making effective use of its time. <br />