HomeMy WebLinkAbout2002-31 - Robinson-Skinner AnnuityRESOLUTION 2002- 31
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NEWPORT BEACH
ACCEPTING FUNDS FROM THE CALIFORNIA REGIONAL
WATER QUALITY CONTROL BOARD, SANTA ANA REGION
AND ESTABLISHING 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 has remained a vital and important ecological
resource thanks in large part to the long -time and extensive efforts of Frank and
Fran Robinson and Jack and Nancy Skinner; and
WHEREAS, Newport Bay is listed as an impaired water body under 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 ( "TMDLs ") which are intended to eliminate these
impairments; and
WHEREAS, the California Regional Water Quality Control Board, Santa Ana
Region, will consider an action that will transfer up to $3.8 million to the City to
hold in trust in an annuity, also known as a Permanent Fund, that shall be used
for the sole purpose of Newport Bay maintenance dredging and TMDL
compliance; and
WHEREAS, interest revenue and principal from the Annuity will be spent
and apportioned according to standards and guidelines described in a
Memorandum of Understanding to be executed upon Board and City adoption
of resolutions authorizing the revenue transfer and the Annuity's establishment;
and
WHEREAS, the MOU shall describe that the Watershed Management
Committee and the Watershed Executive Committee shall advise the City and
the Regional Board in the apportionment of revenue from the Annuity, but that
ultimate decision - making authority for the Annuity's expenditures shall rest with
the City Council and the Regional Board; and
WHEREAS, the Annuity 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 MOU; now, therefore be
it
RESOLVED by the City Council of the City of Newport Beach that it
hereby expresses its intent to accept the transfer of up to $3.8 million in funds
from the Regional Board; and be it also
RESOLVED by the City Council of the City of Newport Beach that it hereby
creates a fund within the City's Organization Structure that shall be entitled the
"Robinson- Skinner Annuity" whose revenue shall be used for the sole purpose of
funding Newport Bay maintenance dredging and TMDL compliance; and be it
also
RESOLVED by the City Council of the City of Newport Beach that it hereby
declares that it shall invest the Fund and expend revenue from the Fund in the
manner described in a Memorandum of Understanding between the California
Regional Water Quality Control Board, Santa Ana Region, and the City.
ADOPTED this 9th day of April, 2002.
ATTEST:
r
City Clerk
TOD W. RIDGE
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 -31 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 9th
day of April, 2002, and that the same was so passed and adopted by the following vote, to wit:
Ayes: Heffernan, O'Neil, Bromberg, Glover, Adams, Proctor, Mayor Ridgeway
Noes: None
Absent: None
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
official seal of said City this 10th day of April, 2002.
(Seal)
C-2�119-ln 41t,'/�
City Clerk
Newport Beach, California