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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: Yzh')P'��� LAVONNE HARKLESS City Clerk r 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) �U6X,L,07 Wg,4, City Clerk Newport Beach, California