Public Facilities Corporation
Purpose:
The Newport Beach Public Facilities Corporation (Corporation) was created on March 9, 1992, by the City of Newport Beach (City) organized under the Nonprofit Corporation Law of the State of California. The purpose of the Corporation is to assist the City in the financing of public improvements, including a public library and most recently the new civic center project. This type of non-profit corporation is required by the Federal IRS code in order to issue a public financing instrument called a Certificate of Participation (COP). A COP is a typical California public financing instrument for public facilities or equipment. It is essentially a type of lease purchase that requires a third party for the lease transaction. The Corporation assigns all of the rights, obligations and financial transactions to others, such as the Trustee for the COP.
Authorization:
The Bylaws of the Newport Beach Public Facilities Corporation established March 9, 1992, and amended August 11, 2015.
Frequency of Meetings:
Annual meetings are held the second Tuesday of August at 4:00 p.m.
Length of Term for Members:
The City Council sits as the Board of Directors of the Corporation, with the City Manager serving as President, the City Clerk serving as Secretary, and the City Treasurer serving as Chief Financial Officer. Normally, the Mayor serves as Chairperson of the Board, with the Mayor Pro-Tem serving as Vice-Chairperson. Each Director shall hold office until the expiration of the term and a successor has been selected and has accepted the office.
Staff Liaison:
Jason Al-Imam, Finance Director jalimam@newportbeachca.gov
Staff Support:
Staff allocates approximately 15 hours per year to this corporation.
Agenda and Minutes:
- Current Agenda (Note: The Corporation meets once per year in August)
- Archived Agenda
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