HomeMy WebLinkAbout1971-01-214
C14 OF HUNTINGTON BEACH
January 21, 1971, 3:30 P.M.
Administrative Annex
A meeting of the nominees for directors of the Huntington Beach
Public Facilities Corporation was held for the purpose of informing
the nominees of the duties and responsibilities of the directors and
to answer Questions in reference to the corporation. Nominees present
were:
William D. Armstrong R. Dudley Boyce
Larry L. Curran William Ritter
Darrell Ward
Members of the city staff present:
Doyle Miller Brander Castle
Bill Reed Don Bonfa
Tom Severns.
and from O'Melveny and Myers,
Stephen J. Stern (president.of the Huntington
Beach Public Facilities Corporation)
Mr. Miller informed the nominees of the purpose of the corporation;
to finance the design and construction of a library, city hall and
police facility in the approximate amowht of ill -S million.
Mr. Stern stated that the Board of Directors of- the corporation will
be subject to the Brown Act.
An organizational meeting of the corporation will be held in the
Administrative Annex, Tuesday, January.26, at J A.M. The existing
directors, now made up of members of the staff of O'lelveny and
Myers will resign and the nominees will. be appointed directors.
A time and place for regular meetings of the hoard will he established.
Mr. Stern then explained the following:
The various documents of the corporation, 1) Articles of
Incorporation, 2) Bylaws; 3) 1ndenture of Mortg +.� e fi Deed of
Trust 4) Leak and Sublease.;
The board will not h�indle arid= funds of the corporation. All
monies will. be deposited to the trustee. The trustee will be
named at the January 20 mec.ti.ng;
The direct^rs will he provided director's liability insurance
by the corporation;
The IRS ruling relating to nrin-proFit corporations;
Examples of other public facilities constructed with this type
financing;
January 21, 1971
Page 2
Questions by various nominees concerning the corporation
and liability of directors;
That the board may wish to appoint an assistant secretary,
a member of the city staff;
Questions concerning the present state of the bond market;
The IRS and State's position with regard to non-profit
corporations;
Possessory interest;
Mr. Castle outlined the progress of the architects, Neutra for the
Library and Kurt Meyer and }Associates for the civic center.
Mr. Stern will prepare corporate minutes.
F The nominees indicated they would like to examine the architectural
renderings at the meeting next week and have a report from the staff
explaining the selection of the two architects, bond counsel and
legal counsel.
The meeting adjourned at 4:40 P.M.