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HomeMy WebLinkAbout1985-03-27HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION MINUTES Meeting of March 27, 1985 The Regular Meeting of the Board of Directors of the Huntington Beach Public Facilities Corporation was called to order by President Nowlin at the City of Huntington Beach Corporation Yard, Huntington Beach, California at 3:05 p.m. on March 27, 1985. There were present from the Board: Houseal Nowlin Teixeira Wamhoff Absent: Sapp Also attending: Peter Green, Councilman Dan Villella, Financial Operations Administrator Donald W. Kiser, Assistant Secretary The meeting was called to order by President Nowlin. Roll call was taken as recorded above. The January 30, 1985 Minutes were approved as presented. Motions were made and seconded to approve the December 1984, January and February 1985 Treasurer's Reports. After some discussion, the motions carried. Next on the agenda, the City Council Funding Request for Civic Center and Central Library Improvements. Mr. Nowlin vacated the Chair of Presidency to Vice -President Teixeira in order to speak on the above item. He stated the Board Members were approved to manage the affairs of the Public Facilities Corporation, and their prime responsibility is servicing the debt incurred in the building of the facilities and fulfilling the position of landlord. Mr. Nowlin then made a motion that the request for funding made by the City Council in the amount of $663,400 be denied. The motion was seconded by Mr. Wamhoff. Mrs. Houseal felt perhaps the. P.F.C. surplus funds should be returned to the City by way of returning the City's rent. These funds could then be entered in to the General Fund. Thereby, the elected officials could then use the funds as they wished. Mr. Wamhoff was in favor of relieving the P.F.C. bonds early, thereby ful- filling the Board Members obligation to the City. Then the P.F.C. would have served its purpose. Mrs. Houseal felt the bonds should not be retired, but should be left until they matured. Councilman Green gave a presentation on the City Council's funding request. He provided the P.F.C. Board Members with a perspective of the City's needs for the funds. The Board voted on the motion to deny the funding request for Civic Center and Central Library improvements made by the City Council. Ayes: Nowlin and Wamhoff Noes: Houseal Abstain: Teixeira Absent: Sapp The request was denied. Mr. Kiser was called upon for the Civic Center Report. He informed the Board of a small improvement project on the 5th floor. Next, the Central Library Report. On March 2, 1985, lightning struck the 400 volt transformer at the Central Library causing an electrical outage in the facility. The City replaced the transformer within the week for a cost of approximately $37,000. The library is now back in full service. Mr. Nowlin expressed his appreciation of City Council members being present at the P.F.C. meetings,but he would appreciate it more if they would remain throughout the entire meeting, instead of staying only for the items which they have a direct interest in. -2- After apologizing to the Board for being late to the meeting, Mr. Villella made the following comments. He feels the Board's first objective to be the retiring of the bonds and as Mrs. Houseal stated, it would not be a good financial move to call the bonds, but to let them mature. Thereby, the P.F.C. would have an accumulation of surplus funds to either turn over to the City at that time, or they could spread some of the surplus out between now and the time of maturity. Mr. Nowlin informed the Board he will be absent at the May 29, 1985 meeting. There being no further business, the meeting was adjourned to the next regular meeting of May 29, 1985. ACCEPTED: `1 D. L. Now i President Respectfully submitted, Mary A. enrRs Record g Secretary Mary Ell n Houseal Secretafy/Treasurer -3- Amendment to March 27, 1985 Minutes: Page 2, second paragraph, third sentence: Mrs. Houseal felt the bonds should not be retired, but should be left until they matured because of favorable interest rates.