HomeMy WebLinkAboutPUBLIC FACILITIES CORPORATION - PFC - Use of PFC Funds for CREQUEST FOR CITY COUNCIL ACTION
December 21, 1992
Date
Submitted to: The Honorable Mayor and City Council
Submitted by: Michael T. Uberuaga, City Ad s rator
Prepared by: Ron Hayden, Director, Librar ces
Subject: REIMBURSEMENT OF $100,000 FROM BLIC FACILITIES
CORPORATION TO CITY AjjjROVED BY CITY COUNCIL !
Consistent with Council Policy? [ ] Yes [ ] New Policy or Excepti n _ e
Statement of Issue, Recommendation, Analysis, Funding Source, Alternative'Acti s ": 1 3
STATEMENT OF ISSUE:
The Huntington Beach Public Facilities Corporation has non committed
funds in the amount of $100,000 which can be used for the Library
Expansion.
RECOMMENDATION:
Request that the Huntington Beach Public Facilities Corporation
reimburse to the City $100,000 and appropriate these funds into the
Library Service Fund Account #LX391903 to be used for the Library
Expansion furniture and equipment
ANALYSIS
The Public Facilities Corporation has already reimbursed to the City
$1,900,000 which was used for the Library Expansion. The Public
Facilities Corporation Treasurer's Report indicates that they have
non committed funds in the amount of $105,034.36 as of September 30,
1992. At their board meeting of October 28, 1992, the board suggested
that the City Council request the Public Facilities Corporation board
to reimburse these funds to the city. It was suggested that these
funds be used for the library expansion for furniture and equipment.
The current construction does not include all furnishings and
equipment. These funds will be important to acquire certain items
such as computers, books, study tables, and other items to assure that
the library is completed. If the City Council concurs with the staff
recommendation, the Public Facilities Corporation Board is expected to
take action at their January 27, 1993 meeting.
Council established a Library Service Fund for funds designated to the
Library Expansion Project. These reimbursed funds would be placed
into that account.
FUNDING SOURCE
None required.
ALTERNATIVE ACTIONS
Do not ask Public Facilities Corporation for funds.
ATTACHMENTS y
None.
MTU:RH:gc
PIO 5/85
REQUEST FOR CITY COUNCIL ACTIO; .
Date October 1, 1990
Submitted to: Honorable Mayor and City Council
Submitted by: Michael T. Uberuaga, City Administrator
Prepared by: Robert J. Franz, Deputy City Administrator
Subject: Excess Public Facility Corporation Funds APPROVED IftCITY,1601UNCE
Consistent with Council Policy? [X] Yes [ ] New Policy or Excep
di CITY CLERKn
Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attac ments:
Statement of Issue: At the last Public Facilities Corporation Meeting, the Board discussed the
possibility of returning to the City an excess accumulation of funds primarily derived from City lease
payments.
Recommendation: Request that the Public Facilities Corporation provide available excess funds to
the City. -- e
Analysis: The Public Facilities Corporation has accumulated a surplus of approximately one-half
million dollars. Pursuant to Section 504 of the Bond Indenture, after required transfers and deposits
have been made, the balance in the Bond Redemption Fund can be declared surplus and upon receipt
of a resolution of the Board of Directors of the Corporation, the funds can be used for the following
purposes; 1) to purchase PFC bonds on the open market, 2) to call bonds for redemption prior to their
maturity, 3) to reimburse the City for any rent previously paid. Public Facilities Corporation is
desirous of pursuing the last option.The Board of Directors has requested that the City Council
formally request the excess funds from the Public Facilities Corporation. They recognize that the
City wants to expand the Library and would want the returned rent to be used for that purpose.
However, rent returned to the City is General Fund revenue. The City Council is the body which
decides how these funds will be used. Previously when funds were returned, the City Council decided
to receive the funds within the General Fund and reserve_ a portion of that fund in a like amount for
Library expenditures.
In addition, the Public Facilities Corporation has expressed its interest in cooperating with the City to
complete the Library expansion. The Public Facilities Corporation requests that the City Council
asks for their concurrence in any future Central Library construction projects.
Funding Source: Not applicable.
Alternative Actions:
1. Express desire of receiving funds without sending letter.
2. Do not request funds at this time.
3. Direct alterations to the letter.
Attachment:
1. Letter to the City from the Public Facilities Corporation dated September 11, 19910 \,•
2. Letter to the City Administrator from the Library Director dated July 26, 1990
5414j
No 5/85
��PGH PUBL/c�'9�
Huntington Beach Public Facilities Corporation
L7 INCPRPORATEO rn 2000 Main Street • Post Office Box 190 • Huntington Beach, California 92648
Z NOVEM" 27,1970 CO)
~Z OA
September 11, 1990
Robert J. Franz
Deputy City Administrator
CITY OF HUNTINGTON BEACH
2000 Main Street
Huntington Beach, California 92648
Dear Mr. Franz:
Attached is a copy of the minutes of the last Public Facilities Corporation Meeting. The
Public Facilities Corporation has been discussing authorizing the return of approximately
$500,000 to the City at it's regular meeting of October 31, 1990.
Their desire is that this money be used towards improvements of the Library. Page 3 of
the minutes shows that they directed that I request the City to send a letter to the PFC
requesting available funds to be returned to the City and be dedicated to Library
construction. In addition, they would like for the City to request their concurrence as to
proceeding with the plans to construct any addition to the Library.
Please advise as to how these matters'should be approached.
Sincerely,
CSC
DAN T. VILLELLA
Assistant Secretary, H.B.P.F.C.
DTV:skd
Attachment
5407j
FCITY OF HUNTINGTON BEACH
INTER -DEPARTMENT COMMUNICATION cp
HUNTINGTON BEACH
J O
To Michael T. " Uberuaga From Ron Hay
City Administrator Library ector
Subject PFC REIMBURSEMENT Date July 26, 19 0
On July 25, 1990, the Public Facilities Corporation conditionally
agreed to relinquish to the City approximately-$500,000 at their
October 31, 1990 meeting. They requested Dan Villella, PFC
Secretary, to pursue with City Administration two conditions:
(1) City Council officially request the reserve funds from PFC
to be used for the Library Expansion.
(2) Ask for the PFC's concurrence in the construction of the
project. (Construction cannot commence without PFC approval
as per Library Lease and Sublease, Section 8, attached.)
The PFC expressed its interest in cooperating with the City to
complete the Library Expansion.
RH:gc
xc: Jim Engle
Attachment: Library Lease and Sublease, Section 8
Jt1L 3 0 1990
WFIGE
LIBRARY LEASE AND SUBLEASE
Dated as of September I, 1972
"Section 8. Changes after Completion. The City shall not make any changes or
alterations in the Facilities and shall not make any additions thereto except with the
written consent of the Corporation and upon such terms as may then be agreed upon. This
shall not prevent the City, without obtaining the Corporation's consent, from temporarily
affixing personal property to the Facilities, provided the City shall repair any damage
thereto when such property is removed."
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