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Home My WebLink About2009-02-12 FA Regular Meeting Agenda POSTED AGENDA PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, FEBRUARY 12, 2009 CIVIC CENTER COUNCIL CHAMBER 73510 FRED WARING DRIVE, PALM DESERT, CA 92260 I. CALL TO ORDER II. ROLL CALL Reports and documents relating to each of the following items listed on the agenda are on file in the Office of the City Clerk and are available for public inspection during normal business hours, Monday - Friday, 8:00 a.m. - 5:00 p.m., 73510 Fred Waring Drive, Palm Desert, CA 92260, (760) 346-0611. III. CONSENT CALENDAR ALL MATTERS LISTED ON THE CONSENT CALENDAR ARE CONSIDERED TO BE ROUTINE AND WILL BE ENACTED BY ONE ROLL CALL VOTE. THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS MEMBERS OF THE FINANCING AUTHORITY OR AUDIENCE REQUEST SPECIFIC ITEMS BE REMOVED FROM THE CONSENT CALENDAR FOR SEPARATE DISCUSSION AND ACTION UNDER SECTION IV, CONSENT ITEMS HELD OVER, OF THE AGENDA. A. MINUTES of the Financing Authority Meeting of December 13, 2007. Rec: Approve as presented. Action: IV. CONSENT ITEMS HELD OVER V. RESOLUTIONS A. RESOLUTION NO. FA-62 - A RESOLUTION OF THE PALM DESERT FINANCING AUTHORITY, 73-510 FRED WARING DRIVE, PALM DESERT, CALIFORNIA 92260-2578, TELEPHONE: (760) 346-0611, AUTHORIZING THE INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND OF THE STATE OF CALIFORNIA (LAIF). Rec: Waive further reading and adopt. Action: POSTED AGENDA PALM DESERT FINANCING AUTHORITY MEETING FEBRUARY 12, 2009 VI. NEW BUSINESS None VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None IX. PUBLIC HEARINGS None X. REPORTS, REMARKS, AND AGENCY BOARD ITEMS REQUIRING ACTION A. CHIEF ADMINISTRATIVE OFFICER B. AUTHORITY COUNSEL C. PRESIDENT AND MEMBERS OF THE AUTHORITY XI. ORAL COMMUNICATIONS Any person wishing to discuss any item not scheduled for public hearing may address the City Council, Redevelopment Agency, Housing or Financing Authority Boards at this point by stepping to the lectern and giving his/her name and address for the record. Remarks shall be limited to a maximum of three minutes unless additional time is authorized by the City Council, Redevelopment Agency, Housing or Financing Authority Boards. Because the Brown Act does not allow the City Council, Redevelopment Agency, Housing or Financing Authority Boards to take action on items not on the Agenda, members will not enter into discussion with speakers but will instead refer the matter to staff for report and recommendation at a future City Council, Redevelopment Agency, Housing Authority, or Financing Authority meeting. XII. ADJOURNMENT I hereby certify under penalty of perjury under the laws of the State of California, that the foregoing agenda for the Palm Desert Financing Authority was posted on the City Hall bulletin board not less than 72 hours prior to the meeting. Dated this 6th day of February, 20 Rachel e D. Klassen, City Clerk 2 ni PRELIMINARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, DECEMBER 13, 2007 CIVIC CENTER COUNCIL CHAMBER 73510 FRED WARING DRIVE, PALM DESERT, CA 92260 I. CALL TO ORDER President Kelly convened the meeting at 3:00 p.m. II. ROLL CALL Present: Excused Absence: Vice President Jean M. Benson Commissioner Cindy Finerty Commissioner Jim Ferguson Commissioner Robert A. Spiegel President Richard S. Kelly Also Present: Carlos L. Ortega, City Manager/RDA Executive Director Jeffrey S. Ballinger, Assistant City Attorney Sheila R. Gilligan, ACM for Community Services Homer Croy, ACM for Development Services Justin McCarthy, ACM for Redevelopment Stephen Y. Aryan, Assistant to the City Manager Rachelle D. Klassen, City Clerk Russell Grance, Director of Building & Safety Bo Chen, City Engineer Lauri Aylaian, Director of Community Development Patrick Conlon, Director of the Office of Energy Management Paul S. Gibson, Director of Finance/City Treasurer Janet M. Moore, Director of Housing Doug Van Gelder, Director of Information Systems Mark Greenwood, Director of Public Works Frankie Riddle, Director of Special Programs John Rios, Battalion Chief, Palm Desert Fire/Riverside Co. Fire/Cal Fire Frank Taylor, Asst. Chief, Palm Desert Police/Riverside Co. Sheriff's Dept. Grace L. Mendoza, Deputy City Clerk PRELIMINARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING DECEMBER 13, 2007 Upon a motion by Spiegel, second by Ferguson, and 4-0 vote of the Authority Commission Board,with Finerty ABSENT, President Kelly adjourned the meeting to Closed Session of the City Council and Redevelopment Agency at 3:03 p.m. He reconvened the meeting at 4:06 p.m. Note: Upon returning to the regular City Council Meeting, Mayor Pro Tem/Vice ChairmanNice President Benson had been appointed Mayor/Chairman/President for the coming year, and Councilman/Member/Commissioner Spiegel had been appointed to serve as Mayor Pro TemNice Chairman/Vice President. III. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of December 14, 2006. Rec: Approve as presented. Upon motion by Spiegel, second by Kelly, and a 4-0 vote of the Authority Commission Board, with Finerty ABSENT, the Consent Calendar was approved as presented. IV. CONSENT ITEMS HELD OVER None V. RESOLUTIONS None VI. NEW BUSINESS A. CONSIDERATION OF THE AUTHORIZATION TO ISSUE SPECIAL TAX REFUNDING BONDS, SERIES 2008, OF CITY OF PALM DESERT COMMUNITY FACILITIES DISTRICT (CFD) NO. 91-1 (INDIAN RIDGE PUBLIC IMPROVEMENTS)AND APPROVAL OF RELATED DOCUMENTS (JOINT CONSIDERATION WITH THE PALM DESERT CITY COUNCIL). Mr. Ortega noted both the Financing Authority and City Council meetings were open in order to take action. He said this item was a refinancing of a facility district for the initial construction of Indian Ridge. He said the interest rates had declined, and staff was requesting approval for refinancing. Responding to question, Mr. Ortega confirmed each participating resident will have a reduction in their property taxes. 2 PRELIMINARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING DECEMBER 13, 2007 Commissioner/Councilman Ferguson added essentially, the City was refinancing the assessment district so that residents paid less on their property taxes. The City was taking advantage of the low interest rate, and it wasn't costing the City any money. Mr. Ortega agreed. Commissioner/Councilman Ferguson moved to waive further reading and adopt: 1) Resolution No. 07-79, a resolution of the City Council of the City of Palm Desert, acting for itself and as the legislative body of City of Palm Desert Community Facilities District No. 91-1 (Indian Ridge Public Improvements) to authorize the issuance of its special tax refunding bonds, Series 2008, in a principal amount not-to-exceed twelve million dollars ($12,000,000) and approving certain documents and taking certain other actions in connection therewith; 2) waive further reading and adopt Resolution No. FA-61, a resolution of the Palm Desert Financing Authority making certain findings and determinations in connection with its 1997 revenue bonds(Assessment Districts Nos. 92-1 and 94-1, and Community Facilities District No. 91-1). Motion was seconded by Spiegel and carried by a 4-0 vote, with Finerty ABSENT. VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None IX. PUBLIC HEARINGS None X. REPORTS, REMARKS, AND AGENCY BOARD ITEMS REQUIRING ACTION A. CHIEF ADMINISTRATIVE OFFICER None B. AUTHORITY COUNSEL None C. PRESIDENT AND MEMBERS OF THE AUTHORITY None 3 PRELIMINARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING DECEMBER 13, 2007 XI. ADJOURNMENT Upon a motion by Spiegel, second by Kelly, and 4-0 vote of the Authority Commission Board, with Finerty ABSENT, President Benson adjourned the meeting at 5:25 p.m. JEAN M. BENSON, PRESIDENT ATTEST: RACHELLE D. KLASSEN, SECRETARY PALM DESERT FINANCING AUTHORITY 4 RESOLUTION NO. FA-62 A RESOLUTION OF THE PALM DESERT FINANCING AUTHORITY, 73-510 FRED WARING DRIVE, PALM DESERT, CALIFORNIA 92260-2578, TELEPHONE: (760) 346-0611, AUTHORIZING THE INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND OF THE STATE OF CALIFORNIA (LAIF) WHEREAS, pursuant to Chapter 730 of the Statutes of 1976, Section 16429.1 was added to the California Government Code to create a Local Agency Investment Fund in the State Treasury for the deposit of money of a local agency for purposes of investment by the State Treasurer; and WHEREAS, the Authority Commission, as the governing body of the Palm Desert Financing Authority, does hereby find that the deposit and withdrawal of money in the Local Agency Investment Fund, in accordance with the provisions of Section 16429.1 of the Government Code for the purpose of investment as stated therein, is in the best interests of the Palm Desert Financing Authority. NOW, THEREFORE, BE IT RESOLVED that the Authority Commission of the Palm Desert Financing Authority does hereby authorize the deposit and withdrawal of Palm Desert Financing Authority monies in the Local Agency Investment Fund in the State Treasury, in accordance with the provisions of Section 16429.1 of the Government Code for the purpose of investment as stated therein, and verification by the State Treasurer's Office of all banking information provided in that regard. BE IT FURTHER RESOLVED that the following Palm Desert Financing Authority officers or their successors in office shall be authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund: Paul S. Gibson City Treasurer/ Palm Desert Financing Authority Treasurer (Signature) Jose Luis Espinoza Thomas W. Jeffrey Assistant Finance Director Deputy City Treasurer (Signature) (Signature) RESOLUTION NO. FA-62 PASSED, APPROVED, AND ADOPTED by the Authority Commission of the Palm Desert Financing Authority, County of Riverside, State of California, at its meeting held on this day of , 2009, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: ATTEST: RACHELLE D. KLASSEN, SECRETARY PALM DESERT FINANCING AUTHORITY ROBERT A. SPIEGEL, PRESIDENT ,,BY FIN AUTH (e I, :tiff) -R, H eGk's Office 2