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Home My WebLink About1995-09-20 FA Regular Meeting Agenda err POSTED AGENDA SPECIAL JOINT MEETING OF THE PALM DESERT CITY COUNCIL and FINANCING AUTHORITY _ WEDNESDAY, SEPTEMBER 20, 1995 CIVIC CENTER COUNCIL CHAMBER 4:00 P.M. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * CALL TO ORDER II. ROLL CALL III. ORAL COMMUNICATIONS 1. Any person wishing to discuss any items not otherwise on the Agenda may address the Redevelopment Agency Board 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 five minutes unless additional time is authorized by the Redevelopment Agency Board. 2. This is the time and place for any person who wishes to comment on non-hearing Agenda items. It should be noted that at Redevelopment Agency Board discretion, these comments may be deferred until such time on the Agenda as the item is discussed. Remarks shall be limited to a maximum of five minutes unless additional time is authorized by the Redevelopment Agency Board. IV. RESOLUTIONS A. RESOLUTION NO. 95-87 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, ORDERING REVISION OF AUDITOR'S RECORD OF REASSESSMENT FOR REFUNDING BONDS FOR ASSESSMENT DISTRICT NO. 83-1 TO INCLUDE INTEREST INSTALLMENTS BASED ON INTEREST RATES SET FORTH IN THE BOND PURCHASE CONTRACT FOR THE PURCHASE AND SALE OF REFUNDING BONDS FOR SAID ASSESSMENT DISTRICT, AND PROVIDING FOR THE COLLECTION OF THE REASSESSMENTS. Rec: Waive further reading and adopt. Action: POSTED AGENDA `,. .orr SPECIAL JOINT MEETING OF THE PALM DESERT CITY COUNCIL AND FINANCING AUTHORITY SEPTEMBER 20, 1995 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B. RESOLUTION NO. 95-88 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, ORDERING REVISION OF AUDITOR'S RECORD OF REASSESSMENT FOR REFUNDING BONDS FOR ASSESSMENT DISTRICT NO. 84-1-R TO INCLUDE INTEREST INSTALLMENTS BASED ON INTEREST RATES SET FORTH IN THE BOND PURCHASE CONTRACT FOR THE PURCHASE AND SALE OF THE REFUNDING BONDS FOR SAID ASSESSMENT DISTRICT AND PROVIDING FOR THE COLLECTION OF THE REASSESSMENTS. Rec: Waive further reading and adopt. Action: C. RESOLUTION NO. 95-89 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, ORDERING REVISION OF AUDITOR'S RECORD OF REASSESSMENT FOR REFUNDING BONDS FOR ASSESSMENT DISTRICT NO. 87-1 TO INCLUDE INTEREST INSTALLMENTS BASED ON INTEREST RATES SET FORTH IN THE BOND PURCHASE CONTRACT FOR THE PURCHASE AND SALE OF THE REFUNDING BONDS FOR SAID ASSESSMENT DISTRICT, AND PROVIDING FOR THE COLLECTION OF THE REASSESSMENTS. Rec: Waive further reading and adopt. Action: D. RESOLUTION NO. 95-90 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, AMENDING RESOLUTION NO. 95-79 TO INCREASE THE AUTHORIZED PRINCIPAL AMOUNT OF REFUNDING BONDS FOR ASSESSMENT DISTRICT NO. 83-1. Rec: Waive further reading and adopt. Action: E. RESOLUTION NO. 95-91 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, AMENDING RESOLUTION NO. 95-81 TO INCREASE THE AUTHORIZED PRINCIPAL AMOUNT OF REFUNDING BONDS FOR ASSESSMENT DISTRICT NO. 84-1-R. Rec: Waive further reading and adopt. Action: 2 POSTED AGENDA Nor SPECIAL JOINT MEETING OF THE PALM DESERT CITY COUNCIL AND FINANCING AUTHORITY SEPTEMBER 20, 1995 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * F. RESOLUTION NO. 95-92 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, AMENDING RESOLUTION NO. 995- 84 TO INCREASE THE AUTHORIZED PRINCIPAL AMOUNT OF REFUNDING BONDS FOR ASSESSMENT DISTRICT NO. 87-1. Rec: Waive further reading and adopt. Action: G. RESOLUTION NO. FA-15 - A RESOLUTION OF THE PALM DESERT FINANCING AUTHORITY AMENDING RESOLUTION NO. FA-14 TO INCREASE THE AUTHORIZED PRINCIPAL AMOUNT OF THE REVENUE BONDS AUTHORIZED THEREBY. Rec: Waive further reading and adopt. Action: V. ADJOURNMENT 3 Palm Desert Financing Authority 1995 Revenue Bonds (Assessment District No.83-1,No.84-1-R,No.87-1) FINAL N UMBERS Sources and Uses of Funds Par Amount of Coupon Bonds 7,540,000.00 Par Amount of CABs 0.00 Total Par Amount of Bonds 7,540,000.00 Original Issue Premium 66,846.90 Other Source of Money 0.00 Other Source of Money 0.00 Total Sources of Funds 7,606,846.90 Uses of Funds Cost.of Underlying Issues 7,350,000.00 Other Use of Money 0.00 Underwriter's Discount 101,790.00 Costs of Issuance 151,310.(K) Original Issue Discountl(Premium) 0.00 Other Use of Money 0.00 Total Uses of Funds 7,603,100!0 Adjustment 3,746 90 • Dated Date 9/26/95 I)ehvery Date W26/95 Run Time 3:12 PM Run Dale • 9/15195 `err O Premium'Discounl Calculation Current Pay Bonds Premium Date Coupon Price Yield Principal (Discount) 9/26/95 9/226/95 3/2/96 9/2196 6.000 100.896 5.000 605,000 5,420.80 3/297 91297 6.000 101.816 5.000 610,000 11,077.60 .3/2/98 9/298 6.000 102.146 5.200 650,000 13,949.00 3/299 9/199 6.000 102.273 5.350 680,000 15,456.40 3/2'00 9/200 6.000 102.130 5.500 730,000 15,549.00 3/2/01 91 201 6.000 101.738 5.650 770,000 13,382 60 3!202 9/2102 6.000 101.123 5.800 675.000 7,580.25 3/2'03 9/203 6.000 100.621 5.900 715,000 4,440.15 3/204 912'04 6.000 100.000 6.000 760,000 0.00 3/2205 9/205 6.000 99.257 6.100 795,000 (5,906.85) 3/206 9/2/06 6.000 98.423 6.200 170,000 (2,680.90) 3i207 9/2/07 6.000 97.504 6.300 185.000 (4.617.60) 3/2'08 9/2/08 6.000 96.511 6.400 193,000 (6,803 55) 7,540,(100 66,846.90 Gross Debt Service on New Issue Current Pay Bonds Period New Issue Date Principal Rate Interest Total DS 9/26/95 9/26/95 3/196 196,040 196,040 9/2/96 605,000 6.000 226.200 831,200 1,027,240 3/2,97 208,050 208,050 9/2197 610,000 6.000 208,050 818,050 1,026,100 3119$ 189,750 189,750 9/2/98 650,000 6.000 189,750 839,750 1,029,500 3/2/99 170.250 170,256 9/2/99 680,000 6.000 170.250 850,250 1,020,500 3/2100 149,850 149,850 9/2,00 730,000 6.000 149,850 879,850 1,029,700 3/2/01 127.950 127,950 9/2101 770.000 6.000 127,950 897,950 1,025,900 3/102 104,850 104,850 9/102 675,000 6.000 104,850 779,850 884,700 3/2/03 84,600 84,600 9/2/03 715,000 6.000 84,600 799,600 884,200 3/2/04 63,150 63,150 9/2/04 760,000 6.04 K) 63,150 823,150 886,300 3/105 40,350 40,350 9/2/05 795,000 6 000 40,350 835,350 875,700 3/2/06 16,500 16,500 9/2/06 170,000 6.000 16,500 186,500 203,000 3/2/07 11400 11,400 912107 185,000 6.000 11,400 196,400 207,800 3/2/08 5,850 5,850 9/2/08 195,000 6.000 5,850 200,850 206,700 7,441,,000 2.767,340 10,307,340 10,307,340 • City of Patin Desert Combined Refunding Bonds. 1995 Savings Calculation Pandl PandI Annual Present Date Principal Interest Refunding Old Issues Savings Value 9i1/95 . 9/1/95 3/2/96 210,639 210,639 351,614 (137,537) 9/2/96 575,000 209,475 784,475 976,614 (333,114) (182,187) 3/2'97 193,088 193,088 328,486 (124,780) 9/2/97 605,000 193,088 798,088 998,486 (335,798) (179,495) 3/298 175,845 175.845 303,136 (110,811) 9/2/98 640,000 175,845 815,845 1,023,136 (334,583) (175,384) 3/299 157,605 157,605 275,340 (96,815) 9/299 670,000 157405 827.605 1,050,340 (340,470) (178,013) 3/200 138,510 138,510 245,018 (82,731) 9/2/00 715,000 138,510 853,510 1,080,018 (333,015) (171,001) 3/2/01 118,133 118,133 211.911 (68,809) 9/2/01 755,000 118,133 873,133 1,121,911 (342,558) (177,412) 3/2/02 96,615 96,615 177.444 (56,023) 9/2/02 660,000 96,615 756.615 977,444 (301.658) (148.758) 3/2'03 77,805 77,805 146,474 (44,'358) 9/2/03 695.000 77,805 772,805 1,006,474 (302,338) (148.689) 3/2104 57,998 57,998 113,025 (34.032) 9/2/04 735,000 57,998 792,998 1,038,025 (300,055) (147,281) 3/2/05 37,050 37,050 76,748 (23,191) 9/2/05 770,000 37,050 807,050 1,066,748 (299,395) (147,452) 3/2'06 15,105 15,105 37,923 (12,592) 9/2/06 165,000 15,105 180,105 342,923 (185.635) (87.325) 3/2/07 10,403 10,403 26,180 (8,224) 9/2107 180,000 10,403 190,403 356,180 (181,555) (83,988) 3/2/08 5,273 5,273 13,475 (4,039) 9/2'08 185.000 5,273 190,273 363,475 (181,405) (82,889) 7350.000 2,586,969 9,936,969 13.71)8.543 (3,771.576) (2,714,416) Net Funds 2,197,752 NPR' (516.664)