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HomeMy WebLinkAbout1980-10-27 PRC Regular Meeting Agenda Packet AGENDA PALM DESERT PARKS AND RECREATION COMMISSION MEETING MONDAY - OCTOBER 27, 1980 12:00 P.M. - CITY HALL COUNCIL CHAMBERS * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * I. CALL TO ORDER II. ROLL CALL III. CONSIDERATION OF MINUTES A. Minutes of Commission meeting of September 29, 1980. IV. SELECTION OF CHAIRPERSON AND VICE-CHAIRPERSON FOR TERM OF SEPTEMBER 1980/81. V. ORAL COMMUNICATIONS - 1 Any person wishing to discuss any item not otherwise on the agenda may address the Commission at this point by stepping to the podium and giving their name and address for the record. VI. WRITTEN COMMUNICATIONS A. Ms. Mary K. Wolfe: Inquiry to the availability of land unsuitable for buildings but suitable for a golf driving range development on a lease basis. VII. CONTINUED BUSINESS - NONE VIII. NEW BUSINESS A. DISCUSSION ITEMS 1. Sports Center - An oral report regarding the status of the proposed Sports Center on the proposed high school site. 2. Maintenance/Schedule of Events of Palm Desert's Park - Gary Doty of Coachella Valley Recreation and Park District will answer questions. 3. Blood Pressure Program for Senior Citizens - Proposal and discussion by Ms. Frieda Zuckerman and Ms. Lena Lacey. IX. ORAL COMMUNICATIONS - 2 Any person wishing to discuss any item not otherwise on the agenda may address the Commission at this point by stepping to the podium and giving their name and address for the record. X. COMMENTS A. Commissioners B. Staff XI. SUMMARY OF MEETING XII. ADJOURNMENT • September 9, 1980 City of Palm Desert Planning Commission 45275 Prickly Pear Ln. Palm Desert, California 92260 Dear Sir: In researching your community I have found that there is a definite recreational interest centered around golf. Also included in my findings is that there is not a golf driving range in the area. I am interested in moving to your community and developing a golf practice facility. Depending on the size of the land available this would include a practice tee, practice green and sand trap. Lessons would also be available from an L.PCG.A. teaching ,professional. Some cities have land which is unsuitable for many building projects due to floodways, etc. I would like to inquire if the City of Palm Desert has any such land available for a golf driving range development on a lease basis. If you have any further questions I can be reached at 714-345-1407 or the address listed below. Thank you for your consideration. Sincerely, Mary K. Wolfe 76-733 California Dr. Palm Desert, Ca. 92260 f.r yyr„,e ftire it - l 71' 45-275 PRICKLY PEAR LANE, PALM DESERT,CALIFORNIA 92260 TELEPHONE (714) 346-0611 October 16, 1980 TO: Honorable Mayor and City Council Honorable Chairman and Planning Commission Members Honorable Chairman and Parks and Recreation Members Assistant City Manager All Department Heads FROM: CITY MANAGER SUBJECT: GUIDE TO MUNICIPAL SECURITIES I felt the attached listing (taken from a Merrill-Lynch News- letter) might be useful to you as a handy reference. MARTIN J/,,.BOUMAN MJB/dc Attachment (as noted) L. A40' current yield— e percent relation of the annual interest A GUIDE TO MUNICIPAL SECURITY received to thee of the bond. discount — The difference between the price of a bond and its value at maturity when the price is lower than the matur- General Obligation Bonds — Secured by full faith and credit ity value. of issuer. Timely payment of interest and principal secured by ability of issuer to tax property or other items. State is general obligation bonds— Bonds secured by the full faith, most frequent issuer of general obligation bonds but coun- credit and generally the unlimited taxing power of the issuer. tics, cities and school districts also issue it. interest— Money paid for the use of money. Limited or Special Obligation Bonds — Secured by specific source, or sources, of revenue. May be issued by tradition- legal opinion — An opinion about the legality of a bond ally defined government, by one of its departments, or by issue under the laws that affect it, usually issued by a firm agency, authority, corporation or district established by sub- of attorneys specializing in public borrowing. division of, or directly by, the state. limited tax bond— A bond which is secured by a tax which A. Enterprise Revenue bonds— Issued to finance con- is limited as to rate and amount. struction or improvement of revenue producing facility or system. Debt service generally payable from revenues maturity— The date on which the bond principal or stated generated by operation of financed project or system. value becomes due and payable in full to the bondholder. municipal bond trust— Municipal bond trusts are unit in- B. Special Assessment — Issued to finance public im- provements of special advantage to a specific section of vestment trusts which consist of fixed portfolios of municipal bonds that are initially purchased for each trust a community, by a district formed for this purpose. and usually remain in the portfolio until maturity unless the - bonds are called before maturity. C. Tax Allocation bonds— Issued by redevelopment agen- housing authority bonds— Bonds issued by a local Public cies to finance improvements in designated redevelop- ment project areas. Secured by tax increment revenues Housing Authority to finance public housing and backed by generated from new development in project area. In- Federal funds. cremental revenues are property taxes collected above project's "frozen base roll." • over-the counter market— Securities market which is con- ducted by private negotiation among dealers all over the country. All municipal bonds are traded over-the-counter. D. Mortgage/Revenue bonds— Issued by par value— The principal amount of a bond; the amount agencies to purchase mortgage loans made by institu- of money due at maturity. tions at lower than conventional market interest rates. Bonds secured by insured mortgage loans made premium — The difference between the price of a bond and through this program. Mortgage/revenue bonds also its value at maturity when the price is higher than the issued by cities or redevelopment agencies to finance maturity value. rehabilitation of existing housing. E. Lease/Revenue bonds—A broad category of debt used primary market— Market for new issues of municipal by many types of issuers for many purposes. Used to bonds. finance the construction of facility to be leased to refunding— The redemption of a bond issue by the sale of another entity. a new bond issue, usually at terms more favorable to the 1. Joint Powers Authorityissuer. — Secured by long-term lease payments by one of two political entities mak- registered bond— A bond whose owner's name is registered ing up the authority. with the issuer or its agent. 2. Non-Profit Corporation, Public Lease Bonds— revenue bonds— Bonds payable from and secured by stated Same as above, except only one political entity in revenues from a specific project or group of projects. volved. 3. Non-Profit Corporation, Not Exempt from Califor- secondary market— A trading market in which previously nia Income Tax— Secured by long-term lease with issued bonds are bought and sold. other than a political entity. sinking fund— Money set aside by the issuer to be used to retire the issue. MUNICIPAL BONDS: A Glossary of Terms syndicate— A group of investment bankers and/or banks who underwrite a municipal bond issue and offer it for accued interest— Interest due from the last interest pay- public sale. ment to the present day. When you buy a bond, you must pay the seller the accrued interest, and when you sell, the term bond— A bond which has a single maturity. buyer pays you. underwrite— To purchase a bond issue from the issuing amortize— To pay off a debt by periodic payments set body for the purpose of reselling it to the general public. aside for the purpose. yield to maturity— The average annual return on an invest- bearer bond— A bond which is presumed to be owned by ment, based on the amount paid, the interest rate, and the the person who has possession of it; the owner's name is not length of time to maturity. It differs from current yield in on record with the issuer. that it takes into consideration the increase to par of a bond bought at a discount and the decrease to par of a bond • blue list — The trade offering sheets of bond dealers, which bought at a premium. list dealers' offerings of municipal bonds for sale all over the country. State Revenue Bond Programs— A variety of self- supporting programs which issue revenue bonds. bond— A written promise to pay a fixed amount of bor- rowed money on a specified date and to pay a set annual A. Toll Bridge Authority— Issues bonds to build or rate of interest in the meantime. acquire toll bridges or other toll highway crossings, in- cluding approaches. Bonds payable from revenues call provision — A bond with a call provision may be generated by facilities. redeemed at the option of the issuer before maturity, usually at a premium. B Denarp'i' "t or Reco'!rce"— Constructs by revenues fr: `.-- stx months. With a bearer bond, the coupon is detached from the bond and prec,r,ted for payment of interest to the financed facilities. issuer's agent or the bondholder's bank. C. Housing Finance Agency— Makes loans and coupon rate— The annual rate of interest which the bor- grants to finance construction, rehabilitation or acquisi- rower promises to pay the bondholder. tion of low and moderate income housing. Debt service payments charged against income generated by financed projects or from sponsors of projects. 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