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Home My WebLink AboutRes OB-151 (2)RESOLUTION NO. OB - 151 A RESOLUTION OF THE OVERSIGHT BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY, APPROVING SEPTEMBER 26, 2016, ADJOURNED REGULAR MEETING MINUTES RECITALS: A. Pursuant to Health and Safety Code Section 34179(3), all actions taken by the Oversight Board of the Successor Agency to the Palm Desert Redevelopment Agency (the "Oversight Board") shall be adopted by resolution. B. There has been presented to this Oversight Board for approval Minutes of its September 26, 2016, Adjourned Regular Meeting. NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS: Section 1. The above recitals are true and correct and are a substantive part of this Resolution. Section 2. The Oversight Board hereby approves Minutes of the September 26, 2016, Adjourned Regular Meeting, which are made a part hereof and attached hereto as "Exhibit 'A'." Section 3. The staff of the Successor Agency is hereby directed to provide the State Department of Finance ("DOF") written notice and information regarding the action taken by the Oversight Board in Section 2 of this Resolution. Such notice and information shall be provided by electronic means and in a manner of DOF's choosing. Section 4. The officers of the Oversight Board and staff of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things that they may deem necessary or advisable to effectuate this Resolution. PASSED, APPROVED, AND ADOPTED this 17th day of October. 2016. AYES: NOES: ABSENT: ABSTAIN: ROBERT A. SPIEGEL, CHAIR ATTEST: RACHELLE D. KLASSEN, SECRETARY OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY RESOLUTION NO. OB - 151 EXHIBIT A OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MINUTES September 26, 2016, Adjourned Regular Meeting RESOLUTION NO. OB-151 DRAFT PRELIMINARY MINUTES DRAFT ADJOURNED REGULAR MEETING OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MONDAY, SEPTEMBER 26, 2016 — 1:30 P.M. ADMINISTRATIVE CONFERENCE ROOM - PALM DESERT CIVIC CENTER 73-510 FRED WARING DRIVE, PALM DESERT, CALIFORNIA 92260 This Oversight Board has been created pursuant to § 34161 through 34190 of the Health and Safety Code for the sole purpose of overseeing the actions of the Successor Agency to the Palm Desert Redevelopment Agency. In accordance with Health and Safety Code § 34179(h), all Oversight Board actions shall not be effective for five (5) business days, pending a request for review by the State Department of Finance ("Department"). In the event that the Department requests a review of a given Oversight Board action, it shall have 40 days from the date of its request to approve the Oversight Board action or return it to the Oversight Board for reconsideration, and such Oversight Board action shall not be effective until approved by the Department. In the event that the Department returns the Oversight Board action to the Oversight Board for reconsideration, the Oversight Board shall resubmit the modified action for Department approval, and the modified Oversight Board action shall not become effective until approved by the Department. I. CALL TO ORDER Chair Spiegel convened the meeting at 1:30 p.m. II. ROLL CALL Present: Vice Chair Heather Buck (Palm Desert RDA former Employee) Member Wendy Jonathan (DSUSD, representing Riverside County Office of Education) Member Ed Pack (representing Coachella Valley Water District) Member Ken Stendell (representing Fourth District, Riverside County) Chair Robert A. Spiegel (Mayor, City of Palm Desert) Absent: Member Joel Kinnamon (COD, representing Chancellor of California Comm. Colleges) Member Anna Rodriguez (representing Riverside County Board of Supervisors) Also Present: Justin McCarthy, Interim Executive Director, Successor Agency -Palm Desert RDA William L. Strausz, Richards, Watson & Gershon, Successor Agency Counsel Janet M. Moore, Finance Officer Ryan Stendell, Director of Community Development Veronica Tapia, Management Analyst II Teresa Ho-Urano, Richards, Watson & Gershon, Bond Counsel Jim Cervantes, Stifel, Nicolaus & Company, Incorporated, Bond Underwriter Rachelle D. Klassen, Secretary, Successor Agency -Palm Desert RDA RESOLUTION NO. OB-151 PRELIMINARY MINUTES DRAFT ADJOURNED REGULAR MEETING OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY III. ORAL COMMUNICATIONS None IV. APPROVAL OF MINUTES SEPTEMBER 26, 2016 A. MINUTES of the August 1, 2016, Regular Meeting of the Oversight Board of the Successor Agency to the Palm Desert Redevelopment Agency. Vice Chair Buck moved to waive further reading and adopt Resolution No. OB - 149, approving Minutes of the August 1, 2016, Regular Meeting of the Oversight Board of the Successor Agency to the Palm Desert Redevelopment Agency. Motion was seconded by Member Stendell and carried by 4-0-1 vote (AYES: Buck, Pack, Stendell, and Spiegel; NOES: None; ABSTAINING: Jonathan; ABSENT: Kinnamon and Rodriguez). V. NEW BUSINESS A. ACTIONS/MINUTES OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY. Vice Chair Buck moved to waive further reading and adopt Resolution No. OB - 150, receiving and filing Minutes of the Successor Agency to the Palm Desert Redevelopment Agency Meetings of July 14 and July 28, 2016. Motion was seconded by Member Stendell and carried by 5-0 vote (AYES: Buck, Jonathan, Pack, Stendell, and Spiegel; NOES: None; ABSENT: Kinnamon and Rodriguez). VI. CONTINUED BUSINESS A. MINUTES OF THE NOVEMBER 2, 2015, REGULAR MEETING OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY (Continued from the meetings of January 25, April 4, and August 1, 2016). Due to there being less than a quorum present to vote in favor of approving the November 2, 2015, Regular Oversight Board Meeting Minutes (requiringfour[4] Members voting in favor), with Oversight Board concurrence, this item was continued to the next meeting. VII. OLD BUSINESS None 2 RESOLUTION NO. OB-151 PRELIMINARY MINUTES DRAFT ADJOURNED REGULAR MEETING OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY VIII. REPORTS AND REMARKS A. CHAIR None B. MEMBERS OF THE OVERSIGHT BOARD None C. SUCCESSOR AGENCY EXECUTIVE DIRECTOR SEPTEMBER 26, 2016 1. Informational Report Regarding Consideration of Palm Desert Bond Refunding. Staff reviewed the printed informational report provided in the agenda packets and answered questions about the proposed Bond Refunding that would be officially coming to the Oversight Board at its next meeting, October 17, with a recommendation to approve, subject to the California Department of Finance's ultimate approval. Realization of significant savings through lower interest rates was determining factor in decision to proceed with the refunding process, as outlined in the report. It was noted that members of the Financing Team were present today, including Richards, Watson & Gershon as Bond Counsel, along with Bond Underwriter Jim Cervantes. IX. ADJOURNMENT With Oversight Board concurrence, Chair Spiegel adjourned the meeting at 1:39 p.m. ROBERT A. SPIEGEL, CHAIR ATTEST: RACHELLE D. KLASSEN, SECRETARY OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY 3 RESOLUTION NO. 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