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HomeMy WebLinkAbout1997-08-28MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, AUGUST 28, 1997 CIVIC CENTER COUNCIL CHAMBER * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * I. CALL TO ORDER President Kelly convened the meeting at 4:55 p.m. H. ROLL CALL Prue= Vice President Jean M. Benson Commissioner Buford A. Crites Commissioner Walter H. Snyder Commissioner Robert A. Spiegel President Richard S. Kelly Also Present: Ramon A. Diaz, Chief Administrative Officer David J. Erwin, City Attorney Sheila R. Gilligan, Authority Secretary Richard J. Folkers, ACM/Director of Public Works John Wohlmuth, ACM/Director of Administrative Services Carlos L. Ortega, RDA Executive Director Pat Conlon, Director of Building and Safety Phil Drell, Director of Community Development Paul S. Gibson, Finance Director/City Treasurer John Nagus, Community Arts Manager Paul Shillcock, Economic Development Manager Mary P. Gates, Deputy City Clerk HI. ORAL COMMUNICATIONS None MINUTES PALM DESERT FINANCING AUTHORITY MEETING AUGUST 28, 1997 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * IV. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of June 26, 1997. Rec: Approve as presented. Upon motion by Crites, second by Spiegel, the Consent Calendar was approved as presented by unanimous vote of the Authority Board. V. CONSENT ITEMS HELD OVER None VI. RESOLUTIONS A. RESOLUTION NO. FA-23 - A RESOLUTION OF THE PALM DESERT FINANCING AUTHORITY DECLARING ITS INTENTION TO ISSUE REVENUE BONDS AND TAKING CERTAIN ACTIONS IN CONNECTION WITH THE OFFERING AND SALE THEREOF. Mr. Diaz noted the report in the packets and stated that Redevelopment Analyst Dennis Coleman was available to answer any questions. He noted that the Investment Committee had looked at this and recommended proceeding with certain assurances which Mr. Coleman would explain. Mr. Coleman addressed the Board and stated that the Investment Committee recommended moving forward only if the City does not get hit with any up front fees, that the savings be 3 % net present value savings overall, and that that figure does include the savings in terms of the cost to the City to process this. Commissioner Spiegel asked how much 3 % would be. Mr. Coleman responded that the total in terms of all assessment districts combined would be well over $1 million. Mr. Diaz noted for the record that the savings goes to the residents who are tax payers, and the City is reimbursed all of its costs through the years of administering these districts. Commissioner Spiegel moved to waive further reading and adopt Resolution No. FA-23 as stipulated by staff. Motion was seconded by Benson and carried by unanimous vote. VII. NEW BUSINESS None 2 MINUTES PALM DESERT FINANCING AUTHORITY MEETING AUGUST 28, 1997 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * VIII. CONTINUED BUSINESS None IX. OLD BUSINESS None X. REPORTS, REMARKS, AND AGENCY BOARD ITEMS REQUIRING ACTION A. CHIEF ADMINISTRATIVE OFFICER None B. AUTHORITY COUNSEL Rest for Closed Session: Conference with Legal Counsel regarding existing litigation pursuant to Government Code Section 54956.9(a): Stull v. Bank of America NT & SA, et al, Superior Court of the State of California, City and County of San Francisco, Case No. 968-484 C. PRESIDENT AND MEMBERS OF THE AUTHORITY XI. ORAL COMMUNICATIONS None 3 MINUTES PALM DESERT FINANCING AUTHORITY MEETING AUGUST 28, 1997 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * XII. ADJOURNMENT Upon motion by Spiegel, second by Crites, and unanimous vote of the Authority Board, President Kelly recessed the meeting at 6:10 p.m. for Closed Session. He reconvened the meeting at 8:50 p.m. and immediately adjourned with no action announced from Closed Session. ATTEST: 42(:4 //1 /%2-wir SHEILA R. GILLIGAN S ARY TO THE PALM DESERT FINAN G AUTHORITY lei RICHARD S. KELLY, PRESIDENT 4