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HomeMy WebLinkAbout1998-01-08MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, JANUARY 8, 1998 CIVIC CENTER COUNCIL CHAMBER * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * I. CALL TO ORDER President Benson convened the meeting at 4:00 p.m. H. ROLL CALL Present: Commissioner Buford A. Crites Commissioner Jim Ferguson Commissioner Richard S. Kelly Vice President Robert A. Spiegel President Jean M. Benson Also Present: Carlos L. Ortega, Executive Director Ramon A. Diaz, City Manager David J. Erwin, City Attorney Sheila R. Gilligan, Agency Secretary Richard J. Folkers, ACM/Director of Public Works John Wohlmuth, ACM/Director of Administrative Services Pat Conlon, Director of Building and Safety Phil Drell, Director of Community Development Paul Gibson, Finance Director/City Treasurer Teresa LaRocca, Housing Programs Coordinator Mary P. Gates, Deputy City Clerk III. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of December 11, 1997. Rec: Approve as presented. Upon motion by Spiegel, second by Kelly, the Consent Calendar was approved as presented by unanimous vote of the Authority Board. MINUTES PALM DESERT FINANCING AUTHORITY JANUARY 8, 1998 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * V. CONSENT ITEMS HELD OVER None VI. RESOLUTIONS A. RESOLUTION NO. FA-27 - A RESOLUTION OF THE PALM DESERT FINANCING AUTHORITY AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST TRUST AMENDMENT TO SITE LEASE, LEASE AGREEMENT, MEMORANDUM OF LEASE AND ASSIGNMENT AGREEMENT FOR THE SERIES 1996 REVENUE LEASE BONDS (BLYTHE COUNTY ADMINISTRATIVE CENTER PROJECT). Mr. Ortega reviewed the staff report and recommendation. He noted that in 1996 the Financing Authority financed some facilities for the County of Riverside in Blythe. He said because these are revenue bonds, they are initially being supported by a lease. That least included certain parcels in the City of Blythe that are owned by the County, although ultimately the amount that is being used to pay those bonds are monies that we hold in trust for the County through our pass -through agreements. He said the County wants to remove one of those parcels from the lease, but the lease is tied to all the documents identified in this report. He said that since in essence the bonds are being support by tax increment and not necessarily by any lease revenues, and we do not expect to receive any lease revenues because we have the money from the County, staff has gone to bond counsel, and bond counsel says we can make these changes without affecting the security for the bonds. Member Crites moved to waive further reading and adopt Resolution No. FA-27. Motion was seconded by Spiegel and carried by unanimous vote. VII. NEW BUSINESS None VIII. CONTINUED BUSINESS None IX. OLD BUSINESS None 2 MINUTES PALM DESERT FINANCING AUTHORITY JANUARY 8, 1998 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 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 XI. ADJOURNMENT Upon motion by Crites, second by Spiegel, and unanimous vote of the Financing Authority Board, President Benson adjourned the meeting at 7:15 p.m. SHEILA R. GILL( G 'N, SECRETk Y PALM DESERT FLNANCING A ORITY _6(1 JE. BENSON, PRESIDENT 3