HomeMy WebLinkAbout2002-12-12MINUTES
PALM DESERT FINANCING AUTHORITY MEETING
THURSDAY, DECEMBER 12, 2002
CIVIC CENTER COUNCIL CHAMBER
I. CALL TO ORDER
President Kelly convened the meeting at 3:00 p.m.
II. ROLL CALL
Present:
Vice President Jean M. Benson
Commissioner Buford A. Crites
Commissioner Jim Ferguson
Commissioner Robert A. Spiegel
President Richard S. Kelly
Also Present:
Carlos L. Ortega, City Manager/RDA Executive Director
David J. Erwin, City Attorney
Sheila R. Gilligan, ACM for Community Services
Homer Croy, ACM for Development Services
Justin McCarthy, ACM for Redevelopment
Amir Hamidzadeh, Acting Director of Building & Safety
Phil Drell, Director of Community Development
Paul S. Gibson, Director of Finance/City Treasurer
Teresa L. La Rocca, Director of Housing
Joseph S. Gaugush, Director of Public Works/City Engineer
David Yrigoyen, Director of Redevelopment
Robert P. Kohn, Director of Special Programs
With Financing Authority Board concurrence, President Kelly adjourned the meeting
to Closed Session for the City Council and Redevelopment Agency at 3:03 p.m. He
reconvened the meeting at 4:00 p.m.
MINUTES
PALM DESERT FINANCING AUTHORITY MEETING DECEMBER 12, 2002
III. CONSENT CALENDAR
A. MINUTES of the Financing Authority Meeting of May 23, 2002, and the
Adjourned Joint Meeting of the Redevelopment Agency/Financing Authority
of July 16, 2002.
Rec: Approve as presented.
Upon motion by Spiegel, second by Kelly, the Consent Calendar was approved as
presented by a 5-0 vote.
IV. CONSENT ITEMS HELD OVER
None
V. RESOLUTIONS
None
VI. NEW BUSINESS
A. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE SALE AND
ISSUANCE OF TAX ALLOCATION REVENUE BONDS (PROJECT AREA
NO. 2), 2003 SERIES A, OF THE PALM DESERT FINANCING AUTHORITY
(JOINT CONSIDERATION WITH THE PALM DESERT
REDEVELOPMENT AGENCY).
Member/Commissioner Crites moved to: 1) Waive further reading and adopt
Redevelopment Agency Resolution No. 459, approving as to form and authorizing the
execution and delivery of certain documents in connection with the sale and issuance of
Tax Allocation Revenue Bonds (Project Area No. 2), 2003 Series A, of the Palm Desert
Financing Authority; 2) Waive further reading and adopt Financing Authority Resolution
No. FA-40, authorizing the sale and issuance of its Tax Allocation Revenue Bonds (Project
Area No. 2), 2003 Series A, appointing a trustee, and approving as to form and authorizing
the execution and delivery of certain documents in connection with the sale and issuance
of said bonds; 3) By Minute Motion, approve a conservative bond issue size, which may
result in the deferral of certain interest payments to the City from the Agency, on
outstanding loans to the City in Project Area No. 2. Motion was seconded by Ferguson and
carried by a 5-0 vote.
VII. CONTINUED BUSINESS
None
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MINUTES
PALM DESERT FINANCING AUTHORITY MEETING DECEMBER 12, 2002
VIII. OLD BUSINESS
None
IX. PUBLIC HEARINGS
A. REQUEST FOR APPROVAL OF FINDINGS IN CONNECTION WITH THE
SALE AND ISSUANCE OF TAX ALLOCATION REVENUE BONDS
(PROJECT AREA NO. 2), SERIES 2003, OF THE PALM DESERT
FINANCING AUTHORITY (JOINT CONSIDERATION WITH THE
PALM DESERT CITY COUNCIL).
Redevelopment Finance Manager Dennis Coleman reviewed the staff report,
noting that the proposed resolutions made findings of public benefit and
certain findings with respect to the use of tax allocation funds with respect to
Health and Safety Code 33445.
Mayor/President Benson declared the public hearing open and invited testimony in
FAVOR of or in OPPOSITION to this matter. With no testimony offered, she
declared the public hearing closed.
Mayor Pro-Tem/Vice President Spiegel moved to waive further reading and adopt:
1) City Council Resolution No. 02-157, making a finding of significant public benefit and
other findings in connection with the sale and issuance of Tax Allocation Revenue Bonds
(Project Area No. 2), Series 2003, of the Palm Desert Financing Authority; 2) Financing
Authority Resolution No. FA-39, acknowledging a finding of significant public benefit in
connection with the sale and issuance of the Authority's Tax Allocation Revenue Bonds
(Project Area No. 2), Series 2003. Motion was seconded by Kelly and carried by a 5-0
vote.
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
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MINUTES
PALM DESERT FINANCING AUTHORITY MEETING DECEMBER 12, 2002
XI. ADJOURNMENT
Vice President Spiegel moved to adjourn the meeting at 5:59 p.m. Motion was
seconded by Kelly and carried by a 5-0 vote.
ATTEST:
RACHELLE D. KLASSEN, SECRETARY
PALM DESERT FINANCING AUTHORITY
JEAN M. BENSON, PRESIDENT
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