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HomeMy WebLinkAbout2003-05-22MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, MAY 22, 2003 CIVIC CENTER COUNCIL CHAMBER I. CALL TO ORDER President Benson convened the meeting at 3:03 p.m. II. ROLL CALL Present: Commissioner Buford A. Crites Commissioner Jim Ferguson arrived at 3:26 p.m. Commissioner Richard S. Kelly Vice President Robert A. Spiegel President Jean M. Benson Also Present: Homer Croy, Acting City Manager David J. Erwin, City Attorney Sheila R. Gilligan, ACM for Community Services Justin McCarthy, ACM for Development Services Amir Hamidzadeh, Director of Building & Safety Rachelle D. Klassen, City Clerk Paul S. Gibson, Director of Finance/City Treasurer Teresa L. La Rocca, Director of Housing Michael J. Errante, Director of Public Works/City Engineer David Yrigoyen, Director of Redevelopment Robert P. Kohn, Director of Special Programs With Financing Authority Board concurrence, President Benson adjourned the meeting to Closed Session of the City Council and Redevelopment Agency at 3:05 p.m. She reconvened the meeting at 4:05 p.m. III. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of April 24, 2003. Rec: Approve as presented. Upon motion by Kelly, second by Spiegel, the Consent Calendar was approved as presented by a 5-0 vote. MINUTES PALM DESERT FINANCING AUTHORITY MEETING MAY 22, 2003 IV. CONSENT ITEMS HELD OVER None V. RESOLUTIONS None VI. NEW BUSINESS None VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None IX. PUBLIC HEARINGS A. REQUEST FOR APPROVAL OF FINDINGS IN CONNECTION WITH SALE AND ISSUANCE OF PALM DESERT FINANCING AUTHORITY ASSESSMENT REVENUE BONDS SERIES 2003 (JOINT CONSIDERATION WITH THE PALM DESERT CITY COUNCIL). Redevelopment Finance Manager Dennis Coleman reviewed the staff report, noting that in order to issue bonds through the Financing Authority, there has to be made a finding of significant public benefit and acceptance of it as well. The recommended City Council resolution made the findings of significant public benefit, and the Financing Authority resolution acknowledged the benefit, authorized the sale, and approved the documents as to form for delivery and execution. He said staff's recommendation was that the public hearing be opened, that public testimony be solicited, and that the two resolutions then be adopted. 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. 2 MINUTES PALM DESERT FINANCING AUTHORITY MEETING MAY 22, 2003 Mayor Pro TemporeNice President Spiegel moved to waive further reading and adopt: 1) City Council Resolution No. 03-79, making a finding of significant public benefit and other findings in connection with the issuance and sale of Palm Desert Financing Authority Assessment Revenue Bonds Series 2003; 2) Financing Authority Resolution No. FA-46, acknowledging a finding of significant public benefit in connection with the issuance and sale of Palm Desert Financing Authority Assessment Revenue Bonds Series 2003; authorizing the issuance, sale and delivery of said bonds, approving as to form and authorizing the execution and delivery of certain documents in connection therewith; and authorizing certain other matters relating thereto. 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 XI. ADJOURNMENT Upon motion by Spiegel, second by Crites, and a 5-0 vote of the Authority Board, President Benson adjourned the meeting at 7:05 p.m. ATTEST: RACHELLE D. KLASSEN, SECRETARY PALM DESERT FINANCING AUTHORITY f1 M. BENSON, PRESIDENT 3