HomeMy WebLinkAbout2004-05-27MINUTES
PALM DESERT FINANCING AUTHORITY MEETING
THURSDAY, MAY 27, 2004
CIVIC CENTER COUNCIL CHAMBER
I. CALL TO ORDER
Vice President Crites convened the meeting at 3:02 p.m.
II. ROLL CALL
Present:
Commissioner Jean M. Benson
Commissioner Jim Ferguson
Commissioner Richard S. Kelly
Vice President Buford A. Crites
Excused Absence:
President Robert A. Spiegel
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
Stephen Y. Aryan, Assistant to the City Manager
Rachelle D. Klassen, City Clerk
Mark D. Greenwood, City Engineer
Amir Hamidzadeh, Director of Building & Safety
Philip Drell, Director of Community Development
Paul S. Gibson, Director of Finance/City Treasurer
Teresa L. La Rocca, Director of Housing
Michael J. Errante, Director of Public Works
David Yrigoyen, Director of Redevelopment
Robert P. Kohn, Director of Special Programs
With Authority Board concurrence, Vice President Crites adjourned the meeting to
Closed Session of the City Council at 3:03 p.m. He reconvened the meeting at 4:01 p.m.
MINUTES
PALM DESERT FINANCING AUTHORITY MEETING MAY 27, 2004
III. CONSENT CALENDAR
A. MINUTES of the Financing Authority Meeting of May 13, 2004.
Rec: By Minute Motion, continue consideration until the Authority's next
meeting.
Upon motion by Kelly, second by Ferguson, the Consent Calendar was approved
as presented by a 4-0 vote, with President Spiegel ABSENT.
IV. CONSENT ITEMS HELD OVER
None
V. RESOLUTIONS
None
VI. NEW BUSINESS
A. REQUEST FOR ADOPTION OF RESOLUTIONS IN CONNECTION WITH
THE ISSUANCE AND SALE OF TAX ALLOCATION REFUNDING
REVENUE BONDS (PROJECT AREA NO. 1, AS AMENDED),
2004 SERIES A, OF THE PALM DESERT FINANCING AUTHORITY (JOINT
CONSIDERATION WITH THE PALM DESERT
REDEVELOPMENT AGENCY).
Redevelopment Finance Manager Dennis Coleman reviewed the staff report
and recommendation.
Member Benson moved to waive further reading and adopt: 1) Redevelopment
Agency Resolution No. 492, approving as to form and authorizing the execution and
delivery of certain documents in connection with the sale and issuance of Tax Allocation
Refunding Revenue Bonds (Project Area No. 1, As Amended), 2004 Series A, of the Palm
Desert Financing Authority and authorizing certain other matters relating thereto;
2) Financing Authority Resolution No. FA-50, approving as to form and authorizing the
execution and delivery of certain documents in connection with the issuance, sale, and
delivery of the Authority's Tax Allocation Refunding Revenue Bonds (Project Area No. 1,
As Amended), 2004 Series A, appointing a trustee and escrow agent, and authorizing
certain other matters relating thereto. Motion was seconded by Kelly and carried by a 4-0
vote, with Chairman Spiegel ABSENT.
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MINUTES
PALM DESERT FINANCING AUTHORITY MEETING MAY 27, 2004
VII. CONTINUED BUSINESS
None
VIII. OLD BUSINESS
None
IX. PUBLIC HEARINGS
A. REQUEST FOR ADOPTION OF RESOLUTIONS IN CONNECTION WITH
THE ISSUANCE AND SALE OF TAX ALLOCATION REFUNDING
REVENUE BONDS (PROJECT AREA NO. 1, AS AMENDED),
2004 SERIES A, OF THE PALM DESERT FINANCING AUTHORITY (JOINT
CONSIDERATION WITH THE PALM DESERT CITY COUNCIL).
Mr. Ortega noted this was a joint consideration with the Palm Desert City
Council.
Redevelopment Finance Manager Dennis Coleman reviewed the staff report.
He stated that in order to issue bonds through the public financing authority,
the Council needs to make a resolution of significant findings and
acknowledge those to the Financing Authority. According to the law, a public
hearing must be held in which these findings are made. He said these
findings are demonstrable interest rate savings and/or efficiency in delivery
of services.
Mayor Pro Tem Crites declared the public hearing open and invited testimony in
FAVOR of or in OPPOSITION to this request. With no testimony offered, he
declared the public hearing closed.
Councilman/Commissioner Kelly moved to: 1) Waive further reading and adopt City
Council Resolution No. 04-47, making finding of significant public benefit in connection with
the issuance and sale of Tax Allocation Refunding Revenue Bonds (Project Area No. 1,
As Amended), 2004 Series A, of the Palm Desert Financing Authority; 2) waive further
reading and adopt Financing Authority Resolution No. FA-49, acknowledging finding of
significant public benefit in connection with the issuance and sale of the Authority's Tax
Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended), 2004 Series A,
and approving the issuance, sale, and delivery of such bonds. Motion was seconded by
Ferguson and carried by a 4-0 vote, with Mayor/President Spiegel ABSENT.
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MINUTES
PALM DESERT FINANCING AUTHORITY MEETING MAY 27, 2004
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. ORAL COMMUNICATIONS - C
None
XII. ADJOURNMENT
Commissioner Kelly moved to adjourn the meeting at 5:35 p.m. Motion was
seconded by Benson and carried by a 4-0 vote, with President Spiegel ABSENT.
ATTEST:
RAG�HELt E L SSEN,-tECRETARY
PALM DESERT FINANCING AUTHORITY
BUFORD A. CRITES, VICE4'RESIDEN`[-
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