HomeMy WebLinkAbout2006-06-08MINUTES
PALM DESERT FINANCING AUTHORITY MEETING
THURSDAY, JUNE 8, 2006
CIVIC CENTER COUNCIL CHAMBER
I. CALL TO ORDER
President Ferguson convened the meeting at 3:04 p.m.
1I. ROLL CALL
Present:
Commissioner Jean M. Benson
Commissioner Buford A. Crites arrived at 3:06 p.m.
Vice President Richard S. Kelly
Commissioner Robert A. Spiegel
President Jim Ferguson
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
Amir Hamidzadeh, Director of Building & Safety
Paul S. Gibson, Director of Finance/City Treasurer
Mark D. Greenwood, Director of Public Works
David Yrigoyen, Director of Redevelopment & Housing
Patrick Conlon, Director of the Office of Energy Management
Steve Thetford, Asst. Chief, Palm Desert Police/Riverside Co. Sheriffs Dept.
David Avila, Fire Marshal, Palm Desert Fire/Riverside Co. Fire Dept./CDF
Grace L. Mendoza, Deputy City Clerk
Upon motion by Spiegel, second by Ferguson, and 4-0 vote of the Authority Board,
with Crites ABSENT, President Ferguson adjourned the meeting to Closed Session of the
City Council and Redevelopment Agency at 3:05 p.m. He reconvened the meeting at
4:02 p.m.
MINUTES
PALM DESERT FINANCING AUTHORITY MEETING JUNE 8, 2006
Ill. CONSENT CALENDAR
A. MINUTES of the Financing Authority Meeting of April 27, 2006.
Rec: Approve as presented.
On a motion by Kelly, second by Spiegel, and a 4-0 vote of the Authority Board, the
Consent Calendar was approved as presented.
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 ACTIONS RELATED TO THE ISSUANCE
AND SALE OF TAX ALLOCATION REVENUE BONDS BY THE PALM
DESERT FINANCING AUTHORITY FOR PROJECT AREA NO. 1, AS
AMENDED (JOINT CONSIDERATION WITH THE PALM DESERT
REDEVELOPMENT AGENCY AND THE PALM DESERT CITY COUNCIL).
Mr. Ortega stated the resolutions were necessary for issuance of the bonds
that contained plans for how the bond proceeds would be used. The Agency
would have the ability to change the use of the bond at a later time, but at
this time, it was their best estimate. He said the projects intended to be
financed were included in the resolutions and he recommended they be
adopted.
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MINUTES
PALM DESERT FINANCING AUTHORITY MEETING JUNE 8, 2006
Chairman/Mayor/President Ferguson declared the public hearing to be open for
project Area Nos. 2, 3 and 4, and invited testimony SUPPORTING or OPPOSING
these matters. With no testimony offered, he declared the public hearing to be
closed.
Member/Councilman/Commissioner Spiegel moved to waive further reading and
adopt the following resolutions relating to Project Area No. 1, As Amended, Bonds:2)City
Council Resolution No. 06-74, supplementing Resolution No. 06-56 and further making
a finding of significant public benefit and other findings in connection with the issuance
and sale by the Palm Desert Financing Authority of the Authority's Tax Allocation Revenue
Bonds (Project Area No. 1, As Amended), 2006 Series A (Tax -Exempt), and Tax
Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended), 2006 Series B
(Taxable; 3) Financing Authority Resolution No. FA-55, acknowledging a finding of
significant public benefit and affirming certain matters in connection with the issuance and
sale of the Authority's Tax Allocation Revenue Bonds (Project Area No. 1, As Amended),
2006 Series A (Tax -Exempt), and Tax Allocation Refunding Revenue Bonds (Project Area
No. 1, As Amended), 2006 Series B (Taxable), and approving the issuance, sale, and
delivery of such bonds; 4) Agency Resolution No.527, affirming the Agency's approval
of documents and certain other matters relating to the sale and issuance by the Palm
Desert Financing Authority of Tax Allocation Revenue Bonds (Project Area No. 1, As
Amended), 2006 Series A, and Tax Allocation Refunding Revenue Bonds (Project Area
No. 1, As Amended), 2006 Series B (Taxable). Motion was seconded by Kelly and carried
by a 5-0 vote.
B. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE ISSUANCE
AND SALE OF TAX ALLOCATION REVENUE BONDS BY THE PALM
DESERT FINANCING AUTHORITY FOR PROJECT AREA NO. 2 (JOINT
CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT
AGENCY AND THE PALM DESERT CITY COUNCIL).
Mr. Ortega stated that essentially, the Palm Desert City Council would be
adopting the same actions for Project Area Nos. 2, 3, and 4 as they did with
Project Area No. 1.
Chairman/Mayor/President Ferguson declared the public hearing to be open for
Project Area Nos. 2, 3 and 4, and invited testimony SUPPORTING or OPPOSING
these matters. With no testimony offered, he declared the public hearing to be
closed.
Member/Councilman/Commissioner Crites moved to waive further reading and
adopt the following resolutions relating to Project Area No. 2 bonds: 1 City Council
Resolution No. 06-75, making a finding of significant public benefit and other findings in
connection with the issuance and sale by the Palm Desert Financing Authority of the
Authority's Tax Allocation Refunding Revenue Bonds (Project Area No. 2), 2006 Series A,
Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), 2006 Series B,
Tax Allocation Revenue Bonds (Project Area No. 2), 2006 Series C, and Subordinate Tax
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MINUTES
PALM DESERT FINANCING AUTHORITY MEETING JUNE 8, 2006
Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), 2006 Series D; 2)
Financing Authority Resolution No. FA-56, acknowledging a finding of significant public
benefit in connection with the issuance and sale of the Authority's Tax Allocation Refunding
Revenue Bonds (Project Area No. 2), 2006 Series A, Tax Allocation Revenue Capital
Appreciation Bonds (Project Area No. 2), 2006 Series B, Tax Allocation Revenue Bonds
(Project Area No. 2), 2006 Series C, and Subordinate Tax Allocation Revenue Capital
Appreciation Bonds (Project Area No. 2), 2006 Series D, and approving the issuance, sale,
and delivery of such bonds and authorizing certain other matters relating thereto; 3)
Agency Resolution No. 528, approving certain documents in connection with the sale and
issuance by the Palm Desert Financing Authority of Tax Allocation Refunding Revenue
Bonds (Project Area No. 2), 2006 Series A, Tax Allocation Revenue Capital Appreciation
Bonds (Project Area No. 2), 2006 Series B, Tax Allocation Revenue Bonds (Project Area
No. 2), 2006 Series C, and Subordinate Tax Allocation Revenue Capital Appreciation
Bonds (Project Area No. 2), 2006 Series D, and authorizing certain other related matters
Motion was seconded by Spiegel and carried by a 5-0 vote.
C. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE ISSUANCE
AND SALE OF TAX ALLOCATION REVENUE BONDS BY THE PALM
DESERT FINANCING AUTHORITY FOR PROJECT AREA NO. 3 (JOINT
CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT
AGENCY AND THE PALM DESERT CITY COUNCIL).
Mr. Ortega stated that essentially, the Palm Desert City Council would be
adopting the same actions for Project Area Nos. 2, 3, and 4 as they did with
project Area No. 1.
Chairman/Mayor/President Ferguson declared the public hearing to be open for
Project Area Nos. 2, 3 and 4, and invoited testimony SUPPORTING or OPPOSING
these matters. With no testimony offered, he declared the public hearing to be
closed.
Member/Councilman/Commissioner Crites moved to waive further reading and
adopt the following resolutions relating to Project Area No. 3 Bonds: 1) City Council
Resolution No. 06-76, making a finding of significant public benefit and other findings in
connection with the issuance and sale by the Palm Desert Financing Authority of the
Authority's Tax Allocation Revenue Bonds (Project Area No. 3), 2006 Series A, Tax
Allocation Revenue Capital Appreciation Bonds (Project Area No. 3), 2006 Series B, and
Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 3)
2006 Series C: 2) Financing Authority Resolution No. FA-57, acknowledging a finding of
significant public benefit in connection with the issuance and sale of the Authority's Tax
Allocation Revenue Bonds (Project Area No. 3), 2006 Series A, Tax Allocation Revenue
Capital Appreciation Bonds (Project Area No. 3), 2006 Series B, and Subordinate Tax
Allocation Revenue Capital Appreciation Bonds (Project Area No. 3), 2006 Series C, and
approving the issuance, sale, and delivery of such bonds and authorizing certain other
matters relating thereto: 3) Agency Resolution No. 529, approving certain documents in
connection with the sale and issuance by the Palm Desert Financing Authority of Tax
Allocation Revenue Bonds (Project Area No. 3), 2006 Series A, Tax Allocation Revenue
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MINUTES
PALM DESERT FINANCING AUTHORITY MEETING JUNE 8, 2006
Capital Appreciation Bonds (Project Area No. 3), 2006 Series B, and Subordinate Tax
Allocation Revenue Capital Appreciation Bonds (Project Area No. 3), 2006 Series C, and
Authorizing Certain other related matters. Motion was seconded by Spiegel and carried
by a 5-0 vote.
D. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE ISSUANCE
AND SALE OF TAX ALLOCATION REVENUE BONDS BY THE PALM
DESERT FINANCING AUTHORITY FOR PROJECT AREA NO. 4 (JOINT
CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT
AGENCY AND THE PALM DESERT CITY COUNCIL).
Mr. Ortega stated that essentially, the Palm Desert City Council would be
adopting the same actions for Project Areas Nos. 2, 3, and 4 as they did with
Project Area No. 1.
Chairman/Mayor/President Ferguson declared the public hearing to be open for
Project Area Nos. 2, 3 and 4, and invited testimony SUPPORTING or OPPOSING
these matters. With no testimony offered, he declare the public hearing to be
closed.
Member/Councilman/Commissioner Crites moved to waive further reading and
adopt the following resolutions relating to Project Area No. 4 Bonds: 2) City Council
Resolution No. 06-77 , making a finding of significant public benefit and other findings in
connection with the issuance and sale by the Palm Desert Financing Authority of the
Authority'sTax Allocation Refunding Revenue Bonds (Project Area No. 4), 2006 Series A,
and Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 4) 2006 Series
B; 2) Financing Authority Resolution No. FA-58, acknowledging a finding of significant
public benefit in connection with the issuance and sale of the Authority's Tax Allocation
Refunding Revenue Bonds (Project Area No. 4), 2006 Series A, and Tax Allocation
Revenue Capital Appreciation Bonds (Project Area No. 4), 2006 Series B, and approving
the issuance, sale, and delivery of such bonds and authorizing certain other matters
relating thereto;3)Agency Resolution No. 530, approving certain documents in connection
with the sale and issuance by the Palm Desert Financing Authority of Tax Allocation
Refunding Revenue Bonds (Project Area No. 4), 2006 Series A, and Tax Allocation
Revenue Capital Appreciation Bonds (Project Area No. 4), 2006 Series B, Tax Allocation
Revenue Bonds (Project Area No. 2), and authorizing certain other related matters.
Motion was seconded Spiegel and carried by a 5-0 vote.
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MINUTES
PALM DESERT FINANCING AUTHORITY MEETING JUNE 8, 2006
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 a 5-0 vote of e Authority Board,
President Ferguson adjourned the meeting at 6:55 p.m.
ATTEST:
CHELLE b. KLASSN, SECRETARY
PALM DESERT FINANCING AUTHORITY
\+ J
JIM FER
, rRESIDENT
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