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HomeMy WebLinkAbout2006-11-13MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, NOVEMBER 16, 2006 CIVIC CENTER COUNCIL CHAMBER I. CALL TO ORDER President Ferguson convened the meeting at 3:01 p.m. II. ROLL CALL Present: Commissioner Jean M. Benson 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 Rachelle D. Klassen, City Clerk Phil Drell, Director of Community Development Patrick Conlon, Director of the Office of Energy Management Paul S. Gibson, Director of Finance/City Treasurer Mark Greenwood, Director of Public Works David Yrigoyen, Director of Redevelopment & Housing Frankie Riddle, Director of Special Programs Walt Holloway, Battalion Chief, Palm Desert Fire/Riverside Co. Fire Dept./CDF Frank Taylor, Asst. Chief, Palm Desert Police/Riverside Co. Sheriffs Dept. William L. Strausz, Redevelopment Agency Counsel Grace L. Mendoza, Deputy City Clerk Upon a motion by Spiegel, second by Kelly, and 4-0 vote of the Authority Commission Board, President Ferguson adjourned the meeting to Closed Session of the City Council and Redevelopment Agency at 3:02 p.m. He reconvened the meeting at 4:02 p.m. MINUTES PALM DESERT FINANCING AUTHORITY MEETING NOVEMBER 16, 2006 III. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of June 8, 2006. Rec: Approve as presented. On a motion by Spiegel, second by Kelly, and a 4-0 vote of the Authority Commission 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 2 MINUTES PALM DESERT FINANCING AUTHORITY MEETING NOVEMBER 16, 2006 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, 2007 SERIES A (JOINT CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT AGENCY AND THE PALM DESERT CITY COUNCIL). Mr. Ortega noted the memorandums indicated a refinancing of Project Area No. 1, in which a savings was to be achieved. He offered that the consultants and staff were available to answer questions. Chairman/President/Mayor Ferguson noted for the record, that the following documents were received: 1) Indenture of Trust; 2) Project Area No. 1, As Amended, Loan Agreement; 3) Escrow Agreement; 4) Preliminary Official Statement; 5) Bond Purchase Agreement; and 6) Continuing Disclosure Agreement. Chairman/President/Mayor Ferguson declared the public hearing open and invited testimony in FAVOR of or in OPPOSITION to this matter. With no public testimony offered, he declared the public hearing closed. Chairman/President/Mayor Ferguson moved to, waive further reading and adopt the following resolutions relating to Project Area No. 1 Bonds, As Amended, 2007 Series A: 1) City Council Resolution No. 06-144, making a finding of significant public benefit in connection with the issuance and sale of the Palm Desert Financing Authority Tax Allocation Refunding Bonds (Project Area No. 1, As Amended), 2007 Series A; 2) Financing Authority Resolution No. FA-59, acknowledging finding of significant public benefit and 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), 2007 Series A, and authorizing certain other matters relating thereto; 3) Redevelopment Agency Resolution No. 534, approving as to form and authorizing the execution and delivery of certain documents in connection with the sale and issuance by the Palm Desert Financing Authority of the Authority's Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended), 2007 Series A, and authorizing certain other matters relating thereto. Motion was seconded by Spiegel and carried by a 4-0 vote. 3 MINUTES PALM DESERT FINANCING AUTHORITY MEETING NOVEMBER 16, 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 With Authority Commission Board concurrence, meeting at 6:07 p.m. ATTEST CHELLE D. KLASSEN,tECRETARY PALM DESERT FINANCING AUTHORITY JIM F adjourned the N, CHAIRMAN 4