Loading...
HomeMy WebLinkAbout2007-12-13MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, DECEMBER 13, 2007 CIVIC CENTER COUNCIL CHAMBER 73510 FRED WARING DRIVE, PALM DESERT, CA 92260 I. CALL TO ORDER President Kelly convened the meeting at 3:00 p.m. II. ROLL CALL Present: Vice President Jean M. Benson Commissioner Jim Ferguson Commissioner Robert A. Spiegel President Richard S. Kelly Excused Absence: Commissioner Cindy Finerty Also Present: Carlos L. Ortega, City Manager/RDA Executive Director Jeffrey S. Ballinger, Assistant 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 Russell Grance, Director of Building & Safety Bo Chen, City Engineer Lauri Aylaian, Director of Community Development Patrick Conlon, Director of the Office of Energy Management Paul S. Gibson, Director of Finance/City Treasurer Janet M. Moore, Director of Housing Doug Van Gelder, Director of Information Systems Mark Greenwood, Director of Public Works Frankie Riddle, Director of Special Programs John Rios, Battalion Chief, Palm Desert Fire/Riverside Co. Fire/Cal Fire Frank Taylor, Asst. Chief, Palm Desert Police/Riverside Co. Sheriff's Dept. Grace L. Mendoza, Deputy City Clerk MINUTES PALM DESERT FINANCING AUTHORITY MEETING DECEMBER 13, 2007 Upon a motion by Spiegel, second by Ferguson, and 4-0 vote of the Authority Commission Board, with Finerty ABSENT, President Kelly adjoumed the meeting to Closed Session of the City Council and Redevelopment Agency at 3:03 p.m. He reconvened the meeting at 4:06 p.m. Note: Upon returning to the regular City Council Meeting, Mayor Pro TemNice ChairmanNice President Benson had been appointed Mayor/Chairman/President for the coming year, and Councilman/Member/Commissioner Spiegel had been appointed to serve as Mayor Pro TemNice ChairmanNice President. III. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of December 14, 2006. Rec: Approve as presented. Upon motion by Spiegel, second by Kelly, and a 4-0 vote of the Authority Commission Board, with Finerty ABSENT, the Consent Calendar was approved as presented. IV. CONSENT ITEMS HELD OVER None V. RESOLUTIONS None VI. NEW BUSINESS A. CONSIDERATION OF THE AUTHORIZATION TO ISSUE SPECIAL TAX REFUNDING BONDS, SERIES 2008, OF CITY OF PALM DESERT COMMUNITY FACILITIES DISTRICT (CFD) NO. 91-1 (INDIAN RIDGE PUBLIC IMPROVEMENTS) AND APPROVAL OF RELATED DOCUMENTS (JOINT CONSIDERATION WITH THE PALM DESERT CITY COUNCIL). Mr. Ortega noted both the Financing Authority and City Council meetings were open in order to take action. He said this item was a refinancing of a facility district for the initial construction of Indian Ridge. He said the interest rates had declined, and staff was requesting approval for refinancing. Responding to question, Mr. Ortega confirmed each participating resident will have a reduction in their property taxes. 2 MINUTES PALM DESERT FINANCING AUTHORITY MEETING DECEMBER 13, 2007 Commissioner/Councilman Ferguson added essentially, the City was refinancing the assessment district so that residents paid less on their property taxes. The City was taking advantage of the low interest rate, and it wasn't costing the City any money. Mr. Ortega agreed. Commissioner/Councilman Ferguson moved to waive further reading and adopt: 1) Resolution No. 07-79, a resolution of the City Council of the City of Palm Desert, acting for itself and as the legislative body of City of Palm Desert Community Facilities District No. 91-1 (Indian Ridge Public Improvements) to authorize the issuance of its special tax refunding bonds, Series 2008, in a principal amount not -to -exceed twelve million dollars ($12,000,000) and approving certain documents and taking certain other actions in connection therewith; 2) waive further reading and adopt Resolution No. FA-61, a resolution of the Palm Desert Financing Authority making certain findings and determinations in connection with its 1997 revenue bonds (Assessment Districts Nos. 92-1 and 94-1, and Community Facilities District No. 91-1). Motion was seconded by Spiegel and carried by a 4-0 vote, with Finerty ABSENT. VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None IX. PUBLIC HEARINGS None 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 3 MINUTES PALM DESERT FINANCING AUTHORITY MEETING DECEMBER 13, 2007 XI. ADJOURNMENT Upon a motion by Spiegel, second by Kelly, and 4-0 vote of the Authority Commission Board, with Finerty ABSENT, President Benson adjourned the meeting at 5:25 p.m. ATTEST: H LE D. S , SECRETAR PALM DESERT FINANCING AUTHORITY Jl`,,,, AN M. BENSO , PRESIDENT 4