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HomeMy WebLinkAbout2011-03-11MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, MARCH 10, 2011 CIVIC CENTER COUNCIL CHAMBER 73510 FRED WARING DRIVE, PALM DESERT, CA 92260 I. CALL TO ORDER - 3:00 P.M. President Benson convened the meeting at 3:00 p.m. II. ROLL CALL Present: Commissioner Cindy Finerty Commissioner Jan C. Hamik Commissioner William R. Kroonen Vice President Robert A. Spiegel President Jean M. Benson Also Present: John M. Wohlmuth, City Manager/RDA Executive Director David J. Erwin, City Attorney Justin McCarthy, ACM for Redevelopment Stephen Y. Aryan, Assistant to the City Manager Rachelle D. Klassen, City Clerk Russell Grance, Director of Building & Safety Paul S. Gibson, Director of Finance/City Treasurer Janet M. Moore, Director of Housing Mark Greenwood, Director of Public Works Frankie Riddle, Director of Special Programs Bill Hunley, Battalion Chief, Palm Desert Fire/Riverside Co. Fire Dept./Cal Fire Andrew Shouse, Asst. Chief, Palm Desert Police/Riverside Co. Sheriffs Dept. Grace L. Mendoza, Deputy City Clerk Upon a motion by Spiegel, second by Kroonen, and 5-0 vote of the Authority Board, President Benson adjoumed the meeting to Closed Session of the City Council and Redevelopment Agency at 3:01 p.m. She reconvened the meeting at 4:00 p.m. MINUTES PALM DESERT FINANCING AUTHORITY MEETING MARCH 10, 2011 III. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of March 11, 2010. Rec: Approve as presented. Upon a motion by Spiegel, second by Finerty, and 4-0-1 vote of the Authority Board, with Harnik ABSTAINING, the Consent Calendar was approved as presented. IV. CONSENT ITEMS HELD OVER None V. RESOLUTIONS None VI. NEW BUSINESS A. REQUEST FOR APPROVAL OF ACTIONS RELATED TO AMENDMENT OF THE PALM DESERT "STATEMENT OF INVESTMENT POLICY" TO INCLUDE THE RIVERSIDE COUNTY TREASURER'S POOLED INVESTMENT FUND AS AN INVESTMENT (JOINT CONSIDERATION WITH THE PALM DESERT CITY COUNCIL, PALM DESERT REDEVELOPMENT AGENCY, AND THE PALM DESERT HOUSING AUTHORITY). Councilmember/Member/Commissioner Finerty moved to: 1) By Minute Motion, approve proposed amendment to the Palm Desert "Statement of Investment Policy" to authorize the Riverside County Treasurer's Pooled Investment Fund as an investment; 2) waive further reading and adopt City Council Resolution No. 2011 - 14, authorizing the investment of monies in the Riverside County Treasurer's Pooled Investment Fund; 3) waive further reading and adopt Redevelopment Agency Resolution No. 583, authorizing the investment of monies in the Riverside County Treasurer's Pooled Investment Fund. Motion was seconded by Kroonen. Mayor Pro TemNice ChairmanNice President Spiegel asked how much did the City plan to transfer to the Riverside County Treasurer's Pooled Investment Fund. Mr. Gibson answered that potentially up to 30% of the City's portfolio could be invested, which was $60 to $70 million. Further responding, he said it was a secured investment. Mayor/Chairman/President Benson called for the vote, and the motion carried on a 5-0 vote. 2 MINUTES PALM DESERT FINANCING AUTHORITY MEETING MARCH 10, 2011 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 XI. ORAL COMMUNICATIONS - C None XII. ADJOURNMENT On a motion by Spiegel, second by Finerty, and 5-0 vote of the Authority Board, President Benson adjourned the meeting at 5:26 p.m. ATTEST: RA LLE D. KLASSEN, SCRETARY PALM DESERT FINANCING AUTHORITY JE . BENSOD(PRESIDENT 3