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HomeMy WebLinkAbout2014-06-26MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, JUNE 26, 2014 CIVIC CENTER COUNCIL CHAMBER 73510 FRED WARING DRIVE, PALM DESERT, CA 92260 I. CALL TO ORDER - 3:00 P.M. President Tanner convened the meeting at 3:05 p.m. II. ROLL CALL Present: Commissioner Benson Commissioner Jan C. Harnik Commissioner Robert A. Spiegel arrived at 3:15 p.m. Vice President Susan Marie Weber President Van G. Tanner Also Present: John M. Wohlmuth, Executive Director David J. Erwin, City Attorney Robert W. Hargreaves, Assistant City Attorney Rudy P. Acosta, Assistant City Manager Rachelle D. Klassen, Secretary Russell Grance, Director of Building & Safety Lauri Aylaian, Director of Community Development Martin Alvarez, Director of Economic Development Paul S. Gibson, Director of Finance/City Treasurer Janet M. Moore, Director of Housing Mark Greenwood, Director of Public Works Bo Chen, City Engineer Stephen Y. Aryan, Risk Manager Bill Sullivan, Asst. Chief, Palm Desert Police/Riverside Co. Sheriffs Department Grace L. Mendoza, Deputy City Clerk With Financing Authority Board concurrence, President Tanner adjourned the meeting to Closed Session of the City Council and Successor Agency at 3:06 p.m. He reconvened the meeting at 4:00 p.m. MINUTES PALM DESERT FINANCING AUTHORITY MEETING JUNE 26, 2014 III. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of March 8, 2012. Rec: Approve as presented. Upon a motion by Spiegel, second by Weber, and 5-0 vote of the Financing Authority Board, (AYES: Benson, Hamik, Spiegel, Weber, and Tanner; NOES: None), the Consent Calendar was approved as presented. IV. CONSENT ITEMS HELD OVER None V. RESOLUTIONS None VI. NEW BUSINESS A. CONSIDERATION OF THE APPROPRIATION AND AUTHORIZATION FOR THE DIRECTOR OF FINANCE/CITY TREASURER TO USE AND APPLY $2.1 MILLION FROM THE ENERGY INDEPENDENCE FUND AND APPROXIMATELY $2.5 MILLION FROM THE GENERAL FUND TO PREPAY THE LEASE AGREEMENT WITH RESPECT TO, AND REDEMPTION OF, THE OUTSTANDING PALM DESERT FINANCING AUTHORITY ENERGY INDEPENDENCE PROGRAM, VARIABLE -RATE DEMAND LEASE REVENUE BONDS, SERIES 2009 (FEDERALLY TAXABLE) (JOINT CONSIDERATION WITH THE PALM DESERT CITY COUNCIL). Mr. Gibson stated this request would call the outstanding Wells Fargo Bonds related to the Energy Independence Fund where the General Fund would be lending the money to cover those funds and eaming interest on them. He said the loans are on the tax roll as a collection, with the City earning 7% interest rate on the General Fund loan part of it. This is the first date that the City could call the bonds. He said the City is not lending any more money as Coachella Valley Association of Governments (CVAG) is now issuing their Energy type of loan/process; therefore, it made sense to call the bonds at this time. Councilmember/Commissioner Harnik moved to, by Minute Motion: 1) Appropriate and authorize the Director of Finance/City Treasurer to use and apply $2.1 million from the Energy Independence Fund and approximately $2.5 million from the General Fund to prepay the Lease Agreement Between the City and the Palm Desert Financing Authority with respect to, and redemption of, the outstanding Palm Desert Financing Authority 2 MINUTES PALM DESERT FINANCING AUTHORITY MEETING JUNE 26, 2014 Energy Independence Program, Variable -rate Demand Lease Revenue Bonds, Series 2009 (Federally Taxable); 2) authorize the Mayor, City Manager, and Director of Finance/City Treasurer to execute any ancillary documents necessary to effectuate the actions taken herewith. Motion was seconded by Weber and carried by a 5-0 vote (AYES: Benson, Harnik, Spiegel, Weber, and Tanner; NOES: None). VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None IX. PUBLIC HEARINGS None X. REPORTS, REMARKS, AND AUTHORITY 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 Hamik, and 5-0 vote of the Financing Authority Board, President Tanner adjourned the meeting at 5:44 p.m. ATTEST: VAN G. TANNER, PRESIDENT RA ELLE D. KLA N, S RETARY (--xcc----?Th PALM DESERT FINANCING AUTHORITY 3