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HomeMy WebLinkAbout2018-09-27MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, SEPTEMBER 27, 2018 CIVIC CENTER COUNCIL CHAMBER 73510 FRED WARING DRIVE, PALM DESERT, CA 92260 I. CALL TO ORDER - 3:00 P.M. President Jonathan convened the meeting at 3:05 p.m. II. ROLL CALL Present: Commissioner Jan C. Harnik Commissioner Kathleen Kelly Commissioner Gina Nestande Vice President Susan Marie Weber President Sabby Jonathan Also Present: Lauri Aylaian, City Manager Robert W. Hargreaves, City Attorney Rachelle D. Klassen, City Clerk Lori Carney, Director of Administrative Services Russell Grance, Director of Building & Safety Ryan Stendell, Director of Community Development Janet M. Moore, Director of Finance/City Treasurer Tom Garcia, Director of Public Works Stephen Y. Aryan, Risk Manager Eddy Moore, Division Chief, Palm Desert Fire/Riverside Co. Fire Dept./Cal Fire Andy Martinez, Admin. Sgt., Palm Desert Police/Riverside Co. Sheriffs Dept. Grace L. Rocha, Deputy City Clerk III. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of June 8, 2017. Upon motion by Kelly, second by Harnik, and 5-0 vote of the Authority Board (AYES: Harnik, Kelly, Nestande, Weber, and Jonathan; NOES: None), the Consent Calendar was approved as presented. MINUTES PALM DESERT FINANCING AUTHORITY MEETING SEPTEMBER 27, 2018 IV. CONSENT ITEMS HELD OVER None V. RESOLUTIONS None VI. NEW BUSINESS A. REQUEST FOR APPROVAL OF RECOMMENDED FIRMS TO BE PLACED ON A PRE -APPROVED LIST OF UNDERWRITERS/PLACING AGENTS FOR POTENTIAL FUTURE DEBT ISSUANCE OR REFUNDINGS (JOINT CONSIDERATION WITH THE PALM DESERT CITY COUNCIL, SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY, AND PALM DESERT HOUSING AUTHORITY). Senior Management Analyst Veronica Tapia stated that after the 2017 refunding, staff realized the underwriter's list was grossly delinquent. In order to update the list, staff requested qualifications from various firms and received six. Each firm was deemed qualified and staff is requesting that they be included in the list. In the event a financing opportunity presents itself, staff will come back and ask a subcommittee to choose a firm most qualified to do the deal. This item went to the Audit, Investment & Finance Committee and they approved it. Councilmember/Director/Commissioner/Member Harnik moved to, by Minute Motion, approve the recommended firms to be included in a pre -approved list to provide underwriting and placement agent services for future debt issuance or refundings. Motion was seconded by Kelly and carried by a 5-0 vote (AYES: Harnik, Kelly, Nestande, Weber, and Jonathan; NOES: None). VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None IX. PUBLIC HEARINGS None 2 MINUTES PALM DESERT FINANCING AUTHORITY MEETING SEPTEMBER 27, 2018 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. ADJOURNMENT With Authority Board concurrence, Pre ident Jonathan adjourned the meeting at 8:37 p.m. ATTEST: RJ-CHEL.LE D. KLAS -N, SECRETARY.) PALM DESERT FINANCING AUTHORITY SABBY JON, PRESIDENT 3