Loading...
HomeMy WebLinkAbout2003-10-08MINUTES RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY ADJOURNED MEETING WEDNESDAY, OCTOBER 8, 2003 — 1:30 P.M. NORTH WING CONFERENCE ROOM PALM DESERT CIVIC CENTER 73-510 FRED WARING DRIVE, PALM DESERT, CALIFORNIA 92260 I. CALL TO ORDER President Benson convened the meeting at 1:32 p.m. II. ROLL CALL Present: Excused Absence: Commissioner Michael O'Connor (Alternate) Commissioner Larry Parrish Commissioner Carlos L. Ortega Vice President Roy Wilson President Jean M. Benson Also Present: William L. Strausz, Authority Counsel Rachelle D. Klassen, Secretary Paul S. Gibson, Treasurer Homer Croy, ACM for Development Services Justin McCarthy, ACM for Redevelopment Stephen Aryan, Assistant to the City Manager Patrick Conlon, Special Projects Administrator III. ORAL COMMUNICATIONS None IV. CONSENT CALENDAR A. MINUTES of the Adjourned Meeting of the Riverside County Palm Desert Financing Authority (RCPDFA) of September 4, 2003 Rec: Approve as presented. Upon a motion by President Benson, second by Vice President Wilson, and 4-0 vote of the Authority Board, the Consent Calendar was approved as presented. V. CONSENT ITEMS HELD OVER None MINUTES ADJOURNED MEETING OF THE RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY VI. NEW BUSINESS .? OCTOBER 8, 2003 A. REQUEST FOR APPROVAL OF RESOLUTION NO. RCPDFA 4: A RESOLUTION OF THE RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY, AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY OF THE AUTHORITY'S LEASE REVENUE BONDS (COUNTY FACILITIES PROJECTS), 2003 SERIES A; APPROVING AS TO FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS IN CONNECTION WITH THE ISSUANCE, SALE, AND DELIVERY OF SAID BONDS; APPOINTING A TRUSTEE; AND AUTHORIZING CERTAIN OTHER MATTERS RELATING THERETO. Commissioner Ortega reported that there were a couple of actions that needed to be taken before the Authority Board would consider the subject resolution. He said one of those was that the County Board of Supervisors do likewise, and he understood that action was taken yesterday by unanimous vote. Therefore, adoption of Resolution No. RCPDFA 4 was recommended at this time. Commissioner O'Connor moved to waive further reading and adopt Resolution No. RCPDFA 4. Motion was seconded by President Benson and carried by 4-0 vote. VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None XI. REPORTS AND REMARKS A. Revised Lease Revenue Bond Schedule Commissioner Ortega reported that relative to the resolution just adopted, a lengthy telephone conversation was held earlier today between all the parties to the bond transaction (i.e., rating agencies, bond insurance agencies, consultants), and an agreed upon schedule resulted. He said there were some questions that needed to be answered by the County — status of the Mecca Clinic, its costs and identification of the funds for operation — otherwise, the matter was underway. 2 MINUTES ADJOURNED MEETING OF THE RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY OCTOBER 8, 2003 Responding to question, Mr. Strausz answered that the schedule was to price the bonds on October 22 and close the issue on October 30. Commissioner O'Connor concurred. Commissioner Ortega further noted that the bond issue was by the Joint Financing Authority. The City/Agency and the County had been working closely on the bond issue to date, but the pricing would be done from Palm Desert. He said that pricing would be given both with and without insurance; historically for Palm Desert, it has been worthwhile to obtain insurance. He explained the pricing process — going back and forth with various schedules and maturities until the right offer was made. He added that while the pricing would be done from Palm Desert, County Officials would be kept well informed during the process. Responding to comment, Mr. Conlon said the next step in the Animal Campus project would be to obtain authorization to go to bid for the off -site improvements, which he planned to do at the next meeting. He may also be ready to obtain authorization to bid for construction of the building at that time. He added that there was some seismic information that the engineers were completing for the Animal Campus. It would also be required for both the Mecca Clinic and the Blythe Administrative Center, and he asked if Commissioner O'Connor would follow-up on those items. X. ADJOURNMENT With Authority Board concurrence, President Benson adjourned the meeting at 1:45 p.m. ATTEST: EAN M. BEN , PRESIDENT r S'c� RACI-iELLE D. KLASSEN, SECRETARY RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY 3