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HomeMy WebLinkAbout2008-10-24MINUTES ADJOURNED REGULAR MEETING OF THE RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY FRIDAY, OCTOBER 24, 2008 — 10:00 A.M. ADMINISTRATIVE 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 10:00 a.m. II. ROLL CALL Present: Commissioner Bill Luna Commissioner Carlos L. Ortega Vice President S. Roy Wilson President Jean M. Benson Also Present: William L. Strausz, Authority Counsel Justin McCarthy, ACM for Redevelopment Paul S. Gibson, Director of Finance/City Treasurer/Authority Treasurer Steve Aryan, Assistant to the City Manager Dan Martinez, Deputy County Executive Officer, County of Riverside Arla Scott, Senior Financial Analyst, Palm Desert Redevelopment Agency Ruth Ann Moore, Economic Development Mgr., Palm Desert RDA Curt de Crinis, C. M. de Crinis, Financial Advisor Mike Williams, C. M. de Crinis, Financial Advisor Ken Dieker, Del Rio Advisors, Financial Advisor Teresa Ho-Urano, Richards, Watson & Gershon Rachelle D. Klassen, Secretary III. ORAL COMMUNICATIONS None IV. CONSENT CALENDAR A. MINUTES of the Regular Riverside County Palm Desert Financing Authority Meeting of February 4, 2008. Rec: Approve as presented. Upon motion by Wilson, second by Luna, and unanimous vote of the Authority Commission Board, the Consent Calendar was approved as presented. MINUTES ADJOURNED REGULAR MEETING OF THE RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY V. CONSENT ITEMS HELD OVER None VI. NEW BUSINESS OCTOBER 24, 2008 A. RESOLUTION NO. RCPDFA 5 - 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), 2008 SERIES A; APPROVING AS TO FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS IN CONNECTION WITH THE ISSUANCE, SALE, AND DELIVERY OF SUCH BONDS; APPOINTING A TRUSTEE; AND AUTHORIZING OTHER RELATED ACTIONS. Commissioner Ortega noted the staff report and materials provided to Authority Commission Board Members with their agenda. He summarized that the action requested was authorizing issuance of $76 million of bonds that will be used for various County projects, including the Palm Desert Regional Sheriff's Station, purchase of property, three or four multi -service centers, and some public works in the Bermuda Dunes area. Actual fund for construction is approximately $63 million, the rest is for expenses and capitalized interest for two particular projects. He noted that he had a copy of the actual presentation made to the Riverside County Debt Advisory Committee and offered to share it with anyone who wished to review it. He went on to say that at yesterday's Palm Desert Redevelopment Agency Meeting, the Agency Board approved implementing documents, a lease/lease-back transaction, where, through a previous Pass -through Agreement, the County ultimately authorizes the Redevelopment Agency to release money from that fund in order to make payments on the subject sub- lease. Vice President Wilson commented that it was an outstanding arrangement between the County and the City of Palm Desert to use what the County has with all cities, pass -through money in Redevelopment Project Areas, and apply those funds to needs in both Palm Desert and the entire eastern end of the County. He said the subject package was going to make possible a badly needed Sheriff's Station that would be built with state-of-the-art LEED requirements. It would also enhance the small community of Mesa Verde, an isolated area just west of Blythe, with a Community Center, which he felt was a very commendable project enabled by this process. He thanked the City of Palm Desert for the benefits it would be providing with its pass - through funds. 2 MINUTES ADJOURNED REGULAR MEETING OF THE RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY OCTOBER 24, 2008 President Benson agreed that many good things had resulted from the arrangement in communities where the help was needed, including the County Administrative Center in Blythe and the Mecca Clinic. Vice President Wilson moved to waive further reading and adopt Resolution No. RCPDFA 5. Motion was seconded by Ortega and carried by unanimous vote of the Authority Commission Board. VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None XI. REPORTS AND REMARKS A. PRESIDENT None B. VICE PRESIDENT None C. MEMBERS OF THE AUTHORITY Commissioner Ortega commented that many in attendance at today's meeting had been working on this project for at least five years. He added that City of Palm Desert's Pass -through Agreement with the County was approved in 1992, written with a great deal of foresight, still effective and working very well. Commissioner Luna offered his congratulations for a job well done. D. STAFF None 3 MINUTES ADJOURNED REGULAR MEETING OF THE RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY X. ADJOURNMENT OCTOBER 24, 2008 There being no further business or discussion, and with Authority Commission Board concurrence, President Benson adjourned the meeting at 10:08 a.m. ATTEST: RA HE LE P LASS "IFSECRETARI) RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY At�1Vl. BENSO , RESIDENT 4