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Home My WebLink About2006-12-14 FA Regular Meeting Agenda POSTED AGENDA PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, DECEMBER 14, 2006 CIVIC CENTER COUNCIL CHAMBERS I. CALL TO ORDER II. ROLL CALL III. CONSENT CALENDAR ALL MATTERS LISTED ON THE CONSENT CALENDAR ARE CONSIDERED TO BE ROUTINE AND WILL BE ENACTED BY ONE ROLL CALL VOTE. THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS MEMBERS OF THE FINANCING AUTHORITY OR AUDIENCE REQUEST SPECIFIC ITEMS BE REMOVED FROM THE CONSENT CALENDAR FOR SEPARATE DISCUSSION AND ACTION UNDER SECTION IV, CONSENT ITEMS HELD OVER, OF THE AGENDA. A. MINUTES of the Financing Authority Meeting of November 16, 2006. Rec: Approve as presented. Action: IV. CONSENT ITEMS HELD OVER V. RESOLUTIONS None VI. NEW BUSINESS None VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None POSTED AGENDA PALM DESERT FINANCING AUTHORITY MEETING DECEMBER 14, 2006 IX. PUBLIC HEARINGS I. REQUEST FOR APPROVAL Rec: Waive further reading and adopt: 1) City Council Resolution No. 06- 155, making a finding of significant public benefit and other findings in connection with the issuance and sale of the Palm Desert Financing Authority Tax Allocation (Housing Set-Aside) Refunding Revenue Bonds, Series 2007 (the "Bonds"); 2) Financing Authority Resolution No. FA-60, acknowledging finding of significant public benefit in connection with the issuance and sale of the Bonds, approving of the issuance, sale, and delivery of the Bonds, and authorizing the execution and delivery of documents relating to the Bonds; 3) Redevelopment Agency Resolution No. 536, approving and authorizing the execution and delivery of documents relating to the bonds. Action: X. REPORTS, REMARKS, AND AGENCY BOARD ITEMS REQUIRING ACTION A. EXECUTIVE DIRECTOR B. AUTHORITY COUNSEL C. CHAIRMAN AND MEMBERS OF THE AUTHORITY XI. ADJOURNMENT 2 POSTED AGENDA PALM DESERT FINANCING AUTHORITY MEETING DECEMBER 14, 2006 I hereby certify, under penalty of perjury under the laws of the State of California, that the foregoing agenda for the Palm Desert City Council was posted on the City Hall bulletin board not less than 72 hours prior to the meeting. Dated this ___ day of ___, 2003. RACHELLE D. KLASSEN, CITY CLERK 3 PRELIMINARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, NOVEMBER 16, 2006 CNIC CENTER COUNCIL CHAMBER I. CALL TO ORDER President Ferguson convened the meeting at 3:01 p.m. II. ROLL CALL Present: Commissioner Jean M. Benson Vice President Richard S. Kelly Commissioner Robert A. Spiegel President Jim Ferguson Also Present: Carlos L. Ortega, City Manager/RDA Executive Director David J. Erwin, City Attorney Sheila R. Gilligan, ACM for Community Services Homer Croy, ACM for Development Services Justin McCarthy, ACM for Redevelopment Rachelle D. Klassen, City Clerk Phil Drell, Director of Community Development Patrick Conlon, Director of the Office of Energy Management Paul S. Gibson, Director of Finance/City Treasurer Mark Greenwood, Director of Public Works David Yrigoyen, Director of Redevelopment & Housing Frankie Riddle, Director of Special Programs Walt Holloway, Battalion Chief, Palm Desert Fire/Riverside Co. Fire Dept./CDF Frank Taylor, Asst. Chief, Palm Desert Police/Riverside Co. Sheriff's Dept. William L. Strausz, Redevelopment Agency Counsel Grace L. Mendoza, Deputy City Clerk Upon a motion by Spiegel, second by Kelly, and 4-0 vote of the Authority Commission Board, President Ferguson adjourned the meeting to Closed Session of the City Council and Redevelopment Agency at 3:02 p.m. He reconvened the meeting at 4:02 p.m. PRELIMINARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING NOVEMBER 16, 2006 III. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of June 8, 2006. Rec: Approve as presented. On a motion by Spiegel, second by Kelly, and a 4-0 vote of the Authority Commission Board, the Consent Calendar was approved as presented. IV. CONSENT ITEMS HELD OVER None V. RESOLUTIONS None VI. NEW BUSINESS None VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None 2 PRELIMINARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING NOVEMBER 16, 2006 IX. PUBLIC HEARINGS A. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE ISSUANCE AND SALE OF TAX ALLOCATION REVENUE BONDS BY THE PALM DESERT FINANCING AUTHORITY FOR PROJECT AREA NO. 1, AS AMENDED, 2007 SERIES A(JOINT CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT AGENCY AND THE PALM DESERT CITY COUNCIL). Mr. Ortega noted the memorandums indicated a refinancing of Project Area No. 1, in which a savings was to be achieved. He offered that the consultants and staff were available to answer questions. Chairman/President/Mayor Ferguson noted for the record, that the following documents were received: 1) Indenture of Trust; 2) Project Area No. 1, As Amended, Loan Agreement; 3) Escrow Agreement; 4) Preliminary Official Statement; 5) Bond Purchase Agreement; and 6) Continuing Disclosure Agreement. Chairman/President/Mayor Ferguson declared the public hearing open and invited testimony in FAVOR of or in OPPOSITION to this matter. With no public testimony offered, he declared the public hearing closed. Chairman/President/Mayor Ferguson moved to, waive further reading and adopt the following resolutions relating to Project Area No. 1 Bonds, As Amended, 2007 Series A: 1) City Council Resolution No. 06-144, making a finding of significant public benefit in connection with the issuance and sale of the Palm Desert Financing Authority Tax Allocation Refunding Bonds (Project Area No. 1, As Amended), 2007 Series A; 2) Financing Authority Resolution No. FA-59, acknowledging finding of significant public benefit and approving as to form and authorizing the execution and delivery of certain documents in connection with the issuance, sale and delivery of the Authority's Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended), 2007 Series A, and authorizing certain other matters relating thereto; 3) Redevelopment Agency Resolution No. 534, approving as to form and authorizing the execution and delivery of certain documents in connection with the sale and issuance by the Palm Desert Financing Authority of the Authority's Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended), 2007 Series A, and authorizing certain other matters relating thereto. Motion was seconded by Spiegel and carried by a 4-0 vote. 3 PRELIMINARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING NOVEMBER 16, 2006 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. ADJOURNMENT With Authority Commission Board concurrence, President Ferguson adjourned the meeting at 6:07 p.m. JIM FERGUSON, CHAIRMAN ATTEST RACHELLE D. KLASSEN, SECRETARY PALM DESERT FINANCING AUTHORITY 0