2000 12 19 FA0``0
v 5
5
OF
Financing Authority
Agenda
City Council Chamber
78-495 Calle Tampico
La Quinta, California 92253
December 19. 2000
3:00 PM
CALL TO ORDER Beginning Res. No. FA 2000-03
ROLL CALL: Board Members: Adolph, Henderson, Perkins, Sniff, Chairman Pena
PUBLIC COMMENT
At this time, members of the public may address the Finance Authority on any
matter not listed on the agenda or scheduled for public hearing. Please complete a
"request to speak" form and limit your comments to three minutes.
For all Public Hearings on the agenda, a completed "request to speak" form must be
filed with the City Clerk prior to the Council beginning consideration of that item.
Please watch the timing device on the podium.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF THE MINUTES OF NOVEMBER 21, 2000.
CONSENT CALENDAR
1. TRANSMITTAL OF TREASURER'S REPORT DATED OCTOBER 31, 2000.
2. TRANSMITTAL OF REVENUES AND EXPENDITURE REPORT DATED OCTOBER 31, 2000.
3. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA FINANCING
AUTHORITY 1996 LEASE REVENUE REFUNDING BONDS FOR FISCAL YEAR END JUNE 30,
2000.
500
BUSINESS SESSION - None
DEPARTMENT REPORTS - None
PUBLIC HEARINGS - None
ADJOURNMENT -Adjourn to a Regular Meeting of the Financing Authority to be held on January
16, 2001, in the City Council Chambers, 78-495 Calle Tampico, CA 92553.
DECLARATION OF POSTING
I, June S. Greek, Secretary of the La Quinta Financing Authority, do hereby declare that the foregoing
agenda for the La Quinta Financing Authority meeting of December 19, 2000, was posted on the
outside entry to the Council Chamber, 78-495 Calle Tampico and on the bulletin board at the La Quinta
Chamber of Commerce on Friday, December 15, 2000.
Dated: December 15, 2000
Jun6 Greek, CIVIC
Secretary, La Quinta Financing Authority
[all-Alexas]"
The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the
hearing impaired, please call the City Clerk's Office at 777-7025, 24-hours in advance of the meeting
and accommodations will be made.
2 501
T4'1t 4 4a Q"
December 19, 2000
COUNCIL/RDA MEETING DATE:
ITEM TITLE:
Transmittal of Treasurer's Report
as of October 31, 2000
RECOMMENDATION:
Receive and file.
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: I
STUDY SESSION:
PUBLIC HEARING:
Transmittal of Treasurer's Report dated October 31, 2000 for the La Quinta Financing
Authority.
FINDINGS AND ALTERNATIVES:
I certify that this report accurately reflects all pooled investments and is in compliance
with California Government Code Section 53645 as amended 1 /1 /86; and is in
conformity with City Code 3.08.010 to 3.08.070 Investment of Money and Funds.
I hereby certify that sufficient investment liquidity and anticipated revenues are
available to meet next month's estimated expenditures.
W
m
M. Falconer, Finance Director
Approved for submission by:
l
Thomas P. Genovese, City Manager
Attachment: Treasurer's Report, La Quinta Financing Authority
502
T-.&i 4 e(P Q"
MEMORANDUM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for October 31, 2000
DATE: November 30, 2000
Attached is the Treasurer's Report for the month ending October 31, 2000. The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept.
The following table summarizes the changes in investment types for the month:
!Investment
Beginning
Purchased
Sold/Matured
Other
Ending
Change
FCash (1)
$107,829
816,733
924,562
816,733
LAIF
$4,645,922
859,652
0
5,505,574
859,652
IUS Treasuries (2)
$32,865,550
3,000,000
(4,000,000)
75,010
131,940,560
(924,990)
IUS Gov't Agencies (2)
$17,591,486
57,335
17,648,821
57,335
iCommercial Paper (2)
$1,493,002
2000,000
(1,500,000)
(3,769)
1,989,233
496,231
;Mutual Funds
$3,130,638
1:044,069
4,174,707
1,044,069
Total
L$59,834,427
6,903,721
5 500 000
945,30
62 183,457
2,349 030
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and ins in conformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. the City of
La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
Iz , 00
Jo ii M. Falcoher Da e
Fi ance Director/ reasurer
Footnote
(1) The amount reported in the other column represents the net increase (decrease) of deposits and
withdrawals from the previous month.
(2) The amount reported in the other column represents the amortization of premium/discount for the
month on US Treasury, Commercial Paper and Agency investments.
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069
CITY CITY RDA RDA FA
FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND
CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL
CITY OF LA QUINTA
BALANCE SHEET 10/31/00
ASSETS:
POOLED CASH
(5,748,950.75)
11,154,011.16
(1,308.54)
5.403.74187
LORP INVESTMENT IN POOLED CASH
SW,396.43
W8.396 43
INVESTMENT T BILLMOTES & OTHER
43,980,000.00
43.980,000 00
AUTO MALL CASH
203.604.94
203.604 84
LORP CASH
32,15&70
32.158 70
BOND REDEMPTION CASH
55.872.23
1.238.81
5711104
BOND RESERVE CASH
BOND PROJECT CASH
11,490,144.69
606,685.28
12,098,829 97
BOND ESCROW CASH
PETTY CASH
1,000.W
100000
CASH & INVESTMENT TOTAL 38,435,644.09
23,540,583.21
608,615.55
62,584,842 85
INVESTMENT IN LAND HELD FOR RESALE
ACCOUNTS RECEIVABLE
PREMIUMIDISCOUNT ON INVESTMENT
LORP-ACCOUNTS RECEIVABLE
INTEREST RECEIVABLE
LOAN/NOTES RECEIVABLE
DUE FROM OTHER AGENCIES
DUE FROM OTHER AGENCIES - CVAG
CVAG ALLOWANCE
DUE FROM OTHER GOVERNMENTS
DUE FROM OTHER FUNDS
DUE FROM RDA
INTEREST ADVANCE -DUE FROM RDA
ADVANCES TO OTHER FUNDS
NSF CHECKS RECEIVABLE
ACCRUED REVENUE
TRAVEL ADVANCES
EMPLOYEE ADVANCES
PREPAID EXPENSES (900.00) (900.00)
RECEIVABLE TOTAL 11,259,078.62 3,346,331,46 8,007,655.20 22.613,065 28
45.515.41
60,900.00
8.010,000,00 8,116,415 41
(382,619.90)
(16,421 4S)
(2,344.80) (401,386 16)
70,758.W
7075888
2,678,631.60
2,678,631 60
651,913,19
651.913 19
(651,913.19)
(651,913 19)
$W,614.98
551,629.04
1,450,244 02
8,497,5W.20
8.497,550 20
2,196,072.02
2,196,072.02
2,801.91
2,80191
833.40
833.40
2,044.00
2,044 00
WORKER COMPENSATION DEPOSIT
37,637.00
37.637.00
RENT DEPOSITS
UTILITY DEPOSITS
75.00
75.00
MISC. DEPOSITS.
2,100.00
2,100.00
DEPOSITS TOTAL
39,812.00
39,812,00
GENERAL FIXED ASSETS
1,396,331.67 15.590.699.00
9,988,279,05 26,965,309.72
ACCUMULATED DEPRECIATION
(812,74&27)
(812.743.27)
AMOUNT AVAILABLE TO RETIRE L/T DEBT
3,395,117.03 3,395,117 03
AMOUNT TO BE PROVIDED FOR L/T DEBT
1,645,647.34
94,789,59C32 8,010,00000 104,445,241 66
TOTAL OTHER ASSETS
573,588,40 15,590,699,00 1,645,647,34
9,998,279.05 98,184,711.35 8,010,000.00 133,992,925 14
TOTAL ASSETS 50,308 123.11 15 590,699.00 1,645,647. 34 26 886 914.67 9988,27905 98 184 711.35 B 616 270.75 8,010,Q0000 219 230 . 64527_
LIABILITIES:
ACCOUNTS PAYABLE
1,325,626.93 47,432.26
1,373,059.19
DUE TO OTHER AGENCIES
145,301.16
145,301.16
DUE TO OTHER FUNDS
113,688.79 1,327,250.23
9,305.00 1,450,244 02
INTEREST ADVANCE -DUE TO CITY
ACCRUED EXPENSES
PAYROLL LIABILITIES
(914,40)
(914.40)
STRONG MOTION INSTRUMENTS
2,279.50
2,279,50
FRINGE TOED LIZARD FEES
29,661.50
29,661 50
SUSPENSE
3,504.52
3,504.52
DUE TO THE CITY OF LA QUINTA
PAYABLES TOTAL
1,619,148.00 1,374,682.49
9,305,00 3,003,135.49
ENGINEERING TRUST DEPOSITS
SO. COAST AIR QUALITY DEPOSITS
ARTS IN PUBLIC PLACES DEPOSITS
363,348.67
363,348.67
LORP DEPOSITS
14,934.00
14,934.00
DEVELOPER DEPOSITS
1,027,686.95
1,027,686.85
MISC. DEPOSITS
428,446.63
428,446.63
AGENCY FUND DEPOSITS
1,320,773.23
1,320,773,23
TOTAL DEPOSITS
3,140,255.38 14,934.00
3,155,189.38
DEFERRED REVENUE 8,270.67 8,010,000.00 8,018,270.67
OTHER LIABILITIES TOTAL 8,270.67 8,010,000.00 8,018,270.67
COMPENSATED ABSENCES PAYABLE
321,991.94
321,991 94
DUE TO THE CITY OF LA QUINTA
1,323,655.40
10,607,387.10
11,931,042.50
DUE TO COUNTY OF RIVERSIDE
12,249,102.00
12,249,102.00
DUE TO C.V. UNIFIED SCHOOL DIST.
9,418,222.25
9,418,222.25
DUE TO DESERT SANDS SCHOOL DIST.
BONDS PAYABLE
65,910,000.00
8,010,000.00 73,920,000.00
TOTAL LONG TERM DEBT
1,645,647.34
98,184,711,35
8,010,000.00 107,840,356,69
TOTAL LIABILITIES 4,767,674.05
1,645,647.34 1,389,616.49
98,184,711,35
8,019,305.00 8,010,000.00 122,016,95423
EQUITY -FUND BALANCE 45,540,449.06 15,5W,699.00
26,497,298.18 9,988,279.05
596,965.75 97,213,691.04
TOTAL LIABILITY & EQUITY 50.M.123.11 15,590,699.00 1,645,647.34 6 886 914.67 9,988,279.05 98 184 711, 35 8,616,270,75 8,010 000.00 219.23(016A45 27
CASH 8, INVESTMENT TOTAL 82,584,842.85
PREMIUMIDISCOUNT ON INVESTMENT (401,386,161
TOTAL S$183,456.69
010
Tjht 4 4Q"
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: December 19, 2000 CONSENT CALENDAR: d—
ITEM TITLE:
STUDY SESSION:
Transmittal of Revenue and Expenditure Report PUBLIC HEARING:
October 31, 2000
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
Transmittal of the October 31, 2000 Statement of Revenue and Expenditures for the
La Quinta Financing Authority.
Respectfully submitted,
Johri M. Falconer) Finance Director
Approved for Submission b
Thomas P. Genovese
City Manager
Attachments:
1. Revenue and Expenditures Report, October 31, 2000
511
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
DEBT SERVICE REVENUE:
Contractual Services Fees
Non Allocated Interest
Rental Income
Transfer In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT REVENUE:
Pooled Cash Allocated Interest
Non Allocated Interest
TOTAL CIP REVENUE
BUDGET RECEIVED
9,175.00
0.00
0.00
1,206.66
678,955.00
472,272.50
0.00
0.00
REMAINING %
BUDGET RECEIVED
9,175.00
0.0%
(1,206.66)
0.0%
206,682.50
69.6%
0.00
0.0%
688,130.00 473,479.16 214,650.84 68.8%
0.00 0.02 (0.02) 0.0%
0.00 18,651.86 (18,651.86) 0.0%
0.00 18,651.88 (18,651.88) 0.0%
TOTAL FINANCING AUTHORITY 688,130.00 492,131.04 195,998.96 71.5%
512
003
LA QUINTA FINANCING AUTHORITY
07/01/2000 •10131/2000
REMAINING
%
EXPENDITURE SUMMARY
BUDGET =XPENDITURES
ENCUMBERED
BUDGET
EXPENDED
DEBT SERVICE EXPENDITURES
SERVICES
9,175.00
500.00
0.00
8,675.00
5.4%
BOND PRINCIPAL
260,000.00
260,000.00
0.00
0.00
100.0%
BOND INTEREST
418,955.00
212,272.50
0.00
206,682.50
50.7%
TRANSFER OUT
0.00
0.00
0.00
0.00
0.0%
TOTAL DEBT SERVICE
688,130.00
472,772.50
0.00
215,357.50
68.7%
CAPITAL IMPROVEMENT EXPENDITURES
TRANSFER OUT
517,732.00
0.00
0.00
517,732.00
0.0%
TOTAL CAPITAL IMPROVEMENT
517,732.00
0.00
0.00
517,732.00
0.0%
TOTAL FINANCING AUTHORITY
1,205,862.00
472,772.50
0.00
733,089.50
39.21%
51;
064
Tity/ 4 4 Q"
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: December 19, 2000
CONSENT CALENDAR: 3
ITEM TITLE:
STUDY SESSION:
Approval of Annual Continuing Disclosure PUBLIC HEARING:
for the La Quinta Financing Authority
1996 Lease Revenue Refunding Bonds
for Fiscal Year End June 30, 2000
RECOMMENDATION:
Approve, receive and file the Annual Continuing Disclosure for the La Quinta
Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End June
30, 2000.
FISCAL IMPLICATIONS:
None
CHARTER CITY IMPLICATIONS:
None
BACKGROUND AND OVERVIEW:
On November 10, 1994, the Securities and Exchange Commission adopted
amendments to existing federal regulations (Rule 15c2-12) for bonds issued after July
3, 1995, requiring issuers of municipal securities (Bond issues) to do the following
annually for each bond issue:
1. Prepare official statements meeting the content requirement of Rule
15c2-12.
2. File certain financial information and operating data with national and
state repositories each year.
3. Prepare announcements of the significant events including payment
defaults, defeasances and draws on a reserve fund as the events occur.
514
Attachment 1 is the 1999/00 Annual Continuing Disclosure Statement for the La
Quinta Financing Authority 1996 Lease Revenue Refunding Bonds prepared in
accordance with the three aforementioned requirements. Additionally, no
announcement of significant events was necessary for Fiscal Year 1999/00.
FINDINGS AND ALTERNATIVES:
The alternatives available to the City Council include:
1. Approve, receive and file the Annual Continuing Disclosure for the La Quinta
Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End
June 30, 2000; or
2. Do not approve, receive and file the Annual Continuing Disclosure for the La
Quinta Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal
Year End June 30, 2000; or
3. Provide staff with alternative direction.
Respectfully submitted,
M. Falconer! Finance Director
Approved for submission by:
Thomas P. Genovese, City Manager
Attachment: 1. 1999/00 Annual Continuing Disclosure Statement for the
La Quinta Financing Authority
515
06
ATTACHMENT 1
ANNUAL INFORMATION STATEMENT
FOR
FISCAL YEAR ENDED JUNE 309 2000
1996 LEASE REVENUE REFUNDING BONDS
(LA QUINTA CITY HALL PROJECT)
LA QUINTA FINANCING AUTHORITY
CITY OF LA QUINTA
RIVERSIDE COUNTY, CALIFORNIA
5116
im
LIST OF PARTICIPANTS
CITY OF LA QUINTA
naIavuraa Irr rrsj ntrr Ara
John Falconer
Finance Director
P.O. Box 1504
La Quinta, California 92253
(619) 777-7150
DISCLOSURE CONSULTANT & DISSEMINATION AGENT
MuniFinancial*
Temecula, California 92590
(909) 699-3990
Report available for viewing
www.muni.com
UNDERWRITER
Miller & Schroeder Financial, Inc.
BOND COUNSEL
Rutan & Tucker, LLP
Costa Mesa, California
FISCAL AGENT
Brad Scarborough
U.S. Bank Trust, N.A.
550 South Hope Street, Suite 500
Los Angeles, California 90071
(213) 533-8741
* In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or
fairness of the statements contained herein.
517
- 005
L INTRODUCTION
Pursuant to an Official Statement dated November 13, 1996 the La Quinta Financing Authority (the
"Authority") issued $8,790,000 1996 Lease Revenue Refunding Bonds (La Quinta City Hall Project),
(the "Bonds") to refinance the Authority's previously issued Local Agency Revenue Bonds, Series
1991 (City Hall Project).
The City of La Quinta, (the "City") which comprises approximately 31.18 square miles, is located in
the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles.
The Bonds are payable solely from the lease payments relating to the La Quinta City Hall Project,
and amounts held in certain funds and accounts established under a trust agreement. The City has
covenanted to provide for the lease payments in its annual budget and to make the necessary
appropriation for such payments. However, the Bonds and the obligation of the City to make lease
payments does not constitute an obligation for which the City is obligated to levy or pledge any
form of taxation. Neither the Bonds nor the obligation of the City to make lease payments
constitutes an indebtedness of the City, the State of California or any political subdivisions thereof
within the meaning of any constitutional or statutory debt limit or restriction.
This Annual Information Statement is being provided pursuant to a covenant made by the City and
the Authority for the benefit of the holders of the Bonds and includes the information specified in a
Continuing Disclosure Certificate. For further information and a more complete description of the
City, the Authority and the Bonds, reference is made to the Official Statement.
518
1 006
H. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds
1996 Lease Revenue Bonds
B. FUND BALANCES
Fund
Reserve Fund (1)
As of December 04, 2000
$7,750,000
As of December 04, 2000
N/A
(1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the MBIA Insurance Corporation.
III. FINANCIAL INFORMATION
The audited financial statements for the City for the Fiscal Year Ended June 30, 2000 will be
separately filed with the Nationally Recognized Municipal Securities Information Repositories and
are hereby incorporated by reference into this Annual Information Statement.
IV. OPERATING INFORMATION
A.
GENERAL FUND EXPENDITURES BY FUNCTION
Fiscal Year
Ending
General
Public
Public
Community
Planning &
Capital
June 30
Government
Safety
Works
Service
Development
Projects
Total
1991
$1,968,275
$2,501,105
(1)
$777,366
(1)
$0
$5,246,745
1992
1,921,155
2,155,813
$618,612
157,897
$904,171
11,813
5,769,461
1993
1,807,205
2,393,202
600,253
146,686
884,537
0
5,831,883
1994
2,359,673
2,786,575
673,144
119,265
511,416
0
6,450,073
1995
1,565,265
3,143,697
576,304
199,115
538,610
282,113
6,305,104
1996
1,793,301
3,227,438
813,352
413,142
453,656
201,475
6,902,364
1997
2,376,935
3,442,056
889,694
469,110
455,563
170,000
7,803,358
1998
2,229,389
4,099,523
1,159,372
494,402
345,054
0
8,327,740
1999
2,473,241
4,468,294
1,546,650
732,741
626,074
0
9,847,000
2000
2,814,604
4,992,811
1,704,996
768,528
748,949
0
11,029,888
(1) Prior to fiscal year 1992 Public Works and Planning & Development expenditures were included with Community Service
519
907
K
B.
GENERAL FUND REVENUE BY SOURCE
Fiscal Year
Licenses
Charges
Litigation
Ending
and
Inter-
for
Settlement
June 30
Taxes
Permits
Governmental
Services
Proceeds
Interest
Miscellaneous
Total
1991
$3,288,565
$785,381
$790,880
$602,600
(2)
$642,813
$101,411
$6,211,650
1992
3,135,044
576,293
930,503
488,015
(2)
261,380
120,867
5,512,102
1993
3,581,830
622,107
1,157,587
384,000
(2)
238,321
219,641
6,203,486
1994
4,212,604
777,241
1,600,032
469,695
(2)
585,264
1,042,872
8,687,708
1995
4,946,304
902,914
747,784
551,727
$477,872
718,310
137,028
8,481,939
1996
5,393,456
998,030
815,980
610,873
12,386
905,420
230,705
8,966,850
1997
5,942,698
793,689
1,072,803
976,897
40,593
941,327
22,712
9,790,719
1998
6,764,355
1,144,562
1,110,553
1,228,269
281,382
1,164,145
114,969
11,808,235
1999
8,101,191
1,951,981
1,466,788
1,965,219
740,985
1,569,796
74,529
15,870,489
2000
8,888,825
2,493,360
2,388,749
1,922,097
0
1,868,073
106,371
17,667,475
(2) 1995 was the first year Litigation Settlement Proceeds was identified as a revenue source
C.
PROPERTY TAX LEVIES AND COLLECTIONS
Fiscal Year
Total
Current
Percent
Delinquent
Total
Ending
Tax
Tax
of Levy
Tax
Collections
June 30
Levy
Collection
Collected
Collections
to Tax Levy
1991
$280,339
$256,297
91.40/.
$21,921
99.2%
1992
282,201
260,365
92.3%
25,703
101.4%
1993
282,630
244,731
86.6%
14,824
91.8%
1994
288,407
275,752
95.6%
900
95.9%
1995
549,273
487,043
88.7%
786
88.8%
1996
670,398
643,309
96.0%
2,312
96.3%
1997
824,073
760,350
92.3%
0
92.3%
1998
886,175
980,838
110.7%
0
110.7%
1999
991,1001
1,148,040
115.8%
0
115.8%
2000
1,001,074
1,005,983
100.5%
0
100.5%
Note 1. Proposition
13 limits cities to levying
a tax rate for bonded indebtedness only after 1978.
2. Levies and
collections are for General Fund only excluding no -low
and supplemental property taxes.
Source: County of
Riverside
D. SCHEDULE OF NET TAXABLE VALUE
Fiscal
Assessed
Less
Less
Net
Year
Ending
Secured
Unsecured
Property
Property
Homeowner's
Taxable
June 30
Property
Pro a
Value
Exemptions
Exemptions
Value
1991
$1,278,307,230
$7,156,844
$1,285,464,074
$3,474,595
(1)
$1,281,989,479
1992
1,594,767,374
6,396,816
1,601,164,190
3,605,829
(1)
1,597,558,361
1993
1,773,323,102
6,943,559
1,780,266,661
3,814,434
(1)
1,776,452,227
1994
1,872,768,156
8,119,527
1,880,887,683
3,946,378
$18,901,202
1,858,040,103
1995
1,927,834,908
22,822,285
1,950,657,193
4,357,954
20,518,400
1,925,780,839
1996
2,043,276,054
23,801,872
2,067,077,926
6,936,774
22,399,068
2,037,742,048
1997
2,164,204,951
22,511,720
2,186,716,671
6,919,376
22,407,418
2,157,389,877
1998
2,305,593,987
18,844,880
2,324,438,867
9,676,787
24,877,018
2,289,885,062
1999
2,674,887,437
18,756,736
2,693,644,173
10,998,340
27,581,722
2,655,064,111
2000
2,665,520,656
18,712,736
2,684,233,392
11,655,584
28,259,200
2,644,318,608
(1) Homeowner's exemption not available
Source: County of Riverside
3
5420
008
E. PROPERTY TAX RATE - DIRECT AND OVERLAPPING GOVERNMENTS
(Per $100 of Assessed Value)
1995/96
1996/97
1997/98
1998/99
1999/00
General
1.00000
1.00000
1.00000
1.00000
1.00000
Desert Sands Unified
0.09750
0.09750
0.09750
0.09750
0.09750
College of the Desert
0.00000
0.00000
0.00000
0.00000
0.00000
Coachella Valley Water District
0 02080
0.02080
0.02080
0.02080
.00 2080
Total Tax Rate
1.11830
1.11830
1.11830
1.11830
1.11830
Source: County of Riverside
F. SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
Year Ended
Special Assessment
Special Assessment
Ratio of Collections
June 30
Billings
Collections 0l
to Billings
1991
$355,924
$335,177
99.8
1992
557,574
552,249
99.0
1993
559,029
548,291
98.8
1994
766,011
734,560
95.9
1995
836,502
737,700
88.2
1996
729,647
699,351
95.8
1997
791,012
757,256
95.7
1998
791,012
761,109
96.2
1999
790,532
770,164
97.4
2000
833,630
800,825
96.0
(1) Includes Prepayments and Foreclosures
Source: Riverside County Assessor's Office as compiled by Muni Financial.
G. SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
Percent
June 30, 2000
Direct and Overlapping Bonded Debt
Applicable
Bonded Debt
Riverside County General Fund Obligations
0.999%
$998,403
Riverside County Board of Education Certificates of Participation
0.999
168,403
Desert Community College District Certificates of Participation
3.905
43,892
Desert Sands Unified School District Certificates of Participation
8.963
2,328,224
Desert Sands Unified School District Lease Tax Obligation
8.963
5,545,807
Coachella Valley County Water District, I.D. #71 Storm Water Unit Certificates of
6.394
889,725
Participation
Coachella Valley County Water District, I.D. #55
68.760
7,821,450
Coachella Valley County Water District, I.D. #58
1.700
134,045
Coachella Valley Unified School District
8.085
998,403
City of La Quinta General Fund Obligation
100.000
8,010,000
City of La Quinta 1915 Act Bonds
100.000
4170 000
Total Direct and Overlapping Bonded Debt
$31,108,352 0)
(1) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation
bonds and nonbonded
capital lease obligations.
Source: California Municipal Statistics, Inc
521
4 009
H. COMPUTATION OF LEGAL DEBT MARGIN (DUNE 30, 2000)
Net Assessed Valuation $2,684,277,392
Debt Limit - 15 % of Assessed Valuation 402,641,609
Amount of Debt Applicable to Debt Limit 0
Legal Debt Margin 402,641,609
Notes: Section 43605 of the Government Code of the State of California limits the amount of indebtedness for public improvements to
15% of the assessed valuation of all real and personal property of the City. The City of La Quinta has no general bonded
indebtedness.
I. REVENUE BOND COVERAGE
Local Agency
Revenue Bonds (City Hall Project)
Fiscal Year
Debt Service Requirements
Ending
Revenue Available
June 30
for Debt Service
Principal
Interest
Total Coverage
1992
$182,784
$0
$182,784
$182,784
1.00
1993
548,352
0
548,352
548,352
1.00
1994
548,352
0
548,352
548,352
1.00
1995
699,477
155,000
544,477
699,477
1.00
1996
696,402
160,000
536,402
696,402
1.00
1997
607,950
170,000
437,950
607,950
1.00
1998
734,623
285,000
449,623
734,623
1.00
1999
684,573
245,000
439,573
684,573
1.00
2000
679,670
250,000
429,670
679,670
1.00
Note: Revenue available consists of lease payments made by the City of La Quinta to the La Quinta Financing
Authority.
J. DEMOGRAPHIC STATISTICS
Total
Population
Riverside
Fiscal Year
Square
Percent
County
City Population
Ending
Miles
Population l2>
Change
Population 0)
Percent of County
1988
23.2
9,274
13.3%
983,800
0.9%
1989
23.2
10,267
10.7%
1,057,200
1.0%
1990
23.3
10,587
3.1%
1,144,400
0.9%
1991
23.8
13,070
23.5%
1,225,800
1.1%
1992
28.0
14,727
12.7%
1,281,000
1.1%
1993
28.2
15,589
5.9%
1,323,500
1.2%
1994
28.2
16,680
7.0%
1,357,400
1.2%
1995
31.2
17,591
5.5%
1,393,500
1.3%
1996
31.2
18,050
2.6%
1,381,879
1.3%
1997
31.2
18,931
4.9%
1,379,956
1.4%
1998
31.2
20,444
8.0%
1,441,237
1.4%
1999
31.2
21,763
6.5%
1,473,307
2.2%
2000
31.2
24,240
10.77%
1,522,900
1.6%
Source: 1) State
of California Department of Finance
522
5 010
K.
L.
PROPERTY VALUE AND CONSTRUCTION ACTIVITIES
Fiscal Year
Commercial Construction
Residential Construction
Ending
Property
June 30
Value 0l
Units
Value
Units
Value
1991
$1,278,307,230
3
$7,299,000
304
$38,320,527
1992
1,594,767,374
12
7,334,871
320
35,744,443
1993
1,773,323,102
7
2,441,392
324
39,145,539
1994
1,872,768,156
13
6,081,796
531
79,318,969
1995
1,927,834,908
4
1,100,119
238
29,163,494
1996
2,043,276,054
8
1,018,940
336
53,973,239
1997
2,164,204,951
11
1,876,747
322
36,971,047
1998
2,305,593,987
14
2,689,642
461
70,403,691
1999
2,674,887,437
19
8,894,767
770
132,521,054
2000
2,684,277,392
40
13,071,684
1,590
292,524,629
(1) From Schedule of Net Taxable Value
M.
PRINCIPAL TAXPAYERS
Taxpayer
KSL Desert Resorts Inc.
TD Desert Development
Sunrise Desert Partners
Mery Griffin
La Quinta Golf Properties Corporation
Wal Mart Stores Inc.
Capital Pacific Holdings
Washington Adams Partnership
M & H Realty Partnership
Lowe's Hardware
Tradition Club Associates
Type of Activity
Recreational, Residential Land
Residential Land
Condominiums
Residential, Vacant Land
Recreational, Commercial Land
Commercial
Residential, Vacant Land
Commercial
Shopping Centers
Retailer
Recreational, Vacant Land
Source: Hdl Coren & Cone, Riverside County Assessor 1999/00 Combined Tax Rolls
MAJOR EMPLOYERS (JUNE 30, 2000)
Employer
Employees
Activit
La Quinta Hotel and Golf Resort
1,500
Hotel and Golf Resorts
PGA West
1,100
Golf Resorts
Desert Sands Unified School District
525
School District
Wal-Mart
280
Retailer
Home Depot
185
Retailer
Rancho La Quinta
150
Golf and Tennis Resort
Stater Brothers
150
Groceries
Lowe's Hardware
125
Retailer
Vons
103
Groceries
Ralphs
100
Groceries
City of La Quinta
74
Municipal Government
523
6 Oil
N. SCHEDULE OF INSURANCE IN FORCE (DUNE 30, 2000)
Company
Policy
Name
Number
Coverage
Limits
Term
Premium
Employee Dishonesty,
Hartford
PEBA07068
Forgery, Computer Fraud
$1,000,000
12/03/99—
00 $2,500
All Risk Property Insurance
General Star
Including Auto Physical Damage
Idenmity Co.
IAG371825
(Excluding Quake & Flood)
25,736,400
07/01/00 —
01 14,145
Earthquake & Flood, Real &
RLI Insurance
Personal Property Including
Company
IMP0033525
Contigent Tax Interruption
5,000,000
02/07/00
—01 20,200
California
$0 Deductible
Joint Powers
Retention
Insurannce Authority
Certificate #5
Comprehensive General Liability
$50 Million
12/03/99
— 00 60,300
California
Joint Powers
Certificate
Insurance Authority
#5009-056
Workers Compensation
5,000,000
12/03/99
— 00 37,637
Earthquake & Flood, Real &
Personal Property Including
American National
IMP9880468
Contigent Tax Interruption
2,500,000
02/07/00 —
01 4,750
Chubbs
Custom Insurance
Special Events
$1,000,000
N/A
N/C
O. MISCELLANEOUS STATISTICAL DATA (DUNE 30, 2000)
Date of Incorporation
May 2, 1982
Type of City
Charter City
Form of Government
Council / Manager
City Employees
74
City Land Area (square miles).
31.2
Population
24,240
Number of Parks
8
Total Acreage
39
Miles of Streets
170.0
Miles of Bike Paths
9.7
Number of Major Intersections
45
Number of Traffic Signals and Safety Lighting
32
Number of Traffic Signs
2,605
Number of Street Lights
8
Public Schools
4
Private Schools
1
Churches
3
Banks / Savings and Loan
2
Number of Single Family Units - Detached
11,197
Number of Single Family Units - Attached
2,310
Number of Multiple Family Units
697
Number of Mobile Homes
247
524
0
V. SIGNATURE
The information set forth herein has been furnished by the Authority and the City and by sources
which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness.
Statements contained in this Annual Information Statement which involve estimates, forecasts, or
other matters of opinion, whether or not expressly so described herein, are intended solely as such
and are not to be construed as representations of fact. Further, the information and expressions of
opinion contained herein are subject to change without notice and the delivery of this Annual
Information Statement will not, under any circumstances, create any implication that there has been
no change in the affairs of the Authority and the City or any other parties described herein.
LA QUINTA FINANCING AUTHORITY
CITYOF LA OUINTA
John Falconer
Finance Director
December If , 2000
525
03