MuniFinancial/Disclosure Services 96MuniFinancial
September 13, 1996
Mr. John Falconer
Finance Director
City of La Quinta
P.O. Box 1504
La Quinta, CA 92253
Corporate Office
28765 Single Oak Drive, Suite 200
Temecula, CA 92590-3661
Phone: (909) 699-3990
y Fax: (909) 699-3460
-Temecula
*San Francisco Bay Area
-Seattle
-Chicago
-Boca Raton
RE: AGREEMENT TO PROVIDE CONTINUING DISCLOSURE SERVICES
FOR THE LA QUINTA REDEVELOPMENT AGENCY -
REDEVEL OPMENT PR OJECT AREAS NO. 1 AND 2, 1995 HO USING TAX
ALLOCATIONBONDS
Dear Mr. Falconer:
MuniFinancial is pleased to submit this Letter of Agreement to provide Continuing
Disclosure Services for the La Quinta Redevelopment Agency (the "Agency").
On behalf of the Agency, MuniFinancial will prepare and disseminate Annual Reports
and Notices of Significant Events containing the appropriate disclosures, as well as
pertinent financial and operating data as specified in the following Scope of Services.
SCOPE OF SERVICES
1. Preparation of Annual Report
Commencing with the end of the Agency's fiscal year ending June 30, 1996, and
each year thereafter until the final maturity of the financing instruments,
MuniFinancial will prepare and disseminate an Annual Report on or before
December 31 of each year, commencing with the report for the 1995-96 fiscal year.
MuniFinancial will prepare each Annual Report incorporating repository items
(A) and (B) under "Content of Annual Reports" of the CONTINUING
DISCLOSURE AGREEMENT found in the Official Statement.
City of La Quinta
Continuing Disclosure Services Agreement - Page 2
September 13, 1996
Any or all of the items listed above may be included by specific reference to other
documents, including official statements of debt issues of the Agency or related
public entities, which have been submitted to each of the Nationally Recognized
Municipal Securities Information Repositories ("Repositories") or the Securities and
Exchange Commission. If the document included by reference is a final official
statement, it must be available from the Municipal Securities Rulemaking Board
(MSRB). The Issuer shall clearly identify each such other document so included by
reference.
2. Reporting of Significant Events
Upon notification by the Agency, MuniFinancial will prepare and report to the
Municipal Securities Rulemaking Board (MSRB), any State Information Depository
and all other parties as directed by the Agency, notice of the occurrence of any
significant events.
The Agency understands that timely reporting of significant events is critical in
adhering to the SEC's Continuing Disclosure Rule. Upon the occurrence of any
items listed above, it is imperative that the Agency contact MuniFinancial
immediately. The Agency will assume responsibility for notifying MuniFinancial
of any significant events pertaining to debt in order that these events be reported in
a timely manner.
3. Dissemination of Continuing Disclosure Information
MuniFinancial will duplicate and distribute the Annual Report, Notices of
Significant Events and, if required, Audited Financial Statements to all of the
following:
a. Issuer (La Quinta Redevelopment Agency)
b. Municipal Securities Rulemaking Board (MSRB)
C. Each Nationally Recognized Municipal Securities Information Repository
as appropriate and State Information Depositories, if any
d. Other interested parties, as designated by the Agency
Material may be disseminated to parties in either electronic or printed format.
e•.
City of La Quinta
Continuing Disclosure Services Agreement - Page 3
September 13, 1996
FEES FOR SERVICES
1.
2.
3.
ff WIT3 -I
Document Preparation Fees
Our annual fee to provide document preparation services described above is:
•� • •_RNONE -
Annual Report Preparation and $ 1,0001E
Significant Event Reporting
'The amount of this fee is conditioned upon MuniFinancial performing the district
administration relating to this issue and assumes that the Agency will provide data
and information as may be reasonably accessible to the Agency.
Dissemination Fees
Charges for dissemination services are as follows:
Annual Report
Notice of Material Events
1' No charge for distribution to Issuer.
Additional Fees
$25 / Distribution
$100 / Event "
Charges for meetings and consultations with disclosure counsel, the issuer, or other
parties regarding services not listed in the scope of work above, will be at our
prevailing hourly rates.
The term of the Agreement is continuous, not to exceed thirty (30) years, or until the final
maturity of the bond issue.
This service may be abandoned at any time by the Agency by submitting thirty (30) days'
written notice. MuniFinancial may cancel its obligation under this Agreement by
providing thirty (30) days' notice in writing to the Agency.
City of La Quinta
Continuing Disclosure Services Agreement - Page 4
September 13, 1996
PAYMENT
Payment for services rendered, expenses, and costs pursuant to this Agreement shall be
made within thirty (30) days of the submittal of an invoice by MuniFinancial. Invoices
for services shall be submitted to the Agency along with each Annual Report. Invoiced
amounts are subject to late charges of 1.5% per month for all amounts not received within
thirty (30) days of the invoice date unless arrangements have been agreed upon, in writing,
by the parties hereto.
AMENDMENT OF SCOPE
This Agreement may be amended from time to time by the Agency as may be required or
advisable due to changes in Federal Law, or to engage MuniFinancial to provide these
same services for additional issues. All amendments must be in writing and approved by
MuniFinancial and an authorized representative of the Agency.
ABANDONMENT AND ARBITRATION
In the event that this project is abandoned prior to its completion, the Agency will pay
MuniFinancial a fee equal to the reasonable value of its services. Reasonable value shall be
determined by using our then -current hourly rates for our services. In the event of
litigation or arbitration between the parties over the terms or performance of this
Agreement, the prevailing party shall be entitled to reasonable attorneys fees and costs.
ACCEPTED:
MUNIFINANCIAL, INC. LA QUINTA REDEVELOPMENT
AGENCY
By: By:
Harry Clark /
Chief Executive Officer
9-6-
Date
g:\proposal\cd\laquinta.con
Ji
hn Falconer
nance Director, City of La Quinta
61�1
"Thomas P. Genovese
City Manager, City of La Quinta
A Member of The WiIIdan Group of Companies
October 29, 2003
Mr. John Falconer
Finance Director
City of La Quinta
78-495 Calle Tampico
La Quinta, CA 92253-1504
Re: Adjustment of Contract Fee Structure
1915 Act District Administration
Dear John:
MuniFinancial has experienced an excellent working relationship with the City of La Quinta over the
past several years and is also aware of the City's desire to maintain a high level of quality service at a
very competitive cost. Therefore, I am pleased to inform you that due to our familiarity with your
1915 Act districts, along with the efficiencies that have been attained as a result of MuniFinancial's
new MuniMagic� software and reporting capabilities; we are able to, once again, reduce our annual
fees for administering your districts. Accordingly, please consider this letter an addendum to our
existing contract.
Beginning with our November 2003 billing cycle, our pricing for your districts will be amended as
follows:
Districts
AD 90-1
Active
Parccls
1,066
Base Fec
0
District Fcc
74,527.60
Animal Fcc
=4,527.60
Montlilv AIII0LIIIt
$ 377.30
AD 91-1
1,367
0
8,688.48
8,688.48
724.04
AD 92-1
955
0
6,932.64
6,932.64
577.72
AD 97-1
111
0
1,776.00
1,776.00
148.00
603
0
9,648.00
9,648.00
804.00
E2000-1
tals
41102
$0
$ 31,572.72
$ 31,572.72
$ 2,631.06
These new charges reflect a reduction of the annual per district base fee from $750 to $0 — an annual
savings of $3,750. This savings also reflects a change in the annual per parcel fee from five percent
(50/6) of the annual principal and interest (not to exceed $16 per parcel) to four percent (40/6) of the
annual principal and interest (not to exceed $16 per parcel). As a result, our total annual fee is now
$31,572.71, which represents a 15.3% reduction in comparison to our current invoicing.
Even though we are reducing our fees, MuniFinancial is committed to providing the City of La
Quinta with the same professional, timely and accurate service that the City is currently receiving.
Our adjusted contract price merely ensures that you continue to receive a competitive price, along
with the necessary quality/price balance.
27368 Via Industria, Suite 110 9 Temecula, CA 92590 - 800.755.MUN1 (6864) - 909.587.3500 *fax 909.587.3510 - www.muni.com
City of La Quinta
Mr. John Falconer
October 29, 2003
Page Two
To confirm your acceptance of this reduction in the fee schedule, please sign both enclosed copies
and forward one back to us in the stamped envelope provided for your convenience.
Thank you, John, for continuing to be one of our most valued clients. We look forward to
administering your existing districts until they mature, as well as any future bond issues that may be
issued by the City.
Sincerely,
MuniFinancial
Scott Dippohto
Senior Project Manager
District Administration Services
This addendum is accepted and executed in accordance with the terms, conditions and provisions
stated above and in the existing contract between MuniFinancial and the City of La Quinta.
MUNIFINANCIAL
By:
Paul Whitelaw
Vice President
Dated: October 29, 2003
CITY OF LA QUINTA
By:
Dated:
John Falconer
Finance Doi/rector
F