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1994 07 05 RDAing -> 10( JQeJeue?menf Crl'y COUNCIL CHAMBER 78495 CaIle Tampico La Quinta, Cahfornia 92253 Regular Meeting July 5, 1994 3:00 P.M. CALL TO ORDER Beginning Res. No. RA 949 a. Roll Call CONFIRMATION OF AGENDA APPROVAL OF MINUTES a. Approval of Minutes of June 20, 1994. PURUC COMMENT BUSINESS SESSION 1. CONSIDERATION OF ADOPTION OF A RESOLUTION AUTHORIZING THE SUBSTITUTION OF ThE RESERVE FUND SECURING THE LA QUINTA REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 1991. A) RESOLUTION ACTION. CONSENT CALFNDAR 1. APPROVAL OF DEMAND REGISTER DATED JULY 5, 1994. oOOUO1 BIB] 04-28-1999-U01 11:09:46AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1994-U02 ing -> 10( DEPARTMENT REPORTS 1. TRANSMITTAL OF REVENUE AND EXPENDITURES DATED MAY 31, 1994. CHAIR AND BOARD MEMBERS' iii?13 PUBUC HEARINGS 7:00 P.M. Note: There are no public hearings scheduled for this meeting. CLOSED SESSION ADJOURNMEN'r DECLARATION OF POSTING I, SAUNDRA L. JUHOLA, Secretary of the La Quinta Redevelopment Agency, do hereby declare that the foregoing agenda for the Redevelopment Agency Meeting of July 5, 1994 was posted on the outside entry to the Council Chamber 78495 Calle Tampico and on the bulletin board at the La Quinta Chamber of Commerce on Friday, July 1, 1994 Dat?) July 1, 1994 UNDRA L JUHOLA, Secretary La Quinta Redevelopment Agency OOOU02 BIB] 04-28-1999-U01 11:09:46AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1994-U02 ing -> 10( ci, OF REDEVELOPMENT AGENCY MEETING DATE: July 5, 1994 AGENDA CATEGORY: BUSINESS SESSION: I ITEM TITLE: Resolution of the La Quinta Redevelopment Agency CONSENT CALENDAR: Authorizing the Substitution of the Reserve Fund Securing STUDY SESSION: its La Quinta Redevelopment Project Tax Allocation PUBLIC HEARING: Bonds, Series 1991, Approving Certain Documents and Taking Certain Other Actions in Connection Therewith RECOMMENDATION: Adopt Resolution 94- authorizing the substitution of the Reserve Fund securing its La Quinta Redevelopment Project Tax Allocation Bonds, Series 1991, approving certain documents and taking certain other actions in connection therewith. FISCAL IMPLICATIONS: Currently, the balance of the debt service reserve fund is $735,000. The surety bond will cost the Agency $21,000, which will be offset by the revenue realized from the release of reserve funds. The net gain to the Agency is approximately $714,000. BACKGROUND AND OVERVIEW: On May 3, 1994, the Agency Board authorized the issuance of the La Quinta Redevelopment Project Tax Allocation Bonds, Series 1994, to refund the Series 1989 and 1990 bonds. Agency staff did not recommend refunding the Series 1991 bonds because it was not economically beneficial. However, negotiations with the insurer of the Series 1991 bonds MBIA) surfaced the ability to obtain a surety bond which would be substituted for the debt service reserve funds on deposit with the bond trustee; this substitution would permit the release of $714,000 in reserve fund proceeds to the Agency which will be deposited into the Project No. 1 debt service fund. OOO3 laquinta\7-5sr BIB] 04-28-1999-U01 11:09:46AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1994-U02 ing -> 10( NOTEXTPAGE BIB] 04-28-1999-U01 11:09:46AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1994-U02 ing -> 10( NOTEXTPAGE BIB] 04-28-1999-U01 11:09:46AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1994-U02 ing -> 10( NOTEXTPAGE BIB] 04-28-1999-U01 11:09:46AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1994-U02 ing -> 10( NOTEXTPAGE BIB] 04-28-1999-U01 11:09:46AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1994-U02 ing -> 10.Wffl BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10( AGENDA CATEGORY: BUSINESS SESSION: COUNCILIRDA MEETING DATE: July 5, 1994 CONSENT CALENDAR: ITEM TIThE: STUDY SESSION: Demand Register July 5, 1994 PUBLIC HEARING: RECO Approval of Demand Register. BACKGROUND & OVERVIEW: Prepaid Warrants: 18772-18784) $ 33,582.72 18700,18771,18785-18789) 65,364.96 P/R 18794-19863) 195,881.71 City Demands $ 249,934.06 Payable Warrants: 18794-18863) 195,861.48 RDA Demands $ 100,133.65 $ 350,067.71 $ 350,067.71 FISCAL IMPLICATIONS: Demand of Cash RDA $100,133.65 Richard Parzo?? Finance Director OOU1i BIB] 04-28-1999-U01 11:09:46AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1994-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10. 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BACKGROUND AND OVERVIEW: Transmittal of the May 31, 1994 Statement of Revenue and Expenditures for the Redevelopment Agency. xl Richard parzonko, F/?a.flce Director Finance Department 000024 BIB] 04-28-1999-U01 11:09:46AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1994-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02 ing -> 10.W NOTEXTPAGE BIB] 06-09-1999-U01 09:59:40AM-U01 ADMIN-U01 RDA-U02 07-U02 05-U02 1995-U02