1985 08 15 RDA^" AGENDA
LA QUINTA REDEVELOPMENT AGENCY
A special meeting of the La Quinta
Redevelopment Agency to be held at
City Hall, 78-105 Calle Estado,
La Quinta, California.
August 15, 1985 12:00 p.m.
1. CALL TO ORDER
2. ROLL CALL
3. HEARINGS
4. CONSENT CALENDAR
5. BUSINESS SESSION
A. A report from the Executive Director regarding an agreement among
the La Quinta Redevelopment Agency, the City of La Quinta and the
Coachella Valley Water District.
1) Motion for adoption.
6. ADJOURNMENT
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^" I
MEMORANDUM
CITY OF LA QUINTA
To: Honorable Mayor and *bers of the Council
Honorable CThairrn** and Me*s of the Redevelo**ent Agency
From: Fr*k M. Usher, City Manager/Executive Director
Date: August 14, 1985
Subject: Agre*r*t with the Coachella Valley Water District regardi repayirent of
engineering costs and bond financing.
We have previously entered into an agreement with the Coachella Valley Water
District for the repayment*nt of engineering and design costs upon the sale of our
flood control bond issue. In order to achieve a itore favorable financing structure
and a better investment rating for our bonds, particularly for the first three
years, it is desirable to defer repayment of $778,000 to the District for a period
not to exceed five yea*s* or as Soon as annual gross tax incr*rent revenues are
equivalent to 125 per*et of iaaxirnurn annual debt service on the Series 1985 bonds.
Based upon our projections, this will be in Fiscal Year 1987-1988.
Approval of the accompanying agrei*t*nt is respectfully rec*trended.
*U/lw
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