1989 01 17 RDAi^ f *ifAi'fli!PAAri*
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-105 Calle Estado
La Quinta, California 92253
Regular Meeting
January 17, 1989 7:30 P.M.
CALL TO ORDER
a. Roll Call
HEARINGS
BUSINESS SESSION
CONSENT CALENDAR
1. Approval of Minutes of January 3, 1989.
2. Approval of Demand Register.
3. Approval of Agreement for Investment Services for
Redevelopment Agency Bond Issue, Series 1989.
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 January 17, 1989 was posted on
the outside entry to the Council Chamber, 78-105 Calle Estado
and on the bulletin board at the La Quinta Post Office on
Friday, January 13, 1989.
January 13, 1989.
SAUNDRA L. JUHOLA, Secretary
La Quinta Redevelopment Agency
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i^ fREDEVELOP**NT AGENCY MEETING AGENDA CATEGORY:
JANUARY 17, 1989
ITEM TITLE: PUBLIC HEARING:
Agreement for Investment Services for
Redevelopment Agency Bond Issue, Series BUSINESS SESSION:_______
1989. CONSENT CALENDAR: 3
STUDY SESSION:
BACKGROUND:
With the recent Redevelopment Bond Issue, Series 1989, the City staff
feels a Bond Proceeds Management Program is necessitated. Services
will include Investment Cash Management Advisory Services, arbitrage
reporting and compliance, and custodial services for third party safe-
keeping of securities.
FISCAL IMPLICATIONS: APPROVED BY:
None: Payment of services to come from interest earnings.
RECOMMENDATION:
Approve through consent the Arbitrage Rebate Calculation and Investment
Services Agreement with Denman & Company.
Sub*i*ted By: Approved for submission to
City Council:
Signature RON KIEDROWSKI, CITY *IANAGER
FORM#002
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i^ f MEMORANDUM
TO: The Honorable Chairman and Members of the Agency
FROM: Thomas P. Genovese1 Assistant City Mana*er*AY
DATE: January 13, 1989
SUBJECT: Agreement for Investment Services for
Redevelopment Agency Bond Issue, Series
1989
As the City Council is aware, the City/Redevelopment Agency has
recently completed the Bond issue of 8 million dollars for
infrastructure improvements to the Cove area. The improvements
will include curb, gutter, and street improvements as identified
as Phase I and Phase II of the Cove project and improvements to
the village area.
Unlike the Series 1985 Bonds, this new issue of the Redevelopment
Agency is subject to the Tax Reform Act of 1986. The Tax Reform
Act of 1986 has changed the environment in which tax exempt bond
proceeds are managed. The provisions of the Federal tax law now
include requirements for arbitrage monitoring, reporting and
rebate, which, if not complied with, can result in potentially
severe penalties. These penalties can ultimately include the loss
of an issue's tax exempt status retroactive to the date of
issuance.
Recognizing the importance of the tax law provisions and the
administrative burden that will be placed on the City/Agency, the
staff has solicited investment advisory services for a Bond
Proceeds Management Program. The purpose of this program will be
to alleviate the City/Agency of the record keeping and reporting
provisions of the tax act and assist in optimizing the earnings
capabilities of the Bond proceeds funds.
Attached as Exhibit A is both a Tempo*ary Agreement and an
Arbitrage Rebate Calculation and Investment Services Agreement
with Denman & Company. The Temporary Agreement has been executed
to facilitate the identified services until approval of the
Services Agreement by the Agency.
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