1992 09 15 RDAT H E C I T Y O F
La Qumta
1992 - 1992 Ten Cant Decade
REDEVELOPMENT AGE NC Y
AGENDA
CITY COUNCIL CHAMBERS
78-105 Calls Estado
La Quints, California 92253
REGULAR MEETING
SEPTEMBER 15, 1992 - 3:00 P.M.
CALL TO ORDER
a) Roll Call
APPROVAL OF MINUTES
- Minutes of August 4, 1992
- Minutes of August 18, 1992
- Minutes of September 1, 1992
PUBLIC COMMENT
BUSINESS SESSION
Beginning Res. No. RA 92-18
1. Consideration of Adoption of Resolution Approving a Draft
Indenture of Trust Securing Not to Exceed $6,000,000 La Quinta
Redevelopment Project Area No. 2, Tax Allocation Bonds, Issue
of 1992 and Approving a Preliminary Official Statement.
Staff Recommendation: Adoption of Resolution.
PUBLIC HEARINGS - None
CONSENT CALENDAR
1. Approval of Demand Registers Dated August 18, September 1 and
September 15, 1992.
000001
2. Approval of Consultant Services for Construction Staking on
the Calle Tampico Improvement Project at a Cost Not to Exceed
$35,000.
3. Authorization for Appraisal of Property at the Southeast
Corner of Highway 111 and Washington Street.
4. Adoption of Resolution and Approval of Reimbursement Agreement
with Coachella Valley Water District for Calle Tampico and
Avenida Bermudas Sanitary Sewer.
5. Acceptance of Project 92-11 (Low -Mod Sewer Hook -Up) and
Authorization for City Clerk to Record Notice of Completion.
DEPARTMENT REPORTS
a. Submittal of Statement of Financial Position July 1, 1991 -
June 30, 1992 and July 1, 1992 - July 30, 1992.
ADJOURNMENT
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 September 15, 1992 was posted on
the outside entry to the Council Chamber, 78-105 Calls Estado and
on the bulletin board at the La Quinta Chamber of Commerce on
Friday, September 11, 1992.
D t�d:Se tWHOSecretary
, 1 922�.�
SAUNDRA L.
La Quinta Redevelopment Agency
nnnnn0
i
REDEVELOPMENT AGENCY
MEETING DATE: September 15, 1992
ITEM TITLE: Approval of Resolution of the
Board of Directors of the La Quinta
Redevelopment Agency approving a Draft
Indenture of Trust securing not to exceed
$6,000,000 La Quinta Redevelopment Projet Area
No. 2, Tax Allocation Bonds, Issue of 1992 and
approving a preliminary official statement
AGENDA CATEGORY:
PUBLIC HEARING:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
BACKGROUND: Attached is the necessary resolution of the Redevelopment Agency
approving the Draft Indenture of Trust and approving the Preliminary Official
Statement for the Tax Allocation Bonds for the purpose of funding infra-
structure improvements in the referenced project area.
FISCAL IMPLICATIONS:
NONE AT THIS TIME
APPROVED BY:
RECOMMENDATION:
ADOPT the resolution of the Board of Directors of the La Quinta Redevelopment
Agency approving a Draft Indenture of Trust securing not to exceed $6,000,000
La Quinta Redevelopment Project Area No. 2, Tax Allocation Bonds, Issue Of
1992 and approving a preliminary official statement.
Submitted by:
/ 4
Signature
Approved for submission to
Chairman and members of the La
Quints. Redevelopment Agency:
4M WA N,INTERIM CITY MANAGER
000003
RESOLUTION NO. RA
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
LA QUINTA REDEVELOPMENT AGENCY APPROVING A DRAFT
INDENTURE OF TRUST SECURING NOT TO EXCEED
$6,000,000 LA QUINTA REDEVELOPMENT PROJECT AREA
NO. 2, TAX ALLOCATION BONDS, ISSUE OF 1992 AND
APPROVING A PRELIMINARY OFFICIAL STATEMENT
WHEREAS, the La Quinta Redevelopment Agency (the
"Agency"), is a redevelopment agency (a public body, corporate
and politic) duly created, established and authorized to
transact business and exercise its powers, all under and
pursuant to the Community Redevelopment Law (Part 1 of Division
24 (commencing with Section 33000) of the Health and Safety
Code of the State of California) and the powers of the Agency
include the power to issue bonds and refunding bonds for any of
its corporate purposes; and
WHEREAS, the Redevelopment Plan for a redevelopment
project known and designated as "La Quinta Redevelopment
Project Area No. 2" has been adopted and approved by Ordinance
No. 139 of the City of La Quinta, which became effective on
June 15, 1989, and all requirements of law for and precedent to
the adoption and approval of the Redevelopment Plan have been
duly complied with; and
WHEREAS, the Agency is authorized to issue the Bonds
pursuant to the Community Redevelopment Law of the State of
California (being Part I of Division 24 of the Health and
Safety Code of the State of California, as amended); and
WHEREAS, the Agency has been presented with a draft of
an Indenture of Trust, La Quints Redevelopment Project Area
No. 2, Tax Allocation Bonds, Issue of 1992, dated as of
October 1, 1992, by and between La Quinta Redevelopment Agency
and First Interstate Bank of California, as Trustee; and
WHEREAS, the Agency proposes to sell the Bonds to the
La Quinta Financing Authority and has recommended that
Westhoff -Martin & Associates (the "Underwriter") purchase the
Bonds from the La Quints Financing Authority;
WHEREAS, Fieldman, Rolapp & Associates, Financial
Consultant has prepared a preliminary official statement
setting forth matters relating to the Agency and the issuance
of the Bonds (the "Preliminary Official Statement"), copies of
which have been presented to this Board of Directors; and
WHEREAS, this Board of Directors desires to proceed to
issue the Bonds.
NOW, THEREFORE, the Board of Directors of the La
Quints Redevelopment Agency DOES HEREBY RESOLVE, ORDER AND
DETERMINE AS FOLLOWS:
SECTION 1. Each of the above recitals is true and
correct and this Board so finds and determines.
SECTION 2. The issuance of the Bonds in the principal
amount not to exceed $6,000,000 is hereby authorized. The
Bonds shall mature on the dates, and shall be subject to
redemption and other terms and conditions set forth in the
Indenture hereby approved in substantially the form presented
to this Board of Directors, said Indenture shall be modified by
Bond Counsel and presented to the Agency and adopted by the
09/09/92 aQOOQCJ
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Agency following the pricing of the Bonds by the Underwriter at
which time the exact amount of the Bonds to be issued, the
maturity schedule of the Bonds and the interest rates that the
Bonds will bear will have been determined.
SECTION 3. The Preliminary Official Statement is
approved in substantially the form which has been presented at
this meeting with such additions thereto and changes therein as
are recommended or approved by the Financial Consultant, the
Underwriter and/or Bond Counsel to the Agency and the Executive
Director of the Agency. The Underwriter is hereby authorized
to distribute the Preliminary Official Statement to prospective
purchasers of the Bonds and to provide to the purchasers of the
Bonds.
ADOPTED AND APPROVED this 15th day of September 1992.
LA QUINTA REDEVELOPMENT AGENCY
Chairman
ATTEST:
Secretary
09/09/92 000Uno�
2021Q/2338/15 -3-
STATE OF CALIFORNIA ) SECRETARY'S CERTIFICATE
)ss. RE ADOPTION OF RESOLUTION
COUNTY OF RIVERSIDE )
I, SAUNDRA L. JUHOLA, Secretary of the La Quinta
Redevelopment Agency, DO HEREBY CERTIFY that the foregoing
Resolution was duly adopted by said Agency at an adjourned
regular meeting of said Agency held on the 15th day of
September, 1992, and that the same was passed and adopted by
the following vote to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
Secretary of La Quinta
Redevelopment Agency
(SEAL)
09/09/92
2021Q/2338/15 -4-
000007
STATE OF CALIFORNIA ) SECRETARY'S CERTIFICATE
)ss. OF AUTHENTICATION
COUNTY OF RIVERSIDE }
I, SAUNDRA L. JUHOLA, Secretary of the La Quinta
Redevelopment Agency, DO HEREBY CERTIFY that the above and
foregoing is a full, true and correct copy of Resolution No.
RA of said Agency and that said Resolution was adopted at
the time and by the vote stated on the above certificate, and
has not been amended or repealed.
Dated: September 15, 1992
Secretary of the La Quin
Redevelopment Agency
(SEAL)
20201Q/2338/15 -5- 000008
LA QUINTA REDEVELOPMENT AGENCY
P4f
FIRST INTERSTATE BANK OF CALIFORNIA
as Trustee
INDENTURE OF TRUST
SECURING $
LA QUINTA REDEVELOPMENT PROJECT AREA NO. 2
TAX ALLOCATION BONDS,
ISSUE OF 1992
Dated as of October 1, 1992
TABLE OF CONTENTS
Page
Recitals ...............................................
Granting Clauses .........................................
ARTICLE I
SECTION 101. Definitions ................................
SECTION 201.
SECTION 202.
SECTION 203.
SECTION 204.
SECTION 205.
SECTION 206.
SECTION 207.
SECTION 208.
SECTION 209.
SECTION 210,
SECTION 211.
SECTION 212.
SECTION 213.
SECTION 214.
ARTICLE II
THE BONDS
Amount, Issuance and Purpose of Bonds ......
Nature of Bonds ........................
Description of Bonds .......................
Interest ...................................
Place of Payment ...........................
Form of Bonds ..........................
Execution of Bonds .........................
Registration and Exchange ..................
Bond Register ..............................
Delivery of the Bonds ......................
Lost, Stolen, Destroyed or Mutilated Bonds .
Cancellation of Bonds .........:............
Validity of the Bonds ......................
Issuance of Parity Bonds ...................
ARTICLE III
REVENUES AND FUNDS
SECTION 301. Source of Payment of Bonds .................
SECTION 302. Creation of Funds and Accounts .............
SECTION 303. Sale of Bonds; Disposition of Bond
Proceeds; Redevelopment Fund .............
SECTION 304. Final Balances .............................
SECTION 305. Security of Funds ..........................
SECTION 306. Non -Presentment of Bonds ...................
SECTION 307. Moneys to be Held in Trust .................
-i- 000010
ARTICLE IV
REVENUES AND APPLICATION
SECTION 401. Pledged Revenues ..........................
SECTION 402. Special Fund ..............................
SECTION 403. Payments of Principal, Premium and
Interest ................................
SECTION 404. Revenues to be Held for All Bondowners;
Certain Exceptions ......................
ARTICLE V
INVESTMENT OF MONEYS
SECTION 501. Rebate Fund ...............................
SECTION 502. Investment of Moneys in Funds and
Accounts................................
SECTION 503. Investments ...............................
ARTICLE VI
REDEMPTION OF BONDS BEFORE MATURITY
SECTION 601. Limitation on Redemption ..... .....
SECTION 602. Optional Redemption; Sinking Account
Redemption ........... ... ............
SECTION
603.
Call and Redemption; Notice of
Redemption ...........................
SECTION
604.
Redemption Fund ...........................
SECTION
605.
Partial Redemption of Bonds ...............
SECTION
606.
Effect of Redemption ......................
SECTION
607.
Purchase of Bonds .........................
ARTICLE VII
PAYMENT; COVENANTS OF THE AGENCY
SECTION 701. Payment of Principal or Redemption
Price and Interest on Bonds .............
SECTION 702. Covenants of the Agency ...................
SECTION 703. Compliance with Indenture, Contracts,
Laws and Regulations ....................
Page
000011
Page
ARTICLE VIII
DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE AND BONDOWNERS
SECTION 801. Defaults ..................................
SECTION 802. Application of Funds upon Acceleration ....
ARTICLE IX
THE TRUSTEE AND THE PAYING AGENT
SECTION 901. Appointment, Duties, Immunities and
Liabilities of Trustee ..................
SECTION 902. Liability of Trustee ......................
SECTION 903. Right of Trustee to Rely on Documents .....
SECTION 904. Intervention by Trustee ...................
SECTION 905. Designation and Successor of Paying Agent;
Agreement with Paying Agent .............
ARTICLE X
SECTION 1001. Amendments: Supplemental Indentures .......
ARTICLE XI
DEFEASANCE
SECTION 1101. Defeasance................................
-iii- 000012
Page
ARTICLE XII
MISCELLANEOUS
SECTION 1201. Consents, Etc. of Bondowners ..............
SECTION 1202. Limitation of Rights ......................
SECTION 1203. Severability ..............................
SECTION 1204. CUSIP Numbers ............................
SECTION 1205. Successor is Deemed Included in All
References to Predecessor ...............
SECTION 1206. Counterparts ..............................
SECTION 1207. Applicable Law ............................
SECTION 1208. Captions ..................................
SECTION 1209. Compliance Certificates and Opinions.......
SECTION 1210. Conflict with Trust Indenture Act of 1939 .
SECTION 1211. Successors ................................
SECTION 1212. Execution Of Documents and Proof of
Ownership by Bondowners .................
SECTION 1213. Waiver of Personal Liability ..............
SECTION 1214. Notices ...................................
SECTION 1215. Accounting Records and Reports ............
SIGNATURE PAGE ..........................................
EXHIBIT A - FORM OF BOND ................................. A-1
FORM OF CERTIFICATE OF AUTHENTICATION OF BOND ............ A-5
000013
THIS INDENTURE OF TRUST, dated as of October 1, 1992, is
entered into between the La Quinta Redevelopment Agency, a
public body corporate and politic (the "Agency"), and First
Interstate Bank of California, a state banking corporation
organized under the laws of the State of California, as trustee
(the "Trustee").
R E C I T A L S:
WHEREAS, the Agency is a redevelopment agency (a public
body, corporate and politic) duly created, established and
authorized to transact business and exercise its powers, all
under and pursuant to the Community Redevelopment Law (Part 1
of Division 24 (commencing with Section 33000) of the Health
and Safety Code of the State of California), and the powers of
the Agency include the power to issue bonds or notes for any of
its corporate purposes; and
WHEREAS, the Redevelopment Plan for a redevelopment project
known and designated as the "La Quinta Redevelopment Project
Area No. 2" has been adopted and approved by Ordinance No. _
of the City of La Quinta on , 19 , and all
requirements of law for and precedent to the adoption and
approval of the Redevelopment Plan, as amended, have been duly
complied with; and
WHEREAS, for the corporate purposes of the, Agency, the
Agency deems it necessary to issue at this time tax allocation
bonds in a principal amount of
Thousand Dollars ($ ) (the "Bonds"), and to
irrevocably set aside a portion of the proceeds of such Bonds
in a separate segregated trust fund which will be used to
finance a portion of the costs of implementing the
Redevelopment Plan, to pay costs in connection with the
issuance of the Bonds and to make certain other deposits as
required by this Indenture; and
WHEREAS, the purposes stated above will be accomplished by
issuing at this time such tax allocation bonds pursuant to this
Indenture and that certain resolution of the Agency adopted on
October 6, 1992 providing for the issuance of "La Quinta
Redevelopment Agency, Redevelopment Project Area No. 2, Tax
Allocation Bonds, Issue of 1992";
000014
WHEREAS, the execution and delivery of the Bonds and of the
Indenture have been duly authorized and all things necessary to
make the Bonds, when executed by the Agency and authenticated
by the Trustee, valid and binding legal obligations of the
Agency and to make this Indenture a valid and binding legal
instrument for the security of the Bonds, have been done.
NOW, THEREFORE, THIS INDENTURE OF TRUST WITNESSETH:
That the Agency, in consideration of the premises, the
acceptance by the Trustee of the trusts hereby created, the
purchase and acceptance of the Bonds by the purchasers thereof,
and of other good and valuable consideration, the receipt of
which is hereby acknowledged, and in order to secure the
payment of the principal of, premium, if any, and interest on
all Bonds Outstanding hereunder from time to time, according to
their tenor and effect, and to secure the observance and
performance by the Agency of all the covenants expressed or
implied herein and in the Bonds, does hereby convey, pledge and
assign unto the Trustee, and unto its successors and assigns
forever and does hereby grant to it and them a security
interest, together with all right, title and interest of the
Agency, in:
GRANTING CLAUSE FIRST
The Pledged Revenues (as hereinafter defined) together with
all other revenues, and all moneys and securities held by the
Trustee in .any Fund or Account together with investment
earnings thereon established pursuant to the terms of this
Indenture and any and all other property of edch name and
nature from time to time hereafter by delivery or by writing of
any kind pledged or assigned as and for additional security
hereunder, by anyone, to the Trustee, which is hereby
authorized to receive any and all such property at any and all
times and to hold and apply the same subject to the terms
hereof (the "Trust Estate").
TO HAVE AND TO HOLD all and singular the Trust Estate,
whether now owned or hereafter acquired, unto the Trustee and
its respective successors in said trusts and assigns forever.
IN TRUST NEVERTHELESS, upon the terms and trusts herein set
forth for the equal and proportionate benefit, security and
protection of all present and future owners of the Bonds, from
time to time issued under and secured by this Indenture without
privilege, priority or distinction as to the lien or otherwise
of any of the Bonds over any of the other Bonds.
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PROVIDED, HOWEVER, that if the Agency, its successors or
assigns, shall well and truly pay, or cause to be paid, the
principal of the Bonds and the interest and premium, if any,
due or to become due thereon, at the times and in the manner
mentioned in the Bonds, according to the true intent and
meaning thereof, and shall cause the payments to be made into
the Special Fund as required hereunder or shall provide, as
permitted by Article RI hereof, for the payment thereof, and
shall well and truly keep, perform and observe all the
covenants and conditions pursuant to the terms of this
Indenture to be kept, performed and observed by it, and shall
pay or cause to be paid to the Trustee and all Paying Agents
all sums of money due or to become due to them in accordance
with the terms and provisions hereof, then this Indenture and
the rights hereby granted shall cease, determine and be void,
otherwise this Indenture is to be and remain in full force and
effect.
THIS INDENTURE OF TRUST FURTHER WITNESSETH, and it is
expressly declared, that all Bonds issued and secured hereunder
are to be issued, authenticated and delivered and the Revenues
hereby assigned and pledged are to be dealt with and disposed
of under, upon and subject to the terms, conditions,
stipulations, covenants, agreements, trusts, uses and purposes
as hereinafter expressed, and the Agency has agreed and
covenanted, and does hereby agree and covenant, with the
Trustee and with the respective holders from time to time of
the Bonds, as follows:
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ARTICLE I
DEFINITIONS
Section 101. Definitions.
(A) For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise
requires:
(1) "This Indenture" means this instrument as
originally executed or as it may from time to time be
supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable
provisions hereof.
(2) All references in this Indenture to designated
"Articles", "Sections" and other subdivisions are to the
designated Articles, Sections and other subdivisions of
this Indenture. The words "herein", "hereof", "hereto",
"hereby", and "hereunder" and other words of similar import
refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision.
(3) The terms defined in this Article have the
meanings assigned to them in this Article, and include the
plural as well as the singular.
(4) All accounting terms not otherwise defined herein
have the meanings assigned to them in accordance with
applicable generally accepted accounting principles as in
effect from time to time.
(5) Every "request", "order", "demand",
"application", "appointment", "notice", "statement",
"certificate", "consent", or similar action hereunder by
the Agency shall, unless the form thereof is specifically
provided, be in writing signed by a duly authorized officer
or agent of the Agency with a duly authorized signature.
(8) For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise
requires:
"Agency" means the La Quinta Redevelopment Agency.
"Alternate Reserve Account Security" means one or more
letters of credit, surety bonds, bond insurance policies, or
other form of guaranty from a financial institution for the
benefit of the Trustee in substitution for or in place of all
or any portion of the Reserve Requirement.
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"Annual Debt Service" means, for any Bond Year, the
principal and interest payable on the Outstanding Bonds in such
Bond Year.
"Bond" or "Bonds" means the "La Quinta Redevelopment
Agency, Redevelopment Project Area No. 2, Tax Allocation Bonds,
Issue of 1992", authorized by this Indenture.
"Bond Counsel" means an attorney or firm of attorneys
acceptable to the Agency of nationally recognized standing in
matters pertaining to the federal tax exemption of interest on
bonds issued by states and political subdivisions, and duly
admitted to practice law before the highest court of any state
of the United States of America or the District of Columbia.
"Bondowner" or "Owner of Bonds," or any similar term, means
any person who shall be the registered owner or his duly
authorized attorney, trustee, or representative of any
Outstanding Bond. For the purpose of Bondowners' voting rights
or consents, Bonds owned by or held for the account of the
Agency, or the City, directly or indirectly, shall not be
counted.
"Bond Year" means the twelve (12) month period commencing
on October 2 of each year, provided that the first Bond Year
shall extend from the Delivery Date to October 1, 1993.
"Business Day" means a day of the year other than (i) a
Saturday, Sunday, legal holiday or day on which banking
institutions in the City in which the corporate trust office of
the Trustee is located are required or authorized to remain
closed, or (ii) a day on which the New York Stock Exchange is
closed.
"Certificate" or "Certificate of the Agency" means a
certificate signed by the Chairman or Executive Director of the
Agency or their respective deputies.
"Chairman" means the chairman of the Agency appointed
pursuant to Section 33113 of the Health and Safety Code of the
State of California, or other duly appointed officer of the
Agency authorized by the Agency by resolution or bylaw to
perform the functions of the chairman in the event of the
chairman's absence or disqualification.
"City" means the City of La Quinta, California.
"Code" means the Internal Revenue Code of 1986, as amended,
and any regulations, rulings, judicial decisions, and notices,
announcements, and other releases of the United States Treasury
08/10/92 000018
Department or Internal Revenue Service interpreting and
construing it, or any applicable regulations adopted under the
Internal Revenue Code of 1954, as amended.
"Computation Year" means the period beginning on the
Delivery Date and ending on September 30, 1993 and each
September 30 thereafter until there are no longer any Bonds
Outstanding.
"Costs of Issuance" means the costs and expenses incurred
in connection with the issuance and sale of the Bonds including
the acceptance and initial fees and expenses of the Trustee,
the premium for a municipal bond insurance policy, legal fees
and expenses of the Trustee and the Agency, costs of printing
the Bonds and Official Statement, fees of financial consultants
and other fees and expenses set forth in a Certificate of the
Agency
"County" means the County of Riverside, California.
"Delivery Date" means the date the Bonds are delivered to
the original purchaser thereof.
"Event of Default" means any of the events described in
Section 801 hereof.
"Fiscal Year" means any twelve (12) month period beginning
on July lst and ending on the next following June 30th.
"Government Obligations" means direct general obligations
(including obligations issued or held in book entry form on the
books of the Department of the Treasury) of the United States
of America and shall include cash or other coin or currency of
the United States of America that is legal tender for payment
of public or private debts.
"Indenture" means this Indenture of Trust between the
Agency and the Trustee, as originally adopted or as it may be
amended or supplemented by any Supplemental Indenture entered
into pursuant to the provisions hereof.
"Independent Financial Consultant," "Independent Certifi
Public Accountant" or "Independent Redevelopment Consultant"
means any individual or firm engaged in the profession
involved, appointed by the Agency, and who, or each of whom,
has a favorable reputation in the field in which his/her
opinion or certificate will be given, and:
(1) Is in fact independent and not under domination
of the Agency;
08/10/92 000019
9nnno I977A/1S _F_
(2) Does not have any substantial interest,_ direct or
indirect, with the Agency; and
(3) Is not connected with the Agency as an officer or
employee of the Agency, but who may be regularly
retained to make reports to the Agency.
"Interest Payment Date" means April 1 and October 1 of each
year commencing April 1, 1993.
"Law" means the Community Redevelopment Law of the State of
California (commencing with Health and Safety Code
Section 33000).
"Maximum Annual Debt Service" means the largest of the sums
obtained for any Bond Year after the computation is made, by
totaling the following for each such Bond Year:
(1) The principal amount of all serial Bonds and
serial Parity Bonds, if any, and the amount of minimum
sinking account payments payable in such Bond Year; and
(2) The interest which would be due during such Bond
Year on the aggregate principal amount of Bonds and Parity
Bonds which would be outstanding in such Bond Year if the
Bonds and Parity Bonds outstanding on the date of such
computation were to mature or be redeemed in accordance
with the maturity schedules for the serial Bonds and serial
Parity Bonds. At the time and for the purpose of making
such computation, the amount of term Bonds and term Parity
Bonds already retired in advance of the above -mentioned
schedules shall be deducted pro rata from•the remaining
amounts thereon.
"Opinion of Counsel" means a written opinion of an attorney
or firm of attorneys of favorable reputation in the field of
municipal bond law. Any opinion of such counsel may be based
upon, insofar as it is related to factual matters, information
which is in the possession of the Agency as shown by a
certificate or opinion of, or representation by, an officer or
officers of the Agency, unless such counsel knows, or in the
exercise of reasonable care should have known, that the
certificate, opinion or representation with respect to the
matters upon which his or her opinion may be based, as
aforesaid, is erroneous.
"Outstanding", when used as of any particular time with
reference to Bonds, means, subject to the provisions of
Article XI, all Bonds except:
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20000/233R/15 _7_
(a) Bonds theretofore cancelled by the Trustee or
surrendered to the Trustee for cancellation;
(b) Bonds paid or deemed to have been paid pursuant
to Section 1101 and Section 306 hereof; and
(c) Bonds in lieu of or in substitution for which
other Bonds shall have been authorized, executed,
issued and delivered by the Agency pursuant to
the Indenture or any Supplemental Indenture.
"Parity Bonds" means any additional tax allocation bonds
(including, without limitation, bonds, notes, interim
certificates, debentures or other obligations) issued by the
Agency as permitted by Section 214 of this Indenture payable
out of Pledged Revenues and ranking on a parity with the Bonds.
"Pass -Through Agreements" means the agreements entered into
on or prior to the date hereof pursuant to Section 33401 of the
Health and Safety Code with
(i)
(ii) (iii) the County of Riverside
and , and (iv)
"Paying Agent" means any paying agent appointed by the
Agency pursuant to this Indenture.
"Permitted Investments" means:
(a) Government Obligations;
(b) bonds, debentures or notes or other evidence of
indebtedness payable in cash issued by any one or a
combination of any of the following federal agencies whose
obligations represent full faith and credit of the United
States of America: Export Import Bank of the United
States, Federal Financing Bank, Farmer's Home
Administration, Federal Housing Administration, Maritime
Administration, Government National Mortgage Association;
(c) the following investments fully insured by the
Federal Deposit Insurance Corporation or the Federal
Savings and Loan Insurance Corporation: (a) certificates
of deposit, (b) savings accounts, (c) deposit accounts, or
(d) depository receipts of a bank, savings and loan
association and mutual savings banks;
(d) certificates of deposit secured at all times by
collateral described in (a) and/or (b) above. Such
certificates must be issued by commercial banks, savings
08/10/92 000021
20000/2338/15 -8-
and loan associations or mutual savings banks. The
collateral must be held by a third party and the
bondholders must have a perfected first security interest
in the collateral;
(e) commercial paper rated at the time of purchase in
one of the two highest rating categories by Standard &
Poor's Corporation and Moody's Investors Service;
(f) money market funds registered under the Federal
Investment Company Act of 1940, whose shares are registered
under the Federal Securities Act of 1933, and having a
rating by Standard & Poor's Corporation of AAAm-G, AAAm, or
AAm;
(g) banker's acceptances of commercial banks (which
banks must be rated for unsecured debt at the time of
investment and reinvestment in the two highest
classifications established by Standard & Poor's
Corporation and Moody's Investors Service) maturing not
more than 360 days after the date of purchase;
(h) investment agreements or repurchase agreements
approved by the Bond Insurer; and
(i) any State administered pool investment fund in
which the Agency is statutorily permitted or required to
invest.
The value of the above investments shall be determined
as follows:
(a) as to investments the bid and asked prices of
which are published on a regular basis in The Wall Street
Journal (or, if not there, then in The New York Times):
the average of the bid and asked prices for such
investments so published on or most recently prior to such
time of determination;
(b) as to investments the bid and asked prices of
which are not published on a regular basis in The Wall
Street Journal or The New York Times: the average bid
price at such time of determination for such investments by
any two nationally recognized government securities dealers
(selected by the Trustee in its absolute discretion) at the
time making a market in such investments or the bid price
published by a nationally recognized pricing service;
(c) as to certificates of deposit and bankers
acceptances: the face amount thereof, plus accrued
interest; and
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(d) as to any investment not specified above: the
value thereof established by prior agreement between the
Agency, the Trustee and Bond Insurer.
If more than one provision of this definition of
"value" shall apply at any time to any particular
investment, the value thereof at such time shall be
determined in accordance with the provision establishing
the lowest value for such investment.
"Pledged Revenues" means the Tax Revenues, less the Tax
Revenues set aside as provided in Sections 33334.2 and 33334.3
of the Health and Safety Code of the State of California and
less amounts payable or required to be set aside by the Agency
under the Pass -Through Agreements.
"Rebate Regulations" means the final, proposed and
temporary Treasury Regulations promulgated under Section 148(f)
of the Code.
"Redemption Fund" shall have the meaning set forth in
Section 606 hereof.
"Redevelopment Plan" means the Redevelopment Plan for the
La Quinta Redevelopment Project Area No. 2, approved and
adopted by the City Council of the City by Ordinance No.
on , 19 and includes any amendment thereof,
hereafter or heretofore made pursuant to the Law.
"Redevelopment Project Area", "Redevelopment Proiect", or
"Project Area" means the project area defined and described in
the Redevelopment Plan.
"Regular Record Date" means the close of business on
March 15 or September 15, preceding each Interest Payment Date,
as applicable.
'Report' means a document in writing signed by an
Independent Financial Consultant and including:
(a) A statement that the person or firm making or
giving such Report has read the pertinent provisions of
this Indenture to which such Report relates;
(b) A brief statement as to the nature and scope of
the examination or investigation upon which the Report is
based; and
(c) A statement that, in the opinion of such person
or firm, sufficient examination or investigation was made
as is necessary to enable said consultant to express an
informed opinion with respect to the subject matter
referred to in the Report.
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"Reserve Requirement" means, as of the date of computation
of the Bonds, an amount equal to the lesser of (i) 10% of the
principal amount of the Bonds, (ii) Maximum Annual Debt Service
on the Bonds or (iii) 125% of the average annual debt service
on the Bonds.
"Revenues" means the Pledged Revenues together with all
other moneys held by the Trustee in any Fund or Account and the
interest earnings thereon.
"Special Fund" means the Fund by that name established and
held by the Trustee pursuant to Section 302.
"Standard & Poor's" means Standard & Poor's Corporation,
New York, New York, and its successors and assigns.
"State" means the State of California.
"Supplemental Indenture" or "supplemental indenture" means
any indenture then in full force and effect which has been duly
entered into by the Agency under the Law, or any act
supplementary thereto or amendatory thereof, at a meeting of
the Agency duly convened and held, at which a quorum was
present and acted thereon, amendatory of or supplemental to
this Indenture; but only if and to the extent that such
Supplemental Indenture is specifically authorized hereunder.
"Tax Certificate" means that certain Tax Certificate
executed in connection with the issuance of the Bonds or any
Parity Bonds.
"Tax Revenues" means that portion of taxes levied upon
taxable property in the Project Area and received by the Agency
on or after the date of issue of the Bonds for the Project Area
of the Agency pursuant to Article 6 of Chapter 6 of the Law and
Section 16 of Article XVI of the Constitution of the State of
California, or pursuant to other applicable State laws, and as
provided in the Redevlopment Plan, and (to the extent permitted
by law) all payments, subventions and reimbursements, if any,
to the Agency specifically attributable to ad valorem taxes
lost by reason of tax exemptions and tax rate limitations.
"Treasurer" or "Treasurer of the Agency" means the officer
who is then performing the functions of Treasurer of the Agency.
"Trustee" means the trustee appointed by the Agency
pursuant to Section 901 hereof, its successors and assigns, and
any other corporation or association which may at any time be
substituted in its place, as provided in this Indenture.
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)nnnn,1�10„s _„ _
ARTICLE II
THE BONDS
Section 201. Amount Issuance and Purpose of Bonds. Under
and pursuant to the Law and under and pursuant to this
Indenture, Bonds of the Agency in a principal amount
of Dollars ($ )
shall be issued by the Agency for the corporate purposes of the
Agency by providing funds for the financing of a portion of the
costs of implementing the Redevelopment Plan which constitutes
a "redevelopment activity" as such term is defined in Health
and Safety Code Section 33678; and such issue of Bonds is
hereby created and authorized.
Section 202. Nature of Bonds. The Bonds shall be and are
special obligations of the Agency and are secured by an
irrevocable pledge (which pledge shall be effected in the
manner and to the extent hereinafter provided) of, and are
payable as to principal and interest from Pledged Revenues and
other funds as hereinafter provided in Section 401. The Bonds
and interest thereon are not a debt of the City, the State of
California or any of its political subdivisions, and neither
the City, the State nor any of its political subdivisions is
liable on them. In no event shall the Bonds or interest
thereon be payable out of any funds or properties other than
those of the Agency as set forth in this Indenture. The Bonds
do not constitute an indebtedness within the meaning of any
constitutional or statutory debt limitation or restriction.
Neither the members of the Agency nor any persons executing the
Bonds are liable personally on the Bonds by reason of their
issuance.
The Bonds shall be and are equally secured by an
irrevocable pledge of the Pledged Revenues and other funds as
hereinafter provided, without priority for number, date of
sale, date of execution or date of delivery, except as
expressly provided herein.
The validity of the Bonds is not and shall not be dependent
upon: (a) the completion of the Project Area or any part
thereof; (b) the performance by anyone of his/her obligations
relative to the Project Area; or (c) the proper expenditure of
the proceeds of the Bonds.
Nothing in this Indenture shall preclude: (a) the payment
of the Bonds from the proceeds of refunding bonds issued
pursuant to the Law; or (b) the payment of the Bonds from any
legally available funds. Nothing in this Indenture shall
prevent the Agency from making advances of its own funds,
however derived, to any of the uses and purposes mentioned in
this Indenture.
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In the event of a defeasance of the Bonds in accordance
with Article XI, the Trustee shall cause an accounting for such
period or periods as shall be requested by the Agency to be
prepared and filed with the Agency, and the Trustee, upon the
request of the Agency, shall release the rights of the
Bondowners under this Indenture except: (i) the rights of the
Trustee to receive compensation and indemnification pursuant to
Article IX; and (ii) the right to receive interest and
principal payments. In the event of such a defeasance, the
Trustee shall execute and deliver to the Agency all such
instruments as may be desirable to evidence such release,
discharge and satisfaction, and upon written request of the
Agency the Trustee shall pay over or deliver to the Agency all
moneys or securities held by it pursuant to this Indenture
which are not required for the payment or redemption of Bonds
not theretofore surrendered for such payment or redemption and
the Trustee's fees and expenses.
Provision shall be made by the Agency, satisfactory to the
Trustee, for first class mailed notice, postage prepaid, to the
Owners of such Bonds that such moneys are so available for such
payment.
Section 203. Description of Bonds. The Bonds shall be
issued in an aggregate principal amount
of Dollars ($ )
and shall be designated "LA QUINTA REDEVELOPMENT AGENCY, LA
QUINTA REDEVELOPMENT PROJECT AREA NO. 2, TAX ALLOCATION BONDS,
ISSUE OF 1992". The Bonds shall be issued in the form of fully
registered bonds in denominations of $5,000 each or any whole
multiple thereof. The Bonds shall be initially dated as of
October 1, 1992 and shall be lettered and numbered
consecutively upwards. The Bonds shall mature on October 1 of
the year and in the amounts and shall bear interest at the
rates per annum as follows:
Maturity Date Principal Interest
October 1 of Amount Rate
1993 $ %
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2017
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Section 204. Interest. The Bonds shall bear interest at
the rates set forth above per annum, payable semiannually on
April 1 and October 1 of each year, commencing April 1, 1993.
Each Bond shall bear interest until its principal sum has been
paid; provided, however, that if funds are available for the
payment thereof in full accordance with the terms of this
Indenture, the Bond shall then cease to bear interest.
Interest on the Bonds shall be calculated on the basis of a
360-day year of twelve (12) 30-day months.
Each Bond shall bear interest from the Interest Payment
Date next preceding the date of authentication thereof unless:
(i) it is authenticated as of an Interest Payment Date, in
which event it shall bear interest from that Interest Payment
Date; (ii) it is authenticated after a Regular Record Date and
before the following Interest Payment Date, and if the Agency
shall not be in default in the payment of interest due on such
Interest Payment Date, in which event it shall bear interest
from such Interest Payment Date; or (iii) it is authenticated
prior to March 16, 1993, in which event it shall bear interest
from October 1, 1992. Interest on the Bonds shall be paid by
the Trustee (out of the appropriate funds) by check or draft
mailed by first class mail, postage prepaid on the Interest
Payment Date to the registered owner as his/her name and
address appears on the register kept by the Trustee at the
close of business on the Regular Record Date preceding the
Interest Payment Date or, upon request in writing made before
the Regular Record Date preceding the Interest Payment Date by
a Bondowner of $1,000,000 or more in principal amount of Bonds,
payment shall be made on the Interest Payment Date by wire
transfer in immediately available funds to an account
designated by such Bondowner to the Trustee. Should payment
come due on a day which is not a Business Day, such payment
shall be made on the next succeeding Business Day without
accruing additional interest from the Interest Payment Date.
Section 205. Place of Payment. The Bonds and the interest
thereon shall be payable in lawful money of the United States
of America and the Bonds shall be payable upon presentation at
the corporate trust office of the Trustee in Los Angeles,
California or such other location as designated by the Trustee
(except interest which shall be payable by check or draft as
provided in Section 204) or any other location so designated by
the Trustee.
Section 206. Form of Bonds. The Bonds shall be
substantially in the form attached hereto and by this reference
incorporated herein as Exhibit "A". This form is hereby
approved and adopted as the form of the Bond, and of the
exchange, registration and assignment provisions pertaining
thereto, with necessary or appropriate variations, omissions
and insertions as permitted or required by this Indenture.
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Any Bonds issued pursuant to this Indenture may be
initially issued in temporary form exchangeable for definitive
Bonds when the same are ready for delivery. The temporary
Bonds may be printed, lithographed or typewritten, shall be of
such denominations as may be determined by the Agency, shall be
without coupons and may contain references to any of the
provisions of this Indenture as may be appropriate. Every
temporary Bond shall be executed by the Agency and
authenticated and delivered by the Trustee upon the same
conditions and in substantially the same form and manner as the
definitive Bonds. If the Agency issues temporary Bonds, it
will execute and furnish definitive Bonds without delay, and,
thereupon, the temporary Bonds shall be surrendered for
cancellation at the corporate trust office of the Trustee in
Los Angeles, California, or at such other location as
designated by the Trustee. The Trustee shall deliver in
exchange for the surrendered temporary Bonds an equal aggregate
principal amount of definitive Bonds of authorized
denominations of this same issue. Until exchanged, the
temporary Bonds shall be entitled to the same benefits under
this Indenture as definitive Bonds of this same issue.
Section 207. Execution of Bonds. The Bonds shall be
signed on behalf of the Agency by its Chairman and by its
Executive Director, by manual or facsimile signature, and the
seal of the Agency shall be impressed, imprinted or reproduced
thereon. The foregoing officers are hereby authorized and
directed to sign the Bonds in accordance with this Section. If
any Agency member or officer whose manual or facsimile
signature appears on the Bonds ceases to be a member or officer
before delivery of the Bonds, his/her signature is as effective
as if he or she had remained in office.
The Trustee shall authenticate the Bonds on registration
and/or exchange to effectuate the registration and exchange
provisions set forth in Section 208, and only those Bonds that
have endorsed on them a certificate of authentication,
substantially in the form set forth in Exhibit A, duly executed
by the Trustee, shall be entitled to any rights, benefits or
security under this Indenture. No Bonds shall be valid or
obligatory for any purpose unless and until the certificate of
authentication has been duly executed by the Trustee. The
certificate of the Trustee upon any Bond shall be conclusive
and the only evidence that the Bond has been duly authenticated
and delivered under this Indenture. The Trustee's certificate
of authentication on any Bond shall be deemed to have been duly
executed if manually signed by an authorized officer or
signatory of the Trustee, but it shall not be necessary that
the same officer or signatory sign the certificate of
authentication on all of the Bonds that may be issued hereunder.
08/10/92
Section 208. Registration and Exchange. The Bonds shall
be issued only in fully registered form. The Bonds may be
exchanged for other Bonds of equal aggregate denominations.
Transfer of ownership of a Bond or Bonds shall be made by
exchanging the same for a new Bond or Bonds. All exchanges
shall be made in such a manner and upon such reasonable terms
and conditions as may be determined and prescribed by the
Agency. No transfer or exchange of Bonds for which notice of
redemption has been given pursuant to Section 603 shall be made
after the date of mailing of such notice. The person, firm or
corporation requesting the registration or exchange shall pay
any tax or governmental charge that may be imposed in
connection with the registration or exchange. The Agency shall
pay all other registration and exchange costs and charges
including the cost of printing new Bonds.
Section 209. Bond Register. The Trustee will keep at its
corporate trust office in Los Angeles, California, or at such
other place as the Trustee may designate, sufficient books for
the registration and transfer of the Bonds. The books shall be
open to inspection by the Agency at all times during regular
business hours; and, upon presentation for such purpose, the
Trustee shall under such reasonable regulations as it may
prescribe, register or transfer, or cause to be registered or
transferred, on the register, the Bonds as hereinbefore
provided. The Trustee and Agency may conclusively rely upon
the registration books of the Trustee as to the registered
owners and will not be affected by any notice to the contrary.
Section 210. Delivery of the Bonds. Upon the execution
and delivery of this Indenture, the Agency shall execute and
deliver to the Trustee, and the Trustee shall authenticate the
Bonds and deliver them or make them available for pickup to the
purchasers as directed by the Agency as provided in this
Section 210.
Prior to the delivery by the Trustee of any of the Bonds
there shall have been filed with the Trustee:
(1) A copy, duly certified by the Secretary of the
Agency, of resolutions of the Agency authorizing the
issuance of the Bonds and the execution and delivery of
this Indenture;
(2) Original executed counterparts of this Indenture;
(3) An Opinion of Counsel that the issuance of the
Bonds and the execution of this Indenture have been duly
and validly authorized, that all requirements under this
Indenture precedent to the delivery of the Bonds have been
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2000Q/2338/15 -16-
satisfied and that the Bonds and the Indenture are valid
and binding obligations, enforceable against the Agency in
accordance with their terms (subject to any applicable
bankruptcy, reorganization, insolvency, moratorium or
similar laws affecting the enforcement of creditor's rights
generally and subject also to the application of equitable
principles if equitable remedies are sought);
(4) A request and authorization to the Trustee on
behalf of the Agency directing the Trustee as to the
amounts required to be deposited into the Costs of Issuance
Fund;
(5) A request and authorization to the Trustee on
behalf of the Agency to authenticate and deliver the Bonds
to the purchasers therein identified upon payment to the
Trustee, but for the account of the Agency, of a sum
specified in such request and authorization. The proceeds
of such payment shall be transferred and deposited pursuant
to Article III hereof and as indicated in such request and
authorization;
(6) An original executed counterpart of the
certification of the Agency establishing expectations to
the effect that the Bonds will not be "arbitrage bonds"
within the meaning of Section 148 of the Code; and
(7) Any additional agreements, certificates,
documents or other items or matters authorized or required
by the provisions of the resolution.
Section 211. Lost, Stolen, Destroyed or Mutilated
Bonds. Should any Bond become mutilated or be lost or
destroyed, the Agency shall cause to be executed, and the
Trustee shall authenticate and deliver, a new Bond of like
outstanding principal amount and maturity in exchange and
substitution for, and upon cancellation of, such mutilated Bond
or in lieu of and in substitution for such lost or destroyed
Bond; provided, however, that the Agency and the Trustee shall
so execute, authenticate and deliver only if the Bondowner has
paid the reasonable expenses and charges of the Trustee in
connection therewith and, in the case of a lost or destroyed
Bond, has furnished to the Trustee evidence of such loss or
destruction and indemnity satisfactory to it. If any such Bond
shall have matured, instead of issuing a new Bond the Trustee
may pay the same without surrender thereof upon receipt of the
afore -mentioned indemnity.
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08/10/92
Section 212. Cancellation of Bonds. All Bonds surrendered
to the Trustee for payment at maturity or, in the case of call
and redemption prior to maturity, at the redemption date, shall
upon payment therefor be cancelled immediately and destroyed by
the Trustee. A certificate of destruction shall forthwith be
transmitted to the Treasurer. Any Bonds purchased by the
Agency shall be transferred to the Trustee and shall be
cancelled immediately and destroyed.
Section 213. validity of the Bonds. The validity of the
authorization and issuance of the Bonds is not dependent on and
shall not be affected in any way by any proceedings taken by
the Agency or the Trustee. The recital contained in the Bonds
that they are issued in accordance with the Constitution and
laws of the State and the laws of the Agency shall be
conclusive evidence of their validity and of compliance with
the provisions of law in their issuance.
Section 214. Issuance of Parity Bonds. If at any time
the Agency determines it needs to do so, the Agency may provide
for the issuance of, and sell, Parity Bonds in such principal
amounts as it estimates will be needed. The issuance and sale
of any Parity Bonds shall be subject to the following
conditions precedent:
(a) The Agency shall be in compliance with all
covenants in this Indenture;
(b) The Parity Bonds shall be on such terms and
conditions as may be set forth in a supplemental resolution
or indenture, which shall provide for (i) bonds
substantially in accordance with this Indenture, (ii) the
deposit of moneys into the Reserve Account in an amount
(which may be represented by an Alternate Reserve Account
Security described in Section 402(c)) sufficient, together
with the balance of the Reserve Account, to equal the
Reserve Requirement on all Bonds expected to be outstanding
including the Outstanding Bonds and Parity Bonds, and (iii)
the disposition of surplus Pledged Revenues in
substantially the same manner as Section 402(d) hereof;
(c) Receipt of a certificate or opinion of an
Independent Financial Consultant showing:
(i) For the current and each future Bond Year
the debt service for each such Bond Year with respect
to all Bonds and Parity Bonds reasonably expected to
be outstanding following the issuance of the Parity
Bonds;
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08/10/92
(ii) For the then current Fiscal Year, -the
Pledged Revenues to be received by the Agency based
upon the most recent assessed valuation of taxable
property in the Project Area provided by the
appropriate officer of the County exclusive of any
anticipated business inventory subvention revenues;
and
(iii) That for the then current Fiscal Year, the
Pledged Revenues referred to in item (ii) are at least
equal to the sum of 110% of the Maximum Annual Debt
Service referred to in item (i) above (excluding debt
service with respect to any portion of the Parity
Bonds deposited in an escrowed proceeds account to the
extent such debt service is paid from earnings on the
investment of such funds) and 100% of Annual Debt
Service with respect to any subordinated debt, and
that the Agency is entitled under the Law and the
Redevelopment Plan to receive taxes under Section
33670 of the Law in an amount sufficient to meet
expected debt service with respect to all Bonds and
Parity Bonds.
(d) The Parity Bonds shall mature on and interest
shall be payable on the same dates as the Bonds (except the
first interest payment may be from the date of the Parity
Bonds until the next succeeding April 1 or October 1).
If all or a portion of the proceeds of the Parity Bonds or
the Bonds are to be applied under Sections 33334.2 of the Law,
Pledged Revenues for purposes of this Section,214 shall include
that portion of taxes allocated under Section 33670 of the Law
for payment of the Bonds or the Parity Bonds which are applied
for the purposes of Sections 33334.2 and specifically pledged
to the repayment of such Parity Bonds, to the maximum extent
permitted by the Law.
Notwithstanding the foregoing, if the Agency is in
compliance with all covenants set forth in this Indenture, the
Agency may issue and sell obligations pursuant to the Law,
having a lien on the Pledged Revenues which is junior to the
Bonds and which shall be payable solely from surplus as then
declared or which may thereafter be declared pursuant to
Section 402(d) of this Indenture (as used herein "obligations"
shall include, without limitation, bonds, notes, interim
certificates, debenture or other obligations, loans, advances
or other forms of indebtedness incurred by the Agency).
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ARTICLE III
REVENUES AND FUNDS
Section 301. Source of Payment of Bonds. The Bonds and
all payments required of the Agency hereunder are not general
obligations of the Agency but are limited obligations as
described in Section 202 hereof. The Pledged Revenues and all
moneys held in the Special Fund or any of the Accounts
thereunder and the Redemption Fund are hereby conveyed, pledged
and assigned absolutely and as a first lien pledge as security
for the equal and ratable benefit of the owners of the Bonds
and shall be used for no other purpose than payment of the
principal of, premium (if any) and interest on the Bonds,
except as may be otherwise expressly authorized in this
Indenture.
Section 302. Creation of Funds and Accounts. There is
hereby continued with the Treasurer a fund called the "La
Quinta Redevelopment Project Area No. 2, Redevelopment Fund"
(hereinafter sometimes called the "Redevelopment Fund"). There
is hereby created with the Trustee a trust fund called the "La
Quinta Redevelopment Project Area No. 2, Special Fund" with
special trust accounts contained therein known as the "Interest
Account", the "Principal Account", the "Reserve Account" and
the "Surplus Account", a trust fund called the "Cost of
Issuance Fund", a trust fund called the "Redevelopment Escrow
Fund", and a trust fund called the "Rebate Fund."
Notwithstanding any other provision of this Indenture, neither
the Rebate Fund nor amounts credited or properly creditable
thereto shall be deemed to be pledged to secure the Bonds.
Article VI of this Indenture creates the Redemption Fund
described therein.
So long as any of the Bonds, or any interest on them,
remain unpaid, the Agency shall not have any beneficial right
or interest in the Pledged Revenues except as provided in this
Indenture and the moneys in the foregoing Funds and Accounts
shall be used for no purposes other than those required or
permitted by this Indenture and the Law and the foregoing Funds
and Accounts on deposit with the Trustee shall be pledged to
the payment of the Bonds.
Each Fund and Account (other than the Redevelopment Fund)
shall be maintained by the Trustee as a separate and distinct
trust fund or account to be held, managed, invested, disbursed
and administered as provided in this Indenture. All moneys
deposited in the Funds and Accounts shall be used solely for
the purposes set forth in this Indenture. The Trustee shall
keep and maintain adequate records pertaining to each Fund and
08i10i92 000033
Account and all disbursements therefrom (other than the
Redevelopment Fund as to which the Agency will keep such
records).
velopment Fund. The Agency may provide by resolution for
sale of the Bonds in the manner provided by the Law.
A. Upon the delivery of the Bonds to the purchasers
thereof, the Trustee, on behalf of the Agency, shall receive
the proceeds from the sale of the Bonds together with the
moneys transferred pursuant to paragraph 303A hereof and shall
deposit such proceeds and transfers as follows:
(1) Deposit in the Interest Account an amount equal
to $ representing accrued interest on the Bonds;
(2) Deposit in the Reserve Account an amount equal to
the Reserve Requirement, initially $ ;
(3) Deposit in the Redevelopment Fund an amount equal
to
(4) Deposit in the Costs of Issuance Fund an amount
set forth in a Certificate of the Agency to pay Costs of
Issuance;
(5) After making the above deposits, the balance of
the proceeds from the sale of the Bonds shall be deposited
in the Redevelopment Escrow Fund.
B. Moneys deposited in the Redevelopment Escrow Fund shall
be held therein until the Agency files with the Trustee a
certificate or opinion of an Independent Financial Consultant
stating that for the then current Fiscal Year, the Pledged
Revenues to be received by the Agency based upon the most
recent assessed valuation of taxable property in the Project
Area provided by the appropriate officer of the County are at
least equal to 110% of Maximum Annual Debt Service on the Bonds
(excluding debt service with respect to any portion of the
proceeds of the Bonds which will remain on deposit in the
Redevelopment Escrow Fund). Upon receipt of such certificate
or opinion, the Trustee shall transfer the amount set forth in
the certificate or opinion to the Agency for deposit in the
Redevelopment Fund. Except as hereinafter provided, the moneys
set aside in the Redevelopment Fund shall remain there until
from time to time expended for the purpose of financing a
portion of the costs of the Project Area and other related
costs, and also including in such costs:
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(1) The payment of an amount of money in lieu of
taxes as authorized by Section 33401 of the Law in any year
during which the Agency owns property in the Project Area,
to any city, county, city and county, district or other
public corporation which would have levied a tax upon such
property had it not been exempt;
(2) The cost of any lawful activities in connection
with the implementation of the Project Area, including,
without limitation, those activities authorized by
Section 33445 of the Law; and
(3) The necessary expenses in connection with the
issuance and sale of the Bonds and fees and expenses of the
Trustee not otherwise paid under paragraph C below.
If any sum remains in the Redevelopment Fund after the full
accomplishment of the objects and purposes for which the Bonds
were issued, that sum shall be transferred to the Trustee for
deposit in the Special Fund pursuant to written instructions
from the Agency. Moreover, all interest and income earned from
the Redevelopment Fund on or prior to the date established by
resolution of the Agency shall be retained therein.
All of the above uses constitute a "redevelopment activity"
as that term is defined in Health and Safety Code Section 33678.
C. The moneys deposited in the Costs of Issuance Fund
shall be applied by the Trustee to the payment of Costs of
Issuance as directed by a Certificate of the Agency. Any
moneys remaining in the Costs of Issuance Fund on December 1,
1992, shall be transferred by the Trustee to t-he Agency for
deposit in the Redevelopment Fund. Thereafter, the Costs of
Issuance Fund shall be closed and all further responsibility
for payment of Costs of Issuance shall belong solely to the
Agency.
Section 304. Final Balances. Upon the deposit with the
Trustee of moneys sufficient to pay all principal of, premium,
if any, and interest on the Bonds, and upon satisfaction of all
claims against the Agency hereunder, including all fees,
charges and expenses of the Trustee and any Paying Agent which
are properly due and payable hereunder, or upon the making of
adequate provisions for the payment of such amounts as
permitted hereby, all moneys remaining in all Funds and
Accounts shall be paid to the Agency.
Section 305. Security of Funds. All moneys deposited with
the Trustee or with any agent of the Trustee appointed pursuant
to Section 905 of this Indenture shall be held in trust and
08/10/92 000035
(except for moneys held by the Trustee, as paying agent, or
remitted to any Paying Agent for the payment of the principal
of, premium, if any, and interest on the Bonds) shall, while
held by the Trustee, constitute part of the Trust Estate and
shall be and remain entitled to the benefit and shall be
subject to the security of this Indenture for the equal and
proportionate benefit of the owners of all Outstanding Bonds.
Section 306. Non -Presentment of Bonds. In the event any
Bond shall not be presented for payment when the principal
thereof becomes due, either at maturity or otherwise, or at the
date fixed for redemption thereof, if moneys sufficient to pay
such Bond shall have been deposited in the Special Fund or
Redemption Fund, as applicable, all liability of the Agency to
the owner thereof for the payment of such Bond shall forthwith
cease, terminate and be completely discharged, and thereupon it
shall be the duty of the Trustee to hold such moneys in trust
subject to the limitation set forth in Section 1101, without
liability for interest thereon, for the benefit of the owner of
such Bond who shall thereafter be restricted exclusively to
such moneys, for any claim of whatever nature on his or her
part under this Indenture or on, or with respect to, said Bond.
Section 307. Moneys to be Held in Trust. All moneys
required to be deposited with or paid to the Trustee under any
provisions of this Indenture shall be held by the Trustee in
trust and applied for the purposes herein specified.
000036
08/10/92
2nnno/2119/1.5 -23-
ARTICLE IV
REVENUES AND APPLICATION
Section 401. Pledged Revenues. As provided in the
Redevelopment Plan, pursuant to Article 6 of the Law and
Section 16 of Article XVI of the Constitution of the State of
California, taxes levied upon taxable property in the
Redevelopment Project Area each year by or for the benefit of
the State of California, any city, county, city and county,
district, or other public corporation (herein sometimes
collectively called "taxing agencies") after the effective date
of the ordinance approving the Redevelopment Plan (being
Ordinance No. _ of the City of La Quinta, which became
effective on 19 ), shall be divided as follows:
(a) That portion of the taxes which would be produced
by the rate upon which the tax is levied each year by or
for each of the taxing agencies upon the total sum of the
assessed value of the taxable property in the Redevelopment
Project Area as shown upon the assessment roll used in
connection with the taxation of such property by such
taxing agency last equalized prior to , 19
(being the effective date of Ordinance No. referred to
above), shall be allocated to and when collected shall be
paid into the funds of the respective taxing agencies as
taxes by or for the taxing agencies on all other property
are paid; and
(b) That portion of said levied taxes each year in
excess of such amount shall be allocated to and when
collected by the Agency shall be paid into, the following
funds: (i) into the low and moderate income housing fund
held by the Agency and the amount required by the Law to be
deposited into said fund, (ii) the amount required to be
paid by the Agency pursuant to pass -through agreements of
the Agency, and (iii) the balance into the Special Fund of
the Agency.
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08/10/92
,nnnn/1Q'.¢11r _7d_
The foregoing provisions of this Section are a portion of
the provisions of Article 6 of the Law as applied to the Bonds
and shall be interpreted in accordance with Article 6, and the
further provisions and definitions contained in Article 6 are
incorporated by reference herein and shall apply.
The Pledged Revenues received on or after the date of issue
of the Bonds shall be deposited in the Special Fund held by the
Trustee and are hereby irrevocably pledged to the payment of
the principal of, premium, if any, and interest on the Bonds,
any Parity Bonds, and until all of the Bonds and all interest
thereon, have been paid (or until moneys for that purpose have
been irrevocably set aside), the Pledged Revenues (subject to
the exception set forth in Section 402(d) shall be applied
solely to the payment of the Bonds and any Parity Bonds plus
premium, if any, and the interest thereon as provided in this
Indenture. This allocation and pledge is for the exclusive
benefit of the Owners of the Bonds and shall be irrevocable.
Section 33645 of the Health and Safety Code provides, in
applicable part as follows: `The resolution, trust indenture,
or mortgage shall provide that tax increment funds allocated to
an agency pursuant to Section 33670 shall not be payable to a
trustee on account of any issued bonds when sufficient funds
have been placed with the trustee to redeem all Outstanding
Bonds of the issue." This Indenture is intended to comply with
the above -quoted provision and shall be so construed.
Section 402. Special Fund. The Agency shall pay or cause
to be paid to the Trustee for deposit in the Special Fund in
accordance with this Section and Section 401 hereof all Pledged
Revenues in the amounts and within the times set forth herein.
The interest on the Bonds until maturity shall be paid by the
Trustee on behalf of the Agency from the Interest Account of
the Special Fund. At the maturity of the Bonds, and after all
interest then due on the Bonds then Outstanding has been paid
or provided for, moneys remaining in the Special Fund shall be
applied to the payment of the principal of any of such Bonds.
Without limiting the generality of the foregoing and for
the purpose of assuring that the payments referred to above
will be made as scheduled, the Pledged Revenues accumulated in
the Special Fund shall be used in the following priority;
provided, however, to the extent that deposits have been made
in any of the Accounts referred to below from the proceeds of
the sale of the Bonds or otherwise, the deposits below need not
be made:
i
O8/10/92
9nnnn/7Q1A/14 -25-
(a) Interest Account. Deposits shall be made into
the Interest Account so that the balance in the Account at
least five (5) days prior to each Interest Payment Date
shall be equal to interest due and payable on the then
outstanding Bonds on such Interest Payment Date. Moneys in
the Interest Account shall be used solely for the payment
of interest on the Bonds as interest becomes due, including
accrued interest on any Bonds purchased or redeemed prior
to maturity.
(b) Principal Account. After the deposits have been
made pursuant to subparagraph (a) above, deposits shall
next be made into the Principal Account so that the balance
in the Account at least five (5) days prior to each
August 1 is equal to the principal coming due on such date
on the then outstanding Serial Bonds or the amount of the
minimum sinking account payments due on the Term Bonds on
such date. All monies in the Principal Account shall be
used and withdrawn by the Trustee solely for the purpose of
paying principal and minimum sinking account payments on
the Bonds as they shall become due and payable.
(c) Reserve Account. After deposits have been made
pursuant to subparagraphs (a) and (b) above, deposits shall
be made to the Reserve Account, if necessary, in order to
cause the amount on deposit therein to equal the Reserve
Requirement. Moneys in the Reserve Account shall be
transferred to the Interest Account or the Principal
Account to pay interest on and principal of the Bonds
either (i) as it becomes due to the extent moneys on
deposit are insufficient therefor or (ii) at the final
maturity of the Bonds. Any portion of the Reserve Account
which is in excess of the Reserve Requirement shall be
transferred at least semiannually to the Interest Account.
Anything to the contrary herein notwithstanding the
Agency may at any time substitute an Alternate Reserve
Account Security, and upon such substitution, the Agency
shall be entitled to receive all moneys then held in the
Reserve Account free and clear of the lien of this
Indenture. In the event the Agency delivers an Alternate
Reserve Account Security, the Trustee shall hold and apply
such instrument pursuant to this Indenture so as to have
moneys available thereunder for the purposes and at the
times required under this Indenture.
(d) Surplus. It is the intent of this Indenture:
(i) that the deposits in subparagraphs (a) and (b) above to
the Interest Account and the Principal Account,
respectively, shall be made as scheduled, and (ii) that the
000039
08/10/92
deposits in subparagraph (c) above to the Reserve Account
shall be made as necessary to maintain a balance equal to
the Reserve Requirement, if and only if the Pledged
Revenues are sufficient therefor. Should it be necessary
to defer all or part of any deposits referred to in
subparagraph (c) above, such deferred deposits shall be
cumulative and shall be made when the Pledged Revenues are
sufficient to make the deposits required by subparagraphs
(a) and (b) and thereafter make the deposits required by
subparagraph (c).
If: (i) the above transfers have been made so that the
required amounts as of that time are in the above mentioned
Accounts and the required transfer has been made to the
Rebate Fund as set forth below, (ii) the Pledged Revenues
to be received by the Agency in the current Fiscal Year,
based upon the most recent assessed valuation of taxable
property in the Redevelopment Project Area, furnished by
the appropriate officer of the County are at least equal to
110% of the Maximum Annual Debt Service on all Bonds,
Parity Bonds and any loans, advances or indebtedness
payable from Pledged Revenues on a parity with the Bonds
pursuant to Section 33670 of the Law, as shown by the
certificate or opinion of an Independent Financial
Consultant employed by the Agency, and (iii) there has been
no material change in the status of the Redevelopment
Project which in the opinion of an Independent
Redevelopment Consultant, said opinion having been filed
with the Trustee, would be likely to result in diminution
of increment in the succeeding Fiscal Year, any balances in
the Special Fund may be used and applied by the Agency for
any lawful purpose, including without limitation, the
purchase and/or call and redemption of Bonds and Parity
Bonds.
Section 403. Payments of Principal, Premium and Interest.
The Trustee shall make available to the Paying Agent, if any,
from the Pledged Revenues, sufficient amounts to pay the
principal of, premium, if any, and interest on, the Bonds as
the same become due and payable.
Section 404. Revenues to be Held for All Bondowners;
Certain Exceptions. The Revenues shall, until applied as
provided in this Indenture, be held by the Trustee for the
benefit of the owners of all Outstanding Bonds, except as
provided in Section 302 hereof and except that any portion of
the Revenues held pursuant to Section 306 hereof representing
principal or redemption price of and interest on, any Bonds
previously called for redemption in accordance with Article VI
of this Indenture or previously matured shall be held for the
benefit of the owners of such Bonds only and shall not be
deposited or invested pursuant to Article V hereof,
notwithstanding any provision of Article V..
O8/10/92
innnn/7iio iiC _77-
ARTICLE V
INVESTMENT OF MONEYS
Section 501. Rebate Fund.
The Trustee shall establish the Rebate Fund and the Agency
shall comply with the requirements below. All money at any
time deposited in the Rebate Fund shall be held by the Trustee
in trust, for payment to the United States Treasury. All
amounts on deposit in the Rebate Fund shall be governed by this
Section and the applicable Tax Certificate, unless the Agency
obtains an opinion of Bond Counsel that the exclusion from
gross income of interest on the Bonds will not be adversely
affected for federal income tax purposes if suich requirements
are not satisfied.
(1) Excess Investment Earnings
(i) Annual Computation. Within 55 days of the end
of each Computation Year with respect to the Bonds, the
Agency shall calculate or cause to be calculated the amount
of rebatable arbitrage, in accordance with Section
148(f)(2) of the Code and Section 1.148-2 of the Rebate
Regulations (taking iinto account any applicable exceptions
with respect to the computation of the rebatable arbitrage,
described, if applicable, in the Tax Certificate (e.g., the
temporary investments exceptions of Section 148(f)(4)(B)
and (C) of the Code), for this purpose treating the last
day of the applicable Computation Year as a computation
date, within the meaning of Section 1.148-8(b) of the
Rebate Regulations (the "Rebatable Arbitrage"). The Agency
shall obtain expert advice as to the amount of the
Rebatable Arbitrage to comply with this Section.
(ii) Annual Transfer. Within 55 days of the end of
each applicable Computation Year with respect to the Bonds,
upon the Treasurer's written direction, an amount shall be
deposited to the Rebate Fund by the Trustee from any
legally available funds, including the other funds and
accounts established herein, so that the balance in the
Rebate Fund shall equal the amount of Rebatable Arbitrage
so calculated in accordance with clause (i) of this Section
501(1). In the event that immediately following the
transfer required by the previous sentence, the amount then
on deposit to the credit of the Rebate Fund exceeds the
amount required to be on deposit therein, upon written
instructions from the Treasurer, the Trustee shall withdraw
the excess from the Rebate Fund and then credit the excess
to the Special Fund.
000041
08/10/92
(iii) Payment to the Treasury. The Agency shall pay
to the United States Treasury, out of amounts in the Rebate
Fund.
(X) Not later than 60 days after the end of (A)
the fifth Computation Year with respect to the Bonds, and
(B) each applicable fifth Computation Year thereafter, an
amount equal to at least 90% of the Rebatable Arbitrage
calculated as of the end of such Computation Year; and
(Y) Not later than 60 days after the payment of
all the Bonds, an amount equal to 100% of the Rebatable
Arbitrage calculated as of the end of such applicable
Computation Year, and any income attributable to the
Rebatable Arbitrage, computed in accordance with Section
148(f) of the Code.
In the event that, prior to the time of any payment
required to be made from the Rebate Fund, the amount in the
Rebate Fund is not sufficient to make such payment when
such payment is due, the Agency shall calculate or cause to
be calculated the amount of such deficiency and deposit an
amount received from any legally available source,
including the other funds and accounts established herein,
equal to such deficiency in the Rebate Fund prior to the
time such payment is due. Each payment required to be made
pursuant to this Subsection 501(1)(iii) shall be made to
the Internal Revenue Service Center, Philadelphia,
Pennsylvania 19255 on or before the date on which such
payment is due, and shall be accompanied by Internal
Revenue Service Form 8038-T, or shall be made in such other
manner as provided under the Code.
(2) Disposition of Unexpended Funds. Any funds
remaining in the Rebate Fund after redemption and payment
of the Bonds and the payments described in Section
501(i)(iii), may be transferred by the Trustee to the
Agency at the written direction of the Treasurer and
utilized in any manner by the Agency.
(3) Survival of Defeasance. Notwithstanding anything
in this Section 501 or this Indenture to the contrary, the
obligation to comply with the requirements of this Section
shall survive the defeasance of the Bonds and any Parity
Bonds.
(4) Trustee Responsible. The Trustee shall have no
obligations or responsibilities under this Section other
than to follow the written directions of the Treasurer.
000042
08/10/92
,)nnnn/!)Z1A/15 -7Q-
Section 502. Investment of Moneys in Funds and Accounts.
Moneys in the Special Fund and the Accounts therein (other than
the Reserve Account), the Costs of Issuance Fund and the
Redemption Fund shall be invested and reinvested by the Trustee
in Permitted Investments, provided that such investments mature
by their terms prior to the date on which such moneys are
required to be paid out hereunder. Moneys in the Reserve
Account shall be invested by the Trustee solely in (i)
Permitted Investments having a maturity not greater than 5
years or beyond the date it is anticipated that such moneys
will be needed, whichever comes first or (ii) with the prior
written approval of the Bond Insurer, an investment agreement
which permits withdrawals or deposits without penalty at such
time as such moneys will be needed or in order to replenish the
Reserve Account. Moneys held by the Trustee in any Fund or
Account three Business Days prior to the use of such moneys
will be invested in Government Obligations maturing not later
than the date such moneys are to be used to pay the principal
of or interest on the Bonds. Such investments shall be made in
specific investments meeting the requirements of this section
as directed in writing by the Executive Director (such written
request to be received by 12:00 noon two (2) Business Days
prior to such investment) or, in the absence of such written
direction, by the Trustee in Permitted Investments described in
part (f) or (h) of the definition thereof. The Trustee shall
be protected from any liability in acting in accordance with
this section or the Agency's direction. Moneys in the
Redevelopment Fund shall be invested as directed by the Agency
by the Treasurer in any legal investments for Agency funds.
Moneys in the Rebate Fund shall be invested in Government
Obligations which mature before the date such amounts are
required to be paid to the United States. Obligations
purchased as an investment of moneys in any Fund or Account
held by the Trustee hereunder shall be deemed to be part of
such Fund or Account. Any or all interest or gain received
from such investments of moneys in any Fund or Account shall be
deposited by the Trustee in the respective Fund or Account and
any loss incurred in connection with such investments shall be
debited against the Fund or Account from which the investment
was made. The Trustee shall have no liability or
responsibility for any loss resulting from any investment made
in accordance with the provisions of this Section 502.
Section 503. Investments. The Trustee may make any and
all investments permitted by the provisions of Section 501
hereof and Section 4e of the Tax Certificate delivered on the
Delivery Date, through its own bond or investment department;
provided, however, that the Trustee shall establish to the
satisfaction of the Agency that such investments have been made
at fair market value. As and when any amount invested pursuant
to this Article may be needed for disbursement, the Trustee may
cause a sufficient amount of such investments to be sold and
reduced to cash to the credit of such Funds pr Accounts.
08/10/92 000043
ARTICLE VI
REDEMPTION OF BONDS BEFORE MATURITY
Section 601. Limitation on Redemption. The Bonds shall be
subject to redemption prior to maturity only as provided in
this Article VI.
Section 602. A. Optional Redemption. The Bonds maturing
on or before October 1, 2001, are not subject to call and
redemption prior to maturity. The Bonds maturing on or after
October 1, 2002, may be called before maturity and redeemed at
the option of the Agency, in whole or in part from proceeds of
refunding bonds or other available funds, on October 1, 2001 or
on any Interest Payment Date thereafter, prior to maturity, in
inverse order of maturity and by lot within any maturity. The
Interest Payment Date on which Bonds are to be presented for
redemption is sometimes referred to as the "redemption date."
Bonds called for redemption shall be redeemed at the redemption
prices (expressed as a percentage of the principal amount of
Bonds to be redeemed) plus accrued interest to the redemption
date as shown in the following table:
Redemption Dates Redemption Price
October
1,
2001
and
April
1,
2002
102%
October
1,
2002
and
April
1,
2003
101-1/2%
October
1,
2003
and
April
1,
2004
101%
October
1,
2004
and
April
1,
2005
100-1/2%
October
1,
2005
and
thereafter
100%
B. Sinking Account Redemption. The Term Bonds maturing on
October 1, 2017 shall be subject to mandatory redemption from
minimum sinking account payments at a redemption price equal to
100% of the principal amount thereof, plus accrued interest, if
any, to the redemption date without premium, on August 1 in each
of the following years and amounts:
Principal Principal
Year Amount Year Amount
2005
2006
2007
2008
2009
2010
2011
08/10/92
2012 $
2013
2014
2015
2016
2017 (maturity)
Section 603. Call and Redemption; Notice of Redemption.
The Agency may by resolution direct the call and redemption
prior to maturity of Bonds by the Trustee pursuant to Section
602A hereof in such amounts as there are funds available for
use in redemption and shall give notice to the Trustee of the
redemption at least sixty (60) days prior to the redemption
date.
Notice of redemption prior to maturity shall be given by
first class mail, postage prepaid not less than thirty (30) nor
more than sixty (60) days prior to the redemption date to the
registered owner of each such Bond at the address shown on the
registration books of the Trustee. Neither the failure to
receive such notice nor any defect in any notice mailed shall
affect the sufficiency of the proceedings for the redemption of
any Bonds. The notice of redemption shall: (a) state the
redemption date; (b) state the redemption price; (c) state the
numbers of the Bonds to be redeemed; provided, however, that
whenever any call for redemption includes all of the
Outstanding Bonds, the numbers of the Bonds need not be stated;
(d) state, as to any Bonds redeemed in part only, the Bond
numbers and the principal portion thereof to be redeemed;
(e) state that interest on the principal portion of the Bonds
designated for redemption shall cease to accrue from and after
the redemption date and that on the redemption date there shall
become due and payable on each of such Bonds the redemption
price for each Bond; and (f) state that the redemption of the
Bonds is subject to there being on deposit with the Trustee at
the time of such redemption, moneys sufficient to redeem the
portion of the Bonds as set forth in the Notice. No notice
shall be mailed pursuant to this Section until such time as
there is on deposit moneys sufficient to redeem that portion of
the Bonds as set forth in the notice. Following the mailing of
the notice of redemption, the moneys to be used for such
redemption shall be invested only in Government Obligations
maturing as needed.
The actual receipt by the Bondowner or notice of redemption
shall not be a condition precedent to redemption, and failure
to receive notice shall not affect the validity of the
proceedings for the redemption of the Bonds or the cessation of
interest on the redemption date. Notice of redemption of Bonds
shall be given by the Trustee on behalf of the Agency and at
the request and expense of the Agency.
A certificate by the Trustee that notice of redemption has
been given in accordance with this Indenture shall be
conclusive as against all parties, and no Bondowner whose Bond
is called for redemption may object to the redemption or the
cessation of interest on the redemption date by claiming or
showing that it failed to receive actual notice of call and
redemption.
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,3nnnni,)i'zniir -32-
Section 604. Redemption Fund. Prior to the mailing of
notice as required above, the Trustee shall establish, maintain
and hold in trust a separate fund which is hereby created for
the purpose of this Indenture entitled "La Quinta Redevelopment
Agency, La Quinta Redevelopment Project Area No. 2, Tax
Allocation Bonds, Issue of 1992 Redemption Fund" (hereinafter
referred to as the "Redemption Fund"). There shall be set
aside in the Redemption Fund prior to mailing notice of
optional redemption, moneys (or Government Obligations as
provided in Section 1101(c)) for the purpose of and sufficient
to redeem, at the premiums, if any, payable as provided in this
Indenture, the Bonds designated in the notice of redemption.
The moneys must be set aside in the Redemption Fund (or other
special trust fund pursuant to Section 1101) and pledged solely
for that purpose and shall be applied on or after the
redemption date to the payment (principal, interest and
premium, if any) of the Bonds to be redeemed upon presentation
and surrender of the Bonds.
Section 605. Partial Redemption of Bonds. Upon surrender
of any Bond redeemed in part only, the Agency shall execute and
the Trustee shall authenticate and deliver to the registered
owner, at the expense of the Agency, a new Bond or Bonds of
authorized denominations equal in aggregate principal amount to
the unredeemed portion of the Bond surrendered and of the same
interest rate and same maturity. A partial redemption shall be
valid upon payment of the amount required to be paid to the
registered owner, and the Agency and the Trustee shall be
released and discharged from all liability to the extent of
such payment.
Section 606. Effect of Redemption. Notice of redemption
having been duly given as provided above, and moneys for
payment of the principal of, premium, if any, and interest
payable upon redemption of the Bonds being set aside as
provided above, the Bonds, or parts thereof, called for
redemption shall, on the redemption date, become due and
payable at the redemption price specified in the notice.
Interest on the Bonds, or parts thereof, as the case may be,
called for redemption shall cease to accrue and be payable from
and after the redemption date. The Bonds, or parts thereof
redeemed, shall cease to be entitled to any lien, benefit or
security under this Indenture, and the Owners of the Bonds
shall have no rights except to receive payment of the
redemption price upon surrender of the Bonds, and, in the case
of partial redemption of Bonds, also to receive a new Bond or
Bonds for the unredeemed balance as provided above. All Bonds,
or parts thereof, as the case may be, redeemed pursuant to the
provisions hereof shall be cancelled upon surrender thereof and
delivered to, or destroyed upon the order of the Agency.
000046
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20000/2338/15 -33-
Section 607. Purchase of Bonds. In lieu of redemption or
otherwise, the Agency is hereby authorized to purchase Bonds on
the open market at any time and the Trustee will upon written
direction of the Agency settle these purchases from moneys
deposited by the Agency with the Trustee at a price not to
exceed the principal amount of Bonds plus the applicable
premium and accrued interest, if any, to the date of purchase
plus brokerage fees, if any.
000047
08/10/92
ARTICLE VII
PAYMENT; COVENANTS OF THE AGENCY
Section 701. Payment of Principal or Redemption Price of
and Interest on Bonds. The Agency shall promptly pay or cause
the Trustee to pay the principal or redemption price of, and
the interest on, every Bond issued hereunder according to the
terms thereof, but shall be required to make such payment or
cause such payment to be made only out of Revenues.
Section 702. Covenants of the Agency. As long as the
Bonds are Outstanding and unpaid, the Agency shall (through its
proper members, officers, agents or employees) faithfully
perform and abide by all of the covenants, undertakings and
provisions contained in this Indenture or in any Bond issued
hereunder, including the following covenants and agreements for
the benefit of the Bondowners which are necessary, convenient
and desirable to secure the Bonds and will tend to make them
more marketable; provided, however, that the Covenants do not
require the Agency to expend any funds other than amounts
credited to the Redevelopment Fund to the extent required to
fulfill the Agency objectives with respect to Covenant 1 and
Covenant 2, Pledged Revenues and the income thereon:
Amendment to Redevelopment Plan. The Agency covenants and
agrees that it will diligently carry out and continue to
completion in a sound and economical manner, with all
practicable dispatch, the Redevelopment Project in accordance
with its duty to do so under and in accordance with the Law and
the Redevelopment Plan. The Redevelopment Plan may be amended
as provided in the Law but no amendment shall be made unless it
will not substantially impair the security of the Bonds or the
rights of the Bondowners, as shown by an Opinion of Counsel,
based upon a certificate or opinion of an Independent Financial
Consultant appointed by the Agency.
Covenant 2. Use of Proceeds, Management and
Operation of Properties. The Agency covenants and agrees that
the proceeds of the sale of the Bonds will be deposited and
used as provided in this Indenture and that it will manage and
operate all properties owned by it comprising any part of the
Project Area in a sound and businesslike manner consistent with
the Redevelopment Plan.
Covenant 3. No Priority. The Agency covenants and
agrees that it will not issue any obligations payable, either
as to principal or interest, from the Pledged Revenues which
have any lien upon Pledged Revenues prior to or superior to the
08/10/92
9llnnl "I9 a /I S _1-
lien of the Bonds or any Parity Bonds. Except as permitted by
Section 214 hereof, it will not issue any obligations, payable
as to principal or interest, from the Pledged Revenues which
have any lien upon the Pledged Revenues on a parity with the
Bonds or any Parity Bonds. Notwithstanding the foregoing,
nothing in this Indenture shall prevent the Agency: (i) from
issuing and selling pursuant to law, refunding obligations
payable from and having any lawful lien upon the Pledged
Revenues, if such refunding obligations are issued for the
purpose of, and are sufficient for the purpose of, refunding
all of the Outstanding Bonds or Parity Bonds; (ii) from issuing
and selling obligations which have, or purport to have, any
lien upon the Pledged Revenues which is junior to the Bonds or
any Parity Bonds; or (iii) from issuing and selling bonds or
other obligations which are payable in whole or in part from
sources other than the Pledged Revenues. As used herein
"obligations" shall include, without limitation, bonds, notes,
interim certificates, debentures or other obligations, loans,
advances, or other forms of indebtedness incurred by the
Agency.
Covenant 4. Punctual Payment. The Agency covenants
and agrees that it will duly and punctually pay or cause to be
paid the principal of and interest on each of the Bonds on the
date, at the place and in the manner provided in the Bonds.
Covenant 5. Payment of Taxes and Other Charges. The
Agency covenants and agrees that it will from time to time pay
and discharge, or cause to be paid and discharged, all payments
in lieu of taxes, service charges, assessments or other
governmental charges which may lawfully be imposed upon the
Agency or any of the properties then owned by it in the Project
Area, or upon the revenues and income therefrom, and will pay
all lawful claims for labor, materials and supplies which if
unpaid might become a lien or charge upon any of the
properties, revenues or income or which might impair the
security of the Bonds or the use of Pledged Revenues or other
legally available funds to pay the principal of and interest on
the Bonds, all to the end that the priority and security of the
Bonds and any Parity Bonds shall be preserved; provided,
however, that nothing in this Covenant shall require the Agency
to make any such payment so long as the Agency in good faith
shall contest the validity of the payment.
Covenant 6. Books and Accounts; Financial
Statements. The Agency covenants and agrees that it will at
all times keep, or cause to be kept, proper and current books
and accounts (separate from all other records and accounts) in
which complete and accurate entries shall be made of all
transactions relating to the Redevelopment Project and the
O8/10/92
Pledged Revenues and other funds relating to the Redevelopment
Project. The Agency will prepare within one hundred eighty
(180) days after the close of each of its Fiscal Years a
complete financial statement or statements for such year, in
reasonable detail covering the Pledged Revenues and other
funds, accompanied by an opinion of an Independent Certified
Public Accountant appointed by the Agency, and will furnish a
copy of the statement or statements to the Trustee, the Bond
Insurer and any rating agency which maintains a rating on the
Bonds and, upon written request, to any Bondowner. The Trustee
shall have no duty to review the Agency's financial statements.
Covenant 7. Eminent Domain Proceedings. The Agency
covenants and agrees that if all or any part of the Project
Area should be taken from it without its consent, by eminent
domain proceedings or other proceedings authorized by law, for
any public or other use under which the property will be tax
exempt, it shall take all steps necessary to adjust accordingly
the base year valuation of the Project Area.
Covenant 8. Disposition of Property. The Agency
covenants and agrees that it will not dispose of more than ten
percent (10%) of the land area in the Project Area (except
property shown in the Redevelopment Plan in effect on the date
this Indenture is adopted as planned for public use, or
property to be used for public streets, public offstreet
parking, sewage facilities, parks, easements or right-of-way
for public utilities, or other similar uses) to public bodies
or other persons or entities whose property is tax exempt,
unless such disposition will not result in the security of the
Bonds or the rights of Bondowners being substantially impaired,
as shown by an Opinion of Counsel addressed to the Agency and
the Trustee, based upon the certificate or opinion of an
Independent Financial Consultant appointed by the Agency.
Covenant 9. Protection of Security and Rights of
Bondowners. The Agency covenants and agrees to preserve and
protect the security of the Bonds and any Parity Bonds and the
rights of the Bondowners and any Parity Bondowners and to
contest by court action or otherwise: (a) the assertion by any
officer of any government unit or any other person whatsoever
against the Agency that (i) the Law is unconstitutional or
(ii) that the Pledged Revenues pledged hereunder cannot be
paid to the Agency for the debt service on the Bonds, or
(b) any other action affecting the validity of the Bonds or
diluting the security therefor. The Agency covenants and
agrees to take no action which, in the Opinion of Counsel would
result in: (a) the Pledged Revenues being withheld unless the
withholding is being contested in good faith; and (b) the
interest received by the Bondowners becoming includable in
gross income under federal income tax laws.
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Covenant 10. Tax Covenants. The Agency covenants and
agrees to contest by court action or otherwise any assertion by
the United States of America or any department or agency
thereof that the interest received by the Bondowners is
includable in gross income of the recipient under federal
income tax laws. Notwithstanding any other provision of this
Indenture, absent an opinion of Bond Counsel that the exclusion
from gross income of interest with respect to the Bonds and any
Parity Bonds will not be adversely affected for federal income
tax purposes, the Agency covenants to comply with all
applicable requirements of the Code necessary to preserve such
exclusion from gross income and specifically covenants, without
limiting the generality of the foregoing, as follows:
(1) Private Activity. The Agency will take no action
or refrain from taking any action or make any use of the
proceeds of the Bonds or any Parity Bonds or of any other
monies or property which would cause the Bonds or any
Parity Bonds to be "private activity bonds" within the
meaning of Section 141 of the Code;
(2) Arbitrage. The Agency will make no use of the
proceeds of the Bonds or any Parity Bonds or of any other
amounts or property, regardless of the source, or take any
action or refrain from taking any action which will cause
the Bonds or any Parity Bonds to be "arbitrage bonds"
within the meaning of Section 148 of the Code;
(3) Federal Guaranty. The Agency will make no use of
the proceeds of the Bonds or any Parity Bonds or take or
omit to take any action that would cause the Bonds or any
Parity Bonds to be "federally guaranteed" within the
meaning of Section 149(b) of the Code;
(4) Information Reporting. The Agency will take or
cause to be taken all necessary action to comply with the
informational reporting requirement of Section 149(e) of
the Code;
(5) Hedge Bonds. The Agency will make no use of the
proceeds of the Bonds or any Parity Bonds or any other
amounts or property, regardless of the source, or take any
action or refrain from taking any action that would cause
either the Bonds or any Parity Bonds to be considered
"hedge bonds" within the meaning of Section 149(g) of the
Code unless the Agency takes all necessary action to assure
compliance with the requirements of Section 149(g) of the
Code to maintain the exclusion from gross income of
interest on the Bonds and any Parity Bonds for federal
income tax purposes; and
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lnnnn /1170 /1C -�C-
(6) Miscellaneous. The Agency will take no action or
refrain from taking any action inconsistent with its
expectations stated in that certain Tax Certificate
executed by the Agency in connection with each issuance of
Bonds and any Parity Bonds and will comply with the
covenants and requirements stated therein and incorporated
by reference herein.
Covenant 11. Taxation of Leased Property. Whenever
any property in the Project Area has been redeveloped and
thereafter is leased by the Agency to any person or persons
(other than a public agency), or whenever the Agency leases
real property in the Project Area to any person or persons
(other than a public agency) for redevelopment, the property
shall be assessed and taxed in the same manner as privately
owned property, as required by Section 33673 of the Law, and
the lease or contract shall provide: (a) that the lessee shall
pay taxes upon the assessed value of the entire property and
not merely upon the assessed value of his or its leasehold
interest; and (b) that if for any reason the taxes levied on
the property in any year during the term of the lease or
contract are less than the taxes which would have been levied
if the entire property had been assessed and taxed in the same
manner as privately owned property, the lessee shall pay such
difference to the Agency within thirty (30) days after the
taxes for the year become payable to the taxing agencies and in
no event later than the delinquency date of such taxes
established by law. All such payments shall be treated as
Pledged Revenues, and when received by the Agency shall be used
as provided herein. As an alternative to payment to the Agency
pursuant to (b) above, the new owner or owners of property
becoming exempt from taxation may elect to make payment to the
Agency in a single sum equal to the amount estimated by an
Independent Financial Consultant to be receivable by the Agency
from taxes on said property from the date of said payment to
the maturity date of the Bonds, less a reasonable discount
value. All such single sum payments in lieu of taxes shall be
treated as Pledged Revenues and shall be transferred to the
Trustee for deposit in the Special Fund.
Covenant 12. Compliance With Law. The Agency shall
comply with all requirements of the Law to insure the
allocation and payment to it of the Pledged Revenues including,
without limitation, the timely filing of any necessary
statements of indebtedness with appropriate officials of the
County, and shall forward information copies of each such
filing to the Trustee. The Agency further covenants and agrees
that, except for the Pass -Through Agreements, it has not
entered into any agreements with other tax entities as of the
date of this Indenture for the pass -through of any Pledged
00005?
Revenues to such entities and will not hereafter enter into any
such agreement which requires payment to such taxing -entities
prior to deposit of Pledged Revenues in the Special Fund.
Covenant 13. Limitation on Indebtedness. The Agency
covenants and agrees that it has not and will not incur any
loans, obligations or indebtedness repayable from Pledged
Revenues such that the total aggregate debt service on said
loans, obligations or indebtedness incurred from and after the
date of adoption of the Redevelopment Plan, when added to any
predecessor debt, the total aggregate debt service on the Bonds
and any Parity Bonds, will exceed the maximum amount of Pledged
Revenues to be divided and allocated to the Agency pursuant to
the Redevelopment Plan.
Covenant 14. Further Assurances. The Agency
covenants and agrees to adopt, make, execute and deliver any
and all such further indentures, instruments and assurances as
may be reasonably necessary or proper to carry out the
intention or to facilitate the performance of the Indenture,
and for the better assuring and confirming unto the Owners of
the Bonds and any Parity Bonds of the rights and benefits
provided therein.
Section 703. Compliance with Indenture, Contracts, Laws
and Regulations. The Agency shall faithfully observe and
perform all the covenants, conditions and requirements of this
Indenture, shall not issue any Bonds in any manner other than
in accordance with this Indenture, and shall not exercise its
discretion in any way that might materially weaken, diminish or
impair the security intended to be given pursuant to this
Indenture. Subject to the limitations and consistent with the
covenants, conditions and requirements contained in this
Indenture, the Agency shall comply with the terms, covenants
and provisions, express or implied, of all contracts concerning
or affecting the application of proceeds of the Bonds or the
Pledged Revenues. The Agency shall comply promptly, fully and
faithfully with and abide by any statute, law, ordinance,
order, rule or regulation, judgment, decree, direction or
requirement now in force or hereafter enacted, adopted,
prescribed, imposed or entered by any competent governmental
authority or agency applicable to or affecting the
Redevelopment Project.
000053
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20000/2338/15 -40-
ARTICLE VIII
DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE AND BONDOWNERS
Section 801. Defaults
A. Events of Default. Each of the following shall
constitute an Event of Default:
(1) Default in the due and punctual payment by the
Agency of any installment of interest on any Bond when the
interest installment becomes due and payable;
(2) Default in the due and punctual payment by the
Agency of the principal and premium, if any, of any Bond
when the principal becomes due and payable, whether at
maturity, by declaration or otherwise;
(3) Default made by the Agency in the observance of
any of the covenants, agreements or conditions contained in
this Indenture or in the Bonds, where the default continues
for a period of thirty (30) days following written notice
to the Agency; or
(4) The Agency files a petition seeking
reorganization or arrangement under the federal bankruptcy
laws or any other applicable law of the United States of
America, or if a court of competent jurisdiction shall
approve a petition, filed with or without the consent of
the Agency, seeking reorganization under the federal
bankruptcy laws or any other applicable law of the United
States of America, or if, under the provisions of any other
law for the relief or aid of debtors, any court of
competent jurisdiction shall assume custody or control of
the Agency or of the whole or any substantial part of its
property.
In each Event of Default described in (1) or (2) above the
Trustee shall, and in each Event of Default described in (3) or
(4) above, the Trustee shall upon written request of Bond
Insurer or the Owners of not less than a majority of the
aggregate principal amount of the Bonds at the time
outstanding, (such request to be in writing to the Trustee and
to the Agency), declare the principal of all of the Bonds then
outstanding and the interest accrued thereon, to be due and
payable immediately. Upon any such declaration the Bonds shall
become and shall be immediately due and payable, anything in
this Indenture or in the Bonds to the contrary notwithstanding.
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08/10/92
The declaration may be rescinded by the Owners of not less
than a majority of the Bonds then outstanding provided the
Agency cures the default or defaults and deposits with the
Trustee a sum sufficient to pay all principal on the Bonds
matured prior to the declaration and all matured installments
of interest (if any) upon all the Bonds, with interest at the
rate of twelve percent (12%) per annum on the overdue
installments of principal and, to the extent the payment of
interest on interest is lawful at that time, on such overdue
installments of interest, so that the Agency is currently in
compliance with all payment, deposit and transfer provisions of
this Indenture, and has paid or provided for the payment of any
expenses incurred by the Trustee in connection with the default.
B. Certain Remedies of Bondowners. Any Bondowner shall
have the right, for the equal benefit and protection of all
Bondowners similarly situated--
(1) by mandamus, suit, action or proceeding, to
compel the Agency and its members, officers, agents or
employees to perform each and every term, provision and
convenant contained in this Indenture and in the Bonds, and
to require the carrying out of any or all such covenants
and agreements of the Agency and the fulfillment of all
duties imposed upon it by the Law;
(2) by suit, action or proceeding in equity, to
enjoin any acts or things which are unlawful, or the
violation of any of the Bondowners' rights; or
(3) upon the happening of any event of default (as
defined in this Section), by suit, action 'or proceeding in
any court of competent jurisdiction, to require the Agency
and its members and employees to account as if it and they
were the trustees of an express trust.
Anything in this Indenture to the contrary notwithstanding,
upon the occurrence and continuance of an Event of Default as
defined herein, the Bond Insurer shall be entitled to control
and direct the enforcement of all rights and remedies granted
to the Bondholders or the Trustee for the benefit of the
Bondholders under this Indenture, including, without
limitation, acceleration of the maturity of the Bonds as
described in this Indenture and the right to annul any
declaration of acceleration, and the Bond Insurer shall also be
entitled to approve all waivers of events of default.
C. Non -Waiver. Nothing in this Section or in any other
provisions of this Indenture, or in the Bonds, shall affect or
impair the obligation of the Agency, which is absolute and
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08/10/92
unconditional, to pay the principal of and interest on the
Bonds to the respective Owners of the Bonds at the date of
maturity, as herein provided, or affect or impair the right,
which is also absolute and unconditional, of the Owners to
institute suit to enforce the payment by virtue of the contract
embodied in the Bonds.
No remedy conferred upon any Bondowner or Trustee by
the Indenture is intended to be exclusive of any other remedy,
but each remedy is cumulative and in addition to every other
remedy and may be exercised without exhausting and without
regard to any other remedy conferred by the Law or any other
law of the State of California. No waiver of any default or
breach of any duty or contract by any Bondowner or Trustee
shall affect any subsequent default or breach of any duty or
contract or shall impair any rights or remedies on the
subsequent default or breach. No delay or omission of any
Bondowner or Trustee to exercise any right or power accruing
upon any default shall impair any such right or power or shall
be construed as a waiver of any default or acquiescence
therein. Every substantive right and every remedy conferred
upon the Bondowners or Trustee may be enforced and exercised as
often as may be deemed expedient. In case any suit, action or
proceeding to enforce any right, or exercise any remedy, shall
be brought and should said suit, action or proceeding be
abandoned, or be determined adversely to the Bondowners or
Trustee, then, and in every such case, the Agency, Trustee or
the Bondowners shall be restored to their former positions,
rights and remedies as if the suit, action or proceeding had
not been brought or taken.
D. Actions by Trustee as Attorney-in-Fadt. Any suit,
action or proceeding which any Bondowner shall have the right
to bring to enforce any right or remedy hereunder may be
brought by the Trustee for the equal benefit and protection of
all Owners of Bonds similarly situated and the Trustee is
hereby appointed (and the successive respective Owners of the
Bonds issued hereunder, by taking and holding the same, shall
be conclusively deemed so to have appointed it) the true and
lawful attorney -in -fact of the respective Owners of the Bonds
for the purpose of bringing any suit, action or proceeding and
to do and perform any and all acts and things for and on behalf
of the respective Owners of the Bonds as a class or classes, as
may be necessary or advisable in the opinion of the Trustee as
attorney -in -fact; provided, however, the Trustee shall not be
required to act hereunder pursuant to this subsection D unless
and until it shall receive indemnification satisfactory to it
for the reimbursement of all fees and expenses (including its
reasonable attorneys fees and expenses) to which it may be put
and to protect it against all liability, except liability which
is to be adjudicated to have resulted from its negligence or
willful misconduct in connection with any action so taken.
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08/10/92
E. General. After the issuance and delivery of the
Bonds, this Indenture, and any supplemental indentures hereto,
shall be irrepealable, but shall be subject to modification or
amendment to the extent and in the manner provided in this
Indenture, but to no greater extent and in no other manner.
Section 802. Application of Funds Upon Acceleration. Upon
any acceleration of the Bonds, the Trustee shall, following
payment of the costs and expenses (including compensation to
their agents, attorneys and counsel) of the Trustee and the
Bondowners in declaring such Event of Default, transfer first
to the Interest Account an amount equal to (i) the interest due
on the Bonds to the date of acceleration minus the amount of
moneys then held by the Trustee in the Interest Account and
then to the Principal Account all of the moneys held in the
Reserve Account and any other moneys held in the Special Fund
and the Accounts therein or in the Redemption Fund. If such
deposits are insufficient to pay the principal of and interest
on the Bonds, the Trustee shall file a claim for payment with
the Bond Insurer pursuant to Section 804 and apply the proceeds
of such draw to the Interest Account and Principal Account, as
appropriate. After the above transfers have been made, all of
the amounts paid under the Policy of Bond Insurance and all
sums in the Special Fund and the Accounts therein upon the date
of the declaration of acceleration as provided in Section 801,
and all sums thereafter received by the Trustee hereunder,
shall be applied by the Trustee to the payment of all other
outstanding fees and expenses of the Trustee and thereafter in
the following order upon presentation of the Bonds, and the
stamping thereon of the payment if only partially paid, or upon
the surrender thereof if fully paid:
First, moneys in the Principal Account, if any, shall
be applied to the payment in full of the principal of the
Outstanding Bonds;
Second, moneys in the Interest Account shall be
applied to the payment of interest coming due and payable on
the Bonds as of the date of acceleration; and
Third, any moneys remaining in the Special Fund and
Accounts therein shall be applied to the payment of any amounts
due and owing by the Agency to the Bond Insurer which are
identified in a written certificate executed by a
representative of the Bond Insurer and filed with the Trustee.
000057
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ARTICLE IX
THE TRUSTEE AND THE PAYING AGENT
Section 901. Appointment, Duties, Immunities and
Liabilities of Trustee.
(a) The Agency hereby appoints First Interstate Bank of
California as Trustee and Paying Agent, such appointment to
remain in effect until notice of change is filed with the
Trustee. The Trustee shall, prior to an Event of Default, and
after the curing of all Events of Default which may have
occurred, perform such duties and only such duties as are
specifically set forth in this Indenture. The Trustee shall,
during the existence of any Event of Default (which has not
been cured), exercise such of the rights and powers vested in
it by this Indenture. All references to the Trustee in this
Article IX include references to the Trustee when it is acting
as Paying Agent and bond registrar.
(b) The Agency may remove the Trustee at any time unless
an Event of Default shall have occurred and then be continuing,
and shall remove the Trustee if at any time requested to do so
by an instrument or concurrent instruments in writing signed by
the Bondowners of not less than a majority in aggregate
principal amount of the Bonds then Outstanding (or their
attorneys duly authorized in writing) or if at any time the
Trustee shall cease to be eligible in accordance with
subsection (e) of this Section, or shall become incapable of
acting, or shall be adjudged a bankrupt or insolvent, or a
receiver of the Trustee or its property shall be appointed, or
any public officer shall take control or charge of the Trustee
or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation; in each case by
giving written notice of such removal to the Trustee, and
thereupon shall appoint a successor Trustee by an instrument in
writing.
(c) The Trustee may at any time resign by giving written
notice of such resignation to the Agency and the Bondowners, by
first class mail. Upon receiving such notice of resignation,
the Agency shall promptly appoint a successor Trustee by an
instrument in writing.
(d) Any removal or resignation of the Trustee and
appointment of a successor Trustee shall become effective only
upon acceptance of appointment by the successor Trustee.
Promptly upon such acceptance, the Agency shall notify the
Bondowners in writing. If no successor Trustee shall have been
appointed and have accepted appointment within 95 days of
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08/10/92
giving notice of removal or notice of resignation as aforesaid,
the resigning Trustee, any Bondowner (on behalf of himself and
all other Bondowners) may petition any court of competent
jurisdiction for the appointment of a successor Trustee, and
such court may thereupon, after such notice (if any) as it may
deem proper, appoint such successor Trustee. Any successor
Trustee appointed under this Indenture shall signify its
acceptance of such appointment by executing and delivering to
the Agency and to its predecessor Trustee a written acceptance
thereof, and thereupon such successor Trustee, without any
further act, deed or conveyance, shall become vested with all
the moneys, estates, properties, rights, powers, trusts, duties
and obligations of such predecessor Trustee, with like effect
as if originally named Trustee herein; but, nevertheless at the
request of the Agency or the request of the successor Trustee,
such predecessor Trustee shall execute and deliver any and all
instruments of conveyance or further assurance and do such
other things as may reasonably be required for more fully and
certainly vesting in and confirming to such successor Trustee
all the right, title and interest of such predecessor Trustee
in and to any property held by it under this Indenture and
shall pay over, transfer, assign and deliver to the successor
Trustee any money or other property subject to the trusts and
conditions herein set forth. Upon request of the successor
Trustee, the Agency shall execute and deliver any and all
instruments as may be reasonably required for more fully and
certainly vesting in and confirming to such successor Trustee
all such moneys, estates, properties, rights, powers, trusts,
duties and obligations. The Trustee's rights to indemnification
hereunder and to payment of its fees and expenses shall survive
its resignation or removal and the final payment or defeasance
of the Bonds. '
(e) Any Trustee appointed under the provisions of this
Section in succession to the Trustee shall be a trust company
or commercial bank having trust powers and having a corporate
trust office located within or without the State, having a
combined capital and surplus of at least fifty million dollars
($50,000,000), and subject to supervision or examination by
federal or state authority. If such bank or trust company
publishes a report of condition at least annually, pursuant to
law or to the requirements of any supervising or examining
authority above referred to, then for the purpose of this
Section the combined capital and surplus of such bank or trust
company shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so
published. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this
subsection (e), the Trustee shall resign immediately in the
manner and with the effect specified in this Section.
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08/10/92
(f) Any company into which the Trustee may be merged or
converted or with which it may be consolidated or any company
resulting from any merger, conversion or consolidation to which
it shall be a party or any company to which the Trustee may
sell or transfer all or substantially all of its corporate
trust business, provided such company shall be eligible under
subsection (e) of this Section, shall be the successor to such
Trustee without the execution or filing of any paper or any
further act, anything herein to the contrary notwithstanding.
(g) The permissive right of the Trustee to do things
enumerated or contemplated by this Indenture shall not be
construed as a duty and the Trustee shall not be liable in the
performance of its obligations hereunder except for its
negligence or willful misconduct.
(h) The Trustee shall not be deemed to have knowledge of
any Event of Default hereunder or be deemed to have notice of
any Event of Default hereunder unless and until an officer
thereof shall have actual knowledge except the Trustee shall
have such knowledge if the Agency shall fail to make or cause
to be made any of the payments to the Bondowners required to be
made by Article IV or XI hereof, or if, the Trustee shall be
specifically notified in writing of such Event of Default by
the Agency or by the Registered Owners of at least twenty-five
percent (25%) in aggregate principal amount of all Bonds then
Outstanding.
(i) The Trustee shall not be required to give any bond or
surety in respect of the execution of its trusts and powers
hereunder.
(j) Before taking any action under Article VIII hereof,
except the declaration of acceleration, or this Section at the
request of the Bondowners, the Trustee may require that a
satisfactory indemnity bond be furnished by the Bondowners for
the reimbursement of all expenses to which it may be put and to
protect it against all liability, except liability which is
adjudicated to have resulted from its negligence or willful
misconduct in connection with any action so taken.
(k) All moneys received by the Trustee or any Paying Agent
shall, until used or applied or invested as herein provided, be
held in trust for the purposes for which they were received and
shall not be commingled with the general funds of the Trustee
or any Paying Agent, but need not be segregated from other
funds except to the extent required by law.
(1) No provision of this Indenture shall be construed to
relieve the Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful
misconduct, except that:
08/10/92 000060
(1) This subsection shall not be construed to limit
the effect of subsection (a) of this Section;
(2) The Trustee shall not be liable hereunder for any
error of judgment made in good faith by an officer of the
Trustee, unless it shall be proved that the Trustee was
negligent in ascertaining the pertinent facts;
(3) The Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in good faith in
accordance with the direction of the owners of a majority in
aggregate principal amount of the Bonds Outstanding relating to
the time, method and place of conducting any proceeding or any
remedy available to the Trustee, or the exercise of any trust
or power conferred upon the Trustee, under this Indenture; and
(4) No provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers, if
it shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it.
(m) The Agency agrees to pay the reasonable fees, costs
and expenses of the Trustee pursuant to this Indenture, as set
forth in the fee schedule delivered to the Agency from time to
time.
(n) The immunities extended to the Trustee also extend to
its officers, directors, employees and agents.
Section 902. Liability of Trustee. The recitals,
statements and representations by the Agency contained in this
Indenture or in the Bonds shall be taken and construed as made
by and on the part of the Agency, and not the Trustee, and the
Trustee does not assume, and shall not have, any responsibility
or obligations for the correctness of any thereof. The Trustee
shall, however, be responsible for its representations
contained in its certificate of authentication on the Bonds.
The Trustee undertakes to perform such duties, and only
such duties as are specifically set forth in this Indenture and
no implied duties or obligations shall be read into this
Indenture against the Trustee. In accepting the trust hereby
created, the Trustee acts solely as Trustee for the Bondowners
and not in its individual capacity. Under no circumstances
shall the Trustee be liable in its individual capacity for the
obligations evidenced by the Bonds.
08/10/92 000061
The Trustee shall not be accountable for the use -or
application by the Agency or any other party of any funds which
the Trustee has released under this Indenture.
The Agency covenants to the extent permitted by law to
indemnify the Trustee and to hold it harmless against any loss,
liability, expenses or advances, including, but not limited to
fees and expenses of counsel and other experts, incurred or
made without negligence or willful misconduct on the part of
the Trustee: (i) in the exercise and performance of any of the
powers and duties hereunder by the Trustee; (ii) relating to or
arising out of the Redevelopment Project, or the conditions,
occupancy, use, possession, conduct or management of, or work
done in or about, or from the planning, design, acquisition,
installation or construction of the Redevelopment Project or
any part thereof; or (iii) arising out of material fact or
omission or alleged omission to state a material fact necessary
to make the statements made, in light of the circumstances
under which they were made, not misleading in any official
statement or other offering circular utilized in connection
with the sale of the Bonds, including the costs and expenses of
defending itself against any claim of liability arising under
this Indenture.
The Trustee may become the owner of Bonds with the same
rights it would have if it were not Trustee, and, to the extent
permitted by law, may act as depository for and permit any of
its officers or directors to act as a member of, or in any
other capacity with respect to, any committee formed to protect
the rights of Bondowners, whether or not such committee shall
represent the Bondowners of a majority in principal amount of
the Bonds then Outstanding.
The Trustee shall have no responsibility, opinion or
liability with respect to any information, statement or recital
in any offering memorandum or other disclosure material
prepared or distributed with respect to the issuance of the
Bonds.
Section 903. Right of Trustee to Rely on Documents. The
Trustee shall be protected hereunder in acting in good faith
upon any notice, resolution, request, consent, order,
certificate, report, opinion, bond or other paper or document
believed by it to be genuine and to have been signed or
presented by the proper party or parties, including, without
limitation, all funding and disbursement requisitions and
notices. The Trustee may consult with counsel, who may be
counsel of or to the Agency, with regard to legal questions,
and the opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken or
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suffered by it hereunder in good faith and in accordance
therewith. The Trustee may employ attorneys, agents or
receivers in the performance of any of its duties hereunder and
shall not be answerable for the misconduct of such attorney,
agent or receiver selected by it with reasonable care.
The Trustee shall not be bound to recognize any person as
the Owner of a Bond unless and until such Bond is submitted for
inspection, if required, and his title thereto satisfactorily
established, if disputed.
Whenever in the administration of the trusts imposed upon
it by this Indenture, the Trustee shall deem it necessary or
desirable that a matter be proved or established prior to
taking or suffering any action hereunder, such matter (unless
other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively proved and
established by a certificate of the Agency, and such
certificate shall be full warrant to the Trustee for any action
taken or suffered in good faith under the provisions of this
Indenture in reliance upon such certificate, but in its
discretion the Trustee may, in lieu thereof, accept other
evidence of such matter or may require such additional evidence
as to it may seem reasonable.
Section 904. Intervention by Trustee. In any judicial
proceedings to which the Agency is a party and which in the
opinion of the Trustee and its counsel has a substantial
bearing on the interest of owners of the Bonds, the Trustee may
in its discretion intervene on behalf of Bondowners and, upon
being indemnified to its satisfaction therefor, shall do so if
requested in writing by the owners of a majority in aggregate
principal amount of all Bonds then Outstanding.
Section 905. Designation and Successor of Paying Agent;
Agreement with Paying Agent. The Trustee shall be the Paying
Agent for the Bonds. Any Successor Paying Agent appointed
under the provisions of this Section shall be a commercial bank
or trust company eligible to act as Trustee hereunder. The
Trustee may remove or replace any Paying Agent by written
instrument, which removal or replacement shall not require any
consents or approvals. The Trustee shall notify all Bondowners
by first-class mail of and upon appointment, removal or
replacement of the Paying Agent, such notice to include the
name and address of the then appointed Paying Agent, if any.
Any commercial bank or trust company with or into which any
Paying Agent may be merged or consolidated, or to which the
assets and business of such Paying Agent may be sold, shall be
deemed the successor of such Paying Agent for the purposes of
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this Indenture. If the position of Paying Agent shall become
vacant for any reason, the Agency may appoint a bank or trust
company as such Paying Agent to fill such vacancy. The Paying
Agent shall enjoy the same protective provisions in the
performance of its duties hereunder as are specified in
Sections 901, 902, 903 and 904 hereof with respect to the
Trustee insofar as such provisions may be applicable.
AA/lA/Q1
ARTICLE X
SUPPLEMENTAL INDENTURES
Section 1001. Amendments: Supplemental Indentures. This
Indenture, and the rights and obligations of the Agency and of
the Owners of the Bonds issued hereunder, may be modified or
amended at any time by Supplemental Indenture adopted by the
Agency with the consent of the Bond Insurer: (a) without the
consent of Bondowners, if the modification or amendment is for
the purpose of preserving the exclusion of interest on the
Bonds (or any refunding obligations therefor) from gross income
for federal income tax purposes or if the modifications or
amendment is for the purpose of adding covenants and agreements
further to secure Bond payment, to prescribe further
limitations and restrictions on Bond issuance, to surrender
rights or privileges of the Agency, to make modifications not
affecting any Outstanding series of Bonds only with the consent
of the Trustee, for the purpose of curing any ambiguities,
defects or inconsistent provisions in this Indenture or to
insert such provisions clarifying matters or questions arising
under this Indenture as are necessary and desirable to
accomplish the same, provided that the modifications or
amendments do not adversely affect the rights of the Owners of
any Outstanding Bonds; or (b) for any purpose with the consent
of the Bondowners holding not less than sixty percent (60%) in
aggregate principal amount of the Outstanding Bonds, exclusive
of Bonds, if any, owned by the Agency or the City, and obtained
as hereinafter set forth; provided, however, that no
modification or amendment shall, without the express consent of
the Bondowner or registered owner of the Bond affected, reduce
the principal amount of any Bond, reduce the interest rate
payable on it, extend its maturity or the times for paying
interest, change the monetary medium in which principal and
interest is payable, or create a mortgage pledge or lien upon
the Pledged Revenues superior to or on a parity (except as
provided in Section 214) with the pledge and lien created for
the Bonds and any Parity Bonds or reduce the percentage of
consent required for amendment or modification and provided
further, that no amendments affecting the duties, obligations
or rights of the Trustee shall take affect without the consent
of the Trustee.
Any act done pursuant to a modification or amendment
permitted by this Section 1001 shall be binding upon the Owners
of all of the Bonds, and shall not be deemed an infringement of
any of the provisions of this Indenture or of the Law, whatever
the character of the act may be, and may be done and performed
as fully and freely as if expressly permitted by the original
terms of this Indenture and after consent as required in
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Section 1001(b) above has been given, no Bondowner shall have
any right or interest to object to the action, to question its
propriety or to enjoin or restrain the Agency or its officers
from taking any action pursuant to such modification or
amendment. The Trustee may obtain an opinion of counsel that
any such Supplemental Indenture complies with the provisions of
this Article % and the Trustee may conclusively rely upon such
opinion.
A. Calling Bondowners' Meeting. If the Agency shall
desire to obtain the Bondowners' consent, it shall duly adopt a
resolution calling a meeting of the Bondowners for the purpose
of considering the action for which consent is desired.
B. Notice of Meeting. Notice specifying the purpose,
place, date and hour of a Bondowners' meeting shall be mailed,
postage prepaid by the Agency, to the respective registered
owners at their addresses appearing on the bond register as
maintained by the Trustee. The notice shall set forth the
nature of the proposed action for which consent is desired.
The place, date and hour of the meeting and the date or dates
of mailing the notice shall be determined by the Agency in its
discretion; provided that such notice shall be mailed at least
15 days prior to the date of the Bondowners' meeting.
The actual receipt by any Bondowner of notice of any
Bondowners' meeting shall not be a condition precedent to the
holding of the meeting, and failure to receive notice shall not
affect the validity of the proceedings at the meeting. A
certificate by the Secretary of the Agency approved by
resolution of the Agency, that the meeting has been called and
that notice has been given as provided herein, shall be
conclusive as against all parties and no Bondowner shall have
the right to show that he failed to receive actual notice of
the meeting.
C. Voting Qualifications. The Trustee shall prepare and
deliver to the chairman of the meeting a statement of the names
and addresses of the registered Owners of Bonds. This
statement shall show maturities, serial numbers and principal
amounts so that voting qualifications can be determined. No
Bondowners shall be entitled to vote at the meeting unless
their names appear upon the statement. No Bondowners shall be
permitted to vote with respect to a larger aggregate principal
amount of Bonds than is set against their names on the
statement.
D. Issuer -Owned Bonds. The Agency covenants that it will
present at the meeting a certificate, signed and verified by
one of its members and by the Treasurer, stating the Bond
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numbers and principal amounts of all Bonds owned by, or held
for account of, the Agency or the City, directly or -
indirectly. No person shall be permitted at the meeting to
vote or consent with respect to any Bond appearing upon the
certificate, or any Bond which is established at or prior to
the meeting to be owned by the Agency or the City, directly or
indirectly, and no such Bond (in this Indenture referred to as
"issuer -owned Bonds") shall be counted in determining whether a
quorum is present at the meeting.
E. Quorum and Procedure. A representation of at least
sixty percent (60%) in aggregate principal amount of the Bonds
then Outstanding (exclusive of issuer -owned Bonds, if any)
shall be necessary to constitute a quorum at any meeting of
Bondowners, but less than a quorum may adjourn the meeting from
time to time, and the meeting may be held as adjourned without
further notice, whether such adjournment shall have been held
by a quorum or by less than a quorum. The Agency shall, by an
instrument in writing, appoint a temporary chairman of the
meeting, and the meeting shall be organized by the election of
a permanent chairman and secretary. At any meeting each
Bondowner shall be entitled to one vote for every $5,000
principal amount of Bonds with respect to which he shall be
qualified to vote as set forth above, and the vote may be given
in person or by proxy duly appointed by an instrument in
writing presented at the meeting. The Agency and/or the
Trustee by their duly authorized representatives and counsel,
may attend any meeting of the Bondowners, but shall not be
required to do so.
F. Vote Required. At any Bondowners meeting there shall
be submitted for the consideration and action,of the Bondowners
a statement of the proposed action for which consent is
desired. If the action is consented to and approved by
Bondowners holding at least sixty percent (60%) in aggregate
principal amount of the Bonds then Outstanding (exclusive of
issuer -owned Bonds), the chairman and secretary of the meeting
shall so certify in writing to the Agency. The certificate
shall constitute complete evidence of consent of the Bondowners
under the provisions of this Indenture. A certificate signed
and verified by the chairman and the secretary of any
Bondowners meeting shall be conclusive evidence and the only
competent evidence of matters stated in the certificate
relating to proceedings taken at the meeting.
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ARTICLE XI
DEFEASANCE
Section 1101. Defeasance. If the Agency shall pay or
cause to be paid, or there shall be otherwise paid or
provisions for payment made to or for the holders and owners of
the Bonds, the principal, premium, if any, and interest due or
to become due thereon at the time and in the manner stipulated
therein, and if the Agency shall keep, perform and observe all
and singular the covenants and promises in the Bonds and in
this Indenture expressed as to be kept, performed and observed
by it or on its part, and shall pay or cause to be paid to the
Trustee all sums of money due or to become due according to the
provisions hereof including fees and expenses of the Trustee,
then this Indenture and the lien, rights and interest created
hereby shall cease, determine and become null and void (except
as to any surviving rights of registration, transfer or
exchange of Bonds herein provided for and except for the rights
of the Trustee to receive compensation and indemnification in
accordance with Article IX hereof), whereupon the Trustee shall
cancel and discharge this Indenture, and execute and deliver to
the Agency such instruments in writing as shall be requested by
the Agency and requisite to discharge this Indenture, and
release, assign and deliver unto the Agency any and all the
estate, right, title and interest in and to any and all right
assigned or pledged to the Trustee or otherwise subject to this
Indenture, except moneys or securities held by the Trustee for
the payment of the principal of, premium, if any, and interest
on the Bonds.
The lien of the Indenture shall be discharged, if the
Agency shall pay and discharge the entire indebtedness on all
Bonds Outstanding in any one or more of the following ways:
(a) By well and truly paying or causing to be paid
the principal of and interest on all Bonds Outstanding,
together with all amounts due the Trustee as and when the
same become due and payable;
(b) By depositing with the Trustee, in a special
trust fund created for such purpose, at or before maturity,
moneys which, together with moneys then on deposit in the
Special Fund and Accounts therein, is fully sufficient to
pay all Bonds Outstanding, including all principal,
interest and redemption premiums together with all amounts
due the Trustee; or
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(c) By depositing with the Trustee, in a special
trust created for such purpose, moneys invested in
non -callable Government Obligations in such amount as an
Independent Financial Consultant shall determine will,
together with the interest to accrue thereon without
reinvestment and moneys then on deposit in the Special Fund
and Accounts therein, be fully sufficient to pay and
discharge any indebtedness on all Bonds (including all
principal, interest, redemption premiums) at or before
maturity; then, at the option of the Agency, and
notwithstanding that all Bonds shall not have been
surrendered for payment, the pledge of the Pledged Revenues
and other funds provided for in this Indenture and all
other obligations of the Agency under this Indenture with
respect to all Bonds outstanding shall cease and terminate,
except only the obligation of the Agency to pay or cause to
be paid to the Owners of the Bonds not so surrendered and
paid all sums due thereon, and the rights of the Trustee to
indemnification and payment of fees and expenses under
Article IX hereof. Notice of the exercise of such option
shall be filed with the Trustee.
Any funds held by the Trustee after discharge of the lien
of the Indenture including any funds which have not been
claimed by the person entitled thereto within two (2) years of
the date upon which such funds were scheduled to be paid, or
which are not required for said purpose, shall be paid over to
the Agency and thereafter Bondowners shall look only to the
Agency for payment.
Notwithstanding the discharge of this Indenture with
respect to the lien of the Bonds, the provisigns of Article V
of this Indenture will continue in full force and effect until
all required payments under Article V hereof have been made.
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ARTICLE XII
MISCELLANEOUS
Section 1201. Consents, Etc. of Bondowners. Any consent,
approval, direction or other instrument required by this
Indenture to be signed and executed by the Bondowners may be in
any number of concurrent writings of similar tenor and may be
signed or executed by such Bondowners in person or by agent
appointed in writing. Proof of the execution of any such
consent, approval, direction or other instrument or of the
writing appointing any such agent, if made in the following
manner, shall be sufficient for any of the purposes of this
Indenture, and shall be conclusive in favor of the Trustee with
regard to any action taken under such request or other
instrument, namely:
(a) The fact and date of the execution by any person of
any such instrument or writing may be proved by the certificate
of any officer in any jurisdiction who by law has power to take
acknowledgments within such jurisdiction that the person
signing such instrument or writing acknowledged before him the
execution thereof, or by affidavit of any witness to such
execution; and
(b) The fact of ownership of Bonds and the amount or
amounts, numbers and other identification of such Bonds, and
the date of holding the same shall be proved by the
registration books maintained by the Trustee pursuant to
Section 209 thereof.
Section 1202. Limitation of Rights. WitH the exception of
rights herein expressly conferred, nothing expressed or
mentioned in or to be implied from this Indenture or the Bonds
is intended or shall be construed to give to any person other
than the parties hereto, and the owners of the Bonds any legal
or equitable right, remedy or claim under or in respect to this
Indenture. This Indenture and all of the covenants, conditions
and provisions hereof are intended to be and are for the sole
and exclusive benefit of the parties hereto, and the owners of
the Bonds as herein provided.
Section 1203. Severability. If any provision of this
Indenture shall be invalid, inoperative or unenforceable as
applied in any particular case in any jurisdiction or
jurisdictions or in all jurisdictions, or in all cases because
it conflicts with any other provision or provisions hereof or
any constitution or statute or rule of public policy, or for
any other reason, such circumstances shall not have the effect
of rendering the provision in question inoperative or
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unenforceable in any other case or circumstance, or of
rendering any other provision or provisions herein contained
invalid, inoperative, or unenforceable to any extent whatever.
The invalidity of any one or more phrases, sentences,
clauses or Sections in this Indenture contained, shall not
affect the remaining portions of this Indenture, or any part
thereof.
Section 1204. CUSIP Numbers. CUSIP identification numbers
will be imprinted on the Bonds, but numbers shall not
constitute a part of the contract evidenced by the Bonds and no
liability shall attach to the Agency or any of the officers or
agents because of or on account of said numbers. Any error or
omission with respect to the numbers shall not constitute cause
for refusal by the successful bidder to accept delivery of and
pay for the Bonds.
Section 1205. Successor is Deemed Included in All
References to Predecessor. Whenever in this Indenture or any
Supplemental Indenture either the Agency or the Trustee is
named or referred to, such reference shall be deemed to include
the successors or assigns thereof, and all the covenants and
agreements in this Indenture contained by or on behalf of the
Agency or the Trustee shall inure to the benefit of the
respective successors and assigns thereof whether so expressed
or not.
Section 1206. Counterparts. This Indenture may be
simultaneously executed in several counterparts, each of which
shall be an original and all of which shall constitute but one
and the same instrument.
Section 1207. Applicable Law. This Indenture shall be
governed by and construed in accordance with the laws of the
State of California.
Section 1208. Captions. The captions or headings in this
Indenture are for convenience only and in no way define, limit,
or describe the scope or intent of any provisions or sections
of this Indenture.
Section 1209. Compliance Certificates and opinions. Every
certificate (except the Certificate provided for in Section
212) or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:
(a) A statement that the person or persons making such
certificate or opinion have read such covenant or condition and
the definitions herein relating thereto;
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(b) A brief statement as to the nature and scope of the
examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based;
(c) A statement that, in the opinion of the signers, they
have made or caused to be made such examination or
investigation as is necessary to enable them to express an
informed opinion as to whether or not such covenant or
condition has been complied with; and
(d) A statement as to whether or not, in the opinion of
the signers, such condition or covenant has been complied with.
Section 1210. Conflict with Trust Indenture Act of 1939.
If this Indenture is qualified under the Trust Indenture Act of
1939, as amended (the "1939 Act") and any provision of the 1939
Act limits, qualifies or conflicts with another provision
hereof which is required to be included in this Indenture by
any of the provisions of the 1939 Act, such required provision
shall control.
Section 1211. Successors. whenever in this Indenture
either the Agency or the Trustee is named or referred to, such
reference shall be deemed to include the successors or assigns
thereof, and all the covenants and agreements in this Indenture
contained by or on behalf of the Agency or the Trustee shall
bind and inure to the benefit of the respective successors and
assigns thereof whether so expressed or not.
Section 1212. Execution of Documents and Proof of
Ownership by Bondowners. Any request, declaration or other
instrument which this Indenture may require of permit to be
executed by Bondowners may be in one or more instruments of
similar tenor, and shall be executed by the Bondowners in
person or by their attorneys appointed in writing.
Except as otherwise herein expressly provided, the fact and
date of the execution by any Bondowner or his attorney of such
request, declaration or other instrument, or of such writing
appointing such attorney, may be provided by the certificate of
any notary public or other officer authorized to take
acknowledgments of deeds to be recorded in the state in which
he purports to act, that the person signing such request,
declaration or other instrument or writing acknowledged to him
the execution thereof, or by an affidavit of a witness of such
execution, duly sworn to before such notary public or other
officer.
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Except as otherwise herein expressly provided, the amount
of Bonds transferable by delivery held by any such person
executing such request, declaration or other instrument or
writing as a Bondowner, and the numbers thereof, and the date
of his owning such Bonds, may be proved by the registration
books to be maintained pursuant to Section 209. The Trustee
may nevertheless in its discretion require further or other
proof in cases where it deems the same desirable. The
ownership of registered Bonds and the amount, maturity, number
and date of holding the same shall be proved by the aforesaid
registration books.
Any request, declaration or other instrument or writing of
the Bondowner of any Bond shall bind all future Owners of such
Bonds in respect of anything done or suffered to be done by the
Agency or the Trustee in good faith and in accordance therewith.
Section 1213. Waiver of Personal Liability. No member,
officer, agent or employee of the Agency shall be individually
or personally liable for the payment of the principal of or
interest on the Bonds; but nothing herein contained shall
relieve any such member, officer, agent or employee from the
performance of any official duty provided by law.
Section 1214. Notices. All written notices to be given
under this Indenture shall be given by mail or personal
delivery to the party entitled thereto at its address set forth
below, or at such other address as the party may provide to the
other parties in writing from time to time. Notice shall be
effective upon receipt or, in the case of personal delivery,
upon delivery to the address set forth below:.
If to the Agency: La Quinta Redevelopment Agency
78-105 Calle Estado
La Quinta, California 92253
Attn: Executive Director
If to the Trustee: First Interstate Bank of California
707 Wilshire Blvd., W-11-1
Los Angeles, California 90017
Attn: Corporate Trust Department
Section 1215. Accounting Records and Reports. The Trustee
shall at all times keep proper books of record and accounts in
which complete and accurate entries shall be made of all
transactions relating to the proceeds of Bonds and all funds and
accounts established pursuant to this Indenture. Not later than
45 Business Days following each Interest Payment Date, the
Trustee shall prepare and file with the Agency a report setting
000073
G77i[�1L•Ya
n
forth: (i) amounts withdrawn from and deposited into each fund
and account maintained by the Trustee under this Indenture; (ii)
the balance on deposit in each fund and account as of the
Interest Payment Date for which such report is prepared, and
(iii) a brief description of all obligations held as investments
in each fund and account. Copies of such reports may be mailed
or delivered to any owner of any Bond upon the Owner's written
request at a cost not to exceed the Trustee's actual costs of
duplication and mailing of delivery.
The Trustee agrees to cooperate with any consultant hired by
the Agency to certify compliance with any State or Federal tax
requirements and to provide any information requested on a timely
basis.
000074
noiin,na
IN WITNESS WHEREOF, the La Quinta Redevelopment Agency,
California has caused these presents to be signed in -its name and
on its behalf by its Chairman and its seal to be hereunto affixed
and attested by its Secretary and to evidence its acceptance of
the trusts hereby created the Trustee has caused these presents
to be signed in its name and behalf by one of its duly authorized
officers all as of the Ist day of October, 1992.
LA QUINTA REDEVELOPMENT AGENCY
By:
(SEAL) Chairman
ATTEST:
Secretary
FIRST INTERSTATE BANK OF
CALIFORNIA, as Trustee
By:
Authorized,Officer
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EXHIBIT A
(FORM OF BOND)
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
LA QUINTA REDEVELOPMENT AGENCY
LA QUINTA REDEVELOPMENT PROJECT AREA NO. 2
TAX ALLOCATION BOND
ISSUE OF 1992
Interest Rate Maturity Date Date of Issuance CUSIP No.
October 1, 1992
REGISTERED OWNER:
PRINCIPAL SUM:
The LA QUINTA REDEVELOPMENT AGENCY (hereinafter
sometimes called the "Agency"), a public body, corporate and
politic, duly organized and existing under the laws of the
State of California, for value received, hereby promises to pay
(but solely out of the funds hereinafter mentioned) to the
registered owner specified above or registered assigns (herein
sometimes referred to as "registered owner") the principal sum
stated above on the date stated above and to pay the registered
owner on each April 1 and October 1, commencing on April 1,
1993 (each such date an "Interest Payment Date") by check
mailed on the Interest Payment Date to him by first class mail,
postage prepaid as his name and address appear on the register
kept by the Trustee (defined below) as of the close of business
on the fifteenth (15th) day of the month next preceding each
Interest Payment Date (the "Regular Record Date"), interest on
the principal sum from the Interest Payment Date next preceding
the date of authentication hereof (unless (i) the date of
authentication hereof is an Interest Payment Date, in which
event from that Interest Payment Date, (ii) the date of
authentication hereof is after the Regular Record Date and
prior to the next succeeding Interest Payment Date, and if the
Agency shall not default in the payment of interest due on said
Interest Payment Date, from said Interest Payment Date, or
(iii) the date of authentication hereof is prior to March 16,
1993, in which event from October 1, 1992) until the principal
hereof shall have been paid or provided for in accordance with
the Indenture hereinafter referred to, at the rate per annum
set forth above; provided that upon written request made before
the Regular Record Date preceding the Interest Payment Date by
a Bondowner of $1,000,000 or more in principal amount of Bonds,
payment shall be made on the Interest Payment Date by wire
transfer in immediately available funds to an account
000076
A-1
designated by such Bondowner to the Trustee. Both principal
and interest on this Bond are payable in lawful money of the
United States of America, and (except for interest which is
payable as stated above) are payable upon presentation of this
Bond at the corporate trust office of First Interstate Bank of
California, as Trustee (the "Trustee") in Los Angeles,
California.
This Bond, the interest hereon and any premium due upon the
redemption of this Bond prior to maturity are not a debt of the
City of La Quinta, the State of California or any of its
political subdivisions, and neither said City, said State nor
any of its political subdivisions is liable hereon, nor in any
event shall this Bond, said interest or said premium be payable
out of any funds or properties other than the funds of the
Agency as set forth in the Indenture hereinafter mentioned.
This Bond does not constitute an indebtedness within the
meaning of any constitutional or statutory debt limitation or
restriction. Neither the members of the Agency nor any persons
executing the Bond are liable personally on this Bond by reason
of its issuance.
This Bond is one of a duly authorized issue of bonds of the
Agency designated "La Quinta Redevelopment Agency, La Quinta
Redevelopment Project Area No. 2, Tax Allocation Bonds, Issue
of 1992" (hereinafter called "Bonds") in aggregate principal
amount of $ all of like tenor (except for bond
numbers, maturity dates and differences, if any, in interest
rates) and all of which have been issued pursuant to and in
full conformity with the Constitution and laws of the State of
California and particularly the Community Redevelopment Law
(Part 1 of Division 24 of the Health and Safety Code of the
State of California) for the purpose of financing a portion of
the costs of implementing the Redevelopment Plan and are
authorized by and issued pursuant to an Indenture of Trust
entered into by and between the Agency and the Trustee dated as
of October 1, 1992 (the "Indenture") and all of the Bonds are
equally secured in accordance with the terms of the Indenture,
reference to which is hereby made for a specific description of
the security therein provided for said Bonds, for the nature,
extent and manner of enforcement of such security, for the
covenants, and agreements made for the benefit of the
Bondowners, and for a statement of the rights of the
Bondowners, and by the acceptance of this Bond the registered
owner hereof assents to all of the terms, conditions and
provisions of said Indenture. In the manner provided in the
Indenture, said Indenture and the rights and obligations of the
Agency and of the Bondowners, may (with certain exceptions as
stated in said Indenture) be modified or amended with the
consent of the Owners of sixty percent (60%) in aggregate
principal amount of outstanding Bonds, exclusive of
issuer -owned bonds, unless such modification or amendment is
for the purpose of curing ambiguities, defects, etc., in which
case no Bondowner's consent is required.
000077
The principal of this Bond and the interest hereon are
secured by an irrevocable pledge of, and are payable solely
from, the Pledged Revenues (as such term is defined in said
Indenture) and certain other funds, all as more particularly
set forth in the Indenture. Said Indenture is adopted under
and this Bond is issued under and is to be construed in
accordance with the laws of the State of California.
The outstanding Bonds maturing on or after October 1, 2002,
may be called before maturity and redeemed at the option of the
Agency in whole or in part from the proceeds of refunding bonds
or other available funds on October 1, 2001, or on any Interest
Payment Date thereafter prior to maturity. If less than all of
the Bonds outstanding are to be redeemed at any one time, the
Bonds to be redeemed shall be redeemed in inverse order of
maturity, and by lot within a maturity. Bonds called for
redemption shall be redeemed at a redemption price (expressed
as a percentage of the principal amount of Bonds to be
redeemed) plus accrued interest to the redemption date as shown
in the following table:
Redemption Dates
Redemption Price
October
1,
2001
and
April
1,
2002
102%
October
1,
2002
and
April
1,
2003
101-1/2%
October
1,
2003
and
April
1,
2004
101%
October
1,
2004
and
April
1,
2005
100-1/2%
October
1,
2005
and
thereafter
100%
For the purpose of selecting Bonds by lot, Bonds in excess
of $5,000 will be assigned a separate number for each $5,000 of
principal they represent.
The Term Bonds maturing on October 1, 2017 are also subject
to mandatory redemption from minimum sinking account payments
as provided in the Indenture.
This Bond is issued in fully registered form and may be
exchanged for a like aggregate principal amount of Bonds of
other authorized denominations of the same issue, all as more
fully set forth in the Indenture. This Bond is transferable by
the registered owner hereof, in person or by his attorney duly
authorized in writing, at the corporate trust office of the
Trustee in Los Angeles, California, but only in the manner,
subject to the limitations and upon payment of the charges
provided in the Indenture, upon surrender and cancellation of
this Bond. Upon such transfer a new registered Bond of
authorized denomination or denominations for the same aggregate
principal amount of the same issue will be issued to the
transferee in exchange therefor.
The Agency, the Trustee and any Paying Agent may treat the
registered owner hereof as the absolute owner hereof for all
purposes, and the Agency, the Trustee and any Paying Agent
shall not be affected by any notice to the contrary.
A_3 000078
This Bond shall not be entitled to any benefit under the
Indenture, or become valid or obligatory for any purpose, until
the certificate of authentication hereon endorsed shall have
been signed by the Trustee.
It is hereby recited, certified and declared that any and
all acts, conditions and things required to exist, to happen
and to be performed precedent to and in the issuance of this
Bond exist, have happened and have been performed in due time,
form and manner as required by the Constitution and laws of the
State of California.
IN WITNESS WHEREOF, the La Quinta Redevelopment Agency has
caused this Bond to be signed on its behalf by its Chairman by
facsimile signature and by its Secretary by facsimile signature
and the seal of said Agency to be imprinted hereon.
[SEAL]
Chairman of the La Quinta
Redevelopment Agency
Secretary of the La Quinta
Redevelopment Agency
A-4 000079
[FORM OF CERTIFICATE OF AUTHENTICATION ON
FULLY REGISTERED BONDS]
This is one of the fully registered Bonds described in the
within -mentioned Indenture.
Date of Authentication:
FIRST INTERSTATE BANK OF
CALIFORNIA, Trustee
By:
Authorized Officer
[FORM OF ASSIGNMENT OF FULLY REGISTERED BONDS]
For value received hereby
sells, assigns and transfers unto
the within -mentioned Bond and hereby irrevocably constitutes
and appoints attorney, to
transfer the same on the books of the Trustee with full power
of substitution in the premises.
Dated:
NOTE: The signature to this Assignment must correspond with
the name as written on the face of the within Bond in
every particular, without alteration or enlargement or
any change whatsoever.
2000Q/2338/015
Fieldman, Rolapp & Associates
PRINCIPALS
INI)I PF NUI NI IINAN(IAL AI)A'ISf )I:5 TO (HAI (;(1VFRNMI:N1
\`\
WILLIAM L. HELDMAN r j
R. MICHAEL MCNAMARA
0 111
V .
LAW RENCE G. ROLAPP
To: Dis 'bution List
SOUTHERN CALIFORNIA OFFICE From: Tom DeMars - Fieldman, Rolapp & Associates
2100 S. E. MAIN STREET Date: August 28, 1992
SECOND FLOOR
IRVINF, (-A 92714 Subject: La Quinta RDA 1992 Tax Allocation Bonds
714•660.8-,00
FAX 714.474.8773
Please find enclosed the latest draft of the Preliminary Official Statement.
NORTHERN CALIFORNIA OFFICE Please provide any comments or changes to Mark Holmstedt or myself as soon
110-933.6096 as possible. This draft contains the changes in the latest Indenture provided by
FAX 510.933•6098 Fritz Stradling.
The following is the status regarding certain items that need to be finalized as
we proceed:
CHARTER MEMBER
NATIONAL ASSOCIATION • RDA Boundary Map.
OF INDEPENDENT PUBLIC Project Area Map.
FINANCE ADVISORS
• Transpacific Development Company has been contacted to
provide additional information regarding the project as to
anticipated construction schedules and any leases that have been
finalized.
• Updated Direct and Overlapping Debt reports were ordered
August 20, 1992 to be effective September 15, 1992.
• RSG has been contacted to finalize the Redevelopment
Consultant's Report. Riverside County has not finalized figures
yet, but RSG expects to be able to have figures the week of
August 31, 1992 in order to finalize the report.
• Contacted Conrad and Associates, City of La Quinta and RDA
Auditor, and 1992 Audited Financials will not be finalized in
time for the final official statement. Some data may be available
for internal use but not for publication. Rating Agencies and
Insurance Companies please advise Mark Holmstedt or myself if
you need additional information.
Please advise me if there is any additional information that is needed by any of
you. I look forward to your comments and cooperation.
Regards.
000081
DRAFT
NEW ISSUE Ratings: (See "Ratings and Insurance" herein)
PRELIMINARY OFFICIAL STATEMENT DATED , 1992
In the opinion of Stradling, Yocca, Carlson & Rauth, a Professional Corporation, Newport Beach,
California ("Bond Counsel"), under existing statutes, regulations, rulings and judicial decisions, and
assuming certain representations and compliance with certain covenants and requirements described herein,
interest on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax
preference for purposes of calculating the federal alternative minimum tax imposed on individuals and
corporations. In the further opinion of Bond Counsel, interest on the Bonds is exempt from State of
California personal income tax. See "Tax Exemption " herein with respect to tax consequences with respect to
the Bonds.
LA QUINTA REDEVELOPMENT AGENCY
La Quinta Community Development Project
1992 Tax Allocation Bonds
Dated: October 1, 1992 Due: October 1. as shown below
Interest with respect to the Bonds is payable semi-annually on April 1 and October 1 of each year,
commencing April 1, 1993 by check mailed by first class mail to the person registered as the Owner as of the
close of business on the fifteenth day of the month before each Interest Payment Date. Interest payments
may be made by wire transfer to the owner of $1,000,000 or more of the Bonds. The Bonds and the interest
thereon shall be payable upon presentation at the corporate trust office of the Trustee. The Bonds shall be
issued in the form of fully registered bonds in denominations of $5,000 or any whole multiple thereof.
The La Quinta Redevelopment Agency 1992 Tax Allocation Bonds (the "Bonds") are being sold to; (i)
finance a portion of the cost of implementing the Redevelopment Plan (the "Plan") of the La Quinta
Redevelopment Agency (the "Agency"); (ii) make a deposit to the Reserve Account (as defined herein); (iii)
to make an initial deposit to the Escrow Fund; and (iv) to pay costs of issuance of the Bonds.
The Bonds are being issued pursuant to the Constitution and the laws of the State of California (the
"State"), including the California Community Redevelopment Law codified in Part 1, of Division 24
commencing with Section 33000 of the California Health and Safety Code (the "Law"). The Bonds are being
issued pursuant to an indenture of trust by and between the Agency and First Interstate Bank Ltd., N.A., Los
Angeles, California, acting as the Trustee, Registrar, Transfer Agent and Paying Agent of the Bonds (the
"Trustee") and dated as of September 15 4, 1992 (the "Indenture").
The Bonds are subject to optional redemption by the Agency and, in certain cases, mandatory
sinking fund redemption without premium as described herein. See "Optional Redemption" and
"Mandatory Redemption."
The Bonds are payable from and secured by Pledged Tax Revenues (as hereafter defined) to be
derived from the La Quinta Redevelopment Project Area #2 (the "Project Area") and by the investment
earnings on all funds held by the Trustee (with the exclusion of the Excess Investment Earnings Fund), all as
more particularly set forth in the Indenture ("Revenues"). Pledged Tax Revenues include property taxes
levied on behalf of the County of Riverside (the "County") on that portion of the assessed valuation over and
above the base year assessed valuation of the Project Area as adjusted by the Article XIIIA 2 % inflationary
increase, less the amount required to be deposited in the Low and Moderate Income Housing Fund pursuant
to Health and Safety Code Sections 33334.2 and 33334.3 and, pursuant to certain agreements, paid to certain
other taxing agencies of the County of Riverside. See "Security for the Bonds" herein. Any future decrease
00008 )
in assessed valuation or property tax rates within the Project Area could reduce Pledged Tax Revenues and
could have an adverse impact on the ability of the Agency to pay the principal of and interest on the Bonds.
See "SPECIAL INVESTMENT CONSIDERATIONS", herein.
The Bonds are being issued for sale to the La Quinta Financing Authority (the "Authority"), a joint
powers authority created by the Agency and the City of La Quinta (the "City") pursuant to the laws of the
State of California (the "State"). The Authority will resell the Bonds to the Underwriter.
THE BONDS ARE NOT A DEBT OF THE CITY OF LA QUINTA, THE STATE OF
CALIFORNIA, OR ANY OF ITS POLITICAL SUBDIVISIONS OTHER THAN THE AGENCY, AND
NEITHER THE CITY OF LA QUINTA, THE STATE OF CALIFORNIA, OR ANY OF ITS
POLITICAL SUBDIVISIONS OTHER THAN THE AGENCY IS LIABLE THEREON. IN NO
EVENT SHALL THE BONDS, OR ANY INTEREST OR REDEMPTION PREMIUM THEREON, BE
PAYABLE OUT OF ANY FUNDS OR PROPERTIES OTHER THAN THOSE OF THE AGENCY AS
SET FORTH IN THE INDENTURE. THE BONDS DO NOT CONSTITUTE AN INDEBTEDNESS
WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY DEBT LIMITATION OR
RESTRICTION. NEITHER THE MEMBERS OF THE AGENCY NOR ANY PERSONS
EXECUTING THE BONDS ARE LIABLE PERSONALLY ON THE BONDS.
Maturity Principal
(October 1) Amount
1993 $
1994
1995
1996
1997
1998
rNE. V 1',7_M_II'_Z.Y
$
Serial Bonds
Interest
Maturity Principal
Rate
(October 1) Amount
%
1999
2000
2001
2002
2003
2004
2005
Interest
Rate
% Term Bonds due October 1, 2017 Price %
(plus accrued interest)
This cover page contains certain information for reference only. It is not a summary of this
Preliminary Official Statement (the "Official Statement"). Investors must review the entire Official
Statement to obtain information essential to the making of an informed investment decision.
The Bonds are offered when, as and if delivered and received, subject to approval as to legality by
Stradling, Yocca, Carlson & Rauth, a Professional Corporation, Newport Beach, California, Bond Counsel,
and to certain other conditions. It is anticipated that the Bonds in definitive form will be available for
delivery in New York, New York on or about October 21, 1992.
CITY COUNCIL OF THE CITY OF LA QUINTA
John J. Pena, Mayor
Dr. William Rushworth, Mayor Pro Tem
Dale Bohnenberger, Council Member
Kristy Franklin, Council Member
Stanley Sniff, Council Member
BOARD OF DIRECTORS OF THE
LA QUINTA REDEVELOPMENT AGENCY
John J. Pena, Chairman
Dr. William Rushworth, Vice Chairman
Dale Bohnenberger, Member
Kristy Franklin, Member
Stanley Sniff, Member
LA QUINTA CITY STAFF
Murray Warden, Interim City Manager
Thomas P. Genovese, Finance Director
Pamela LiCalsi, Administrative Analyst
Frank Reynolds, Superintendent of Streets
Dawn Honeywell, City Attorney
Saundra Juhola, City Clerk
LA QUINTA FINANCING AUTHORITY
PROFESSIONAL SERVICES
BOND COUNSEL
Stradling, Yocca, Carlson & Rauth
Newport Beach, California
FINANCIAL ADVISOR
Fieldman, Rolapp & Associates
Irvine, California
REDEVELOPMENT CONSULTANT
Rosenow Spevacek Group, Inc.
Santa Ana, California
TRUSTEE
Security Pacific Bank, National Association
Los Angeles, California
RR11791', A IVID1tI
Westhoff -Martin & Associates
Lafayette, California
In connection with this offering, the underwriters may over -allot or effect transactions
that stabilize or maintain the market prices of the Bonds at a level above that which might
otherwise prevail in the open market. Such stabilizing, if commenced, may be discontinued at
any time.
No dealer, broker, salesman, or other person has been authorized by the Agency to
give any information or make representations, other than those contained herein, and, if given
or made, such other information or representations must be relied upon as having been
authorized by the Agency. This Official Statement does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there by any offer or sale of the Bonds by a person in
any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or
sale.
This Official Statement is not to be construed as a contract with the purchasers of the
Bonds. Statements contained in the Official Statement which involve estimates, forecasts, or
matters of opinion, whether or not expressly so described herein are intended solely as such
and are not to be construed as a representation of facts.
This Official Statement has been deemed final as of its date by the Agency pursuant to
Rule 15c2-12 of the Securities and Exchange Commission promulgated under the Securities
Exchange Act of 1934, as amended, except for information which is permitted to be excluded
from this Official Statement under said Rule 15c2-12.
The information set forth herein has been obtained from official sources which are
believed to be reliable but it is not guaranteed as to accuracy or completeness. The
information and expression of opinion herein are subject to change without notice, and neither
delivery of this Official Statement nor any sale made hereunder will, under any circumstances,
create any implication that there has been no change in the affairs of the Agency since the date
hereof. All summaries are made subject to the provisions of such documents respectively and
do not purport to be complete statements of any or all of such provisions. Reference is hereby
made to such documents on file with the Agency for further information in connection
therewith.
Bond Counsel shall deliver, at closing, a certificate executed by the Agency to the
effect that as of the date of delivery the information contained in the Official Statement relating
to the Agency and the Bonds, is true and correct in all material respects, and that the Official
Statement does not contain any untrue statement of a material fact, or omit to state a material
fact necessary to make the statements therein, in light of the circumstances under which they
were madkvalid.
The Official Statement is submitted in connection with the sale of the Bonds referred to
herein and may not be reproduced or used, in whole or in part, for any other purpose.
The Bonds are exempt from registration with the Securities and Exchange Commission
pursuant to the Securities Act of 1933, as amended.
li 000085
TABLE OF CONTENTS
Page No.
INTRODUCTORY STATEMENT ...................................................
1
The Agency and the Project.............................................................
2
Tax Allocation Financing................................................................
2
THEBONDS.............................................................................
3
General.....................................................................................
3
Form and Ownership of the Bonds .....................................................
3
ReplacementBonds.......................................................................
3
Current Agency Bonding Capacity .....................................................
5
OptionalRedemption.....................................................................
5
Sinking Fund Redemption...............................................................
6
Purchaseof Bonds........................................................................
6
Noticeof Redemption....................................................................
6
PartialRedemption.......................................................................
7
Mandatory Redemption..................................................................
7
Redemption from Unexpended Proceeds ..............................................
7
Estimated Disposition of Proceeds .....................................................
8
Debt Service Schedule...................................................................
9
SECURITY FOR THE BONDS.....................................................10
Tax Allocation Financing...............................................................10
Allocationof Taxes......................................................................10
Revenues..................................................................................11
Debt Service Reserve Fund.............................................................11
The Escrow Fund..: . * * * - * * * * , - * .... .... ... , ...........
12
Subordinate Obligations.................................................................13
THEPROJECT.........................................................................14
SPECIAL INVESTMENT CONSIDERATIONS.................................15
Reduction in Taxable Value............................................................15
Future Land Use Regulations and
Growth Control Initiatives...........................................................15
Reduction in Inflationary Rate.........................................................15
Levyand Collection.....................................................................16
Property Held by FDIC/RTC..........................................................16
Lossof Tax Exemption.................................................................17
Trustee's Right to Indemnification....................................................17
Enforceability of Remedies.............................................................17
LIMITATIONS ON TAX REVENUES............................................18
Article XIIIA of the State Constitution...............................................18
Implementing Legislation...............................................................18
Statutory Spending Limitations........................................................19
Property Tax Collection Procedures..................................................20
Supplemental Assessments..............................................................21
Certification of Indebtedness...........................................................21
Business Inventory Exemption.........................................................
22
UnitaryProperty.........................................................................22
Limitation on Tax Revenues............................................................23
Article XIIIB of the State Constitution...............................................23
Low and Moderate Income Housing..................................................24
000086
iii
Page No.
Taxing Entity Cooperation Agreements..............................................25
THE REDEVELOPMENT AGENCY..............................................26
Authority and Personnel................................................................26
Powers.....................................................................................27
THE LA QUINTA REDEVELOPMENT PROJECT AREA #2...............29
Background...............................................................................29
Location and Surrounding Area........................................................29
Financial Statements.....................................................................29
Control, Land Use and Building Restrictions........................................29
Overlapping Bonded Indebtedness.....................................................31
Major Property Taxpayers..............................................................32
Existing and Proposed Project Development.........................................32
TAX REVENUES AND ANNUAL DEBT SERVICE ...........................
35
Projections of Tax Revenues...........................................................
35
Property Tax Increment.................................................................35
Annual Debt Service and Projected
Debt Service Coverage...............................................................37
CONCLUDING INFORMATION...................................................39
Insurance and Ratings...................................................................39
LegalOpinion............................................................................39
TaxExempt Status.......................................................................39
NoLitigation.............................................................................40
Covenants of the Agency Regarding Arbitrage and Rebate ........................40
Consent of Independent Public Accountants.........................................40
Underwriting.............................................................................41
Other Information........................................................................41
Miscellaneous.............................................................................
41
APPENDICES
APPENDIX A: Redevelopment Consultant's Report ........................ A
APPENDIX B: Information Regarding the City of La
Quinta and Riverside County..................................B
APPENDIX C: City and Agency Audited Financial Statements........... C
APPENDIX D: City and Agency Summary of Annual Budgets ........... D
APPENDIX E: Summary of Certain Provisions of the Indenture .......... E
APPENDIX F: Book Entry Only System........................................F
APPENDIX G: Insurance Policy Specimen ..................................... G
APPENDIX H: Form of Bond Counsel Opinion .............................. H
TABLES
Table No. Page No.
1 Sources & Uses of Funds................................................................ 8
2 Debt Service Schedule................................................................... 9
3 Twenty Largest Taxpayers..............................................................32
4 Historical Incremental Taxable Value.................................................36
Available for Debt Service on 1991 Bonds.........................................38
iv 000087
(insert map)
RDA Boundary Map
-900088
OFFICIAL STATEMENT RELATING TO THE
LA QUINTA REDEVELOPMENT AGENCY
La Quinta Redevelopment Project Area #2
1992 TAX ALLOCATION BONDS
This Introductory Statement is not a summary of this Official Statement. It is only a
brief description of, and guide to, and is qualified by more complete and detailed information
contained in this Official Statement, including the cover page and appendices hereto and the
documents summarized or described herein. A complete review should be made of the entire
Official Statement. The offering of the 1992 La Quinta Redevelopment Agency Tax Allocation
Bonds is made only by means of the entire Official Statement.
This Official Statement, including the cover page and Appendices hereto (the "Official
Statement"), is provided to furnish information regarding the issuance by the La Quinta
Redevelopment Agency (the "Agency") of $ aggregate principal amount of 1992 La
Quinta Redevelopment Agency Tax Allocation Bonds (the "Bonds"). The proceeds of the
Bonds will be used to: (i) finance a portion of the cost of implementing the Agency's
Redevelopment Plan (the "Plan"); (ii) make a deposit to the Reserve Account (as herein
defined); (iii) make an initial deposit to the Escrow Fund (as herein defined) and (iv) pay costs
of issuance on the Bonds.
The Bonds are being issued under the authority granted to the Agency by the
Constitution and the laws of the State of California (the "State"), including the California
Community Redevelopment Law (codified in Part 1, Division 24 commencing with Section
33000 of the Health and Safety Code of the State) (the "Law"). The Bonds are being issued
pursuant to a Trust Indenture by and between the Agency and First Interstate Bank Ltd., Los
Angeles, California, as Trustee (the "Trustee") which was adopted by the Agency on
September 15, 1992 (the "Indenture"), copies of which are on file with the secretary of the
Agency. Under certain circumstances, the Indenture permits the issuance of additional series
of bonds payable from and secured by a lien and charge upon Pledged Tax Revenues (as
defined herein) equal to the lien and charge securing the Bonds.
The $ aggregate principal amount of Bonds represents a portion of the
Agency's original bond authorization of $100,000,000 for the La Quinta Redevelopment
Project Area #2 (the "Project Area"). To date, no other Bonds have been issued by Project
Area #2.
The Pledged Tax Revenues providing the primary security for the Bonds include a
portion of the ad valorem property taxes levied on behalf of the Agency upon the incremental
assessed valuation of taxable property contained in the Project Area over and above the base
year (1988/89) assessed valuation of such property. Subject to certain exceptions described in
the Indenture, all of the Pledged Tax Revenues and all money in the Special Fund are
irrevocably pledged to the punctual payment of the interest on, principal of and redemption
premiums, if any, on the Bonds. Such pledge constitutes a first lien on the Pledged Tax
Revenues and such other money for the payment of the Bonds in accordance with their terms.
All Pledged Tax Revenues received by the Agency during any Bond Year (as defined herein)
in excess of the amount required to be deposited in the Special Fund during such Bond Year,
shall be released from the pledge and lien of the Indenture.
The Agency and the Project
The Agency was activated on July 5, 1983 by Ordinance No. 34 adopted by the City
Council (the "City Council") of the City of La Quinta (the "City") pursuant to the Law. The
City Council at the same time declared itself to be the Agency and appointed the City Manager
to serve as the Executive Director. The Agency is a public body, corporate and politic,
exercising governmental functions and powers and organized and existing under Chapter 2 of
the Community Redevelopment Law of the State of California. The principal office of the
Agency is located at 78-105 Calle Estado, La Quinta, California 92253.
The La Quinta Redevelopment Project (the "Project") was formally created with the
adoption of a redevelopment plan for the Project (the "Plan") by Ordinance No. 139 adopted
by the City Council on May 16, 1989. The Project Area encompasses approximately 4.87
square miles, which includes approximately 17 % of the area of the City.
Tax Allocation Financing
The Law provides a means for financing redevelopment projects based upon an
allocation of taxes collected within a project area. The taxable valuation of a project area last
equalized prior to adoption of the redevelopment plan, or base roll, is established and, except
for any period during which the taxable valuation drops below the base year level, the taxing
agencies thereafter receive the taxes produced by the levy of the then -current tax rate upon the
base roll. Taxes collected upon any increase in taxable valuation over the base roll are
allocated to a redevelopment agency and may be pledged by a redevelopment agency to the
repayment of any indebtedness incurred in financing or refinancing a redevelopment project.
Redevelopment agencies themselves have no authority to levy property taxes and must look
specifically to the allocation of taxes produced as above indicated.
The Agency has pledged to the repayment of the Bonds all Tax Revenues annually
allocated to the Agency with respect to the Project Area following the date of issuance and
delivery of the Bonds pursuant to Article 6 of Chapter 6 (commencing with Section 33670) of
the Law and Section 16 of Article XVI of the Constitution of the State or pursuant to other
applicable laws, and as provided in the Plan, including, without limitation, all governmental
payments, reimbursements and subventions, if any, specifically attributable to ad valorem
taxes lost by reason of tax exemptions and tax rate limitations, but excluding amounts of any
Tax Revenues required to be: (i) deposited into the Low and Moderate Income Housing fund
of the Agency established pursuant to Sections 33334.3 or 33334.6 of the Law (see
"LIIVIITATIONS ON TAX REVENUES -- Low and Moderate Income Housing" herein);
and (ii) shared with other taxing agencies pursuant to pass through agreements (see
"LEWTATIONS ON TAX REVENUES - The Pass -Through Agreements" herein).
Any future decrease in the taxable valuation in the Project Area or in the applicable tax
rates will reduce the Tax Revenues (as more particularly described under the caption
"SECURITY FOR THE BONDS - Pledged Tax Revenues") allocated to the Agency from
the Project Area and correspondingly would have an adverse impact on the ability of the
Agency to pay debt service on the Bonds. See "SPECIAL INVESTMENT
CONSIDERATIONS" herein.
I
General
The Bonds are issued in the aggregate principal amount of $ and are dated
.October 1. 1992 _ at the rates per annum set forth on the cover page hereof, payable
semiannually on April 1 and October 1 of each year (each, an "Interest Payment Date"),
commencing April 1, 1993, and will mature on October 1 in each of the designated years in
the principal amounts set forth on the cover page hereof. The Bonds will be issued as fully
registered Bonds in denominations of $5,000 or any integral multiple thereof. Each fully
registered Bond shall bear interest from the Interest Payment Date next preceding the date of
authentication thereof unless: i) it is authenticated as of an Interest Payment Date, in which
event it shall bear interest from that Interest Payment Date; ii) it is authenticated after a
Regular Record Date and before the following Interest Payment Date, and if the Agency shall
not be in default in the payments of interest due on such Interest Payment Date, in which event
it shall bear interest from such Interest Payment Date; or; iii) it is authenticated prior to
March 16, 1993, in which event it shall bear interest from October 1, 1992.
The Bonds shall be payable in lawful money of the United States of America. Interest
on the Bonds shall be paid by the Trustee (out of the appropriate funds) by check mailed by
first class mail, postage prepaid, on the Interest Payment Date to the registered owner as
his/her name and address appears on the register kept by the Trustee at the close of business on
the Regular Record Date preceding the Interest Payment Date or, upon request in writing made
before the Regular Record Date preceding the Interest Payment Date by a Bondowner of
$1,000,000 or more in principal amount of Bonds, payment shall be made on the Interest
Payment Date by wire transfer in immediately available funds to an account designated by
such Bondowner. The Bonds shall be payable upon presentation at the corporate trust office of
the Trustee in Los Angeles, California.
Form and Ownership of the Bonds
The Bonds have been prepared as fully registered Bonds and are registered in the name
of Cede & Co., as nominee of DTC. DTC will act as securities depository of the Bonds.
Beneficial Owners will not receive certificates representing their Bonds purchased except in the
event the Trustee issues Replacement Bonds (as herein defined). So long as Cede & Co. is the
registered owner of the Bonds, as nominee of DTC, references herein to the Owners will mean
Cede & Co., as the "Owner", and will not mean the Beneficial Owners of the Bonds.
Individual ppurchases of the Bonds will be made in book -entry form only, in the principal
amount of $5,000 or any integral multiple thereof. Principal and interest are payable directly
to DTC by the Trustee. Upon receipt of payments of principal and interest, DTC will in turn
remit such principal and interest to the DTC Participants (as such term is herein defined) for
subsequent disbursement to the Beneficial Owners of the Bonds. See "APPENDIX D" - Book
Entry System" herein.
Replacement Bonds
Should the Agency determine that: (i) DTC is unable to properly discharge its
responsibilities or (ii) DTC is no longer qualified to act as a securities depository and
registered clearing agency under the Securities and Exchange Act of 1934, as amended, or (iii)
the continuation of a book -entry system to the exclusion of any Bonds being issued to and
Owner other than Cede & Co. is no longer in the best interests of the Beneficial Owners of the
3 000091
Bonds or (iv) if the Trustee receives written notifications from Participants having interests in
not less than fifty percent (50 %) of the Outstanding Bonds, as shown on the records of the
DTC that the continuation of a book -entry system to the exclusion of any Bonds being issued
to any Owner other than Cede & Co. is no longer in the best interests of the Beneficial Owners
of the Bonds, then the Trustee will notify the Owners of such determination or such notice and
of the availability of certificates to such Owners requesting the same, and the Trustee shall
authenticate and deliver Bonds to the Beneficial Owners or their nominees in principal amounts
representing the interest of each ("Replacement Bonds"), making such adjustments as it may
find necessary or appropriate as to accrued interest and previous calls for redemption. In such
event, all references to DTC herein shall relate to the period of time when DTC has possession
of at least one certificate. Upon the issuance of Replacement Bonds, all references herein to
obligations imposed upon or to be performed by DTC will be deemed to be imposed upon and
performed by the Trustee, to the extent applicable with respect to such Replacement Bonds. If
DTC resigns and the Authority, the Trustee or the Beneficial Owners are unable to locate a
qualified successor of the Securities Depository in accordance with the Indenture, then the
Trustee will authenticate and cause delivery of Replacement Bonds to the DTC Participants for
the benefit of the Beneficial Owners, as provided herein.
IN THE EVENT OF ISSUANCE OF REPLACEMENT BONDS, THE NEXT
THREE (3) SUCCEEDING SECTIONS WILL BE APPLICABLE.
(1) Transfer and Registration of Bonds
The Bonds may be transferred or exchanged and title thereto will pass only in the
manner provided herein. All Bonds presented for transfer or exchange will be accompanied by
a written instrument or instruments of transfer or authorization for exchange, in form and with
guaranty of signature satisfactory to the Trustee duly executed by the Owner or by his attorney
duly authorized in writing and all such Bonds will be surrendered to the Trustee and canceled
by the Trustee pursuant to the Indenture. The Agency and the Trustee may deem and treat the
Owner of any Bond as the absolute owner of such Bond for the purpose of receiving any
payment on such Bond and for all other purposes of the Indenture, whether such Bond is
overdue or not, and neither the Agency nor the Trustee will be affected by any notice to the
contrary. Payment of, or on account of, the principal of and redemption premium, if any, on
and interest on any Bond shall be made to such Owner or upon his written order. All such
payments will be valid and effectual to satisfy and discharge the liability upon such Bond to the
extent of the sum or sums so paid.
(2) Exchanges or Transfers of Bonds
In all cases in which the privilege of exchanging or registering the transfer of Bonds is
exercised, the Agency will execute and the Trustee will authenticate and deliver Bonds in
accordance with the provisions of the Indenture. There will be no charge to the Owner for any
such exchange or registration or transfer of Bonds, but the Trustee and the Securities
Depository may require the payment of a sum sufficient to pay any tax or other governmental
charge required to be paid with respect to any such exchange or registration of transfer.
Neither the Agency nor the Trustee will be required to register the transfer of or exchange of
any Bond on or after the fifteenth (15th) Business Day immediately preceding the date on
which the notice of redemption is scheduled to be mailed and ending on the date scheduled for
redemption or any Bond selected for redemption.
Upon surrender for exchange or transfer of any Bond at the Office of the Trustee, the
Agency will execute (which may be by facsimile) and the Trustee will authenticate and deliver
in the name of the Owner (in the case of transfers) a new Bond or Bonds in Authorized
09
4 000Z
Denominations, in the aggregate principal amount which the registered Owner is entitled to
receive.
New Bonds delivered upon any transfer or exchange will be valid obligations of the
Agency, evidencing the same debt as the Bonds surrendered, will be secured by the Indenture
and will be entitled to all of the security and benefits thereof to the same extent as the Bonds
surrendered.
(3) Bonds Mutilated, Lost, Destroyed or Stolen
Application for exchange and substitution of mutilated, lost, stolen or destroyed Bonds
will be made to the Trustee at the Office of the Trustee. If any Bond becomes mutilated, the
Agency, at the expense of the Owner of said Bond, will execute, and the Trustee will
thereupon authenticate and deliver, a new Bond of like tenor in exchange and substitution for
the Bond so mutilated. Every mutilated Bond so surrendered to the Trustee will be canceled
by it and delivered to, or held by the Trustee upon the order of, the Agency. If any Bond is
lost, destroyed or stolen, evidence of such lost, destruction or theft may be submitted to the
Agency and the Trustee and, if such evidence is satisfactory to them and indemnity satisfactory
to them is given, the Agency, at the expense of the Owner, will execute, and the Trustee will
thereupon authenticate and deliver, a new Bond of like tenor in lieu of and in replacement for
the Bond so mutilated, lost, destroyed or stolen (or if any such Bond shall have matured or
shall have been called for redemption, instead of issuing a new Bond the Trustee may pay the
same without surrender thereof upon receipt of the aforementioned indemnity). The Agency
may require payment by the Owner of a sum not exceeding the actual cost of preparing each
new Bond issued as a replacement and of the expenses which may be incurred by the Agency
and the Trustee. Any Bond issued as a replacement in lieu of any Bond alleged to be lost,
destroyed or stolen shall constitute an original additional contractual obligation on the part of
the Agency whether or not the Bond so alleged to be lost, destroyed or stolen be at any time
enforceable by anyone, and will be entitled to the benefits of the Indenture with all other
Bonds secured by the Indenture.
Current Agency Bonding Capacity
Based on estimates of available Pledged Tax Revenues, Bond proceeds available for
construction in the amount of approximately $ will be immediately allocated
toward the Project. See "APPENDIX A - Redevelopment Consultant's Report". The
amount of $ will be placed into the Escrow Fund until such time as Pledged Tax
Revenues are sufficient to provide required debt service coverage of —% or until April 1,
1995, at which time the Escrowed Funds will be used to redeem Bonds without premium. The
balance of Bond proceeds will be used to pay the costs of issuance and to fund the Bond
Reserve Account (as hereafter defined).
Optional Redemption
Bonds maturing on or before October 1. 1999 shall not be subject to optional
redemption prior to maturity. The Bonds maturing on or after October 1. Q may be called
before maturity and redeemed at the option of the Agency, i whole or in part from the
proceeds of refunding Bonds or any other available funds on October 1 1999 or any Interest
Payment Date thereafter, prior to maturity, in inverse order ot maturity and by lot within any
maturity. Bonds called for redemption shall be redeemed at the redemption prices (expressed
as a percentage of the principal amount of Bonds to be redeemed) plus accrued interest to the
redemption date as shown in the following table:
000093
Redemption Prices
Redemption Date Redemption Prices
October 1, 1999 and April 1, 2000 102.0%
October 1, 2000 and April 1, 2001 101.0 %
October 1, 2001 and thereafter 100.0%
Sinking Fund Redemption
The term Bonds maturing on October 1, 2017 shall also be subject to mandatory
sinking fund redemption, in part, by lot, on October 1, 2013 and on each October 1 thereafter
to and including October 1, 2017 from sinking fund installments, at the principal amount of
such Bonds to be prepaid, without premium, plus accrued but unpaid interest. The principal
amount of such Bonds to be so prepaid and the dates therefore are indicated on the following
table:
October 1
of the Year
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017 (Final Maturity)
Purchase of Bonds
Principal
Amount
In lieu of redemption or otherwise, the Agency is authorized to purchase Bonds on the
open market at any time and the Trustee will, upon written direction of the Agency, settle
these purchases from moneys deposited by the Agency with the Trustee at a price not to
exceed the principal amount of Bonds plus the applicable premium and accrued interest, if any,
to the date of purchase plus brokerage fees, if any.
Notice of Redemption.
Notice of redemption prior to maturity shall be given by first class mail, postage
prepaid to the registered owner of each Bond at the address shown on the registration books of
the Trustee, and to the original purchaser(s) of the Bonds not less than thirty (30) nor more
than sixty (60) days prior to the redemption date. Neither failure to receive such notice nor
any defect in any notice mailed shall affect the sufficiency of the proceedings for the
redemption of any Bonds. The notice of redemption shall (a) state the redemption date; (b)
state the redemption price; (c) state the numbers of the Bonds to be redeemed; provided,
6 000094
however, that whenever any call for redemption includes all of the Outstanding Bonds, the
numbers of the Bonds need not be stated; (d) state, as to any Bonds redeemed in part only, the
Bond numbers and the principal portion thereof to be redeemed; (e) state that interest on the
principal portion of the Bonds designated for redemption shall cease to accrue from and after
the redemption date and that on the redemption date there shall become due and payable on
each of such Bonds the redemption price thereof; and (f) state that the redemption of the Bonds
is subject to there being on deposit with the Trustee at the time of such redemption, moneys
sufficient to redeem the portion of the Bonds as set forth in the Notice of Redemption. No
Notice of Redemption shall be mailed pursuant to the Indenture until such time as there is on
deposit moneys sufficient to redeem that portion of the Bonds as set forth in the Notice of
Redemption. Following the mailing of the Notice of Redemption, the moneys to be used for
such redemption shall be invested only in Government Obligations maturing as needed.
The actual receipt by the Bondowner or notice of redemption shall not be a condition
precedent to redemption, and failure to receive such notice shall not affect the validity of the
proceedings for the redemption of the Bonds or the cessation of interest on the redemption
date. Notice of redemption of Bonds shall be given by the Trustee on behalf of the Agency
and at the request and expense of the Agency.
A certificate by the Trustee that notice of redemption has been given in accordance
with the Indenture shall be conclusive as against all parties, and no Bondowner whose bond is
called for redemption may object to the redemption or any cessation of interest on the
redemption date by claiming or showing that it failed to receive actual notice of call and
redemption.
Partial Redemption
Upon surrender of any Bond redeemed in part only, the Agency shall execute and the
Trustee shall authenticate and deliver to the Owner, at the expense of the Agency, a new Bond
or Bonds of authorized denominations equal in aggregate principal amount to the unredeemed
portion of the Bond surrendered of the same interest rate and same maturity. A partial
redemption shall be valid upon payment of the amount required to be paid to the registered
owner, and the Agency and the Trustee shall be released and discharged from all liability to
the extent of such payment.
Mandatory Redemption
The Bonds are subject to mandatory redemption in part without premium onApril 1.
1996 from moneys remaining in the Escrow Fund on October 1, 1995. Moneys remaining in
the Escrow Fund after October 1 1995 and the earnings thereon will be used to redeem
outstanding Bonds pro -rats m inverse order of maturity and by lot within each maturity (one
Bond from each maturity) until all remaining Escrowed Funds are expended for redemption of
the Bonds.
Redemption from Unexpended Proceeds
Upon delivery of Bond proceeds, $ will be deposited to the Escrow Fund
created under the Indenture. Funds shall be withdrawn from the Escrow Fund and applied
toward costs of the Project upon satisfaction of the earnings test described in the section
entitled. "SECURITY FOR THE BONDS - The Escrow Fund". Based on the projections
contained in the Redevelopment Consultant's Report in "APPENDIX A - Redevelopment
000095
7
Consultant's Report", the Agency expects to withdraw and spend all amounts from the
Escrow Fund by April 1, 199 . However, if the receipt of Tax Revenues is substantially less
than projected, it is possible the Agency would be unable to withdraw all amounts from the
Escrow Fund. In such event, unexpended proceeds remaining in the Escrow Fund as of
, 19 would be used to redeem a portion of the Bonds on 199_ in
accordance with the optional redemption terms summarized above.
Estimated Disposition of Proceeds
The proceeds of the Bonds will be used as set forth in the following table:
La Quinta Redevelopment Agency
1992 Tax Allocation Bonds
Estimated Sources and Uses of Funds
Estimated Sources:
Principal Amount of the Bonds
Total Estimated Sources:
Estimated Uses:
Deposit to Redevelopment Fund
Deposit to Escrow Fund
Reserve Account Surety Bond'
Underwriter's Discount
Costs of Issuance
Total Estimated Uses:
1. Equal to the Reserve Requirement.
I
I
S
Debt Service Schedule
The following is the debt service schedule for the Bonds, assuming no redemptions
prior to the respective maturities and includes mandatory sinking fund redemptions.
Year Ending Principal Payments Interest Total
October 1 Serial Term Payments Debt Service
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
n
Totals
000097
The Bonds are not a debt of the City, the State or any of its political subdivisions other
than the Agency, and neither the City, the State or any of its political subdivisions, other than
the Agency, is liable therefor. The principal of, premium, if any, and interest on the Bonds
are payable solely from the Pledged Tax Revenues,knd from amounts on deposit in the
Special Fund and the accounts therein (exclusive of the Excess Investment Earnings Fund).
The Bonds do not constitute an indebtedness within the meaning of any constitutional or
statutory debt limit or restriction.
Tax Allocation Financing
The Law provides a means for financing redevelopment projects based upon an
allocation of taxes collected within a project area. The taxable valuation of a project area last
equalized prior to adoption of the redevelopment plan, or base roll, is established and, except
for any period during which the taxable valuation drops below the base year level, the taxing
agencies thereafter receive the taxes produced by the levy of the then -current tax rate upon the
base roll. Taxes collected upon any increase in taxable valuation over the base roll are
allocated to a redevelopment agency and may be pledged by a redevelopment agency to the
repayment of any indebtedness incurred in financing or refinancing a redevelopment project.
Redevelopment agencies themselves have no authority to levy property taxes and must look
specifically to the allocation of taxes produced as above indicated.
Allocation of Taxes
As provided in the Plan, pursuant to Article 6 of Chapter 6 of the Community
Redevelopment Law and Section 16 of Article XVI of the Constitution of the State of
California, taxes levied upon taxable property in the Project Area each year by or for the
benefit of the State of California and any city, county, district or other public corporation
(herein collectively referred to as "taxing agencies") after the effective date of the Ordinance
approving the Redevelopment Plan, shall be divided as follows:
1. To taxing agencies: That portion of the taxes which would be
produced by the rate upon which the tax is levied each year by or for each of
the taxing agencies upon the total sum of the assessed value of the taxable
property in the Project Area as shown upon the assessment roll used in
connection with the taxation of such property by such taxing agency last
equalized prior to December 29, 1983, shall be allocated to, and when collected
shall be paid into the funds of the respective taxing agencies as taxes by or for
said taxing agencies on all other property are paid; and
2. To the Agency: That portion of said levied taxes each year in
excess of such amount shall be allocated to, and when collected, paid to the
Agency. The Agency is required by law to deposit a portion of such taxes into
the Agency's Low and Moderate Income Housing Fund and pursuant to certain
agreements to pay a portion of such taxes to certain taxing agencies. All such
taxes remaining after such deposit and payment will be paid into the Special
Fund.
10
ARevenues
The Indenture defines "Tax Revenues" to mean that portion of taxes levied upon
taxable property in the Project Area and received by the Agency on or after the date of issue of
the Bonds for the Project Area of the Agency pursuant to Article 6 of Chapter 6 of the Law
and Section 16 of Article XVI of the Constitution of the State, or pursuant to other applicable
State laws, and as provided in the Redevelopment Plan, and (to the extent permitted by law)
all payments, subventions and reimbursements, if any, to the Agency specifically attributable
to ad valorem taxes lost by reason of tax exemptions and tax rate limitations, all as more
particularly put forth in the Indenture. All Tax Revenues received by the Agency, other than
Tax Revenues required by law to be deposited in the Agency's Low and Moderate Income
Housing Fund and pursuant to certain agreements paid to certain taxing agencies (the "Pledged
Tax Revenues"), are required to be deposited in the Special Fund. "Revenues" as defined in
Redevelopment Consultant to the Agency) for a description of certain amounts payable by the
Agency to other taxing entities.
The Agency has no power to levy and collect property taxes, and any property tax
limitation, legislative measure, voter initiative or provisions of additional sources of income to
taxing agencies having the effect of reducing the property tax rate, could reduce the amount of
Pledged Tax Revenues that would otherwise be available to pay the principal of, and interest
on, the Bonds. Likewise, broadened exemptions could have a similar effect. See "SPECIAL
INVESTMENT CONSIDERATIONS" and "LDMATIONS ON TAX REVENUES"
herein.
THE BONDS ARE NOT A DEBT OF THE CITY, THE STATE, OR ANY OF ITS
POLITICAL SUBDIVISIONS OTHER THAN THE AGENCY, AND NEITHER THE CITY
OF LA QUINTA, THE STATE OF CALIFORNIA, OR ANY OF ITS POLITICAL
SUBDIVISIONS OTHER THAN THE AGENCY IS LIABLE THEREON. THE AGENCY
HAS NO TAXING POWER. THE PRINCIPAL OF AND THE INTEREST ON THE
BONDS ARE PAYABLE SOLELY FROM REVENUES.
Debt Service Reserve Fund
General. In order to further secure the payment of principal of and interest on the
Bonds, the Agency is required upon delivery of the Bonds, to deposit the Debt Service Reserve
Fund Surety Bond in an amount which will at least equal the lesser of ten percent (10%) of the
original proceeds of the sale of the Bonds or an amount equal to the Maximum Annual Debt
Service on the Bonds (the "Reserve Requirement"), into the Debt Service Reserve fund
established pursuant to the Indenture. If at any time for any reason the amount in the Debt
Service Reserve Fund is less than an amount equal to the Reserve Requirement, the Reserve
Requirement for such Debt Service Reserve Fund must be restored by transfer to the Debt
Service Reserve Fund from the Special Fund of the first monies deposited in such Special
Fund for such purpose.
Debt Service Reserve Fund Surety Bond. Application has been made to the Municipal
Bond Investors Assurance Corporation (the "Insurer") for a commitment to issue a surety bond
(the "Reserve Account Surety Bond"). The Reserve Account Surety Bond will provide that
11 000099
upon notice from the Trustee to the Insurer to the effect that insufficient amounts are on
deposit in the Special Fund to pay the principal of (at maturity or pursuant to mandatory
redemption requirements) and interest on the Bonds, the Insurer will promptly deposit with the
Trustee an amount sufficient to pay the principal of and interest on the Bonds or the available
amount of the Reserve Account Surety Bond, whichever is less. Upon the later of: (i) three
days after receipt by the Insurer of a Demand for Payment in the form attached to the Reserve
Account Surety Bond, duly executed by the Trustee; or (ii) the payment date of the Obligations
as specified in the Demand for Payment presented by the Trustee to the Insurer, the Insurer
will make a deposit of funds in an account with Citibank, N.A., in New York, New York, or
its successor, sufficient for the payment to the Trustee, of amounts which are then due to the
Trustee (as specified in the Demand for Payment) subject to the Reserve Account Surety Bond
Coverage.
The available amount of the Reserve Account Surety Bond is the initial face amount of
the Reserve Account Surety Bond less the amount of any previous deposits by the Insurer with
the Trustee which have not been reimbursed by the Agency. The Agency and the Insurer have
entered into a Financial Guaranty Agreement dated , 1992 (the "Agreement").
Pursuant to the Agreement, the Agency is required to reimburse the Insurer, within one year
any deposit, the amount of such deposit made by the Insurer with the Trustee under the
Reserve Account Surety Bond. Such Reimbursement shall be made only after all required
deposits to the Special Fund have been made.
Under the terms of the Agreement, the Trustee is required to reimburse the Insurer,
with interest, until the face amount of the Reserve Account Surety Bond is reinstated before
any deposit is made to the Surplus Account. No optional redemption of Bonds may be made
until the Insurer's Reserve Account Surety Bond is reinstated. The Reserve Account Surety
Bond will be held by the Trustee in the Reserve Account and is provided as an alternative to
the Agency depositing funds equal to the Reserve Requirement for outstanding Bonds. The
Reserve Account Surety Bond will be issued in the face amount equal to the Maximum Annual
Debt Service for the Bonds, will be non -cancellable and the premium therefore will be fully
paid by the Agency at the time of delivery of the Bonds.
The Escrow Fund
At closing, the Pledged Tax Revenues ^will be less than 110 % of Maximum Annual
Debt Service on the Bonds. Due to existing codditions in the Project Area, including existing
and projected commercial development, the Redevelopment Consultant anticipates that by
19 the Pledged Tax Revenues will be at least equal to _% of the Maximum
Ann
ual Debt Service on the Bonds. See "HISTORICAL AND ESTIMATED TAX
REVENUES - Debt Service and Estimated Coverage" herein. To provide additional
security for the Bonds, the Trustee will deposit $ of Bond proceeds in an Escrow
Fund established pursuant to the Indenture. Amounts on deposit in the Escrow Fund will
either be released to the Agency as set forth in the following paragraph to be used for any
purposes permitted under the Redevelopment Law or will be used to redeem Bonds on
19_.
The moneys set aside in the Escrow Fund shall be transferred to the Redevelopment
Fund from time to time on or after , 19_ upon receipt by the Trustee of a
certificate or opinion of an Independent Financial Consultant (as defined in the Indenture) that
Pledged Tax RevenuesAduring such Fiscal Year, based upon the most recent assessed valuation
of taxable property in'the Project Area, furnished by the appropriate officer of the County,
plus the amount of the Additional Allowance (as defined in the Indenture), will be at least
equal to _ times the Maximum Annual Debt Service on the Bonds less the Maximum Annual
12 000100
Debt Service on the Aggregate principal amount of that portion of the Bonds equal to the
amount which will remain in the Escrow Fund immediately following any such transfer. Any
monies remaining in the Escrow Fund on , 19 shall be transferred to the
Redemption Fund on or prior to , 19_. See "THE BONDS - Redemption from
Unexpended Proceeds", herein.
Subordinate Obligations
The Agency has incurred certain obligations payable to the County and certain other
taxing agencies in the County. The obligations are payable from Tax Revenues but are
subordinate to the Bonds. In Fiscal Year 1991/92, estimated pass -through payments to various
taxing agencies amounted to $ See Table A-1 in "APPENDIX A - Redevelopment
Consultant's Report".
000101.
13
The Project Area encompasses an area of approximately 4.87 square miles. The net
proceeds of the Bonds will be used to finance a portion of the cost of implementing the
Agency's Redevelopment Plan.
The Project Area will consist of an approximate 60 acre shopping center located at the
intersection of Highway 111 and Washington Street. The center will have approximately
620,000 square feet of retail space with plans of a diverse tenant mix with a projected opening
date of December 1992.
There are three phases to the Project Area with Phase I consisting of approximately
134,000 square feet of shops which have been leased and include Wal-Mart, PharMor Drug
and Albertson's. The estimate for completion of Phase I is December 1992. Phase II of the
project includes approximately 31,000 square feet of retail space and is expected to commence
construction in September 1992 and complete by May 1993. This phase includes theaters,
shops, and majors. Phase III includes approximately 134,300 square feet of retail space and is
expected to commence construction in December 1992 and complete in August 1993.
The infrastructure improvements resulting from this development include: storm
channel improvements; regional wellsite; on and off site water system; on and off site sewer
system; street and highway improvements; traffic signals; perimeter landscaping and
undergrounding of power, telephone and cable system for utilities.
F
14
000102
The material in this section is presented for informational purposes only. The following
discussion of special investment considerations is not meant to be an exhaustive list of the risks
associated with the purchase of Bonds and does not necessarily reflect the relative importance
of the various risks.
Reduction in Taxable Value
Tax Revenues allocated to the Agency are determined by the amount of incremental
taxable value in the redevelopment project area and the current rate or rates at which property
in the Project Area is taxed. The reduction of taxable values of property in the project area
caused by economic factors beyond the Agency's control, such as relocation out of the Project
Area by one or more major property owners, or the complete or partial destruction of such
property caused by, among other eventualities, an earthquake or other natural disaster, could
cause a reduction in the Tax Revenues;Ksuch reduction of Tax Revenues could have an adverse
effect on the Agency's ability to make timely payments of principal of and interest on the
Bonds secured by Pledged Tax Revenues. See "Major Property Taxpayers" for a description
of the major property taxpayers within the Project Area.
Future Land Use Regulations and Growth Control Initiatives
During the past several years, citizens of a number of local communities in Southern
California have placed measures on the ballot designed to limit the issuance of building permits
or impose other restrictions to control the rate of future growth in those areas, including a
measure defeated by voters in the County in 1988. It is possible that future initiatives could be
enacted, could be applicable to the City and have a negative impact on the ability of developers
in the Project Area to complete the any existing or proposed development. Bondowners
should assume that any event that significantly affects the ability to develop land in the City
could cause the land values within the Project Area to decrease substantially and could affect
the willingness and ability of the owners of land within the Project Area to pay property taxes
when due.
There can be no assurance that land development within the City will not be adversely
affected by future governmental policies, including but not limited to, governmental policies to
restrict or control development. Under current California law, it is generally accepted that
proposed development is not exempt from future land use regulations until building permits
have been issued and substantial work has been performed and substantial liabilities have been
incurred in good faith reliance on the permits prior to the adoption of such regulations.
Reduction in Inflationary Rate
As described in greater detail below, Article XMA of the California Constitution
provides that the full cash value of real property used in determining taxable value may be
adjusted from year to year to reflect the inflationary rate, not to exceed a two percent increase
for any given year, or may be reduced to reflect a reduction in the consumer price index or
comparable local data. Such measure is computed on a calendar year basis. See
"L MTATIONS ON TAX REVENUES AND POSSIBLE SPENDING LMTATIONS"
herein.
000103
15
Levy and Collection
The Agency has no independent power to levy and collect property taxes. Any
reduction in the tax rate or the implementation of any constitutional or legislative property tax
decrease could reduce the Tax Revenues, and accordingly, could have an adverse impact on
the ability of the Agency to pay debt service on the Bonds secured by Pledged Tax Revenues.
Likewise, delinquencies in the payment of property taxes could have an adverse effect on the
Agency's ability to make timely debt service payments, although it is current policy of the
County of Riverside to allocate Tax Revenues based upon 100 % of the incremental taxable
value of property subject to such tax regardless of delinquencies. However, there is no
assurance the County will continue such policy.
Property Held By FDIC/RTC
The ability of the Agency to collect interest and penalties specified by state law and to
foreclose the lien of delinquent taxes may be limited in certain respects with regard to
properties in which the Federal Deposit Insurance Corporation (the "FDIC") or the Resolution
Trust Company (the "RTC") has or obtains an interest. On June 4, 1991, the RTC issued a
Statement of Policy Regarding the Payment of State and Local Real Property Taxes (the
"Policy Statement"). (The FDIC had previously joined with the RTC in a July 12, 1990 joint
statement of policy addressing the same subject.) The Policy Statement applies to the RTC
when it is liquidating assets in its corporate and receivership capacities. The Policy Statement
provides that the RTC intends to pay its proper tax obligations when they come due and to pay
claims for delinquencies as promptly as is consistent with sound business practice and the
orderly administration of the institution's affairs. It may decline to pay property tax claims in
situations where abandonment of its interest in the property is appropriate. The Policy
Statement also provides that real property owned by the RTC is subject to state and local real
property taxes if those taxes are assessed according to the property's value, but that the RTC is
immune from real property taxes assessed on other bases. The Policy Statement further
provides that:
If any property taxes (including interest) on [RTC] owned property are
secured by a valid lien (in effect before the property became owned by the
[RTC]), the [RTC] will pay those claims. With respect to property not owned
by the [RTC], but in which the [RTC] has a lien interest, and [sic] property
taxes (including interest) secured by a valid lien with priority owner the [RTC's]
lien interest will be paid. However, if abandonment of its interest in the
property is appropriate, the [RTC] may elect not to pay such claims.
The Policy Statement provides that, with respect to parcels on which the RTC holds a
mortgage lien, it will not permit its lien to be foreclosed out by a taxing authority without its
specific consent and that it will not pay or recognize liens for any penalties, fines or similar
claims imposed for the nonpayment of taxes, whether arising before or after acquisition of the
parcel in question, nor will it pay attorneys' costs incurred by a taxing authority or other
person in pursuing a tax claim.
The Agency is unable to predict what effect the application of the Policy Statement
would have in the event of a delinquency on a parcel within the Project Area in which the
FDIC or RTC has or obtains a interest, although prohibiting the lien of the FDIC or RTC to
be foreclosed out at a judicial foreclosure sale would likely reduce or eliminate the persons
willing to purchase a parcel at a foreclosure sale. Such an outcome could cause a draw on the
Reserve Fund and perhaps, ultimately, a default in payment on the Bonds_ However. the
000104
16
Loss of Tax Exemption
In order to maintain the exclusion from gross income for federal income tax purposes
of the interest on the Bonds, the Agency has covenanted in the Indenture to comply with each
applicable requirement of Section 103 and Sections 141 through 150 of the Internal Revenue
Code of 1986, as amended. The interest due on the Bonds could become includable in gross
income for purposes of federal income taxation retroactive to the date the Bonds were issued,
as a result of acts or omissions of the Agency in violation of this and other covenants in the
Indenture. Should such an event of taxability occur, the Bonds are not subject to redemption
and will remain outstanding until maturity or until redeemed under one of the redemption
provisions contained in the Indenture. See "CONCLUDING INFORMATION - Tax
Exempt Status" herein.
Trustee's Right to Indemnification
Under portions of the Indenture, the Trustee is under no obligation to institute any suit,
action, or proceeding which any Owner shall have the right to bring to enforce any right or
remedy of the Owners under the Indenture at the request, order or direction of any Owners or
otherwise until it is indemnified to its satisfaction against any and all reasonable costs and
expenses, outlays and counsel fees and other disbursements, and against all liability not due to
its negligence or willful default.
Enforceability of Remedies
The remedies available to the Trustee, or the Owners upon an event of default under
the Indenture are in many respects dependent upon judicial actions, which are often subject to
discretion and delay. Under existing constitutional and statutory law and judicial decisions,
including specifically Title 11 of the United States Code (the federal bankruptcy code) and
relevant banking and insurance law, the remedies provided in the Indenture may not be readily
available or may be limited. The various legal opinions to be delivered concurrently with the
delivery of the Bonds will be qualified as to the enforceability of the various legal instruments
by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws
affecting the rights of creditors generally.
000105
17
Article X 011 A of the State Constitution
Section 1 (a) of Article XIII A of the State Constitution limits the maximum ad valorem
tax on real property to 1 % of full cash value (as defined in Section 2 of Article XIII A), to be
collected by counties and apportioned according to law. Section 1 (b) of Article XIII A
provides that the 1 % limitation does not apply to ad valorem taxes to pay interest or
redemption charges on (1) indebtedness approved by the voters prior to July 1, 1978 or (2) any
bonded indebtedness for the acquisition or improvement of real property approved on or after
July 1, 1978, by two-thirds of the votes cast be the voters voting on the proposition. Section 2
of Article )M A defines "full cash value" to mean "the county assessor's valuation of real
property as shown on the 1975/76 tax bill under full cash value or, thereafter, the appraised
value of real property when purchased, newly constructed, or a change in ownership has
occurred after the 1975 assessment." The full cash value may be adjusted annually to reflect
inflation at a rate not to exceed 2 % per year, or to reflect a reduction in the consumer price
index or comparable data for the area under taxing jurisdiction or reduced in the event of
declining property value caused by substantial damage, destruction or other factors.
Legislation enacted by the State Legislature to implement Article XIII A provides that
notwithstanding any other law, local agencies may not levy any ad valorem property tax except
to pay debt service on indebtedness approved by the voters as described above.
In the general elections of 1986, 1988 and 1990, the voters of the State approved
various measures which further amended Article XIII A. One such amendment generally
provides that the purchase or transfer of (i) real property between spouses or (ii) the principal
residence and the first $1,000,000 of the full cash value of other real property between parents
and children, do not constitute a "purchase" or "change of ownership" triggering reassessment
under Article )M A. This amendment has reduced the property tax revenues of the County,
and, subsequently, the Agency. Other amendments permitted the State Legislature to allow
persons over 55 who sell their residence's assessed value to the new residence, and permitted
the State Legislature to authorize each county under certain circumstances to adopt an
ordinance making such transfers of assessed value applicable to an ordinance making such
transfer of assessed value applicable to situations in which the replacement dwelling purchased
or constructed after November 8, 1988, is within the county and the original property is
located in another county within California.
In the June 1990 election, the voters approved additional amendments to Article XIII A
permitting the State Legislature to extend the replacement dwelling provisions applicable to
persons over 55 to severely disabled homeowners for a replacement dwelling purchased or
newly constructed on or after June 5, 1990, and to exclude from the definition of "new
construction" triggering reassessment improvements to certain dwellings for the purpose of
making the dwelling more accessible to severely disabled persons. In the November 1990
election, the voters approved the amendment of Article XIII A to permit the State Legislature
to exclude from the defmition of "new construction" seismic retrofitting improvements or
improvements utilizing earthquake hazard mitigation technologies constructed or installed in
existing buildings after November 6, 1990.
Implementing Legislation
Legislation enacted by the California Legislature to implement Article XIII A (Statutes
of 1978, Chapter 292, as amended) provides that, notwithstanding any other law, local
agencies may not levy any property tax, except to pay debt service on indebtedness approved
18 000106
by the voters prior to July 1, 1978, and that each county will levy the maximum tax permitted
by Article XIII a of $4.00 per $100 assessed valuation (based on the traditional practice in
California of using 25 % of full cash value as the assessed value for tax purposes). The
legislation further provided that, for the 1978/79 fiscal year only, the tax levied by each
county was to be apportioned among all taxing agencies within the county in proportion to
their average share of taxes levied in certain previous years.
The apportionment of property taxes in fiscal years after 1978/79 has been revised
pursuant to statutes of 1979, Chapter 282 which provides relief funds from State moneys
beginning in fiscal year 1978/79 and is designed to provide a permanent system for sharing
State taxes and budget surplus funds with local agencies. Under chapter 282, cities and
counties receive about one-third more of the remaining property tax revenues collected under
Proposition 13 instead of direct State aid. School districts receive a correspondingly reduced
amount of property taxes, but receive compensation directly from the State and are given
additional relief. Chapter 282 does not affect the derivation of the base levy ($4.00 per $100
assessed valuation) and the bonded debt tax rate.
Effective as of the 1982-82 fiscal year, assessors in California no longer record
property values in the tax rolls at the assessed value of 25 % of market values. All taxable
property is shown at full market value. In conformity with this change in procedure, all
taxable property value included in this Official Statement (except as noted) is shown at 100 %
of market value and all general tax rates reflect the $1 per $100 of taxable value. Tax rates for
bond service and pension liability are also applied to 100 % of market value.
Future assessed valuation growth allowed under Article XIII A (new construction,
change of ownership, 2 % annual value growth) will be allocated on the basis of "situs" among
the jurisdictions that serve the tax rate area within which the growth occurs except for certain
utility property assessed by the State Board of Equalization ("Unitary Property") which is
allocated by a different method described under "Unitary Property" below.
Statutory Spending Limitations
A statutory initiative ("Proposition 62") was adopted by the voters voting in the State at
the November 4, 1986 General Election which (1) requires that any tax for general
governmental purposes imposed by local governmental entities be approved by resolution or
ordinance adopted by two-thirds vote of the governmental agency's legislative body and by a
majority of the electorate of the governmental entity, (2) requires that any special tax (defined
as taxes levied for other than general governmental purposes) imposed by a local governmental
entity be approved by a two-thirds vote of the voters within the jurisdiction, (3) restricts the
use of revenues from a special tax to the purpose or for the service for which the special tax
was imposed, (4) prohibits the imposition of ad valorem taxes on real property by local
governmental entities except as permitted by Article Xffi A, (5) prohibits the imposition of
transaction taxes and sales taxes on the sale of real property by local governmental entities and
(6) requires that any tax imposed by a local governmental entity on or after March 1, 1985 be
ratified by a majority vote of the electorate within two years of the adoption of the initiative or
be terminated by November 15, 1988. Several recent decisions of State Courts of Appeal have
held that all or portions of the provisions of Proposition 62 requiring majority vote approval of
the electorate for general fund taxes are unconstitutional. A petition for review of one of the
decisions was filed with the State Supreme Court on October 21, 1985, which petition was
denied by the Court on December 15, 1988, making the Court of Appeal decision in that case
final.
000107
19
Property Tax Collection Procedures
Classifications. In California, property which is subject to ad valorem taxes is
classified as "secured" or "unsecured". Secured and unsecured property are entered on
separate parts of the assessment roll maintained by the county assessor.
The secured classification includes property on which any property tax levied by the
County becomes alien on that property sufficient, in the opinion of the county assessor, to
secure payment of the taxes. Every tax which becomes a lien on secured property has priority
over all other liens, arising pursuant to State law, on the secured property, regardless of the
time of the creation of other liens. A tax levied on unsecured property does not become a lien
against the taxes on unsecured property, but may become a lien on certain other property
owned by the taxpayer.
Collections. Secured and unsecured property are entered on separate parts of the
assessment roll maintained by the county assessor. The method of collecting delinquent taxes
is substantially different for the two classifications of property. The taxing authority has four
ways of collecting unsecured property taxes in the absence of timely payment by the taxpayer:
(1) a civil action against the taxpayer; (2) filing a certificate in the office of the county clerk
specifying certain facts in order to obtain a judgment lien on certain property of the taxpayer;
(3) filing a certificate of delinquency for recording in the County Recorder's Office, in order
to obtain alien on certain property of the taxpayer; and (4) seizure and sale of personal
property, improvements or possessory interests belonging or assessed to the assessee.
The exclusive means of enforcing the payment of delinquent taxes with respect to
property on the secured roll is the sale of property securing the taxes to the State for the
amount of taxes which are delinquent.
The County currently allocates property taxes to the Agency based on 100 % of the tax
levy, notwithstanding any delinquencies. However, there can be no assurance the County will
continue such policy.
Current tax payment practices by the County provide for payment to the Agency of Tax
Revenues in January and May of each year. A final reconciliation is made after the close of
the fiscal year to incorporate all adjustments to previously reported current year taxable values.
The difference between the final reconciliation and Tax Revenues previously allocated to the
Agency are allocated in late August or September.
Penalties. A 10 % penalty is added to delinquent taxes which have been levied with
respect to property on the secured roll. In addition, property on the secured roll on which
taxes are delinquent is sold to the State on or about June 30 of the fiscal year. Such property
may thereafter be redeemed by payment of the delinquent taxes and a delinquency penalty,
plus a redemption penalty of 1 1/2% per month to the time of redemption. If taxes are unpaid
for a period of five years or more, the property is deeded to the State and then is subject to
sale by the county tax collector.
A 10 % penalty also applies to delinquent taxes on property on the unsecured roll, and
further, an additional penalty of 1 1/2 % per month accrues with respect to such taxes
beginning the first day of the third month following the delinquency date.
Delinquencies. The valuation of property is determined as of March 1 each year and
equal installments of taxes levied upon secured property become delinquent on the following
December 10 and April 10. As described under "Collections," the Agency currently receives
property taxes based on 100 % of the tax levy.
20 000108
Taxes on unsecured property are due March 1 and become delinquent August 31.
n
Supplemental Assessments
California Revenue and Taxation Code Section 75.70 provides for the supplemental
assessment and taxation of property as of the occurrence of a change of ownership or
completion of new construction. Prior to the enactment of this law, the assessment of such
changes was permitted only as of the next March 1 tax lien date following the change and thus
delayed the realization of increased property taxes from the new assessments for up to 14
months. This statute provides increased revenue to redevelopment agencies to the extent that
supplemental assessments of new construction or changes of ownership occur within the
boundaries of redevelopment projects subsequent to the March 1 lien date. The
Redevelopment Consultant's projections of Tax Revenues have not included any Tax Revenues
which may be derived from supplemental assessments. To the extent such supplemental
assessments occur within the Project Area, Tax Revenues, and therefore Pledged Tax
Revenues, may increase.
Certification of Indebtedness
The Redevelopment Law requires that a redevelopment agency file with the county
auditor not later than the first day of October of each year of a statement of indebtedness
certified by the chief fiscal officer of a redevelopment agency for each redevelopment project
which receives tax increment. The statement of indebtedness is required to contain the date on
which any bonds were delivered, the principal amount, term, purpose and interest rate of such
bonds and the outstanding balance and amount due on such bonds. Similar information must
be given for each loan, advance or indebtedness that the redevelopment agency has incurred or
entered into to be payable from tax increment.
The Redevelopment Law also provides that the county auditor is limited in payment of
tax increment to the redevelopment agency to the amounts shown on the redevelopment
agency's statement of indebtedness. Furthermore, the statement of indebtedness is prima facie
evidence of the indebtedness of the redevelopment agency, although in certain circumstances
the county auditor may dispute the amount of indebtedness shown on the statement of
indebtedness. However, the Redevelopment Law provides the county auditor may not dispute
payments to a public agency in connection with that Agency's payments pursuant to a bond
issue. The Bonds should be entitled to the protection of that portion of the statute so that they
cannot be disputed by the County auditor.
000109
21
Business Inventory Exemption
Prior Law. Under prior State Law, the State reimbursed cities, counties, special
districts and redevelopment agencies ("local agencies") a portion of taxes which would have
been generated by the exempted portion of business inventory value (50%). In 1979, the
Legislature enacted Assembly Bill 66 (Chapter 1150, Statutes of 1979), eliminating the
assessment and taxation of business inventory property and providing for replacement revenue
for local agencies, except redevelopment agencies. In 1980, the Legislature enacted AB 1994
(Chapter 610, Statutes of 1980), providing replacement revenue, in part, for the loss of
business inventory revenues by redevelopment agencies.
Current Law. SB 794 (Chapter 447, Statutes of 1984) repealed the provision of
business inventory replacement revenue provided in both Chapter 1150 and Chapter 610 for
local agencies. This measure holds redevelopment agencies harmless from the loss of business
inventory replacement revenues through state payments (special subventions). Under current
law, if redevelopment agencies do not receive sufficient tax revenue generated from the new
supplemental roll, the State pays a special subvention to restore to such agencies the difference
between the level of business inventory subventions which were to be paid under prior law and
the amount of revenue received from taxes on the supplemental roll. If in any year, the
Agency's revenues from the previous year's supplemental roll exceed the former amount of
business inventory replacement revenues, the previous year's excess will be credited against
the State special subvention due in that year and in future years until the entire excess has been
credited. As a result of these changes, redevelopment agencies should receive over time
approximately the same amounts of revenues as they received in 1983-84 had business
inventory subventions not been terminated.
The Plan was adopted after the total exemption of business inventory from taxation
became effective and therefore the Agency is not eligible to receive subventions to replace
business inventory revenues.
Unitary Property
AB 454 (Chapter 921, Statutes of 1986) provides that revenues derived from most
utility property assessed by the State Board of Equalization ("Unitary Property"), commencing
with the 1988-89 fiscal year, will be allocated as follows: (1) for revenues generated from the
one percent (1 %) tax rate, (a) each jurisdiction, including project areas, will receive a
percentage up to 102 percent (102 %) of its prior year State -assessed unitary revenue; and (b) if
countywide revenues generated from Unitary Property are greater than 102 percent (102%) of
the previous year's revenues, each jurisdiction will receive a percentage share of the excess
unitary revenues by a specified formula and (2) for revenue generated from the application of
the debt service tax rate to county -wide unitary taxable value, each jurisdiction's annual debt
service requirements and the percentage of property taxes received by each jurisdiction from
unitary property taxes. This provision applies to all Unitary Property except railroads whose
valuation will continue to be allocated to individual tax rate areas.
The provisions of AB 454 do not constitute an elimination of the assessment of any
State -assessed properties nor a revision of the method of assessing utilities by the State Board
of Equalization. Generally, AB 454 allows valuation growth or decline of Unitary Property to
be shared by all jurisdictions in a county.
Representatives of the Riverside County Auditor -Controller have confirmed the
County's implementation of AB 454 in fiscal year 1988-89 by making payments to the Agency
in an amount approximately equal to 102 % of incremental revenue the Agency derived from
000110
22
the Project Area from State assessed properties for the 1987-88 fiscal year as the Agency's
share of Unitary Property tax revenue for the Project Area.
Limitation on Tax Revenues
An initiative to amend California Constitution entitled "Property Tax Revenues
Redevelopment Agencies was approved by California voters at the November 8, 1988 general
election. Under prior law, a redevelopment agency using tax increment revenue receives
additional property tax revenue whenever a local government increases its property tax rate to
pay off its general obligation bonds. This initiative amends the California Constitution to
allow the California Legislature to prohibit redevelopment agencies from receiving any of the
property tax revenue raised by increased property tax rates unposed by local governments to
make payments on their bonded indebtedness. The initiative only applies to tax rates levied to
finance bonds approved by the voters on or after January 1, 1989. Any revenue reduction to
redevelopment agencies would depend on the number and value of the general obligation
bonds approved by voters in future years. The Agency does not currently project receiving
any Tax Revenues as a result of general obligations bonds which may be approved on or after
January 1, 1989.
Appropriations Limitations: Article XIIIB of the State Constitution
An initiative to amend the California Constitution entitled "Limitation of Government
Appropriations" was approved by California voters on September 6, 1979, thereby adding
Article XIIIB to the State Constitution ("Article XIIIB"). Under Article XIIIB, state and local
governmental entities have an annual "appropriations limit" and are not permitted to spend
certain moneys which have been determined to be "appropriations subject to limitation" in an
amount higher than the appropriations limit. Appropriations of an entity of local government
subject to Article XIII B include generally authorizations to expend, during a fiscal year, the
proceeds of taxes levied by the State or other entity of local government, exclusive of certain
State subventions, refunds of taxes, and benefit payments from retirement, unemployment
insurance and disability insurance funds. Proceeds of taxes include, but are not limited to, all
tax revenues and the proceeds to an entity of government from (1) regulatory licenses, user
charges, and user fees (but only to the extent such proceeds exceed the cost of providing the
service or regulation), and (2) the investment of tax revenues. Article X111B does not affect
the appropriations of moneys which are excluded from the definition of "appropriations subject
to limitation", including debt service on indebtedness existing or authorized as of January 1,
1979, or bonded indebtedness subsequently approved by the voters. In general terms, the
"appropriations limit" is to be based on certain 1978-79 expenditures, and is to be adjusted
annually to reflect changes in consumer prices, populations, and services provided by these
governmental entities. Among other provisions of Article XMB, if these governmental
entities' revenues in any year exceed the amounts permitted to be spent, the excess must be
returned by revising tax rates or fee schedules over the subsequent two years.
In the June 1990 election, the voters of the State approved Proposition 111 (the
"Traffic Congestion Relief and Spending Act of 1990") amending the formula which allows
for adjustments in the expenditure limits under Article XIIIB. Rather than adjusting the limit
by the percentage change in the California Consumer Price Index, Proposition 111 adjusts it
by the percentage change in California Personal Income per Capita ("CPIPC"). Local
governments are given the option of using CPIPC or the change in local assessment rolls for
new, nonresidential construction as the basis for adjusting their limits. This change allows the
limits of local governments to reflect economic growth, particularly in rapidly growing
communities. Furthermore, Proposition 111 allows the averaging of two years' tax revenues
before requiring action regarding excess tax revenues.
23 000111
Low and Moderate Income Housing
Chapter 1337, Statutes of 1976, added Sections 33334.2 and 33334.3 of the Law
require redevelopment agencies to set aside twenty percent (20%) of all tax increment derived
from redevelopment project areas adopted after December 31, 1976 into a special fund for the
purpose of expanding the supply of housing available for persons or households of low and
moderate income. The 20 % set -aside for the low and moderate housing fund is based on 20 %
of gross revenues (before pass-throughs). The Agency has consistently met this obligation on
an annual basis. The low and moderate set -aside for 1991-92 is expected to be $306,916.
This low and moderate income housing requirement could be reduced or eliminated if a
redevelopment agency finds that: 1) no need exists in the community to improve or increase
the supply of low and moderate income housing; 2) that some stated percentage less than 20
percent of the tax increment is sufficient to meet the housing need; or 3) that other substantial
efforts, including the obligation of funds from state, local and federal sources for low and
moderate income housing of equivalent impact are being provided for in the community.
Chapter 1135, Statutes of 1985 amended Section 33334.4 and added Sections 33334.6
and 33334.7 to extend the requirements for redevelopment agencies to set -aside into a low and
moderate income housing fund, 20 percent (20%) of tax increment to redevelopment project
areas adopted prior to January 1, 1977, beginning with fiscal year 1985-86 revenues. An
agency may make the same findings described above to reduce or eliminate the low and
moderate income housing requirement.
Additionally, for project areas adopted prior to January 1, 1977, an agency may reduce
its low and moderate income housing deposit requirement in any fiscal year that an agency
finds that the reduction is necessary to make payments on "existing obligations", and for fiscal
years through 1995-96 only, to fund the orderly and timely completion of "public and private
projects, programs or activities. Existing obligations include any loan, advance or
indebtedness (whether funded, refunded, assumed or otherwise) incurred by an agency to
finance or refinance in whole or in part, any redevelopment project existing on, and created
prior to January 1, 1986, and contained on the statement of existing obligations of the agency
as discussed below. Public and private projects, programs and activities are those approved by
an agency prior to January 1, 1986 and contained on the statement of existing programs as
discussed below.
An agency which reduces its low and moderate income housing fund deposit
requirement due to existing obligations or the orderly and timely completion of public and
private projects, programs or activities must have adopted prior to September 1, 1986, by
resolution, after a noticed public hearing, a statement of existing obligations and or a statement
of existing programs describing each such obligation, project, program and activity.
The Project, which
1137. All debt service o
certain moneys in the Low
was adopted after 1988, is
a the Bonds is subordinate
and Moderate Income Fund.
subject to the requirements of Chapter
to the Agency's obligation to deposit
24
000112
Taxing Entity Cooperation Agreements
The Agency has entered into Cooperation Agreements (the "Agreements") with seven
() taxing entities affected by the Redevelopment Plan. These include the County of
Riverside, the Coachella Valley Community College District, the Riverside County
Superintendent of Schools, the Coachella Valley Water District, the Coachella Valley
Mosquito Abatement District. See "APPENDIX A - The Redevelopment Consultant's
Report".
25 00011.1
Authority and Personnel
The La Quinta Redevelopment Agency was activated on July 5, 1983 by Ordinance No.
34 of the City Council pursuant to the Community Redevelopment Law of California now
codified as Part 1 of Division 24 of the State of California Health and Safety Code. The City
at the same time declared itself to be the Redevelopment Agency. Currently the
Redevelopment Agency is comprised of the following members:
Agency Member Term Expires
John J. Pena, Chairman November 1992
Dale Bohnenberger, Vice Chairman November 1992
Kristy Franklin November 1994
Dr. William Rushworth November 1992
Stanley Sniff November 1994
John J. Pena - Mr. Pena earned his Bachelor of Arts degree in Criminal Justice from
California State University at Fullerton and a Juris Doctor Degree from Western State
University Law School. He is President of John Pena and Associates, a consulting firm and
Co -Owner of Sherry's Place Restaurant. Mr. Pena serves on the Board of Directors of
Sunline Transit Agency and John F. Kennedy Memorial Hospital and the Advisory Board of
La Quinta Arts Foundation. He was born and raised in the Coachella Valley.
Dale V. Bohnenberger - Mr. Bohnenberger has been a Coachella Valley resident for
sixteen years and has a Bachelor of Science Degree in civil engineering from Loyola
University in Los Angeles. He is the Deputy Chief Engineer of the Coachella Valley Water
District and is a registered Professional Engineer.
Kristy Franklin - Mrs. Franklin has resided in La Quinta for three years and has been
very active in the community. She was on the Chamber of Commerce Board for two years;
treasurer of the Friends of the Library; recording secretary of Panhellenic; and a member of
both the La Quinta Arts Foundation and the La Quinta Historical Society. Mrs. Franklin
graduated from the University of Florida with a Bachelor of Science degree in Journalism.
Since that time she has had a career in law office administration. She currently works as a real
estate salesperson with Desert Vintage Realty in La Quinta.
Dr. William Rushworth - Dr. William Rushworth is a retired doctor of veterinary
medicine. He received a Bachelor of Science degree from the University of California at
Davis in 1955. He has been a resident of Coachella Valley for fifteen years.
Stanley Sniff - Mr. Sniff has lived in the Coachella Valley and the La Quinta area since
1928. He holds a Bachelor of Arts degree in History and Government from Pomona College.
Mr. Sniff has served as President of the La Quinta Property Owners, on the Downtown
Planning Advisory Committee and as a founder and director of the La Quinta Cove
Association. He has been active in local retail, tourist and farming industries for over forty
years.
26 000114
Thomas P. Genovese - Mr. Genovese earned his Bachelor of Science degree in
Business Administration from California State Polytechnic University, Pomona and earned his
Master of Science degree in Business Administration from the same institution. He has served
in the capacity of the City's Assistant City Manager and Finance Director and as the
Redevelopment Agency's Treasurer for over four years.
Powers
The Redevelopment Agency is charged with the responsibility of eliminating blight
within the redevelopment project areas through the process of redevelopment. Generally, this
process culminates when the Redevelopment Agency must complete the process of acquiring
and assembling the necessary sites, relocating residents and businesses, demolishing the
deteriorated improvements, grading and preparing the sites for purchase by developers and
providing for ancillary off -site improvements.
All powers of the Redevelopment Agency are vested in its five members. The
Redevelopment Agency exercises governmental functions in carrying out projects and has
sufficient broad authority to acquire, develop, administer and sell or lease property, including
the right of eminent domain and the right to issue bonds, notes and other evidences of
indebtedness and expand their proceeds.
The Redevelopment Agency can clear buildings and other improvements and develop as
a building site any real property owned or acquired, and in connection with such development,
cause street, highways and sidewalks to be constructed or reconstructed and public utilities to
be installed.
Redevelopment in the State of California may be carried out pursuant to the Law.
Section 33020 of the Law defines redevelopment as the planning, development, replanning,
redesign, clearance, reconstruction or rehabilitation, or any combination of these, of all or part
of a survey area and the provision of such residential, commercial, industrial, public or other
structures or spaces as may be appropriate or necessary in the interest of the general welfare,
including recreational and other facilities incidental or appurtenant to them.
The Redevelopment Agency may, out of the funds available to it for such purposes,
pay for all part or part of the value of land and the costs of buildings, facilities, structures or
other improvements to be publicly owned, to the extent that such improvements are of benefit
to the relevant project area and no other reasonable means of financing is available. The
Redevelopment Agency must sell or lease remaining property within a project area for
redevelopment by others in strict conformity with the redevelopment plan, and may specify a
period within which such redevelopment must begin and be completed.
000115
27
Project Area Map
28 000119
Background
On November 29, 1983, following requisite studies and hearing by the Planning
Commission and the Agency, the City Council passed Ordinance No. 43 which approved and
adopted the Plan. The Plan provides for the elimination of blight and deterioration which was
found to exist in the Project Area.
Location and Surrounding Area
The Project Area encompasses 3,116 acres, or approximately 4.87 square miles
accounting for approximately seventeen percent (17%) of the total corporate area of the City.
Financial Statements
Included in this Official Statement as "APPENDIX C" are the audited financial
statements of the Agency for the year ended June 30, 1992 reproduced from the report thereon
rendered by Diehl, Evans & Company, independent accountants for the Agency.
Controls, Land Use and Building Restrictions
All real property in the Project Area is subject to the controls and restrictions of the
Plan. The Plan requires that new construction shall comply with all applicable State statutes
and local laws in effect including the City zoning ordinances and City codes for building,
electrical works, heating, ventilating, housing and plumbing. The Plan further provides that
no new improvement or addition to an existing building shall be substantially modified,
altered, repaired or rehabilitated except in accordance with architectural, landscape and site
plans submitted to and approved by the Agency.
The Plan allows commercial, industrial, residential, public and institutional uses within
the Project Area, but specifies the particular land use area in which such use is permitted. The
Agency may permit an existing but nonconforming use to remain so long as the existing
building is in good condition and is generally compatible with other surrounding development
uses. The owner of such property must be willing to enter into a participation agreement and
abide by any reasonable restriction deemed necessary to protect the development and use of the
Project Area. The owner -participant must receive prior authorization and approval from the
Agency to make additions, repairs, alterations, or other improvements to his nonconforming
use structure.
Within the limits, restrictions and controls established in the Plan, the Agency is
authorized to establish heights of buildings, land coverage, setback requirements, design
criteria, traffic circulation, traffic access and other development and design controls necessary
for proper development of both private and public segments within the Project Area.
Under certain circumstances, the Agency is authorized to permit a variation from the
limits, restrictions and controls granted which changes a basic land use or which permits other
than a minor departure from the Plan provisions. In permitting a variation, the Agency shall
impose such conditions as are necessary to protect the public health, safety or welfare, and to
assure compliance with the purposes of the Plan. Any variation permitted by the Agency shall
not supersede any other approval required under City codes and ordinances.
00o117
29
The Project is subject to the provisions of the California Environmental Quality Act
("CEQA"), Public Resources Code Sections 21000 et seq. Pursuant to CEQA, the Agency
prepared an Environmental Impact Report ("EIR") for the Project which was certified by the
Agency as apart of the Plan adopted November 29, 1983.
30 000118
Overlapping Bonded Indebtedness
The Project Area's overlapping bonded indebtedness is summarized below:
La Quinta Redevelopment Project Area #2
Statement of Direct and Overlapping Bonded Debt
June 22, 1992
1991-92 Assessed Valuationl:
Base Year Valuation:
Incremental Valuation:
OVERLAPPING BONDED DEBT:
Riverside County Board of Education
Riverside County Building Authorities
Riverside County Free Library Authority
Desert Community College District
Desert Sands Unified School District Authority
Coachella Valley Water District, I.D. #55
Coachella Valley Water District I.D. #58
TOTAL OVERLAPPING BONDED DEBT
Ratio to Base Year Valuation: 5.91 %
$251,846,911
98,388,696
$153,458,215
% Applicable
0.183 %
0.183
0.301
0.690
1.813
13.841
2.324
STATE SCHOOL BUILDING AID REPAYABLE AS OF 6/30/91: $0
Source: California Municipal Statistics.
Includes secured and unsecured assessed valuation.
Debt 3/2/92
$16,196
970,273
1,339
2,756
2,523,424
2,007,637
289,687
$5,811,312
31 00'111
Major Property Taxpayers
Twenty of the largest assessees in the Project Area for 1991-92, representing over 43 %
of the assessed value within the Project Area, and the assessed valuation of their respective
properties in the Project Area as reported by California Municipal Statistics, Inc. and the
County are provided in the following schedule:
La Quinta Redevelopment Project Area #2
Twenty Largest Local Secured Taxpayers (1991/92)
% of Total
1991/92
Assessed
Tgnayer
Assessed Value
Valuel
1.)
Wilma La Quinta Limited Partnership
$23,656,882
9.40%
2.)
North Star California Corporation
14,965,527
5.95 %
3.)
Washington Adams Limited Partnership
11,401,785
4.53%
4.)
Palm Royale Partnership
9,197, 742
3.66 %
5.)
EFP Inc.
5,186, 035
2.06 %
6.)
Santa Rosa Development Inc.
41482,346
1.78%
7.)
Dean La Quinta Limited Partnership
47249,799
1.69%
8.)
Landmark Land Company of California, Inc.
402,037
1.63 %
9.)
Triad Pacific Desert Development
3,970,197
1.58%
10.)
La Quinta Development of Jefferson and Hwy 111
3,652,620
1.45%
11.)
Miles & Adams Associates
3,216,138
1.28 %
12.)
Acacia Construction, Inc.
3,024,240
1.20%
13.)
Waring Adams Venture
218%464
1.14%
14.)
Simon Family Partnership
2,719,731
1.08%
15.)
Newco Development Company
2,631,732
1.05%
16.)
Parclaquinta
2,233,739
0.89%
17.)
A.G. Spanos Construction Inc.
21102,233
0.84%
18.)
Anne J. Mazzella
2,0401000
0.81 %
19.)
La Quinta Palms Homeowners Association
1,934,346
0.77%
20.)
Desert View Homes, Ltd.
1,635,278
0.65%
TOTAL $109,252, 871 43.44%
Existing and Proposed Project Development'
New development in the Project Area has been projected at $14,520,000 in 1992-93
(based on building permits issued between 11/90 and 10/91) and $11,532,000 in 1993-94
(based on building permits issued between 11/91 and 1/92). This increase is substantiated
based upon the following factors:
(a) Forecasted Growth: Forecasted growth assumptions for the Project Area are
based on a 2 % annual increase in assessed valuation as permitted by Article
XIIIA of the California Constitution (Proposition 13).
(b) TDC Project: Within the Project Area is the Transpacific Development
Company ("TDC") project (also known as the Highway One Eleven Project)
which consists of approximately 618,000 square feet of shops/majors/pads on
60+ acres. This major multi -use commercial center includes three major
1. Total local secured assessed valuation for 1991192 was $251, 609, 892.
2. Information under this caption has been supplied by Rosenow Spevacek Group, Inc.
and reviewed by the Agency.
32 000120
phases. This significant development located on Highway 111 between
Washington and Adams Streets will offer a multitude of integrated commercial
and retail services, specialty shops, personal services, entertainment facilities,
restaurants, and drive -through eating establishments. Significant portions of this
Project are currently in construction, have permits pulled, or have signed leases
with building plans currently in process. Therefore, the exclusion of this
Project in the tax increment projections would grossly underestimate future tax
increment projections. New development associated with this Project is
presented in Table A of "APPENDIX A - The Redevelopment Consultant's
Report. "
"Phase 1" of the TDC Project is approximately 347,000 square feet and
includes construction by the TDC partnership of certain shops and majors plus
independent pad development by Wal-Mart, Albertsons, AAA, Carl's Jr.,
IHOP, Arco, Jack -in -the -Box, Discount Tire and Speedy Lube. "Phase 1"
improvements are expected to be completed by December 1992; however, some
construction on the independent pads is progressing at a faster rate and may be
completed sooner than the expected completion date.
"Phase 2" includes approximately 131,000 square feet of space and is expected
to commence construction in September 1992. The expected completion date is
May 1993. This phase includes theatres, shops and majors.
"Phase 3" includes approximately 134,000 square feet of shops, majors and
pads. The anticipated construction start date is December 1992, and the
expected completion date is August 1993.
(c) Issued Building Permits: Historical building permit valuations are presented in
Table C of "APPENDIX A - The Redevelopment Consultant's Report." The
projections assume that building permits issued for construction in the Project
Area between November 1990 and the present will be added over the next two
years. The figures presented in Table A of "APPENDIX A - The
Redevelopment Consultant's Report" in the "new development" column are
based upon the following assumptions:
i) For fiscal year 1992-93 document building permits issued between
November 1990 through October 1991, totaling approximately $14.5
million, have been added. It is assumed that building permits issued during
this time frame will first appear on the March 1992 roll equalized by
August 1992. These permits include the Wal-Mart and Albertsons shell
construction.
ii) For fiscal year 1993-94, building .permits issued between November 1991
and May 1992, which total approximately $15.8 million have been added.
Additionally, it is assumed that the tenant improvements for Wal-Mart and
Albertsons, totaling $1.7 million, will be added to the roll as of the March
1, 1993 lien date.
iii) For fiscal year 1994-95, the new development added is $10.5 million. This
figure consists of $7.5 million for the completion of "Phase 1-TDC
Portion". Additionally, the $3.0 million of construction value associated
with the Shell Station, AAA, Carl's Jr., IHOP, Arco Station, Jack -in -the -
Box, Discount Tire, and Speedy Lube has been included.
33 000121
iv) For fiscal year 1995-96, the new development added is $11.45 million.
This includes the TDC "Phase 2" construction value of approximately $6.7
million. Furthermore, it is assumed that the "Phase 1" component
associated with TDC will be reappraised based upon its market value at
approximately $4.75 million.
v) For fiscal year 1996-97, the new development added is approximately
$9.95 million. This figure is comprised of the construction value of the
TDC "Phase 3" development which is approximately $5.3 million.
Additionally, the "Phase 2" component of TDC will reappraised based upon
its market value at approximately $4.65 million.
Because the unsecured valuations represent less than 0.5 % of the total
assessed valuation, they have been treated the same as secured valuations
throughout these projections.
34 000122
Projections of Tax Revenues
The Agency has retained Rosenow Spevacek Group, Inc., a consulting firm with
offices in Santa Ana, California, as Redevelopment Consultant to estimate the Agency's Tax
Revenues and Pled ed Tax Revenues for fiscal years 1991/92 through 2010/2011. The
Redevelopment consultant is engage principally in consulting services in California related to
redevelopment activities. Rosenow Spevacek Group, Inc., has worked with the Agency for
several years on the creation of the Development Plan for the Project Area including the
preparation of the Environmental Impact Report which was approved by the City in ,
19 .
The Agency has relied on the estimates of the Redevelopment Consultant in the
development of the Agency's financing plan and believes those estimates to be reasonable.
The Agency makes no further representation as to the validity of the assumptions, explicit or
implicit, made in such estimates, nor does it represent that estimated Pledged Tax Revenues
will be realized. The Redevelopment Consultant's projections of Tax Revenues and PledgW
Tax Revenues are set forth in Table A of "APPENDIX A - Redevelopment onsultant's
Report" .
Property Tax Increment
The property tax rate applicable within the Project Area is limited by the State
Constitution to one percent (1 %) of taxable property value plus the rate necessary to service
certain indebtedness approved by the voters (see "LIMITATIONS ON TAX REVENUES -
Property Tax Rate Limitations - Article XMA"). Tax Revenues are calculated by using the
current year's secured tax rates for secured property and the previous year's secured tax rates
for unsecured property. Tax Revenues are those amounts derived each year from the levy and
collection of taxes on any increase in the taxable valuation of land, improvements and personal
property in the Project Area over and above the base assessment roll for such property. The
table below presents a summary of the secured tax rates within the tax rate area corresponding
to the Project Area
Average Tax Rates for Project Area
for Fiscal Year 1991-92
Taxing Agency
1991-92
Countywide
1.00000
Desert Sands Unified School Districts
0.09750
Desert Community College B & I
0.00132
Coachella Valley Water District
0.03050
Coachella Valley Water District I.D. No. 55
0.03868
Coachella Valley Water District I.D. No. 58
0.00843
Coachella Valley Water District I.D. No. 58 Annex.
0.03373
Average Project Area Tax Rate
1.21016
Special Assessments: Citrus Pest Control
32.77639
Source: Riverside County Auditor -Controller.
1. The Desert Sands Unified School District is
the predominant school district in the
Project Area as it services all of the 19 tax rate
areas.
35 000123
Following is the 1988-89 base roll assessed valuation compared to the 1991-92 assessed
value for the Project and the resultant incremental taxable value of $1,534,582.
La Quinta Redevelopment Agency
La Quinta Redevelopment Project Area #2
Historical Incremental Taxable Value
Base Year
1988-89
1990-91
1991-92
Secured Valuation
Land
$65,269,743
$99,501,395
$130,208,260
Improvements
31,606,423
69,062,131
12114761063
Personal Property
297,220
128,217
128,909
Total Secured
97,173,386
168,691,743
251,813,232
Less: Exemptions
(2,294,324)
(3,360 331)
(3,409,281)
Net Secured Value
94,87%062
165,331,412
248,403,951
Unsecured Valuation
3032693
269,788
237,019
TOTAL
9571821755
165,601,200
248,640,970
Less: Base Year
(95,182,755)
(95,182,755)
(95,182,755)
Incremental
Assessed Valuation
70,418,445
153,458,215
Tax Rate
1.00 %
1.00 %
Tax Increment Revenue
$704,184
1,534,582
Unitary Utility Revenue
n/a
n/a
n/a
TOTAL REVENUE
$704,184
$195349582
Source: Rosenow Spevacek Group, Inc.
See Redevelopment Consultants Report Appendix A.
000124
36
Annual Debt Service and Projected Debt Service Coverage
Set forth on the following page is the schedule of annual debt service and projected
debt service coverage for the term of the Bonds. Projected Tax Revenues for fiscal years
1991-92 to 2010-11 are figures provided in the Redevelopment Consultant's Report attached
hereto as "APPENDIX A".
The estimates in the following table are also based on the assumption that the Agency
will not incur parity debt for the Project Area. However, it is possible that the Agency will
incur such parity debt as its Tax Revenues increase.
000127
37
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000126
38
Insurance and Ratings
The Agency has applied for municipal bond insurance and a municipal credit rating.
Information as to whether the Bonds will be insured by municipal bond insurance will be
available from the Agency's financial advisor, Fieldman, Rolapp & Associates, Irvine,
California, or from the Underwriter, Westhoff, Martin & Associates, Lafayette, California. If
insurance is obtained and purchased by the Agency, the Official Statement will be changed to
reflect the insurance carrier's comments.
Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's Corporation
("S&P") have given the Bonds the ratings of and , respectively. Such ratings
reflect only the views of such organizations and an explanation of the significance of such
ratings may be obtained from Moody's and S&P. There is no assurance that such ratings will
continue for any given period of time or that such ratings will not be revised downward or
withdrawn by either organization or both of them, if in their respective judgments
circumstances so warrant. Any such downward revision or withdrawal of such ratings or
rating may have an adverse impact on the market price of the Bonds.
Legal Opinion
The opinion of Stradling, Yocca, Carlson & Rauth, a Professional Corporation,
Newport Beach, California, Bond Counsel, approving the validity of the Bonds and stating that
interest on the Bonds is excludable from gross income for federal income tax purposes and
such interest is also exempt from personal income taxes of the State of California under
present State income tax laws, will be furnished the purchaser at the time of delivery of the
Bonds at the expense of the Agency. A copy of such opinion, certified by an officer of the
Agency by his facsimile signature, will be printed on the back of each definitive Bond. No
charge will be made to the purchaser for such printing or certification.
The legal opinion is only as to legality and is not intended to be nor is it to be
interpreted or relied upon as a disclosure document or an express or implied recommendation
as to the investment quality of the Bonds.
Tax Exempt Status
It is possible that, as a result of the facts described above, and certain other facts, that
all of the Bonds will constitute a single composite issue of bonds for certain federal income tax
purposes relating to the exclusion from gross income of interest on the Bonds. If all of the
Bonds were ultimately determined to constitute a single composite issue of bonds for certain
federal income tax purposes relating to the exclusion from gross income of interest on those
bonds, an event associated with some of the Bonds might cause interest on all of the Bonds to
become subject to federal income taxation, possibly from the date of issuance of the Bonds.
In the opinion of Stradling, Yocca, Carlson & Rauth, a Professional Corporation,
Newport Beach, California, Bond Counsel, under existing statutes, regulations, rulings and
judicial decisions, interest paid on the Bonds is excluded from gross income for federal income
tax purposes, and is not an item of tax preference for purposes of calculating the federal
alternative minimum tax imposed on individuals and corporations. In the further opinion of
Bond Counsel, interest on the Bonds is exempt from State of California personal income tax.
Bond Counsel notes that, with respect to corporations, interest on the Bonds may be included
39 ()00127
in as an adjustment in the calculation of alternative minimum taxable income which may effect
the alternative minimum tax liability of such corporations.
Bond Counsel's opinion as to the exclusion from gross income of interest with respect
to the Bonds is based upon certain representations of fact and certifications made by the
District, the Underwriter and others and is subject to the condition that the Agency comply
with all requirements of the Internal Revenue Code of 1986, as amended (the "Code"), that
must be satisfied subsequent to the issuance of the Bonds to assure that interest with respect to
the Bonds will not become includable in gross income for federal income tax purposes.
Failure to comply with such requirements of the Code might cause interest with respect to the
Bonds to be included in gross income for federal income tax purposes retroactive to the date of
issuance of the Bonds. The Agency has covenanted to comply with all such requirements.
Bond Counsel's opinions may be affected by actions taken (or not taken) or events
occurring (or not occurring) after the date hereof. Bond Counsel has not undertaken to
determine, or to inform any person, whether any such actions or events are taken or do occur.
Although Bond Counsel has rendered an opinion that interest with respect to the Bonds is
excluded from gross income for federal income tax purposes provided that the Agency
continues to comply with certain requirements of the Code, the ownership of the Bonds and
the accrual or receipt of interest with respect to the Bonds may otherwise affect the federal
income tax liability of certain persons. Bond Counsel expresses no opinion regarding any such
tax consequences. Accordingly, before purchasing any of the Bonds, all potential purchasers
should consult their tax advisors with respect to collateral tax consequences with respect to the
Bonds.
No Litigation
On the date of original delivery of the Bonds, the Agency will deliver, or cause to be
delivered, a certificate stating that there is no litigation of any nature pending or, to its
knowledge, threatened, restraining or enjoining, or seeking to restrain or enjoin, the delivery,
sale, execution or delivery of the Bonds, or in any way contesting or affecting the validity of
the Bonds or any authority with respect to their delivery or the pledge or application of any
monies or security provided for the payment of the Bonds or the existence or powers of the
Agency which would materially and/or adversely affect the validity of the Bonds or the
Indenture.
Covenants of the Agency Regarding Arbitrage and Rebate
The Agency has covenanted in the Indenture to take all actions necessary to comply
with the provisions of the Internal Revenue Code of 1986, as amended, with respect to
arbitrage and rebate of investment earnings to the United States of America, all as set forth in
the Indenture.
Consent of Independent Public Accountants
Diehl, Evans & Company has consented to the inclusion in "APPENDIX C" hereto of
their report dated , 1992, as it relates to their audit of the financial statements of the
City and the Agency, to the extent and for the periods indicated in their report. Such audited
financial statements have been included in reliance upon such report and presented upon the
authority of Diehl, Evans & Company as experts in auditing and accounting.
40 000128
Underwriting
The Bonds are to be purchased by Westhoff, Martin & Associates, as Underwriter, at
an aggregate discount of $ plus accrued interest from the initial public offering
prices set forth on the cover of this Official Statement. The Underwriter is committed to
purchase all the Bonds if any are purchased. The Underwriter may offer and sell Bonds to
certain dealers (including dealers depositing Bonds into investment trusts) and others at prices
lower than the offering prices stated on the cover of this Official Statement. After the initial
public offering, the public offering prices of the Bonds may be changed from time to time by
the Underwriter.
Other Information
Copies of the Trust Indenture and other documents and other information are available
upon request and payment to the Agency of a charge for copying, mailing and handling. Such
requests should be addressed to: La Quinta Redevelopment Agency, P.O Box 1504, 78-105
Calle Estado, La Quinta, California 92253.
Miscellaneous
All the preceding summaries of applicable legislation, agreements and other documents
are made subject to the provisions of such document and do not purport to be complete
statements of any or all of such provisions. Reference is hereby made to such documents on
file with the Agency for further information in connection therewith.
Any statements made in this Official Statement involving matters of opinion or of
estimates, whether or not expressly stated, are set forth as such and not as representations of
fact, and no representation is made that any of the estimates will be realized.
The execution and delivery of this Official Statement has been duly authorized by the
Agency.
LA QUINTA REDEVELOPMENT AGENCY
By: /s/ John J. Pena
Chairman
41 00012q
APPENDIX A
REDEVELOPMENT CONSULTANT'S REPORT
000130
July 14, 1992
Mr. Thomas Genovese, Assistant City Manager
LA QUINTA REDEVELOPMENT AGENCY
78-105 Calle Estado
P.O. Box 1504
La Quinta, California 92253
LA QUINTA REDEVELOPMENT PROJECT AREA NO. 2 TAX INCREMENT
PROJECTIONS
Dear Mr. Genovese:
Rosenow Spevacek Group, Inc. ("RSG") is pleased to present this report of projected tax
increment revenues for the Redevelopment Project Area No. 2 ('Project Area"). The
following tables are presented as attachments to this letter:
Table A: Summary of Tax Increment Projections
Table B: Historical Assessed Valuations
Table C: Summary of Building Permit Valuations
Project taxable valuations and tax revenues in this report are based on assumptions
formulated from the following information:
1. historical growth trends;
2. trended growth in valuation as permitted by Article XIIIA of the
California Constitution;
3. construction activity in progress in the Project Area;
4. assessment and apportionment procedures of Riverside County;
5. tax allocation agreements between the Redevelopment Agency and
certain taxing agencies.
The purpose of these projections is to substantiate the availability of tax increment
generated by the Project Area to secure debt service requirements for the proposed Tax
Allocation Bonds, Series 1992. Revenue projections have been conservatively estimated in
order to reduce the possibility of overstating future tax increments.
000131
Mr. Thomas Genovese, Assistant City Manager
LA QUINTA REDEVELOPMENT AGENCY
July 14, 1992
Page 2
BACKGROUND AND ASSUMPTIONS
1. Assessed Valuations: The most current source of information used is the 1991-92
tax rolls for Riverside County. The Riverside County Auditor -Controller has
provided the current year, base year and previous years' valuation figures for the
Project Area. Historical assessed valuation information for the Project Area is
presented in Table B.
2. Base Year Valuation: The 1988-89 base year valuation for the Project Area as
reported by the Auditor -Controller of Riverside County is:
Local Secured $94,879,062
Unsecured 303,693
$95,182,755
3. Growth Assumptions: The revenue projections presented on Table A include three
components: the "forecasted growth", the "TDC Project" and "issued building
permits". Discussion of each component follows.
a. Forecasted Growth: Forecasted growth assumptions for the Project Area
are based on a 2% annual increase in assessed valuation as permitted by
Article XIIIA of the California Constitution (Proposition 13).
b. TDC Project: Within the Project Area is the Transpacific Development
Company (TDC) project (also known as the Highway One Eleven Project)
which consists of approximately 618,000 square feet of shops/majors/pads on
60+ acres. This major multi -use commercial center includes three major
phases. This significant development located on Highway 111 between
Washington and Adams Streets will offer a multitude of integrated
commercial and retail services, speciality shops, personal services,
entertainment facilities, restaurants, and drive through eating establishments.
Significant portions of this Project are currently in construction, have permits
pulled, or have signed leases with building plans currently in process.
Therefore, the exclusion of this Project in the tax increment projections
would grossly underestimate future tax increment projections. New
development associated with this Project is presented in Table A.
"Phase 1" of the TDC Project is approximately 347,000 square feet and
includes construction by the TDC partnership of certain shops and majors
plus independent pad d&66pment by Wal-Mart, Albertson, AAA, Carl's
Jr., IHOP, Arco, Jack -in -the -Box, Discount Tire and Speedy Lube. "Phase 1"
"aq-tz0 0 013
Mr. Thomas Genovese, Assistant City Manager
LA QUINTA REDEVELOPMENT AGENCY
July 14, 1992
Page 3
improvements are expected to be completed by December 1992; however,
some construction on the independent pads is progressing at a faster rate and
may be completed sooner than the expected completion date.
"Phase 2" includes approximately 131,000 square feet of space and is
expected to commence construction in September 1992. The expected
completion date is May 1993. This phase includes theatres, shops and
majors.
"Phase 3" includes approximately 134,000 square feet of shops, majors and
pads. The anticipated construction start date is December 1992, and the
expected completion date is August 1993.
C. Issued Building Permits: Historical building permit valuations are
presented in Table C. The projections assume that building permits issued
for construction in the Project Area between November 1990 and the present
will be added over the next two years. The figures presented in Table A in
the "new development" column are based upon the following assumptions:
o For fiscal year 1992-93 document building permits issued between
November 1990 through October 1991, totaling approximately $14.5
million, have been added. It is assumed that building permits issued
during this time frame will first appear on the March 1992 roll equalized
by August 1992. These permits include the Wal-Mart and Albertson
shell construction.
o For fiscal year 1993-94, building permits issued between November 1991
and May 1992, which total approximately $15.8 million have been added.
Additionally, it is assumed that the tenant improvements for Wal-Mart
and Albertsons, totaling $1.7 million, will be added to the roll as of the
March 1, 1993 lien date.
o For fiscal year 1994-95, the new development added is $10.5 million.
This figure consists of $7.5 million for the completion of "Phase 1-TDC
Portion." Additionally, the $3.0 million of construction value associated
with the Shell Station, AAA, Carl's Jr., IHOP, Arco Station, Jack -in -the -
Box, Discount Tire, and Speedy Lube has been included.
o For fiscal year 1995-96, the new development added is $11.45 million.
This includes the TDC "Phase 2" construction value of approximately
$6.7 million. Furthermore, it is assumed that the "Phase 1" component
associated with TDC will be reappraised based upon its market value at
approximately $4.75 million.
,,,y,,;,,.,Pam - 000133
Mr. Thomas Genovese, Assistant City Manager
LA QUINTA REDEVELOPMENT AGENCY
July 14, 1992
Page 4
o For fiscal year 1996-97, the new development added is approximately
$9.95 million. This figure is comprised of the construction value of the
TDC "Phase 3" development which is approximately $5.3 million.
Additionally, the "Phase 2" component of TDC will reappraised based
upon its market value at approximately $4.65 million.
Because the unsecured valuations represent less than 0.5% of the total
assessed valuation, they have been treated the same as secured
valuations throughout these projections.
4. Tax Rate: The projections assume a .01 tax rate.
5. Tax Collection Fee/Delinquencies/Supplemental Roll: Actual tax increment
receipts will be reduced to reflect the tax collection charge levied by the County of
Riverside. Receipts will be increased by the amount of supplemental roll revenue.
Because these costs/revenues cannot be accurately projected, no provision is made
to reflect their impact on future revenues. Historically, the Agency has usually
received more supplemental revenues than offsets for fees. The County of
Riverside does not deduct the impact of tax delinquencies from the payment of tax
increment to the Agency.
TAXING ENTITY COOPERATION AGREEMENTS
The Agency has entered into Cooperation Agreements ("Agreements") with seven (7)
taxing entities affected by the Redevelopment Plan. These include the County of Riverside,
the Coachella Valley Community College District, the Riverside County Superintendent of
Schools, the Coachella Valley Water District, the Coachella Valley Recreation and Park
District, the Desert Sands Unified School District, and the Coachella Valley Mosquito
Abatement District. The effect of each pass -through agreement is summarized as follows:
The County of Riverside: The agreement provides for the Library District (2.8% share)
and Fire District (6.02% share) to receive 100% of their respective pass -through share.
Until annual increment reaches $5 million, the Agency shall retain 50% of the County
General Fund (25.53% share) increment (25.53% x .5 = 12.765%). After the threshold
level is reached, 100% of the County General Fund revenues are to be passed -through.
The obligation is a debt of the Agency, however, the County Auditor -Controller shall make
payments prior to allocating to Agency. There is no subordination of the pass -through
amounts. The agreement is mute on the 20% housing set -aside issue. The pass -through
factor is 21.585% (2.8 + 6.02 + 12.765) until year 2000-01 when it is projected that the
estimated annual tax increment will exceed $5 million, at which time the pass -through
factor will be 34.35%o.
\Uq-t,,p&20a- 0 7113 4
Mr. Thomas Genovese, Assistant City Manager
LA QUINTA REDEVELOPMENT AGENCY
July 14, 1992
Page 5
Coachella Valley Commune College District: The agreement provides that the District
shall receive 50% of its share of 7.72%. Therefore, the pass -through factor is 3.86%. The
agreement is mute on the 20% housing set -aside issue.
Riverside Count Superintendent of Schools: The agreement provides that the District
shall receive 50% of its share of 4.18%. Therefore, the pass -through factor is 2.09%. The
agreement is mute on the 20010 housing set -aside issue.
Coachella Valley Water District: The agreement provides that the District shall receive
100% of its 7.67%. The agreement provides for these payments to be made directly by the
County Auditor -Controller. This should be verified prior to issuing any checks to the
District. The agreement is mute on the 20% housing set -aside issue.
Coachella Valley Recreation and Park District: The agreements provides that the Agency
shall retain 100% of the District's portion (2.13%), however, the revenue (or equivalent
revenue from other sources) must be expended on identified park -related capital
improvements. The agreement is mute on the 2017c housing set -aside issue. The
projections identify the District's portion to be allocated to a "Parks and Recreation Fund'.
Desert Sands Unified School District: The agreement provides that the Agency shall retain
100% of the District's share (37.16%) of which 50% may be used for road, flood and other
public improvements, and 50% shall be used to fund construction of the District's
administration center, high school or other facilities. The projections show 50% of the
District's share (18.58%) to be allocated to a "Desert Sand School District Project Fund".
This agreement is mute on the 20% housing set -aside issue.
Coachella Valley Mosquito Abatement District: The agreement provides that the District
receive 100% of its pass -through which is 1.14%. The agreement is mute on the 20%
housing set -aside issue.
LOW AND MODERATE INCOME HOUSING SET -ASIDE
California Redevelopment Law requires the Agency to set aside 20010 of the tax revenues
received by the Agency into a special fund for the purpose of expanding the supply of
housing available for persons or households of low and moderate income. Table A reflects
the Agency 20% set aside for the low and moderate housing fund based upon 20% gross
revenue (before pass-throughs). The Agency has consistently met this obligation on an
annual basis. The low and moderate set -aside for 1991-92 is expected to be $306,916.
While RSG has taken precaution to assure the accuracy of the data used in the formulation
of these projections, we cannot insure that projected valuations will, in fact, be realized
,Uq-M 0 0 013 5
Coachella Valley Mosquito Abatement District: The agreement provides that the District receive
100% of its pass -through which is 1.14%. The agreement is mute on the 20% housing set -aside issue.
LOW AND MODERATE INCOME HOUSING SET -ASIDE
California Redevelopment Law requires the Agency to set aside 20% of the tax revenues received by
the Agency into a special fund for the purpose of expanding the supply of housing available for
persons or households of low and moderate income. Table A reflects the Agency 20% set -aside for the
low and moderate housing fund based upon 20% gross revenue (before pass-throughs). The Agency
has consistently met this obligation on an annual basis. The low and moderate set -aside for 1991-92 is
expected to be $306,916.
000136
Mr. Thomas Genovese, Assistant City Manager
LA QUINTA REDEVELOPMENT AGENCY
July 14, 1992
Page 6
because actual values may be affected by future events and conditions that cannot be
controlled or predicted with certainty.
We hope this information provides you with an adequate basis for determining the capacity
of the Project Area to meet debt service requirements for the proposed issuance of tax
allocation bonds. We are available to answer any questions that you may have or to update
the projection if new information requires such updating.
Sincerely,
ROSENOW SPEVACEK GROUP, INC.
MMI V
Kathleen Rosenow
Principal
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TABLE B
HISTORICAL ASSESSED VALUATION
LA QUINTA REDEVELOPMENT PROJECT AREA NO.2
Base Year %
1988.89 1990.91 CHANGE 1991-92
ANNUAL ASSESSED VALUATION
SECURED
Land
$65,269,743
S99,501,395
30.86%
$130,208,260
Improvements
$31,606,423
$69,06Z131
75.89%
$121,476,063
Personal Property
$297=0
$128,217
0.54%
$128,909
Less Other Exanptions
$2,294,324
$3,360,331
1.46%
$3,409,281
NET ASSESSED VALUE
$94,879,062
$165,331,412
50.25%
$248,403,951
UNSECURED
$303,693
$269,788
-12.15%
$237,019
TOTAL
595,182,755
$165,601,200
50.14%
$248,640,970
Less Base Year
$95,182,755
$95,182,755
$95,182,755
INCREMENTAL ASSESSED VALUATION
S70,418,445
117.92%
$153,458,215
Tax Rate
1.00%
1.00%
TAX INCREMENT REVENUE
$704,184
117.92%
$1,534,582
UNITARY UTILITY REVENUE
n/a
n/a
n/a
TOTAL REVENUE
$704,184
$1,534,582
ACTUAL REVENUE RECEIVED
000139
TABLE C
SUMMARY OF BUILDING PERMIT VALUATION
LA QUINTA REDEVELOPMENT PROJECT AREA NO.2
SOURCE CITY OF LAQUINTA BUILDING DEFARTr1ENT RECORDS
MONTH 1989 1990 1991 1992
JANUARY
$242,300
$5,789,214
S1,621,801
S1,212,307
FEBRUARY
SO
$150,658
SO
SO
MARCH
S4,473,998
$9,013,821
S1,940,389
51,510,644
APRIL
5306,745
S14,421,205
$2,856,673
$772,994
MAY
$595,635
S12,380,638
$2,438,773
$1,983,483
JUNE
$7,908,113
S1,016,603
S2,634,986
JULY
$382,443
S6,970,580
$471,685
AUGUST
$3,015,147
$920,110
SO
SEPTEMBER
$1,619,633
$4,741,983
$400,102
OCTOBER
$9,319,190
S2,854,518
$886,674
NOVEMBER
$1,951,857
S360,077
S2,155,318
DECEMBER
$387,646
S908,834
S8,163,931
TOTALS
S30,202,707
$59,528,241
$23,570,332
S5,479,428
Lquinu\budd92als
1-1u492
000140
APPENDIX B
INFORMATION REGARDING THE CITY OF LA QUINTA
AND THE COUNTY OF RIVERSIDE
00014T
APPENDIX B
I INFORMATION REGARDING THE CITY OF LA OUINTA
La Quinta General Background
For centuries before Columbus, the area which is now La Quinta was the winter home
of the Cahuilla Indians. The history of modern La Quinta began with the construction of the
La Quints Hotel in 1926, and La Quinta became a retreat for discriminating seclusion -seekers
from Hollywood and around the world. It was incorporated as a City in 1982 and today,
encompassing an area of 23 square miles, and with a population of 12,950, La Quinta is one of
California's fastest growing cities. Surrounded by the Santa Rosa Mountains, La Quinta is
home to the PGA West Golf Resort. The desert area attracts a high -end market of over 2
million tourists each year, all with substantial disposable income and the time to shop. As a
year-round multi -recreational resort community, it attracts golf and tennis enthusiasts from all
over the world.
Location.
Located in the Coachella Valley, La Quinta is 20 miles from Palm Springs and 127
miles from Los Angeles.
Climate.
CITY OF LA QUINTA
Climate
Average Temperature
Rain
Humidity
Period
Mn. °
Mean
Max. °(Inches)
Daffy Average
January
37.8
54.1
70.4
.538
April
57.0
72.3
87.5
.1
32
July
76.9
92.1
107.2
.12
37
October
58.7
75.5
92.2
.23
37
Annual
57.2
73.1
89.0
3.38
36
Prevailing winds: Northwest 7 m.p.h.
Source: National Weather Service
Government and Administration.
The City of La Quinta was incorporated on May 1, 1982 and has established a
council/manager form of government. The City Council is comprised of five members elected
for four-year alternating terms. The mayor is selected from among its membership each year.
Currently, an interim City Manager serves the City until the appointment of a full -tune
manager by the City Council, anticipated to occur in the fall of 1992.
B - 1 000142
Economic Growth and Trends.
La Quinta is a resort -oriented community, featuring a major resort hotel, several
country clubs and several golf courses. Developments currently being planned are lake and
golf -course oriented. Outdoor recreation activities such as hiking and camping are also
enjoyed in the area. The community is expanding rapidly as evidenced by the completion of
three major country clubs and a fourth under construction. All four projects include housing,
condominiums, restaurants, golf and tennis facilities. Retail trade is expanding; a small
shopping center has been completed with a grocery store, drug store, several small shops and
two restaurants, and an automobile dealership has relocated to La Quinta from Indio.
The following chart shows a population comparison among the City of La Quinta,
County of Riverside and the State of California during the past seven years.
POPULATION COMPARISON
(as of January 1)
City of
County of
State of
Year
La Ouinta
Riverside
California
1992
14,850
1,289,700
30,989,000
1991
13,050
17231,900
30,321,000
1990
11,827
11110,000
29,473,000
1989
10,200
11024,600
28,701,000
1988
9,275
946,100
271996,000
1987
8,200
915,400
27,662,900
1986
7,175
860,000
27,001,000
Source: State Board of Equalization
The following table shows a six year increase in taxable transactions for the City of La
Quinta with evidence of continued growth.
CITY OF LA QUINTA
Taxable Sales
($000)
Number
Taxable
Year
of Permits
Transactions
19911
203
$36,003
1990
182
66,916
1989
267
349420
1988
112
45,043
1987
114
42,717
1986
100
36,331
1985
99
329486
1984
94
281208
Source: State Board of Equalization
Figures quoted are through the second quarter, 1991.
0GO143
The following table shows five years of steady growth in the construction of new
residential and non-residential buildings.
CITY OF LA QUINTA
Building Permit Valuations
(Valuations in $000's)
1988 1989 1990 1991 19921
New Residential
Single Fam. Dwelling
$124,026
$89,639
$128,132
$38,321
$51842
Multi-Fam. Dwelling
0
2,171
9,703
0
0
Alter./Adds.
780
790
623
844
74
Total New Residential
$124,806
$92,600
$138,458
$39,165
$5,916
Non -Residential
New Commercial
$16,023
$ 2,813
$ 18
$ 0
$ 0
New Industrial
0
0
0
0
0
New Other Valuation
27400
22572
41594
3,307
429
Alter./Adds.
118
185
233
71
0
Total Non -Residential
$18,541
$ 5,570
$ 4,845
$ 3,378
$ 429
TOTAL VALUATIONS
$143,347
$98,170
$1439303
$42,543
$6,345
Source: "California Construction Trends", Security Pacific Bank (and the City of La Quinta
for the 1989 and 1990 figures).
General Plan/Zoning
The land within the City of La Quinta is approximately zoned as follows:
Industrial:
0 acres
Institutional:
120 acres
Commercial:
1,240 acres
Residential:
12,320 acres
1. Through March 31, 1992.
B - 3 OHM
Industry.
La Quinta is currently creating master development plans for the 75-acre downtown
area. With 66 % remaining to be developed, this La Quinta Corridor is the only large area still
open for commercial development on Highway 111 between Palm Springs and Indio.
Labor Force.
As of June, 1990, the nineteen non -management City -government employees of the
City of La Quinta have formed the La Quinta Employee's Association. In July 1985, the City
Council adopted Resolution No. 85-56 acknowledging the formation of the Association. The
City Manager, serves as the employee relation's officer.
The following listing sets forth the top employers in the City of La Quinta
CITY OF LA QUINTA
Top Private Employers
and Number of Employees
(as of 1991)
Approx. No.
Employer
of Employees
Type of Business
Eisenhower Medical Center
1,042
Private medical center
Sun World, Inc.
500
Produce processing
Marriott Hotel
475
Resort hotel
Massey Sand and Rock
350
Ready -mix concrete
La Quinta Hotel and Golf Resort
300
Resort hotel
JFK Memorial Hospital
300
Private medical center
PGA West
200
Golf resort
Source: Inland Empire Resource Guide, 1992.
90°01 43
The following table sets forth the ten largest employers located within the Inland
Empire:
Company
Stater Bros, Markets
Loma Linda University
Medical Center
General Dynamics
Kaiser Permanente
GTE CA, Inc.
Rohr Industries
Lockheed Aircraft
Services
San Antonio
Community Hospital
Press Enterprise Co.
Sunkist Growers
INLAND EMPIRE
Largest Employers
(in 1991)
Location Product/Service
Throughout Supermarket Chain
Loma Linda Health Care
Rancho Cucamonga
Fontana
Throughout
Riverside
Ontario
Upland
Source: Inland Empire Resource Guide, 1992.
Aerospace/Air-craft
Health Care
Telecommunications
Aerospace
Aerospace
Health Care
Newspaper
Citrus Products
Employees
9,800
4,700
4,500
3,588
3,500
3,300
2,200
1,995
1,400
950
B - 5 00 014q.
Direct and Overlapping Bonded Indebtedness
The City's direct and overlapping bonded indebtedness is summarized below:
CITY OF LA QUINTA
STATEMENT OF DIRECT AND OVERLAPPING BONDED DEBT
June 22, 1992
1991-92 Assessed Valuation: $491,052,304 (after deducting $1,106,674,392 redevelopment incremental
valuation)
DIRECT AND OVERLAPPING BONDED DEBT:
Riverside County Board of Education
Riverside County Building Authorities
Riverside County Free Library Authority
Desert Community College District
Desert Sands Unified School District Authority
Coachella Valley County Water District I.D. #55
Coachella Valley County Water District I.D. #58
City of La Quinta
City of La Quinta 1915 Act Bonds
TOTAL DIRECT AND OVERLAPPING BONDED DEBT
% Applicable
Debt 3/2/92
0.913 %
$80,801
0.913
4,8409763
1.504
69693
3.443
13,772
9.048
12,593,459
71.991
101442,295
4.079
508,447
100.000
-- (1)
100.000
5,260,866
$33,747,096 (2)
(1) Excludes issue to be sold
(2) Excludes tax and revenue anticipation notes, revenue, mortgage and tax allocation bonds and non -
bonded capital lease obligations.
Ratios to Assessed Valuation:
Direct Debt - %
Total Debt 6.87 %
Coachella Valley County Water District, I.D. #58................................. $252,898
STATE SCHOOL BUILDING AID REPAYABLE AS OF 6/30/91: $0
Source: California Municipal Statistics.
B-6
000147
The following information reflects the utility providers and transportation facilities that
serve the City of La Quinta and the surrounding area.
Utilities.
CITY OF LA QUINTA
Electricity: Imperial Irrigation District
Gas: Southern California Gas Company
Telephone: General Telephone
Water: Coachella Valley Water District
Sewer Service: Coachella Valley Water District
Transportation.
Rail: Southern Pacific - 1 per day
Truck: 8 carriers; direct daily service
Overnight Delivery To: Los Angeles, San Francisco, San Diego, Phoenix
Air: Palm Springs Municipal Airport, 17 miles northwest
Education.
The educational needs of La Quinta are met by three public elementary schools, one
junior high school, and three high schools, all a part of the Desert Sands Unified School
District. Post -secondary education is served by College of the Desert, Chapman College,
California State University, San Bernardino Extension, Ambitron Computer Technology,
Propper College and Professional Career College.
Community Services.
La Quinta has two Immediate Care facilities and a senior citizens' center within the
City limits, with approved plans for expanding medical services to the City. A 112 bed
general hospital is located in Indio, 8 miles to the northeast.
The City is served by three churches, seven radio stations, two TV channels, one TV
cable system, one savings and loan bank, and two full -service banks. Recreational facilities
include major resort hotels, several country clubs, several golf courses and Lake Cahuilla
Regional Park. The La Quinta Arts Festival and La Quinta Classic Jazz Festival are held
annually in March. The Bob Hope Chrystler Classic and the Skins Game are nationally
acclaimed golfing events which are held yearly in the City.
iM
II. INFORMATION REGARDING THE COUNTY OF RIVERSIDE
Introduction
Riverside County was organized in 1893 from territory in San Bernardino and San
Diego counties and encompasses 7,243 square miles. The County is bordered on the north by
San Bernardino County, on the east by the State of Arizona, on the south by San Diego and
Imperial Counties, and on the west by Orange and Los Angeles Counties. There are 24
incorporated cities in Riverside County.
Organization
Riverside County is a general law county divided into five supervisorial districts on the
basis of registered voters and population. The County is governed by a five -member Board of
Supervisors, elected by district. Members serve alternating four-year terms and the chairman
is elected by the Board members.
County administration includes appointed and elected officials, boards, commissions
and committees which assist the Board of Supervisors.
The County provides a wide range of services to residents, including police and fire
protection, medical and health services, education, library services, judicial institutions and
public assistance programs.
Some municipal services are provided by the County on a contract basis to incorporated
cities within its boundaries. These services are designed to allow cities to contract for
municipal services such as police and fire protection without incurring the cost of creating city
departments and facilities. Services are provided to the cities at cost by the County.
Geography
Three distinct geographical areas characterize Riverside County: the western valley
area, the higher elevations of the mountains, and the deserts. The western valley and the San
Jacinto mountains and the Cleveland National Forest experience the mild climate typical of
Southern California. The eastern desert areas experience warmer and drier weather
conditions.
The following table demonstrates the growth in median household income for the County
and two cities in the County:
Estimated Median Household Income
Year 1989
Percent of
Median Households
Household over
Income $25,000
Year 1990
Percent of
Median Households
Household over
Income $25,000
Palm Springs $29,655 55 $29,229 55
Riverside 33,650 60 36,788 65
Riverside Co. 27,476 54 29,166 56
Source: Donelly Marketing Information Services - Market Profile Analysis
000149)
The following table lists the taxable values of cities throughout Riverside County for
the fiscal years 1990/91 and 1991/92.
CITIES IN RIVERSIDE COUNTY
Taxable Values 1989/90-1990/91
(in millions of dollars)
Assessed
Assessed
value
Value
Cities
1990-91
1991-92
Banning
$ 584.49
$ 672.19
Beaumont
285.60
318.89
Blythe
178.38
198.32
Cathedral City
1,389.52
1,578.05
Coachella
288.88
326.84
Corona
4,302.14
4,925.35
Desert Hot Springs
373.78
411.98
Hemet
1,381.77
1,607.26
Indian Wells
1,558.97
1,721.14
Indio
1,027.54
1,102.98
Lake Elsinore
799.72
976.70
La Quinta
1,281.89
1,597.73
Moreno Valley
4,535.95
5,091.97
Norco
770.48
842.57
Palm Desert
3,143.86
3,388.34
Palm Springs
3,777.25
3,991.77
Perris
858.70
1,032.24
Rancho Mirage
2,370.87
2,607.24
Riverside
8,025.59
8,672.89
Temecula
2,220.64
2,612.67
San Jacinto
484.49
600.13
Source: Riverside County Assessor's Office.
Building Activity.
The following tables provide a summary of building permit valuations and number of
new dwelling units authorized in the County (in both incorporated and unincorporated areas)
since 1986. The high for single family building permits occurred in 1988. Moreno Valley,
Temecula and Coachella Valley are centers of economic activity and have experienced high
rates of growth in housing. The rate of growth since 1990 has been substantially less than that
experienced in 1987, 1988 and 1989
000150
RIVERSIDE COUNTY
Building Permit Valuations
(in thousands)
1986
1987
1988
1989
1990 1991
Residential
$1,5291954
$1,536,664
$3,179,633
$2,720,802
$1,638,584$1,040,780
Nonresidential
5311158
495,379
494,350
569,804
438,676 368,369
Improvement
97,761
118,699
122,709
168,031
546.164 424,679
Permits
TOTAL $2,150,742 $2,150,742 $3,796,692 $3,458,637 $2,618,424$1,833,828
Source: County of Riverside, Department of Building and Safety.
RIVERSIDE COUNTY
Number of New Dwelling Units
(in thousands)
1986 1987 1988 1989 1990
1991
Single Family 14,058 13,899 20,689 229008 129309
7,526
Multifamily 9,885 4,048 5,807 3,692 2,888
926
TOTAL 23,943 179947 35,496 25,700 151197
8,452
Source: County of Riverside, Department of Building and Safety.
Employment and Industry
The County of Riverside is part of the Riverside -San Bernardino -Ontario
Primary
Metropolitan Statistical Area ("PMSA") which includes all of Riverside and San Bernardino
counties. In addition to varied manufacturing employment, the PMSA has large and
growing
commercial and service sector employment, as reflected in the following table:
000151
RIVERSIDE-SAN BERNARDINO-ONTARIO PMSA
Labor Market Survey
(000's)
Total All Industries'
Agriculture
Mining
Construction
Manufacturing
Transportation/Utilities
Wholesale Trade
Retail Trade
Finance, Insurance, Real
Estate
Services
Government
1990
1989
1988
1987
761.6
706.0
648.6
653.8
21.7
23.4
23.3
23.7
1.4
1.4
1.2
1.2
67.5
65.2
51.9
52.6
89.8
88.4
83.4
83.3
35.4
33.0
31.4
31.7
32.4
26.7
22.0
22.0
151.8
142.2
136.6
139.8
32.6
28.7
26.6
26.9
179.5
159.3
147.9
148.4
149.5
137.7
124.3
124.2
Overall, in the past six years, through 1990, total employment rose 33.6 % while
population increased 38.6% in Riverside County. As of January 1, 1991, unemployment in
the PMSA was 8.1 % compared to 6.6 % for the United States.
Labor statistics for Riverside County are not available by industry; however, general
unemployment data for Riverside County shows an unemployment rate of 9.7% as of
December 1991.
Source: State of California Department of Finance and State of California Employment
Development Department.
Environmental Control Services
Water Suooly: The County obtains a large part of its water supply from groundwater
sources. As in most areas of Southern California, this groundwater resource is not entirely
sufficient to meet demand and is supplemented by imported water. At the present time, the
means used are aqueducts, including the Colorado River Aqueduct, the All American Canal,
and the California State Water Project. The two largest water districts in the County, the
Western Municipal Water District and the Eastern Municipal Water District, were formed for
the primary purpose of supplying supplemental water to the cities and agencies within their
areas.
Flood Control: Primary responsibility for planning and construction of flood
control and drainage systems within the County is provided by the Riverside County Flood
Control and Water Conservation District and the Coachella Valley Storm Water Unit.
Sewage: There are ten wastewater collection and treatment agencies in the west
County area, eleven in the Coachella Valley area and six in the Palos Verde area. Most
residents in the rural unsewered areas of the County rely upon septic tanks and leach fields as
an environmentally acceptable method for sewage disposal.
1. Totals may not add due to rounding.
B-11
000152
APPENDIX C
AGENCY AUDITED FINANCIAL STATEMENTS
(1990/91)
000153
LA QUINTA REDEVELOPMENT AGENCY
COMPONENT UNIT
FINANCIAL STATEMENTS
WITH REPORT ON AUDIT
BY INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
JUKE 309 1991
000154
LA QUINTA REDEVELOPMENT AGENCY
TABLE OF CONTENTS
June 30, 1991
Page
Number
Independent Auditors' Report 1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups 2
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types 3
Notes to Financial Statements 4 - 15
Supplementary Information:
Combining Balance Sheet - All Capital Project Funds lb
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - All Capital Project Funds 17
Combining Balance Sheet - All Debt Service Funds
W'
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - All Debt Service Funds 19
Independent Auditors' Report on Compliance with Audit
Guidelines for California Redevelopment Agencies 20
000155
ing -> 12 NOTEXTPAGE
BIB]
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10:47:36AM-U01
ADMIN-U01
RDA-U02
09-U02
15-U02
1992-U02
LA QUINTA REDEVELOPMENT AGENCY
COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1991
Governmental
Fund Types Account Groups Totals
Capital Debt General Long Term (Memorandum
Projects Service Fixed Asset Debt Only)
ASSETS:
Cash and temporary investments
(Notes lc and 3)
$ 6,620,866
Tax increment receivable (Note 4)
35,797
Accrued interest receivable
-
Due from other governmental
agencies
364,861
Restricted assets:
Cash with fiscal agent
(Notes 3 and 6)
-
General fixed assets
(Notes la and 9)
-
Amount available for debt service
-
Amount to be provided for
retirement of long-term debt
-
TOTAL ASSETS
7 021 24
LIABILITIES AND FUND EQUITY
LIABILITIES:
Accounts payable $
Due to other governmental agencies
Bonds payable (Notes 8a and 8b)
Due to County of Riverside (Note 8c)
Notes payable to School Districts
(Notes 8d and 8e)
Loan payable to City of La Quinta
(Note 8g)
Notes payable to individuals
$ 3,048,609 $ -
181,315 -
153,573 -
753,934 -
5,981,652
$ - $ 9,669,475
217,112
153,573
364,861
753,934
- 5,981,652
3,800,007 3,800,007
53,383,508 53,383,508
14,137,431 5 9S 81.652 1 57,183,515 174
298,012 $ - $ - $ - $ 298,012
- 337,424 - - 337,424
- 26,850,000 26,850,000
- 6,007,041 6,007,041
18,270,632 18,270,632
2,672,342 2,672,342
(Note 8f) - - - 3,383,500 3,383,500
TOTAL LIABILITIES 298,012 337,424 - 57,183,515 57,818,951
FUND EQUITY:
Investment in general fixed
assets
Fund balances (Notes 7 and 8):
Reserved for capital projects
Reserved for debt service
TOTAL FUND EQUITY
5,981,652
6,723,512 - -
3,800,007
6,723,512 3,800,007 5,991,652
5,981,652
6,723,512
3,800,007
16,505,171
TOTAL LIABILITIES AND
FUND EQUITY 7,0213524 _ 4 137 431 5 981 652 $ 57,183,515 $ 74,324,122
See independent auditors' report and notes to financial statements.
-2- 000157
LA QUINTA REDEVELOPMENT AGENCY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
For the year ended June 30, 1991
Totals
Capital Debt (Memorandum
I!Miects Service Only)
REVENUES:
Tax increment revenue (Note 4) $ 1,5447169
Interest income 160,520
Miscellaneous 2,901
TOTAL REVENUES 1,707,590
EXPENDITURES:
Trustee fees
339879
Administrative (Note 5)
453,881
Professional and consulting services
1397629
Project costs
995357068
Pass through to other agencies (Note 4b)
-
Debt Service:
Interest (Notes lb and 8)
-
Principal retirement (Note 8)
'
Payment on loans from City (Note 89)
-
TOTAL EXPENDITURES
10.162.457
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Loans from City (Note 8g)
Proceeds from notes (Note 8f)
Operating transfers in
Operating transfers out
TOTAL OTHER FINANCING
SOURCES (USES)
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER)
EXPENDITURES AND CIPHER USES
FUND BALANCES, JULY 1, 1990
FUND BALANCES, JUNE 30, 1991
8,3962383 $ 9,940,552
541,807 702,327
2.901
8,938,190 10,645,780
339,057
2,135,956
17165,430
7,808,973
11,449,416
33,879
4539881
1397629
9,535,068
339,057
27135,956
111657430
7,808,973
21,611,873
(8,454.867) (2,511,226) (10.966.093)
7,99%112
3,383,500
160,764
(160,764)
482,308 89481,420
- 3,383,500
160,764
(160,764)
11,382,612 482,308 ll.864.920
2,927,745 (2,028,918) 898,827
3,795,767 5,828,925 9,624,692
$ 6,723,512 $ 3,800,007 $ 10,5�23.519
See independent auditors' report and notes to financial statements.
-3- O00158
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
June 30, 1991
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
a. Description of funds and account groups:
The accounts of the La Quinta Redevelopment Agency (the Agency) are organized on
the basis of funds and account groups, each of which is considered a separate
accounting entity with a self -balancing set of accounts. The funds and account groups
used in the accompanying financial statements and described below are those specified
for governmental units by the Governmental Accounting Standards Board (GASB).
Capital Projects Funds:
Capital Projects Funds are established to account for debt proceeds available for
project improvements and interest income on invested funds. The funds are expended
primarily for administrative expenses and redevelopment project costs. Included as
a Capital Projects Fund is the low income housing fund which accounts for taxes
which are allocated by the Agency pursuant to the California Health and Safety Code.
These funds shall be used by the Agency for the purpose of providing affordable
housing. Under provisions of the Health and Safety Code, Capital Projects Funds are
referred to as "Redevelopment Funds".
Debt Service Funds:
Debt Service Funds are established to account for tax increment revenues, bond
proceeds required to be set aside for future debt service and related interest income.
The funds are used to repay principal and interest on indebtedness of the Agency.
Under provisions of the Health and Safety Code, such funds are referred to as "Special
Funds".
General Fixed Assets Account Group:
General fixed assets of the Agency are recorded as expenditures in the Capital Projects
Funds at time of purchase, and are then recorded for memorandum purposes in the
General Fixed Asset Account Group. These fixed assets are capitalized at historical
cost. No depreciation is provided on general fixed assets.
Long -Term Debt Account Group:
The Long Term Debt Account Group is used to account for bonds payable and other
long-term indebtedness of the Agency.
See independent auditors' report.
-4-
000159
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1991
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
b. Basis of Accounting:
The modified accrual basis of accounting is used for all funds of the Agency.
Revenues are recognized when they become measurable and available to finance
expenditures of the current period. Accrued revenues include tax increment revenue
and accrued interest on investments. Expenditures are recorded when the related
liability is incurred, except that principal and interest payments on long-term debt are
recorded as expenditures when due. Accrued interest on amounts due to the County
of Riverside is reported in the long-term debt account group.
c. Investments:
Investments are stated at cost, or amortized cost, which approximates market value.
(See Note 3).
d. Bond Discounts and Bond Issue Costs:
As described at Note lb. above, interest on bonds payable is not accrued, but rather
is recorded as an expenditure when due. Consistent with this policy, discounts on the
sale of bonds and bond issue costs are recorded as expenditures when paid in the year
the bonds are issued.
e. Budgetary Reporting:
The budgets of the Agency are primarily "long-term" budgets which emphasize major
programs and capital outlay plans extending over a number of years. Because of the
long-term nature of projects, annual budget comparisons are not considered
meaningful, and accordingly, no budgetary information is included in the
accompanying financial statements.
f. Measurement Focus:
All governmental funds are accounted for on a spending or "financial flow"
measurement focus. This means that generally only current assets and current
liabilities are included on their balance sheets. Statements of revenue, expenditures
and changes in fund balances for governmental funds generally present increases
(revenues and other financing sources) and decreases (expenditures and other financing
uses) in net current assets.
See independent auditors' report.
-5-
000160
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1991
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
g. Total Columns on Combined Statements:
Total columns on the financial statements are captioned "Memorandum Only" to
indicate that they are presented only to facilitate financial analysis and such data is not
comparable to a consolidation. Interfund eliminations have not been made in the
aggregation of this data.
2. HISTORY AND ORGANIZATION:
The Agency was activated on July 5, 1983. The primary purpose of the Agency is to
eliminate blight through the process of redevelopment. On November 29, 1983 the City
Council approved and adopted the Redevelopment Plan for the La Quinta Redevelopment
Project Area No. 1. On May 16, 1989, the City Council approved and adopted the
Redevelopment Plan for the La Quinta Redevelopment Project Area No. 2. These plans
provide for the elimination of blight and deterioration which was found to exist in the
project areas.
The Coachella Valley Water District is jointly financing projects with the Agency to help
prevent the potential flooding of the project areas.
3. CASH AND INVESTMENTS:
Authorized Investments:
Under provisions of the Agency's Investment Policy, and in accordance with Section 53601
of the California Government Code, the Agency may invest in the following types of
investments:
U. S. Treasury Bills, Notes or Bonds Federal Agency Obligations
Bankers Acceptances Bonds Issued by the City of La Quinta
Negotiable Certificates of Deposit or La Quinta Redevelopment Agency
Repurchase Agreements California Local Agency Investment
California County Investment Pools Fund
California Local Agency Investment Fund (LAIF):
The LAIF is a special fund of the California State Treasury through which local
governments may pool investments. The Agency may invest up to $15,000,000 in the fund.
Investments in LAIF are highly liquid, as deposits can be converted to cash within 24 hours
without loss of interest.
See independent auditors' report.
_� 000161
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1991
3. CASH AND INVESTMENTS (CONTINUED):
Allocation of Interest Income Among Funds:
Interest is allocated on a quarterly basis based on the weighted average balances of cash and
investments in each fund.
Classification of Deposits and Investments By Credit Risk:
Deposits and investments are classified into three categories of credit risk. These categories
are as follows:
Deposits:
Category 1 - Deposits which are insured by FDIC, FSLIC, a state depository insurance
fund or a multiple -financial institution collateral pool, or deposits which are
collateralized with securities held by the Agency or the Agency's agent in the
Agency's name.
Category 2 - Deposits which are collateralized with securities held by the pledging financial
institutions trust department in the Agency's name.
Category 3 - Deposits which are uncollateralized, or collateralized but the pledged
securities are not held in the Agency's name.
Investments:
Category 1 - Investments which are insured by SIPC, or where the securities are held by
the Agency or the Agency's agent in the Agency's name.
Category 2 - Investments which are uninsured, where the securities are held by the
purchasing financial institution's trust department or agent in the Agency's
name.
Category 3 - Investments which are uninsured, where the securities are held by the
purchasing financial institution's trust department or agent, but not in the
Agency's name.
See independent auditors' report.
-7-
000162
LA QUINTA REDEVELOPMENT AGENCY
3.
4
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1991
CASH AND INVESTMENTS (CONTINUED):
Deposits and investments were categorized as follows at June 30, 1991:
Deposits:
Banks:
Demand Accounts
Investments:
Money Market
Fiscal Agent
Investments
California Local Agency
Investment Fund (LATE)
Category Carrying Market
1 2 3 Amount Value
$ 100,000 $ 68,205 $ -
1839088
$ 168,205 $ 168,205
183,088 1839088
753,934 753,934 753,934
100,000 1 68,205 $937,022 1,105,227 1,105,227
Total Cash and Investments
Add: Deposits in transit
Less: Outstanding checks
Book Balance
10,114,227 $10.1®
4459062
(135,880)
10 423 409
Cash and investments are reported in the accompanying combined balance sheet as follows:
Cash and investments - unrestricted $ 9,669,475
Cash and investments with fiscal agent -restricted 753,934
$10,423,409
TAX INCREMENT FINANCING AND RELATED RECEIVABLES:
The Agency's primary source of revenue comes from property taxes, referred to in the
accompanying financial statements as "tax increment revenue". Property taxes allocated to
the Agency are computed in the following manner:
a. The assessed valuation of all property within the project area is determined on the date
of adoption of the Redevelopment Plan.
See independent auditors' report.
-8- 000161,
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1991
4. TAX INCREMENT FINANCING AND RELATED RECEIVABLES (CONTINUED):
b. Property taxes related to the incremental increase in assessed values after the adoption
of the Redevelopment Plan are, except where otherwise provided by specific
agreement, allocated to the Agency; all taxes on the "frozen" assessed valuation of the
property are allocated to the City and other taxing agencies. For the year ended
June 30, 1991 other agencies received through specific agreements a total of $339,057
in tax increment revenue otherwise allocated to the Agency.
The Agency has no power to levy and collect taxes and any legislative property tax
de -emphasis might reduce the amount of tax revenues that would otherwise be available to
pay debt service. Broadened property tax exemptions could have a similar effect.
Conversely, any increase in the tax rate or assessed valuation, or any reduction or
elimination of present exemptions would increase the amount of tax revenues that would
be available to pay debt service.
The tax increment receivable of $217,112 represents assessments attributableto the fiscal
year ended June 30, 1991 that were remitted to the Agency by the County of Riverside after
the year end.
1' ul ►II ul ►Illii
Pursuant to the terms of a reimbursement agreement, the Agency has reimbursed the City
$331,689 for the use of City personnel during the past year. This amount is included in
the administrative expenditures of the Capital Projects Funds.
6. RESTRICTED ASSETS:
Certain assets are held by a fiscal agent and are restricted in their use to the retirement of
principal and interest on bonds (see Notes 8a and 8b), and are not available for use by the
Agency for any other purpose.
7. FUND BALANCE RESERVES:
The Agency established "reserves" of fund equity to segregate fund balances which are not
appropriable for expenditure in future periods, or which are set aside for a specific future
use.
See independent auditors' report.
-9-
00016.1
LA QUINTA REDEVELOPMENT AGENCY
7.
H
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1991
FUND BALANCE RESERVES (CONTINUED):
At June 30, 1991, the Agency had reserved the entire fund balance of the Debt Service
Funds in accordance with state law, which requires that all tax increment revenues be used
solely to service debt.
At June 30, 1991, the Agency reserved the entire fund balance of the Capital Projects Funds
to indicate that the related assets were set aside for capital projects.
LONG-TERM DEBT:
Changes in long-term debt during the year ended June 30, 1991 were as follows:
Tex Allocation Bonds
Due to County of
Riverside
Notes payable:
Desert Sands Unified
School District
Coachella Valley Unified
School District
Individuals
Loan payable to City of
La Quinta
Total
June 30, June 30,
1990 Additions Payments 1991
$ 272370,000 $ -
4,3069642 1,700,399
2,626,369 1,005,651
1,5467671 13,7379371
- 32383,500
$ 52%000 $ 26,850,000
6,007,041
117,880 3,514,140
5271550 14,756,492
- 3,383,500
1,999,895 8,481,420 7,808,973 2,672,342
137,849,577 4=_ $ 28� 1 $ 8,9�403 $ 57�183,5®15
Unpaid accrued interest and subventions due to the County of Riverside, the Desert Sands
Unified School District and the Coachella Valley Unified School District in the amounts of
$17700,399, $1,005,651 and $13,737,371 respectively have been added to long-term debt.
However, these amounts have not been included as expenditures for the year ended June 30,
1991.
See independent auditors' report.
-10- 000167)
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1991
LONG-TERM DEBT (CONTINUED):
a. Tax Allocation Bonds, Series 1989:
On January 1, 1989, the Agency issued the La Quinta Redevelopment Project 7hx
Allocation Bonds, Series 1989 (the "1989 Bonds") in the amount of $8,000,000.
The bonds were issued in denominations of $5,000 or any multiple thereof, with
principal due annually September 1, beginning in 1989, and interest payable
semi-annually, on March 1 and September 1. Interest rates range from 6.2 % to 7.6 %
per annum.
Bonds maturing on or after September 1, 1999 are subject to redemption, at the option
of the Agency, as a whole or in part, on any interest payment date, on or after
September 1, 1998, at a redemption price equal to the principal amount, plus accrued
interest, plus a premium of 1/2% to 2%.
Bonds maturing on September 1, 2012 are subject to mandatory redemption, in part
from sinldng account payments on September 1, 2001 and on each September 1,
thereafter, through September 1, 2012, at a prepayment price equal to 100% of the
principal amount plus accrued interest.
The proceeds of the Bonds were used for flood control improvements.
The following is a schedule of future debt service payments for the Bonds:
Year Ending
June 30.
1992
1993
1994
1995
1996
1997-2013
Total
Principal
$ 145,000
1552000
1657000
180,000
190,000
6.705.000
$ 7,540,000
Interest
$ 582,203
572,186
561,263
54%270
5369225
5,495,910
$$ 8,297,057
Total
$ 727,203
727,186
726,263
729,270
7267225
12.200.910
$ 15�i 837_
Under terms of the issue, a minimum of $727,203, the maximum annual debt service
amount, is to be set aside in reserve funds. A total of $753,934 was set aside at
June 30, 1991.
See independent auditors' report.
-11- 0oo166
LA QUINTA REDEVELOPMENT AGENCY
E
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1991
LONG-TERM DEBT (CONTINUED):
b. Thx Allocation Bonds, Series 1990:
On April 1, 1990 the Agency issued the La Quinta Redevelopment Project 'Pax
Allocation Bonds, Series 1990 in the amount of $19,695,000. A portion of the
proceeds were used to refund 1985 Tax Allocation Bonds.
The bonds were issued in denominations of $5,000 or any multiple thereof, with
principal due annually September 1, beginning in 1990, and interest payable
semi-annually on March 1 and September 1. Interest rates range from 5.8 % to 6.8 %
per annum.
Bonds maturing on September 1, 2005 and September 1, 2012 are subject to
redemption, at the option of the Agency, as a whole or in part, on any interest
payment date, on or after September 1, 2000, at a redemption price equal to the
principal amount, plus accrued interest, plus a premium of 1/2% to 2%.
Bonds maturing on September 1, 2005 and September 1, 2006 are subject to
mandatory redemption, in part from sinldng account payments on September 1, 2001
and September 1, 2006, respectively, and each September 1, thereafter, through
September 1, 2005 and September 1, 2012, respectively, at a premium price equal to
100% of the principal amount plus accrued interest.
The following is a schedule of future debt service payments for the Bonds:
Year Ending
June 30,
Principal
1992
$ 405,000
1993
4309000
1994
460,000
1995
485,000
1996
520,000
1997-2013
17 10.000
Total $ 19,310,000
See independent auditors' report.
Interest Total
$ 1,434,835
$ 1,839,835
114097355
128397355
1,381,535
1,841,535
1,351,767
19836,767
1,319,853
1,839,853
13,855,855
30,865,855
$ 20,753,200 $$ 40,063,2�00
-12-
01-P1167
LA QU IN 1A xn1u-m v U %JrIvLG11 1 %- 1
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1991
8. LONG-TERM DEBT' (CONTINUED):
b. Tax Allocation Bonds, Series 1990 (Continued):
Under terms of the issue, the maximum annual debt service amount of $1,839,835,
is to be set aside in reserve funds unless the Agency elects to maintain the reserve
requirement by obtaining a letter of credit for the amount. The Agency has obtained
such a letter of credit.
C. Due to County of Riverside:
Based on an agreement dated November 29, 1983 between the Agency, the City of La
Quinta and the County of Riverside (County), the Agency shall repay to the County
fifty percent of tax increment received which would have been retained by the County
if the Agency did not exist. These repayments are subordinate to certain debt service
of the Agency and exclude amounts allocated to the low income housing fund. The
repayments will begin when certain conditions of the bond indenture agreement have
been met. Unpaid balances accrue interest at 10 % per annum. The total amount
payable to the County under this agreement at June 30, 1991 is $6,007,041 including
$466,649 of current year accrued interest. This amount has been recorded in the
long-term debt account group.
From the remaining fifty percent of tax increment revenue, the Agency shall set aside
related required amounts in the low income housing fund. Then, the Agency will pay
debt and expenditures of no more than $3,000,000 annually and $10,000,000 total on
mutually agreeable project costs. The County is to receive the remainder of this 50%
share after these payments are made. No amounts are due under this provision at
June 30, 1991.
d. Notes Payable to Desert Sands Unified School District:
Based on an agreement dated June 21, 1988 between the Agency, the City of La
Quinta and the Desert Sands Unified School District (District), the Agency shall
identify all tax increment revenue received by the Agency that the District would have
received in the absence of a redevelopment plan. This tax increment will then be paid
to the District over a payment schedule from June 29, 1988 to July 1, 1998 in amounts
ranging from $21,505 to $547,505 for a total amount of $4,132,020. Or,
alternatively, such tax increment revenues plus interest accrued required by this
agreement may be retained by the Agency to pay on behalf of the District principal
and interest on loans, construction projects or money advanced to finance a sports
complex and related amenities as specified by the District. The District's allocable
share of tax increment from the County for the fiscal year ended June 30, 1991 totaled
$1,005,651.
See independent auditors' report.
-13- 000168
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1991
LONG-TERM DEBT (CONTINUED):
e. Note Payable to Coachella Valley Unified School District:
An agreement was entered into in 1991 between the Agency, the City of La Quinta
and the Coachella Valley Unified School District (District) which provides for the
payment to the District of a portion of tax increment revenue that the District would
have received in the absence of a redevelopment plan. Such payments are
subordinated to other indebtedness of the Agency incurred in furtherance of the
Redevelopment Plan. The District agrees to use such funds to provide classroom and
other construction costs, site acquisition, school busses or expansion or rehabilitation
of current facilities.
The following is a schedule of future debt service payments:
Year Ending
June 30.
1992 $ 353,699
1993 730,081
1994 7767353
1995 6249474
1996 474,517
1997-2012 11,797,368
$ 14�7;6 492
f. Notes Payable to Individuals:
In the fiscal year ended June 30, 1991, the Agency purchased several parcels of land
from individuals and as a result incurred $3,383,500 of outstanding debt. Interest on
the notes ranges from 9 % to 10.5 % per annum and is payable monthly and quarterly.
The following is a schedule of future debt service payments for the notes:
Year Ending
June 30,
Principal
1992
$ 17177,000
1993
543,300
1994
415,800
1995
415,800
1996
415,800
1997
415,800
See independent auditors' report.
$ 3.383.500
Interest
Total
$ 307,134
$ 1,484,134
200,738
744,038
150,804
566,604
112,266
528,066
74,844
490,644
37.422
453,222
$ 883.208
$ 4.266.708
-14-
000169
LA QUINTA REDEVELOPMENT AGENCY
K,
7
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1991
LONG-TERM DEBT (CONTINUED):
g. Loans Payable to the City of La Quinta:
The City of La Quinta periodically makes operating advances to the Agency. There
is no fixed repayment schedule on these loans. The following is a summary of the
changes in the loan balance for the year ended June 30, 1991:
Balance, July 1, 1990 $ 119992895
Additional advances
8,481,420
Accrued interest
2082916
Payments of principal
(7,808,973)
Payments of interest
(208,916)
Balance, June 30, 1991 $ 2$ 2
h. Pledged Tax Revenues:
All tax revenues received by the Agency other than the amount required by law to be
deposited in a low and moderate income housing fund, are required to be deposited
in a Special Fund to be used to meet debt service requirements of the bond indentures
before any payments may be made on other obligations of the Agency.
CHANGES IN GENERAL FIXED ASSETS:
The Agency purchased land during the year for $5,372,978 which will be used for parking
facilities.
A summary of general fixed assets transactions for the fiscal year ended June 30, 1991 is
as follows:
Balance Balance
July 1, 1990 Additions Deletions June 30. 1991
Land $$ 6�10,455 $ 5,37�2,978 $ 1.781 $ 5,981,6 22
See independent auditors' report.
-15- 000170
SUPPLEMENTARY INFORMATION
O00171
LA QUINTA REDEVELOPMENT AGENCY
COMBINING BALANCE SHEET -
ALL CAPITAL PROJECT FUNDS
June 30, 1991
PROJECT PROJECT
AREA NO, 1 AREA NO, 2
Flood Law Flood Low
Control Income Control Income
Projects Housing Proiects Housing Totals
ASSETS
Cash and temporary investments $ 4,074,682
Tax increment receivable -
Due from other governmental
agencies 364,861
TOTAL ASSETS 4 439 543
$ 27359,967 $ 10,872
23,311 -
2,383,278 $0,10 8_72
$ 175,345 $ 6,620,866
12,486 35,797
364,861
187,831 $ 7,021,524
LIABILITIES AND FUND BALANCE
LIABILITIES:
Accounts payable $ 293,573 $ 1,367 $ 3,072 $ - $ 298,012
FUND BALANCE:
Reserved for capital
projects 4,145,970 2.381.911 7.800 187.831 6.723.512
TOTAL LIABILITIES
AND FUND
BALANCE 14,432,543 $2,383,278 10,872 1, 8�31 $7,021,524
-16- 000172
LA QUINTA REDEVELOPMENT AGENCY
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL CAPITAL PROJECT FUNDS
For the year ended June 30, 1991
PROJECT
PROJECT
AREA NO, 1
AREA NO. 2
Flood
Low
Flood
Low
Control
Income
Control
Income
Proiects
Housing
Proigcts
Housing
Totals
REVENUES:
Tax increment revenue
$ -
$1,356,338
$ -
$ 187,831
$ 1,544,169
Interest income
160,520
-
-
-
160,520
Miscellaneous revenue
1,781
1.120
-
-
2.901
TOTAL REVENUES
162,301
1,357,458
-
187,831
1,707,590
EXPENDITURES:
-
33,879
Trustee fees
Administrative
33,879
376,033
-
-
-
77,848
-
453,881
Professional and
consulting services
-
61,287
78,263
79
139,629
Project costs
4.260,323
603,079
4,669,964
1,702
9,535,068
TOTAL
EXPENDITURES
4,670,235
664,366
4,826,075
1,781
10_162,457
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 14.507.934)
OTHER FINANCING SOURCES
(USES):
Loans from City 5,742,965
Proceeds from note -
operating transfers in 160,764
Operating transfers out
693,092 (4,826,075) 186,050 (8,454,867)
650,588 1,602,608
- 3,383,500
(7,361) (152,233)
2,951 7,999,112
- 3,383,500
160,764
1 170 (160.764)
TOTAL OTHER
FINANCING
SOURCES (USES) 5,903,729 643,227 4,833,875 1.781 11.382.612
EXCESS OF REVENUES AND
OTHER SOURCES OVER
(UNDER) EXPENDITURES
AND OTHER U"ES 1,395,795 1,336,319 7,800 187,831 2,927,745
FUND BALANCES,
JULY 1, 1990 2.750.175
FUND BALANCES,
JUNE 30, 1991 4 1$
1,045,592
2 3$� 7 800
3.795.767
17 83183$ 6�72
-17-
000173
LA QUINTA REDEVELOPMENT AGENCY
COMBINING BALANCE SHEET -
ALL DEBT SERVICE FUNDS
June 30, 1991
ASSETS
Cash and temporary investments
Tax increment receivable
Accrued interest receivable
Restricted Assets:
Cash with fiscal agent
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
LIABILITIES:
Due to other governmental agencies
FUND BALANCE:
Reserved for debt service
TONAL LIABILITIES AND
FUND BALANCE
Project Project
Area Area
No. i No. 2 Totals
$ 2,347,228 $ 701,381 $ 3,048,609
131,372 49,943 181,315
153,573 - 153,573
753,934 - 753,934
$ 3,386,107 751,324 4,137431
$ 82,397 $ 255,027 $ 337,424
3,303,710 496,297 3,800,007
$$ 3�_ $tee: 1 41741
-18- 0 0� 17-4
LA QUINTA REDEVELOPMENT AGENCY
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - ALL DEBT SERVICE FUNDS
For the year ended June 30, 1991
REVENUES:
Tax increment revenue
Interest income
TOTAL REVENUES
EXPENDITURES:
Pass through to other agency
Interest
Principal retirement
Payments on loans from city
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES:
Loans from city
EXCESS OF REVENUES AND CIPHER
SOURCES OVER (UNDER)
EXPENDITURES
FUND BALANCES, JULY 1, 1990
FUND BALANCES, JUNE 30, 1991
Project Project
Area Area
No, 1 No. 2 Totals
$ 7,645,060 $ 751,323 $ 8,396,383
541,807 541,807
8,186,867 751,323 8,938,190
82,399
256,658 339,057
2,115,080
20,876 2,135,956
1,165,430
- 1,165,430
7,796,615
12,358 7,808.973
11,159,524 289,892 11,449,416
(2,972,657) 461,431 (2,511,220
447,442 34 6 482,308
(2,525,215) 496,297 (2,028,918)
5,82&925 - 5,82811
$$ 3,303,710 $ 496,297 $$ 3
01001175
50
LA QUINTA REDEVELOPMENT AGENCY
August 20, 1991
INDEPENDENT AUDITORS' REPORT ON
COMPLIANCE WITH AUDIT GUIDELINES FOR
CALIFORNIA REDEVELOPMENT AGENCIES
In connection with our audit of the general purpose financial statements of the La Quinta
Redevelopment Agency for the year ended June 30, 1991, we have performed, to the extent
applicable, the tests of compliance as required by Health and Safety Code Section 33080.1 and
Sections I through V of the "Guidelines for Compliance Audits of California Redevelopment
Agencies" issued by the State Controller's Office.
Based on the above auditing procedures, we noted no instances of noncompliance with the laws,
regulations and administrative requirements governing special activities of the Agency for the
year ended June 30, 1991.
[)ZdZI &ja*a avwf— OW
-20-
000176.
APPENDIX D
CITY OF LA QUINTA
LA QUINTA REDEVELOPMENT AGENCY
SUMMARY OF ANNUAL BUDGETS
000177
APPENDIX E
SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE
000178
U99D10111►i�!
SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE
The following is a summary of certain provisions of the Indenture and does not purport
to be complete. Reference is hereby made to the Indenture for further particulars. Copies of
the Indenture are available from the Agency upon request. All capitalized terms used herein,
and not otherwise defined, shall have the same meaning as used in the Indenture. References
to the Bonds under this caption shall also include Parity Bonds, as appropriate.
Creation of Funds and Accounts
The Indenture provides for the continuance with the City Treasurer of a fund called the
"La Quinta Redevelopment Project Area #2, Redevelopment Fund (the "Redevelopment
Fund"). The Indenture also provides for the creation of the following funds and accounts with
the Trustee:
(1) a trust fund known as the "La Quinta Redevelopment Project Area #2, Special
Fund" with special trust accounts contained therein known as i) the "Interest
Account"; ii) the "Principal Account"; iii) the "Reserve Account"; and iv) the
"Surplus Account";
(2) a trust fund called the "Cost of Issuance Fund";
(3) a trust fund called the "Redevelopment Escrow Fund"; and
(4) a trust fund called the "Rebate Fund".
Each Fund and Account (other than the Redevelopment Fund) shall be maintained by
the Trustee as a separate and distinct trust fund or account to be held, managed, invested,
disbursed and administered as provided in the Indenture.
The Redevelopment Fund
The Redevelopment Fund has been created under the Indenture. Monies in the
Redevelopment Fund may be used for the purpose of fmancing a portion of the costs of the
Project and for other costs related thereto. If any sum remains in the Redevelopment Fund
after the full accomplishment of the objectives and purposes for which the Bonds are to be
issued, said sum shall be transferred to the Special Fund.
Debt Service Reserve Fund
The Agency may elect to maintain the Reserve Requirement by obtaining (i) a letter of
credit, (ii) a surety bond, or (iii) a policy of insurance (in each case rated in the highest rating
category by each rating agency which rates the Bonds at such time and provided that upon the
expiration of the letter of credit, if not extended, the Agency will obtain a substitute letter of
credit, a surety bond, or a policy of insurance as provided in the Indenture, or deposit cash in
the Debt Service Reserve Fund), in an amount which, together with any funds on deposit in
the Reserve Account, will guarantee to the Agency the full amount of the Reserve Requirement
at such times as all or any portion of the Reserve Requirement is needed for transfer to the
Interest Account and/or the Principal Account as provided in the Indenture. The Agency shall
direct the Trustee to acquire such Alternate Reserve Account Security and, upon such
E - 1 000179
substitution of moneys in the Reserve Account for the Reserve Account Security, shall be
entitled to receive all moneys then held in the Reserve Account free and clear of the lien of the
Indenture.
Investment of Funds
All moneys held by the Trustee Agent in the Special Fund and the Accounts therein
(other than the Reserve Account), the Costs of Issuance Fund and the Redemption Fund shall
be invested and reinvested by the Trustee in Permitted Investments, provided that such
investments mature by their terms prior to the date on which such moneys are required to be
paid under the Indenture. The Trustee "Permitted Investments" is defined in the Indenture to
mean:
Rebate Fund
The Agency will calculate Rebatable Arbitrage within 55 days following the end of
each Bond Year. The Rebatable Arbitrage will be deposited into the Rebate Fund.
At the direction of the Agency, the Fiscal Agent shall pay ninety percent (90 %) of the
Rebatable Arbitrage to the United States government not later than sixty (60) days after the
end of the fifth Bond Year and with subsequent payments to be made not later than five (5)
years after the preceding payment was due. Not later than sixty (60) days after the retirement
of the Bonds, the Fiscal Agent shall pay one hundred percent (100%) of the unpaid Rebatable
Arbitrage of the bonds to the United States government.
Certain Covenants
(a) The Agency will diligently carry out and continue to completion, with all
practicable dispatch, the Project in accordance with its duty to do so under and
in accordance with the Law and the Redevelopment Plan and in a sound and
economical manner. The Redevelopment Plan may be amended as provided in
the Law but no amendment will made unless it will not substantially impair the
security of the Bonds or the rights of the Bondowners, as shown by an Opinion
of Counsel, based upon a certificate or opinion of an Independent Financial
Consultant appointed by the Agency.
(b) The proceeds of the sale of the Bonds will be deposited and used as provided in
the Indenture and any supplemental resolution and the Agency will manage and
operate all properties owned by it and comprising any part of the Project in a
sound and businesslike manner.
(c) The Agency will not issue any obligations payable, either as to principal or
interest, from the Pledged Tax Revenues which have, or purport to have, any
lien upon the Pledged Tax Revenues prior or superior to the lien of the Bonds.
Except as permitted by the Indenture, it will not issue any obligations, payable
as to principal or interest, from the Pledged Tax Revenues, which have, or
purport to have, any lien upon the Pledged Tax Revenues on a parity with the
Bonds. Notwithstanding the foregoing, nothing in the Indenture will prevent
the Agency (i) from issuing and selling pursuant to law, refunding obligations
payable from and having any lawful lien upon the Pledged Tax Revenues, if
E-2 000180
such refunding obligations are issued for the purpose of, and are sufficient for
the purpose of, refunding all of the outstanding Bonds or Parity Bonds, or (ii)
from issuing and selling obligations which have, or purport to have, any lien
upon the Pledged Tax Revenues which is junior to the Bonds or (iii) from
issuing and selling Bonds or other obligations which are payable in whole or in
part from sources other than the Pledge Tax Revenues. "Obligations" includes,
without limitation, bonds, notes, interim certificates, debentures or other
obligations.
(d) The Agency will duly and punctually pay or cause to be paid the principal of
and interest on each of the Bonds issued under the Indenture on the date, at the
place and in the manner provided in the Bonds.
(e) The Agency will from time to time pay and discharge, or cause to be paid and
discharged, all payments in lieu of taxes, service charges, assessments or other
governmental charges which may be lawfully be imposed upon the Agency or
any of the properties then owned by it in the Project Area, or upon the revenues
and income therefrom, and will pay all lawful claims for labor, materials and
supplies which if unpaid might become a lien or charge upon any of said
properties, revenues or income or which might impair the security of the Bonds
or the use of Pledged Tax Revenues or other legally available funds to pay the
principal of and interest thereon, all to the end that the priority and security of
the Bonds shall be preserved, provided, however, the nothing in this covenant
shall require the Agency to make any such payment so long as the Agency in
good faith shall contest to the validity thereof.
(f) The Agency will at all times keep, or cause to be dept, proper and current
books and accounts (separate from all other records and accounts) in which
complete and accurate entries will be made of all transactions relating to the
Project and the Pledged Tax Revenues and other funds relating to said Project,
and will prepare within one hundred and eighty (180) days after the close of
each of its fiscal years a complete financial statement or statements for such
year in reasonable detail covering such Project and the Pledged Tax Revenues
and other funds, accompanied by an opinion on an Independent Certified Public
Accountant appointed by the Agency, and will furnish a copy of such statement
or statements to the Fiscal Agent, the original purchaser(s) of the Bonds (in the
case of a syndicate, the manager thereof), and any relating agency which
maintains a rating on the Bonds, and upon written request, to any Bondowner.
Each annual budget that may be prepared by the Agency shall be sent to the
Insurer following adoption.
(g) If all or any part of the Project Area should be taken from it without its consent,
by eminent domain proceedings or other proceedings authorized by law, for any
public or other use under which the property will be tax exempt, the Agency
will use its best efforts to have the base assessment of said property as shown on
said base assessment roll.
(h) The Agency will not dispose of more than ten percent (10%) of the land area in
the Project Area (except property shown in the Plan in effect on the date the
Indenture is adopted as planned for public use, or property to be used for public
streets, public off street parking, sewage facilities, parks, easements or right-of-
way for public utilities, or other similar uses) to public bodies or other persons
or entities whose property is tax exempt, unless such disposition will not result
in the security of the Bonds or the rights of Bondholders being substantially
E - 3 000181
impaired, as shown by an Opinion of Counsel, based upon the certificate or
opinion of an Independent Financial Consultant appointed by the Agency.
(i) The Agency agrees to file annually with the County Auditor a statement of
indebtedness as provided in Section 33675 of the Law.
Taxation of Leased Property
Whenever any property in the Project Area has be redeveloped and thereafter is leased
by the Agency to any person or persons (other than a public agency) or whenever the Agency
leases real property in the Project Area to any person or persons (other than a public agency)
for redevelopment, the property shall be assessed and taxed in the same manner as privately
owned property, as required by the Law, and the lease or contract shall provide (a) that the
lessee shall pay taxes upon the assessed value of the entire property and not merely upon the
assessed value of his or its leasehold interest, and (b) that if for any reason the taxes levied on
such property in any year during the term of the lease or contract are less than the taxes which
would have been levied if the entire property had been assessed and taxed in the same manner
as privately owned property, the lessee shall pay the difference to the Agency within thirty
(30) days after the taxes for such year become payable to the taxing agencies and in no event
later than the delinquency date of such taxes established by law. All such payments shall be
treated as Tax Revenues, and when received by the Agency shall be deposited in the Special
Fund.
Events of Default
(1) Default in the due and punctual payment of any installment of interest on any Bond
or any Parity Bond when and such interest installment shall become due and payable
and such default shall have continued for a period of thirty (30) days;
(2) Default in the due and punctual payment of the principal of any Bond or any Parity
Bond when and as the same shall become due and payable, whether at maturity as
therein expressed, by declaration or otherwise;
(3) Default made by the Agency in the observance of any of the covenants, the
agreements or conditions contained in the Indenture, in the Bonds or the Parity Bonds,
and such default shall have continued for a period of thirty (30) days following written
notice to the Agency;
(4) The Agency shall file a petition or answering seeking reorganization or
arrangement under the federal bankruptcy laws or any other applicable law of the
United States of America, or if a court of competent jurisdiction shall approve a
petition, filed with or without the consent of the Agency, seeking reorganization under
the federal bankruptcy laws or any other applicable law of the United States of
America, or if, under the provisions of any other law for the relief or aid of debtors,
any court of competent jurisdiction shall assume custody or control of the Agency or of
the whole or any substantial part of its property.
In each and every event of default described in (1) or (2) above the Trustee shall, with
the consent of the Insurer, and in each and every case of default described in (3) or (4) above,
the Trustee may, with the consent of the Insurer, and shall, with the consent of the Insurer, if
so requested by the owners of not less than a majority in aggregate principal amount of the
Bonds and Parity Bonds at the time outstanding (such request to be in writing to the Trustee
E - 4 0001s?
and the Agency), the Trustee shall at the direction of the Insurer declare the principal of all of
the Bonds and Parity Bonds then outstanding and the interest accrued thereon, to be due and
payable immediately, and upon any such declaration the same shall become and shall be
immediately due and payable, anything in the Indenture or in the Bonds and Parity Bonds to
the contrary notwithstanding.
Such declaration may be rescinded by the owners of not less than a majority of the
Bonds and Parity Bonds then outstanding provided the Agency cures such default or defaults
including the deposit with the Trustee of a sum sufficient to pay all principal on the Bonds and
Parity Bonds matured prior to such declaration and all matured installments of interest (if any)
upon all the Bonds and Parity Bonds then outstanding, with interest at the rate of twelve
percent (12 %) per annum of such overdue installments of principal and, to the extent such
payment of interest on interest is lawful at that time, on such overdue installments of interest,
so that the Agency is currently in compliance with all payment, deposit and transfer provisions
of the Indenture, and has deposited an amount sufficient to pay any expenses incurred by the
Trustee in connection with such default.
Immediately upon becoming aware of the occurrence of an event of default, the Trustee
shall give notice of such event of default to the Agency by telephone confirmed in writing.
Such notice shall also state whether the principal of the Bonds shall have been declared to be
or have immediately become due and payable. The Trustee shall also give such notice to the
owners of the Bonds by first class mail, postage prepaid.
All of the Pledged Tax Revenues and all sums in the Funds provided for in the
Indenture upon the date of the declaration of acceleration, and all sums thereafter received by
the Trustee, shall be applied by the Trustee in the order following upon presentation and
surrender of the Bonds and any Parity Bonds.
First, to the payment of (i) the costs and expenses of the Trustee and (ii) of the
owners of the Bonds or Parity Bonds in declaring such event of default, including
reasonable compensation to its or their agents, attorneys and counsel;
Second, in case the principal of the Bonds and any Parity Bonds shall not have
become due and shall not then be due and payable, to the payment of the interest in
default in the order of the maturity of the installments of such interest, with interest on
the overdue installments at the rate of twelve percent (12 %) per annum on the Bonds
and any Parity Bonds (to the extent that such interest on overdue installments shall have
been collected), such payments to be made ratably to the persons entitled thereto
without discrimination or preference;
Third, in case the principal of the Bonds and any Parity Bonds shall have
become and shall be then due and payable, to the payment of the whole amount then
owing and unpaid upon the Bonds and any Parity Bonds for principal and interest, with
interest on the overdue principal and installments of interest at the rate of twelve
percent (12%) per annum on the Bonds and any Parity Bonds (to the extent that such
interest on overdue installments of interest shall have been collected), and, in case such
moneys shall be insufficient to pay in full the whole amount so owing and unpaid upon
the Bonds and any Parity Bonds, then to the payment of such principal and interest
without preference or priority of principal over interest, or interest over principal, or of
any installment of interest over any other installment of interest, ratably to the
aggregate of such principal and interest;
000183
E - 5
Any owner of a Bond or any Parity Bond, with the consent of the Insurer, shall
have the right, for the equal benefit and protection of all bondowners similarly situated:
(a) by mandamus, suit, action or proceeding, to compel the Agency and its
members, officers, agents or employees to perform each and every term,
provision and covenant contained in the Indenture and in the Bonds and
any Parity Bonds, and to require the carrying out of any or all such
covenants and agreements of the Agency and the fulfillment of all duties
imposed upon it by the Law;
(b) by suit, action or proceeding in equity, to enjoin any acts or things which
are unlawful, or the violation of any of the rights of owners of the Bonds
or Parity Bonds; or
(c) upon the happening of any event of default, by suit, action or proceeding
in any court of competent jurisdiction, to require the Agency and its
members and employees to account as if it and they were the trustees of
an express trust.
Trustee
The Agency has appointed First Interstate Bank Ltd., Los Angeles, California, to act as
the Trustee, bond registrar and paying agent of the Agency for the purpose of receiving
Pledged Tax Revenues and other funds in trust as provided in the Indenture, to hold, allocate,
use and apply such Pledged Tax Revenues and other funds in trust as provided in the
Indenture, and to perform such other duties and powers of the Trustee as are prescribed in the
Indenture and any supplemental resolution of the Agency.
Refunding Bonds
The Bonds may be redeemed or paid prior to maturity from proceeds of refunding
bonds or notes issued pursuant to the Law.
Amendment of the Indenture
The Indenture, and the rights and obligations of the Agency and of the Owners of the
Bonds issued thereunder, may be modified or amended at any time by supplemental resolution
adopted by the Agency: (a) for any purpose at any time prior to the sale of the Bonds; (b)
without the consent of Bondowners, if such modification or amendment is for the purpose of
adding covenants and agreements to further secure Bond payment, to prescribe further
limitations and restrictions on Bond issuance, to surrender rights or privileges of the Agency,
to make modifications not affecting any outstanding series of Bonds, for the purpose of curing
any ambiguities, defects or inconsistent provisions in the Indenture or to insert such provisions
clarifying matters or questions arising under the Indenture as are necessary and desirable to
accomplish the same, provided that such modifications or amendments do not adversely affect
the rights of the Owners of any outstanding Bonds; (c) for any purpose with the consent of
the Bondowners owning sixty percent (60%) in aggregate principal amount of the outstanding
bonds, exclusive of Bonds, if any, owned by the Agency or the City, and obtained as
hereinafter set forth; provided, however, that no such modification or amendment shall,
without the express consent of the registered owner of the Bond affected, reduce the principal
amount of any Bond, reduce the interest rate payable thereon, extend its maturity or the times
E - 6 000184
for paying the interest thereon, change the monetary medium in which principal and interest is
payable, or create a mortgage, pledge or lien created for the Bonds and any Parity Bonds or
reduce the percentage of consent required for amendment or modification, and provided
further that no amendment shall be made pursuant to (c) above without the prior written
consent of the Insurer, which consent will not be unreasonably withheld.
Any act done pursuant to a modification or amendment so consented to shall be binding
upon the Owners of all of the Bonds and shall not be deemed an infringement of any of the
provisions of the Indenture or of the Law, whatever the character of such act may be, and may
be done and performed as fully and freely as if expressly permitted by the terms of the
Indenture, and after such consent relating to such specified matters has been given, no
Bondowner or Owner shall have any right or interest to object to such action or in any manner
to question the propriety thereof or to enjoin or restrain the Agency or any officer thereof from
taking any action pursuant thereto.
Defeasance
If the Agency shall pay or cause to be unpaid, or shall have made provision to pay
upon maturity or upon redemption prior to maturity, to the owners of the Bonds, the principal
of, premium, if any, and interest to become due thereon, through setting aside trust funds or
setting apart in a reserve fund or special trust account created pursuant to the Indenture or
otherwise, or through the irrevocable segregation for the purpose in some sinking fund or
other fund or trust account with a fiscal agent or otherwise, moneys sufficient thereof,
including, but not limited to, interest earned or to be earned on Federal Securities, then the
lien of the Indenture, including, without limitation, the pledge of the Pledged Tax Revenues,
and all other rights granted thereby, shall thereupon cease, terminate and become void and be
discharged and satisfied, and the principal of, premium, if any, and interest on the Bonds shall
no longer be deemed to be outstanding and unpaid; provided, however, that nothing in the
Indenture shall require the deposit of more than such Federal Securities as may be sufficient,
taking into account both the principal amount of such Federal Securities and the interest to
become due thereon, to implement any refunding of the Bonds.
In the event of such a defeasance of the Bonds, the Trustee shall cause an accounting
for such period or periods as shall be requested by the Agency to be prepared and filed with
the Agency, and the Trustee, upon the request of the Agency, shall release the rights of the
Bondowners under the Indenture and execute and deliver to the Agency all such instruments as
may be desirable to evidence such release, discharge and satisfaction, and the Trustee shall pay
over or deliver to the Agency all moneys or securities held by it pursuant to the Indenture
which are not required for the payment or redemption of Bonds not theretofore surrendered for
such payment or redemption.
Provision shall be made by the Agency, satisfactory to the Trustee, for the mailing of a
notice to the Owners of such Bonds that such moneys are so available for such payment.
Bonds Not a Debt of the City of La Quinta
The Bonds are not a debt of the City of La Quinta, the State of California, or any of its
political subdivisions, and neither said City, State or any of the State's political subdivisions is
liable therefor. The Bonds do not constitute an indebtedness within the meaning of any
constitutional or statutory debt limit or restriction.
E-7 00018 )
APPENDIX F
BOOK -ENTRY ONLY SYSTEM
000186
APPENDIX F
BOOK -ENTRY ONLY SYSTEM
Depository Trust Company
DTC will act as securities depository for the Bonds. DTC is a limited -purpose trust
company organized under the laws of the State of New York, a member of the Federal
Reserve System, a "clearing corporation" within the meaning of the New York Uniform
Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section
17A of the Securities Exchange Act 1934, as amended. DTC was created to hold securities of
its participants ("DTC Participants") and to facilitate the clearance and settlement of securities
transactions among DTC Participants in such securities through electronic book -entry changes
in accounts of DTC Participants, thereby eliminating the need for physical movement of
securities certificates. DTC Participants include securities brokers and dealers, banks, trust
companies, clearing corporation and certain other organizations, some of whom (and/or their
representatives) own DTC. Access to the DTC book -entry system (the 'Book -Entry System")
is also available to others such as banks, brokers, dealers and trust companies that clear
through or maintain a custodial relationship with a DTC Participant, either directly or
indirectly (the "Indirect Participants").
Transacting Through DTC and Status of Beneficial Owners
Purchases of Bonds under the Book -Entry System may be made only through brokers
and dealers who are, or act through, DTC Participants. DTC Participants will receive a credit
balance in the records of DTC. The ownership interest of each actual purchaser of each Bond
(the 'Beneficial Owner") will be recorded through the records of a DTC Participant.
Beneficial Owners will receive a written confirmation of their purchase providing certain
details of the Bonds acquired. Transfers of ownership interest in the Bonds will be
accomplished by book entries made by DTC and by DTC Participants who act on behalf of the
Beneficial Owners. Beneficial Owners will not receive certificates representing their
ownership interest in the Bonds, except as specifically provided in the Resolution of Issuance
in the event participation in the Book -Entry System is discontinued (see Discontinuance of
DTC Services). The principal, interest and any premium evidenced by the Bonds will be paid
to DTC, or its nominee, and then paid by DTC to DTC Participants, and thereafter paid by
DTC Participants to Beneficial Owners when due. THE AUTHORITY AND THE TRUSTEE
DO NOT HAVE ANY RESPONSIBILITY OR OBLIGATION TO SUCH DTC
PARTICIPANTS OR THE PERSONS FOR WHOM THEY ACT AS NOMINEES WITH
RESPECT TO THE PAYMENTS OR THE PROVIDING OF NOTICE TO DTC
PARTICIPANTS, INDIRECT PARTICIPANTS OR BENEFICIAL OWNERS.
As provided in the Resolution of Issuance, unless participation in the Book -Entry
System is discontinued, Beneficial Owners of the Bonds or interests therein will not receive or
have the right to receive physical delivery of such Bonds, and will not be or be considered to
be registered owners thereof under the Resolution of Issuance. So long as Cede & Co. is the
registered owner of the Bonds, as nominee of DTC, references herein to the holders or
registered owners of the Bonds will mean Cede & Co. and will not mean the Beneficial
Owners of the Bonds.
F -1 000187
Payments on Bonds and Notices
So long as the Book -Entry System is used for the Bonds, principal, prepayment
premium and interest payments evidenced by the Bonds will be made to DTC or its nominee,
Cede & Co., as registered owner of the Bonds. Upon receipt of moneys, DTC's current
practice is to immediately credit the accounts of DTC Participants in accordance with their
respective holdings shown on the records of DTC. Payments by DTC Participants and Indirect
Participants to Beneficial Owners will be governed by standing instructions and customary
practices, as is now the case with municipal securities held for the accounts of customers in
bearer form or registered in "street name", and will be the responsibility of such DTC
Participant or Indirect Participant and not of DTC, the Trustee, or the District, subject to any
statutory and regulatory requirements as may be in effect from time to time.
So long as the Book -Entry System is used for the Bonds, the Trustee will give any
notice of prepayment or any other notices required to be given to the Owners of Bonds only to
DTC. Any failure of DTC to advise any DTC Participant, or of any DTC Participant to notify
the Beneficial Owner, of any such notice and its content or effect will not affect the validity of
the prepayment of the Bonds called for prepayment or any other action premised on such
notice. Beneficial Owner may desire to make arrangements with a DTC Participant so that
each notice of prepayment or other communications to DTC which affect such Beneficial
Owners, and notification of all interest payments, will be forwarded in writing by such DTC
Participant.
The Trustee cannot and does not give any assurances that DTC will distribute to DTC
Participants payments of principal, interest or any premium with respect to the Bonds paid to
DTC or its nominee, as the registered owner, or any prepayment or other notices or that it will
do so on a timely basis or will serve and act in a manner described in this Official Statement;
in addition, the Authority and Trustee cannot and do not give any assurances that DTC
Participants or others will in turn distribute in a timely manner to the Beneficial Owners any
such payments or notices which they receive from DTC or that will act in a manner described
in this Official Statement. The Authority and Trustee are not responsible or liable for the
failure of DTC or any DTC Participant to Act in a manner described in this Official Statement
or any error or delay relating thereto.
Discontinuance of DTC Services
In the event that (a) DTC determines not to continue to act as securities depository for
the Bonds or (b) the Authority determines to remove DTC from its functions as a depository,
DTC's role as securities depository for the Bonds and use of the Book -Entry System will be
discontinued. If the Authority fails to select a qualified securities depository to replace DTC,
the Authority will cause the Trustee to execute and deliver replacement Bonds in fully
registered form in denominations of $5,000 or any integral multiple thereof in the names of the
Beneficial Owners or DTC Participants. Upon such registration, the Beneficial Owners or
DTC Participants will become the Owners of the Bonds for all purposes.
In the event that the Book -Entry System is discontinued, the following provisions
would also apply: (a) Bonds may be exchanged for an equal aggregate principal amount of
such Bonds in other authorized denominations and of the same maturity, upon surrender
thereof at the principal corporate trust office of the Trustee; (b) the transfer of any Bond may
be registered on the books maintained by the Trustee under the Trust Agreement for such
purpose only upon the surrender thereof to the Trustee with a duly executed assignment in a
form satisfactory to the Trustee; (c) for every exchange or registration of transfer of Bonds,
the Authority and the Trustee may make a charge sufficient to pay them for any tax, other
F - 2 00018R
governmental charge or transfer fees with respect to such exchange or registration of transfer;
(d) the Trustee will not be required to register the transfer or selection of any Bonds for
prepayment, or after the selection for prepayment of such Bond or portion thereof; (e) all
interest payments will be made by check or draft mailed to the registered owners thereof, as
they appear on the registration books maintained by the Trustee on the fifteenth (15th) day of
the month next preceding such Interest Payment Date (except in the case of registered owners
of at least $1,000,000 in aggregate principal amount of outstanding Bonds, which payment
shall, at such owner's request, be made by wire transfer as provided in the Trust Agreement);
and (f) all payments of principal and any premium with respect to the Bonds will be made
upon presentation thereof at the principal corporate trust office of the Trustee.
Transfer Fees
For every transfer and exchange of Bonds, Beneficial Owners may be charged a sum
sufficient to cover any tax, governmental charge or transfer fees that may be imposed by the
Trustee, DTC, or the DTC Participant in connection with such transfer or exchange.
000189
F - 3
APPENDIX G
SPECIMEN OF MUNICIPAL BOND NEW ISSUE INSURANCE POLICY
000190
APPENDIX H
FORM OF SPECIAL COUNSEL OPINION
000191
n
CALENDAR OF EVENTS
LA QUINTA REDEVELOPMENT AGENCY
PROJECT AREA NO. 2
TAX ALLOCATION BONDS, SERIES 1992
City Council and Financing Authority - Special Meetings
Agency Meetings - 1st and 3rd Tuesdays
Newspaper - Desert Sun - Daily
DATE
Agency
Sept. 15 Adopt Resolution Approving
Regular
draft Identure of Trust
Meeting
and the Official Statement
Approve contracts of
Financial Consultant,
Bond Counsel and Paying
Agent, if not previously
approved
City
Sept. 15 Adopt Resolution Approving
Council
the Issuance of the Bonds
Regular
Meeting
Bond Sept. 16 Send Notice to Debt
Counsel Advisory Commission
Financial Sept. 21 Mail Official Statement
Consultant
Financial Oct. 6 Price Bonds
Consultant
RESOLUTION
NO,
Agency Oct. 6 Adopt Resolution of Issuance
Special approving the Indenture of
Meeting Trust and the sale of the
Bonds to the Authority
Financing Oct. 6 Adopt Resolution re Purchase
Authority of the Bonds from the Agency
Special and the sale to Westhoff -Martin
Meeting & Associates
O00192
ATE
1992
Agency Oct. 20
Staff,
Bond Counsel,
Financial
Consultant,
Underwriter
Agency Oct. 21
Staff,
Bond Counsel,
Financial
Consultant,
Underwriter
Pre -close
Deliver bonds
RESOLUTION
NO.
01013193
O8/10/92
9288u/2338/015
REDEVELOPMENT AGENCY
COUNCIL MEETING DATE:
ITEM TITLE:
Demand Register
BACKGROUND:
Ta�p 4 4 a"
AUGUST 181 1992 AGENDA CATEGORY:
PUBLIC HEARING:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
Warrants 5581 $596,719.24
FISCAL IMPLICATIONS: APPROVED BY: 47" 5
Demand of Cash $596,719.24
RECOMMENDATION:
Approval of Demand Register
Submitted by:
7 e"56
Signature
Approved for submission to
City Council
&woe*,
MURRA EN
INTERIM OITY MANAGER
000194
La Quints R8d4rvelopemnt Agency
Warrant Register
rile: RDAWARRT
Date
ckt
In Favor of
Amount
Description
8/14/92
558
CITY OF LA QUIRTA
596,719.24
REII4BURSEKENT FOR CITY ADVANCES
Grand Total Warrants
$ 596,719.24
Qo� 9f
C&wf 4 4 a"
REDEVELOPMENT AGENCY
COUNCIL MEETING DATE: SEPTEMBER 1, 1992
ITEM TITLE:
Demand Register
BACKGROUND:
Warrants
FISCAL IMPLICATIONS:
Demand of Cash
RECOMMENDATION:
AGENDA CATEGORY:
PUBLIC HEARING:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
559 - 5601 $2,003,937.01
$2,0031937.01
Approval of Demand Register
Submitted by:
2
Signature
APPROVED BY:
Approved for submission to
City Council
MUR WARDAN
INTE IM CITY MANAGER
Q10110..19IT
La Quints Redevelopment Agency
Warrant Register
Date ck# In Favor of
8/24/92 559 SECURITY PACIFIC NATIONAL HANK
8/25/92 560 HANK OF AMERICA
grand Total Warrants
file: RDAWARNT
Amount Description
65,750.00 CASHIERS CHECKS TO REKINGTON ESCROW
LOT 9 BLOCK 9 #3816-C - $21,750
LOT 5 BLOCK 102 /3799-C - $22,250
LOT 5 BLOCK 160 #3830-C - $21,750
1,938,187.01 DEPOSIT FOR 9/1/92 DEBT SERVICE PAYMENT
= 2,003,937.01
ooG197
REDEVELOPMENT AGENCY
COUNCIL MEETING DATE:
ITEM TITLE:
Demand Register
BACKGROUND:
Warrants
Tr&f 4 4 a"
SEPTEMBER 15, 1992 AGENDA CATEGORY:
561 - 564}
FISCAL IMPLICATIONS:
Demand of Cash $219,951.79
RECOMMENDATION:
Approval of Demand Register
Submitted by:
Signature
PUBLIC HEARING:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
$219,951.79
APPROVED BY:
Approved for submission to
City Council
Z�
MURFAY WARDEN
INTERIM CITY MANAGER
000198
La Qminta Redevelopment Agency
Warrant Register
Date ck1 In Favor of
9/4/92 561 COACHEr.A VALLEY MOSQUITO ARMMMT DIET
9/4/92 562 COACHELLA VALLEY WATER DIST
9/4/92 563 COMMUNITY CCLLEGE DISTRICT
9/4/92 564 RIV CNTY SUPERINTENDENT OF SCHOOLS
Grand Total Warrants
file: RDAWARNT
Amount Description
115,401.28 PASS THRU AGREEMENT - PA #1 i PA i2
58,811.99 PASS THRU AORE121 T PA A2
29,622.50 PASS THRU AGRMGXT PA \2
16,116.02 PASS THRU AGREEMENT PA /2
i 219,951.79
000199
Tjhr 4 lwQ"
REDEVELOPMENT AGENCY
MEETING DATE: 9/15/92
ITEM TITLE:
Agreement with Kicak and Associates to
Perform Construction staking Services
for the Calle Tampico Improvement
Project.
BACKGROUND:
See attached memorandum.
AGENDA CATEGORY:
PUBLIC HEARING:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
FISCAL IMPLICATIONS: APPROVED BY:
Not to exceed $35,000
RECOMMENDATION:
Authorize entering into a Professional Services Agreement.
Submitted by:
Sign to
FRR/ld
Approved for submission to
City Council:
NMay Wa den
Manc ger
090200
T H E C I T Y
0 F
■+i��a■
La rota.
1982 - 1992 Ten Cant Decade
MEMORANDUM
TO: Honorable Mayor and Members of the City Council
FROM: Frank R. Reynolds, Director of Public Works/City Enginee -
DATE: September 8, 1992
RE: Agreement for Engineering Services
Calle Tampico Construction Staking
Pursuant to prevailing procedures for entering into Professional Services Agreements, it has been
determined that Kicak and Associates is the most qualified firm to provide the subject service
for the improvement of Calle Tampico between Washington Street and Eisenhower Drive. That
firm performed the design work on the project and has all the necessary field data to conduct
the work in the most economical manner.
Based upon our experience with similar activities on the Cove Improvements Project, we find
Kicak's proposal to perform the work at a not to exceed cost of $35,000 to be fair and
reasonable. Therefore, it is recommended that the City Council authorize entering into an
agreement with Kicak and Associates to perform the construction staking.
Id
PROFESSIONAL SERVICES AGREEMENT
THIS AGREEMENT FOR CONTRACT SERVICES (the "Agreement") is made and entered into
by and between the CITY OF LA QUINTA, ("City"), a California municipal corporation, and Kicak
and Associates, a California Corporation with corporate offices in Grand Terrace, CA
("Consultant"). The parties hereto agree as follows:
1.0 SERVICES OF CONSULTANT
1.1 Scope of Services. In compliance with all terms and conditions of this Agreement,
Consultant shall provide those services related to Calle Tampico Construction Staking, as specified
in the Scope of Services attached hereto as Exhibit "A" and incorporated herein by this reference
(the "services" or "work"). Consultant warrants that all services will be performed in a competent,
professional and satisfactory manner in accordance with the standards prevalent in the industry
for such services.
1.2 Consultant's Proposal. The Scope of Services shall include Consultant's proposal and
the obligations listed for the "City" and for the "Engineer" in subsection 2.07 of the Special
Provisions section of Specifications for Calle Tampico Improvements which document was
prepared by Consultant. In the event of any inconsistency between the terms of such proposal
and this Agreement, the terms of this Agreement shall govern.
1.3 Compliance with Law. All services rendered hereunder shall be provided in accordance
with all ordinances, resolutions, statutes, rules, regulations and laws of the City of La Quinta and
any Federal, State or local governmental agency of competent jurisdiction. Construction Services
that constitute public works shall be subject to the "Public Works Requirements" attached hereto
as Exhibit "B" and incorporated herein by this reference.
1.4 Licenses, Permits. Fees and Assessments. Consultant shall obtain at its sole cost and
expense such licenses, permits and approvals as may be required by law for the performance of
the services required by this Agreement. Consultant shall have the sole obligation to pay for any
fees, assessments and taxes, plus applicable penalties and interest, which may be imposed by law
and arise from or are necessary for the performance of the services required by this Agreement.
1.5 Familiarity with Work. By executing this Agreement, Consultant warrants that (a) it
has thoroughly investigated and considered the work to be performed, (b) it has investigated the
site of the work and fully acquainted itself with the conditions there existing, (c) it has carefully
considered how the work should be performed, and (d) it fully understands the facilities, difficulties
and restrictions attending performance of the work under this Agreement. Should Consultant
discover any latent or unknown conditions materially differing from those inherent in the work or
as represented by City, it shall immediately inform City of such fact and shall not proceed except
at Consultant's risk until written instructions are received from the Contract Officer (as defined
in Section 4.2 hereof).
1.6 Care of Work. The performance of services by Consultant shall not relieve Consultant
from any obligation to correct any incomplete, inaccurate or defective work at no further cost to
City, when such inaccuracies are due to the negligence of Consultant.
1.7 Additional Services. In accordance with the terms and conditions of this Agreement,
Consultant shall perform services in addition to those specified in the Scope of Services when
Calle Tampico Construction Staking 0 0 :32"
directed to do so by the Contract Officer, provided that Consultant shall not be required to perform
any additional services without compensation. Any addition in compensation not exceeding five
percent (5%) of the Contract Sum and/or ten thousand dollars ($10,000) may be approved by the
Contract Officer. Any greater increase must be approved by the City Council.
1.8 Special Requirements. Additional terms and conditions of this Agreement, if any,
which are made a part hereof are set forth in the "Special Requirements" attached hereto as
Exhibit "C" and incorporated herein by this reference. In the event of a conflict between the
provisions of Exhibit "C" and any other provisions of this Agreement, the provisions of Exhibit "C"
shall govern.
2.0 COMPENSATION
2.1 Contract Sum. For the services rendered pursuant to this Agreement, Consultant shall
be compensated in accordance with the "Schedule of Compensation" attached hereto as Exhibit
"D" and incorporated herein by this reference, but not exceeding the maximum contract amount
of Thirty Five Thousand Dollars ($35,000) (the "Contract Sum"), except as provided in Section
1.7. The method of compensation set forth in the Schedule of Compensation may include a lump
sum payment upon completion, payment in accordance with the percentage of completion of the
services, payment for time and materials based upon Consultant's rates as specified in Exhibit "D",
but not exceeding the Contract Sum, or such other methods as may be specified in the Schedule
of Compensation. Compensation may include reimbursement for actual and necessary
expenditures for reproduction costs, transportation expense, telephone expense, premiums for
bonds and insurance, and similar costs and expenses when and if specified in the Schedule of
Compensation.
2.2 Method of Payment. Any month in which Consultant wishes to receive payment,
Consultant shall submit to City no later than the tenth (10th) working day of such month, in the
form approved by City's Finance Director, an invoice for services rendered prior to the date of the
invoice. Such invoice shall (1) describe in detail the services provided, including time and
materials, (2) specify each staff member who has provided services and the number of hours
assigned to each such staff member, and (3) indicate the total expenditures to date. Such invoice
shall contain a certification by a principal member of Consultant specifying that the payment
requested is for work performed in accordance with the terms of this Agreement. City will pay
Consultant for all expenses stated thereon which are approved by City pursuant to this Agreement
no later than the last working day of the month.
3.0 PERFORMANCE SCHEDULE
3.1 Time of Essence. Time is of the essence in the performance of this Agreement.
3.2 Schedule of Performance. All services rendered pursuant to this Agreement shall be
performed diligently and within the time period established in the "Schedule of Performance"
attached hereto as Exhibit "E" and incorporated herein by this reference. Extensions to the time
period specified in the Schedule of Performance may be approved in writing by the Contract
Officer.
3.3 Force Maieure. The time period specified in the Schedule of Performance for
performance of the services rendered pursuant to this Agreement shall be extended because of
any delays due to unforeseeable causes beyond the control and without the fault or negligence of
Consultant, including, but not restricted to, acts of God or of the public enemy, fires, earthquakes,
floods, epidemic, quarantine restrictions, riots, strikes, freight embargoes, acts of any
governmental agency other than City, and unusually severe weather, if Consultant shall within ten
(10) days of the commencement of such delay notify the Contract Officer in writing of the causes
Calle Tampico Construction Staking Page 2 of 9
of the delay. The Contract Officer shall ascertain the facts and the extent of delay, and extend
the time for performing the services for the period of the forced delay when and if in his or her
judgement such delay is justified, and the Contract Officer's determination shall be final and
conclusive upon the parties to this Agreement.
3.4 Term. Unless earlier terminated in accordance with Section 7.8 of this Agreement,
this Agreement shall continue in full force and effect until completion of the services, except as
otherwise provided in the Schedule of Performance.
4.0 COORDINATION OF WORK
4.1 Representative of Consultant. The following principals of Consultant are hereby
designated as being the principals and representatives of Consultant authorized to act in its behalf
with respect to the work specified herein and make all decisions in connection therewith:
a. Joseph Kicak
b. John Curtis
C.
d.
It is expressly understood that the experience, knowledge, capability, and reputation of the
foregoing principals were a substantial inducement for City to enter into this Agreement.
Therefore, the foregoing principals shall be responsible during the term of this Agreement for
directing all activities of Consultant and devoting sufficient time to personally supervise the
services hereunder.
The foregoing principals may not be changed by Consultant and no other personnel may be
assigned to perform the service required hereunder without the express written approval of City.
4.2 Contract Officer. The Contract Officer shall be the Public Works Director/City Engineer
or such other person as may be designated by the City Manager of City. It shall be Consultant's
responsibility to assure that the Contract Officer is kept informed of the progress of the
performance of the services and Consultant shall refer any decisions which must be made by City
to the Contract Officer. Unless otherwise specified herein, any approval of City required hereunder
shall mean the approval of the Contract Officer.
4.3 Prohibition Against Subcontracting or Assignment. The experience, knowledge,
capability and reputation of Consultant, its principals and employees were a substantial
inducement for City to enter into this Agreement. Therefore, Consultant shall not contract with
any other entity to perform in whole or in part the services required hereunder without the express
written approval of City. In addition, neither this Agreement nor any interest herein may be
assigned or transferred, voluntarily or by operation of law, without the prior written approval of
City.
4.4 Independent Contractor. Neither City nor any of its employees shall have any control
over the manner, mode or means by which Consultant, its agents or employees, perform the
services required herein, except as otherwise set forth. Consultant shall perform all services
required herein as an independent contractor of City and shall remain at all times as to City a
wholly independent contractor with only such obligations as are consistent with that role.
Consultant shall not at any time or in any manner represent that it or any of its agents or
employees are agents or employees of City.
Calle Tampico Construction Staking 000204 Page 3 of 9
4.5 City Cooperation. City shall provide Consultant with any plans, publications, reports,
statistics, records or other data or information pertinent to services to be performed hereunder
which are reasonably available to Consultant only from or through action by City.
5.0 INSURANCE, INDEMNIFICATION AND BONDS.
5.1 Insurance. Consultant shall procure and maintain, at its cost, and submit concurrently
with its execution of this Agreement, public liability and property damage insurance against all
claims for injuries against persons or damages to property resulting from Consultant's acts or
omissions rising out of or related to Consultant's performance under this Agreement. A certificate
evidencing the foregoing and naming City and its officers and employees and the Coachella Valley
Association of Governments and its officers and employees as additional insured shall be delivered
to and approved by City prior to commencement of the services hereunder.
Consultant shall also carry Workers' Compensation Insurance in accordance with California
Worker's Compensation laws and professional errors and omissions liability insurance. Such
insurance shall be kept in effect during the term of this Agreement and shall not be cancelable
without thirty (30) days written notice to City of proposed cancellation. The insurance policy shall
contain a severability of interest clause providing that the coverage shall be primary for losses
arising out of Consultant's performance hereunder and neither City nor its insurers shall be required
to contribute to any such loss. A certificate evidencing the foregoing shall be delivered to and
approved by City prior to commencement of the services hereunder.
The procuring of insurance or the delivery of policies or certificates evidencing the same shall not
be construed as a limitation of Consultant's obligation to indemnify City, its contractors or
employees. The amount of insurance required hereunder shall be determined by the Contract Sum
in accordance with the following table:
Contract Sum Personal IniurvlPruerty Damage Coverage
Less than $50,000 $100,000 per individual; $300,000 per occurrence
$50,000 - $300,000 $250,000 per individual; $500,000 per occurrence
Over $300,000 $500,000 per individual; $1,000,000 per occurrence
5.2 Indemnification. Consultant shall defend, indemnify and hold harmless City, its
officers, employees, representatives and agents, from and against those actions, suits,
proceedings, claims, demands, losses, costs, and expenses, including legal costs and attorneys'
fees, for injury to or death of person(s), for damage to property (including property owned by City)
and for errors and omissions committed by Consultant, its officers, anyone directly or indirectly
employed by Consultant, any subcontractor, and agents or anyone for whose acts any of them
may be liable, which arise directly or indirectly out of or related to Consultant's negligent
performance under this Agreement, except to the extent of such loss as may be caused by City's
own active negligence, sole negligence or willful misconduct, or that of its officers or employees.
5.3 Formal Bond Reguirements (Not applicable to this agreement)
5.4 Remedies. In addition to any other remedies City may have if Consultant fails to
provide or maintain any insurance policies or policy endorsements to the extent and within the time
herein required, City may, at its sole option:
a. Obtain such insurance and deduct and retain the amount of the premiums for
such insurance from any sums due under this Agreement.
000205
Calle Tampico Construction Staking Page 4 of 9
b. Order Consultant to stop work under this Agreement and/or withhold any
payment(s) which become due to Consultant hereunder until Consultant
demonstrates compliance with the requirements hereof.
C. Terminate this Agreement.
Exercise of any of the above remedies, however, is an alternative to any other remedies City
may have. The above remedies are not the exclusive remedies for Consultant's failure to maintain
or secure appropriate policies or endorsements. Nothing herein contained shall be construed as
limiting in any way the extent to which Consultant may be held responsible for payments of
damages to persons or property resulting from Consultant's or its subcontractors' performance of
work under this Agreement.
6.0 RECORDS AND REPORTS.
6.1 Reports. Consultant shall periodically prepare and submit to the Contract Officer such
reports concerning the performance of the services required by this Agreement as the Contract
Officer shall require.
6.2 Records. Consultant shall keep such books and records as shall be necessary to
perform the services required by this Agreement and enable the Contract Officer to evaluate the
cost and the performance of such services. Books and records pertaining to costs shall be kept
and prepared in accordance with generally accepted accounting principals. The Contract Officer
shall have full and free access to such books and records at all reasonable times, including the
right to inspect, copy, audit, and make records and transcripts from such records.
6.3 Ownership of Documents. Originals of all drawings, specifications, reports, records,
documents and other materials, whether in hard copy or electronic form, which are prepared by
Consultant, its employees, subcontractors and agents in the performance of this Agreement, shall
be the property of City and shall be delivered to City upon termination of this Agreement or upon
the earlier request of the Contract Officer, and Consultant shall have no claim for further
employment or additional compensation as a result of the exercise by City of its full rights of
ownership of the documents and materials hereunder. Consultant may retain copies of such
documents for its own use. Consultant shall have an unrestricted right to use the concepts
embodied therein.
Consultant shall cause all subcontractors to assign to City any documents or materials
prepared by them, and in the event Consultant fails to secure such assignment, Consultant shall
indemnify City for all damages suffered thereby.
In the event City or any person, firm or corporation authorized by City reuses said documents
and materials without written verification or adaption by Consultant for the specific purpose
intended or causes to be made or makes any changes or alterations in said documents and
materials, City hereby releases, discharges, and exonerates Consultant from liability resulting from
said reuse or changes. The provisions of this clause shall survive the completion of this Contract
and shall thereafter remain in full force and effect.
6.4 Release of Documents. The drawings, specifications, reports, records, documents and
other materials prepared by Consultant in the performance of services under this Agreement shall
not be released publicly without the prior written approval of the Contract Officer or as required
by law. Consultant shall not disclose to any other entity or person any information regarding the
activities of City, except as required by law or as authorized by City.
7.0 ENFORCEMENT OF AGREEMENT.
00j36
Calle Tampico Construction Staking Page 5 of 9
7.1 California Law. This Agreement shall be construed and interpreted both as to validity
and to performance of the parties in accordance with the laws of the State of California. Legal
actions concerning any dispute, claim or matter arising out of or in relation to this Agreement shall
be instituted in the Superior Court of the County of Riverside, State of California, or any other
appropriate court in such county, and Consultant covenants and agrees to submit to the personal
jurisdiction of such court in the event of such action.
7.2 Disoutes. In the event of any dispute arising under this Agreement, the injured party
shall notify the injuring party in writing of its contentions by submitting a claim therefor. The
injured party shall continue performing its obligations hereunder so long as the injuring party
commences to cure such default within ten (10) days of service of such notice and completes the
cure of such default within forty-five (45) days after service of the notice, or such longer period
as may be permitted by the Contract Officer; provided that if the default is an immediate danger
to the health, safety and general welfare, City may take such immediate action as City deems
warranted. Compliance with the provisions of this Section shall be a condition precedent to
termination of this Agreement for cause and to any legal action, and such compliance shall not be
a waiver of any party's right to take legal action in the event that the dispute is not cured,
provided that nothing herein shall limit City's right to terminate this Agreement without cause
pursuant to Section 7.8.
7.3 Retention of Funds. City may withhold from any monies payable to Consultant
sufficient funds to compensate City for any losses, costs, liabilities, or damages it reasonably
believes were suffered by City due to the default of Consultant in the performance of the services
required by this Agreement.
7.4 Waiver. No delay or omission in the exercise of any right or remedy of a nondefaulting
party on any default shall impair such right or remedy or be construed as a waiver. City's consent
or approval of any act by Consultant requiring City's consent or approval shall not be deemed to
waive or render unnecessary City's consent to or approval of any subsequent act of Consultant.
Any waiver by either party of any default must be in writing and shall not be a waiver of any other
default concerning the same or any other provision of this Agreement.
7.5 Rights and Remedies are Cumulative. Except with respect to rights and remedies
expressly declared to be exclusive in this Agreement, the rights and remedies of the parties are
cumulative and the exercise by either party of one or more of such rights or remedies shall not
preclude the exercise by it, at the same or different times, of any other rights or remedies for the
same default or any other default by the other party.
7.6 Legal Action. In addition to any other rights or remedies, either party may take legal
action, at law or at equity, to cure, correct or remedy any default, to recover damages for any
default, to compel specific performance of this Agreement, to obtain injunctive relief, or to obtain
any other remedy consistent with the purposes of this Agreement.
7.7 Liquidated Damages (Not applicable to this agreement)
7.8 Termination Prior To Exoiration Of Term. This Section shall govern any termination
of this Agreement, except as specifically provided in the following Section 7.9 for termination for
cause. City reserves the right to terminate this Agreement at any time, with or without cause,
upon thirty (30) days' written notice to Consultant. Upon receipt of any notice of termination,
Consultant shall immediately cease all services hereunder except such as may be specifically
approved by the Contract Officer. Consultant shall be entitled to compensation for all services
rendered prior to receipt of the notice of termination and for any services authorized by the
Contract Officer thereafter in accordance with the Schedule of Compensation or such as may be
approved by the Contract Officer, except as provided in Section 7.3.
Calle Tampico Construction Staking
000207
Page 6 of 9
7.8 Termination For Default of Consultant. If termination is due to the failure of Consultant
to fulfill its obligations under this Agreement, City may, after compliance with the provisions of
Section 7.2, take over work and prosecute the same to completion by contract or otherwise, and
Consultant shall be liable to the extent that the total cost for completion of the services required
hereunder exceeds the compensation herein stipulated (provided that City shall use reasonable
efforts to mitigate such damages), and City may withhold any payments to Consultant for the
purpose of setoff or partial payment of the amounts owed City as previously stated in Section 7.3.
7.9 Attorneys' Fees. If either party commences an action against the other party arising
out of or in connection with this Agreement, the prevailing party shall be entitled to recover
reasonable attorneys' fees and costs of suit from the losing party.
8.0 CITY OFFICERS AND EMPLOYEES: NON-DISCRIMINATION.
8.1 Non -liability of City Officers and Employees. No officer or employee of City shall be
personally liable to Consultant, or any successor in interest, in the event or any default or breach
by City or for any amount which may become due to Consultant or to its successor, or for breach
of any obligation of the terms of this Agreement.
8.2 Conflict of Interest. No officer or employee of City shall have any personal interest,
direct or indirect, in this Agreement nor shall any such officer or employee participate in any
decision relating to the Agreement which affects his or her personal interest or the interest of any
corporation, partnership or association in which she or he is, directly or indirectly, interested, in
violation of any State statute or regulation. Consultant warrants that it has not paid or given and
will not pay or give any third party any money or general consideration for obtaining this
Agreement.
8.3 Covenant against Discrimination. Consultant covenants that, by and for itself, its
heirs, executors, assigns, and all persons claiming under or through them, that there shall be no
discrimination against or segregation of, any person or group of persons on account of race, color,
creed, religion, sex, marital status, national origin or ancestry in the performance of this
Agreement.
9.0 MISCELLANEOUS PROVISIONS
9.1 Notice. Any notice, demand, request, consent, approval, communication either party
desires or is required to give the other party or any other person shall be in writing and either
served personally or sent by prepaid, first-class mail to the address set forth below. Either party
may change its address by notifying the other party of the change of address in writing. Notice
shall be deemed communicated forty-eight (48) hours from the time of mailing if mailed as
provided in this Section 9.1.
To City:
CITY OF LA QUINTA
78-105 Calle Estado
La Quinta, California 92253
Attention: Frank R. Reynolds
000208
Calle Tampico Construction Staking Page 7 of 9
To Consultant:
Kicak and Associates
21935 Van Buren Street, Bldg. A, Suite 220
Grand Terrace, CA 92324
Attention: Joseph Kicak
9.2 Integrated Agreement. This Agreement contains all of the agreements of the parties
and all previous understanding, negotiations and agreements are integrated into and superseded
by this Agreement.
9.3 Amendment. This Agreement may be amended at any time by the mutual consent of
the parties by an instrument in writing signed by both parties.
9.4 Severability. In the event that any one or more of the phrases, sentences, clauses,
paragraphs, or sections contained in this Agreement shall be declared invalid or unenforceable by
a valid judgement or decree of a court of competent jurisdiction, such invalidity or unenforceability
shall not affect any of the remaining phrases, sentences, clauses, paragraphs, or sections of this
Agreement which are hereby declared as severable and shall be interpreted to carry out the intent
of the parties hereunder.
9.5 Authority. The persons executing this Agreement on behalf of the parties hereto
warrant that they are duly authorized to execute this Agreement on behalf of said parties and that
by so executing this Agreement the parties hereto are formally bound to the provisions of this
Agreement.
000^09
Calle Tampico Construction Staking Page 8 of 9
IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates stated
below.
CITY OF LA QUINTA a California municipal corporation
Mayor
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorney
CONSULTANT Kicak and Associates
In
Joseph Kicak, President
Date:
Date
000210
g
Celle Tampico Construction Staking 9
Exhibit A
Scope of Services
Contents
Consultant's Proposal dated August 5, 1992
Section 2.07, Special Provisions section of
Specifications for Calle Tampico Improvements
060211
KICAK AND ASSOCIATES
CIVIL ENGINEERS & PLANNERS
5402
August 5, 1992
Mr. Frank Reynolds
Director of Public Works/City Engineer
City of La Quinta
78-105 Calle Estado
La Quinta, CA 92253
Re: Calle Tampico - Construction Staking
Attention: Mr. John Freeland
Dear Mr. Freeland:
As per your request, we are pleased to submit a proposal for the
required construction staking for the .above project.
This proposal is in accordance with Section 2.07, Special Provisions
of Specifications for the above project.
All of the work shall be completed at the hourly rate schedule for the
classification of personnel, attached hereto as Exhibit A.
The scope of work, however, also provides for items beyond those in
the Specifications, specifically the following items that are either
required by the City, California B A P Code and potential needs not
specifically identified. These include the following:
1. Tie -out all existing monuments.
2. Provide survey information (horizontal and vertical) on
pot -holes as may be necessary.
3. Place monuments at the intersections of new alignment of
Tampico.
4. Prepare tie sheets for the monuments.
5. Submit to the County Surveyor "Corner Record" information
setting monuments. City of La Quints
AUG 6 1992
PUBLIC WORKS
0002103
AW
41555 COOK STREET • SUITE 220 • PALM DESERT, CALIFORNIA 92260 • (619) 341-9544 • FAX (619) 341-9166
21935 VAN BUREN STREET • BLDG. A, SUITE 3 • GRAND TERRACE, CALIFORNIA 92324 • (714) 825-7503 • FAX (714) 825-7506
Mr. Frank Reynolds
Attn: Mr. John Freeland
August 5, 1882
Page 2
In addition, following work, as provided by the specifications is
included:
1. Construction Staking of the Storm Drain (1 Side of Box)
2. Prepare Cut Sheets for Storm Drain.
3. Construction Staking of Curbs including median islands.
4. Prepare Cut Sheets for the curb.
5. Construction Staking of Sanitary Sewer.
6. Prepare Cut Sheets for Sanitary Sewer.
T. Construction Staking of "Wye" locations.
8. Construction Staking of all Storm Drain Structures to include:
(a) Local depressions.
(b) Centerline, begin and end structure.
The estimate cost for the work described above is $34,680.00.
The costs would be billed at the hourly rate schedule with an amount
not to exceed $35,000.00.
If you have any questions, do not hesitate to call me.
yours,
HICAE
JE:dlk
Attachment
000213
The Contractor shall make arrangements with the Coachella Valley
Water District (CVWD) to obtain water from designated fire hydrants at
or near the project for use in dust control and soil compaction. It
shall be the responsibility of the Contractor to pay for the water and
any deposits required by CVWD.
The cost to furnish and apply water shall be included in the
unit prices for the various items bid and no additional payment will
be allowed therefore.
2.05 AS -BUILT DRAWIBG,S
A. Except where otherwise provided, the Contractor shall
maintain on the jobsite a set of full-size blueline or blackline prints.
On these he shall mark all as -built conditions, locations, configurations,
and other details which may vary from the details represented on the
drawings.
ioriginal
■
This master record of as -built conditions, including all
revisions made necessary by Addenda, Change Orders, and the like, shall
be maintained up-to-date during the progress of the work.
B. In the case of those drawings which are superseded by final
shop drawings, the as -built drawings shall be updated by indicating those
portions which are superseded and how they are superseded.
C. Upon completion of the work and prior to final acceptance,
accurate, legible as -built drawings shall be turned over to the City
of La Quinta.
2.06 RESmRMOB OF SURFACES
All existing surfaces, whether asphaltic concrete, Portland
Cement concrete or other, shall, after construction, be restored to a
condition at least equal to that prior to construction. All restoration
shall be in -kind except in those areas where Plans and Specifications
or details indicate to the contrary. The details of these areas will
govern.
2.OT COBSTRUMOB STAMM
iThe
City will provide construction staking for the contractor
as described in paragraphs 1 to 4.
All of the construction staking shall be done once. Any
additional staking or restaking shall be contractor's responsibility
and at his cost.
The Engineer will provide cut sheets for all of the construction
staking except for water system.
1. Curb and Gutter and Cross -gutters
(a) Offset as specified, at 25 foot stations showing cuts
and/or fills to top
of curb.
i oco�14
sP-5
(b) Curb returns at BCR, ECR, 1/4, 1/2 and 3/4 delta showing
cuts and/or fill to top of curb.
(c) Cross -Gutters at street centerline and Points of Inter-
section of flowlines.
2. Sanitary Sewer
(a) Flowline of pipe at 25 foot stations and centerline of
manholes at specified offset.
(b) Wye Locations as specified in other sections (Contractor
to contact property owner for the exact locations prior
to construction staking of any main line and indicate
desired lateral location).
I 3. Storm Drain
(a) Flowline of pipe or box at 25 foot stations and centerline
of manholes, at specified offset, including the laterals.
(b) Catch Basin/Inlet Structures
1. Local Depressions, begin and end,
2. Begin, centerline and end of Structure and invert
elevation, if required.
2.08 VECMCATIOHS AND DRAWINGS
The City will furnish to the Contractor four sets of
Specifications and eight sets of full-scale drawings. Additional sets
of Specifications and Drawings may be procured by the Contractor for
the cost of reproduction and binding.
In case of conflict between the Drawings and Specifications,
the Specifications shall govern. Figure dimensions on Drawings shall
govern over scaled dimensions, and detailed Drawings shall govern over
general Drawings.
Any discrepancies found between the Drawings and Specifications
in the Drawings
and site conditions or any inconsistencies or ambiguities
or Specifications shall be reported immediately to the Engineer, in
writing, who shall correct promptly such inconsistencies or ambiguities
in writing. Work done by the Contractor after his discovery of such
discrepancies, inconsistencies or ambiguities shall be done at the
Contractor's risk.
2.09 PEE IITS AND LICENSES
In lieu of the provisions in Section 7-51 "Permits", of Standard
Specifications, the Contractor shall obtain permits for all work within
the existing rights -of -ways, as said permits may be required by C.V.W.D.
this may include but not be limited to the construction of water, sanitary
sewer and storm drain systems. Any cost associated with such permits
shall be included in the bid prices of various items of work and no
additional payment shall be allowed. He shall comply with all of the
requirements of C.V.W.D.
Sp-6 0G0215
Exhibit B
Public Works Requirements
(Not applicable to this agreement)
00021F;
Exhibit C
Special Requirements
(Not applicable to this agreement)
000217
Exhibit D
Schedule of Compensation
Contents
Consultant's Schedule of Billing Rates
00()`'1_$
MMIBIT •
HICAE AND ASSOCIATES, INC.
SCHEDULE OF BILLING RATES
Effective July 1, 1991
Principal Engineer
Project Manager
Design Engineer
Design Draftsman
Drafter
Clerical
Inspection
2-Man Survey Party
3-Man Survey Party
Travel Time
2-Man Party in excess of 8 hrs./day
3-Man Party in excess of 8 hrs./day
Prints and Miscellaneous Material
Outside Services
85.00
i 80.00
$ 70.00
$ 60.00
$ 55.00
$ 25.00
$ 60.00
$135.00
$185.00
52.00
$ 78.00
Cost plus O percent
Cost plus 40 percent
h 2
t ..
000219
Exhibit E
Schedule of Performance
Consultant shall perform all services required herein in a timely manner so as not to impede the
progress of the construction contractor.
Consultant shall provide construction staking for any portion of the project upon receipt of City's
request for such staking. Consultant shall provide City with construction cut/fill sheets no later
than 72 hours following such staking.
Consultant shall complete all services within one hundred fifty (150) days of the date of this
Agreement.
000220
T4&r 4 4Q"
REDEVELOPMENT AGENCY
MEETING DATE: 9/15/92
ITEM TITLE•
Authorize Appraisal Services for
Property at the Southeast Corner of
Washington Street and Highway 111.
BACKGROUND:
See attached memorandum.
FISCAL IMPLICATIONS:
Estimated $1,000 (R.D.A. #2).
RECOMMENDATION:
AGENDA CATEGORY:
PUBLIC HEARING:
BUSINESS SESSION:
CONSENT CALENDAR
STUDY SESSION:
APPROVED BY:
Authorize execution to arrange for appraisal services.
Submitted by:
Signur
FRR/ld
Approved for submission to
City Council:
Murra arde Yr
City M nage
00022.1
TO: Murray Warden
FROM: Frank Reynolds
DATE: September 1, 1992
SUBJECT: Appraisal Services for Property at the Southeast Corner of
Washington Street and Highway 111
A small parcel (less than one -tenth of an acre) owned by Desert Outdoor Advertising
Inc. exists at the southeast corner of Washington Street and Highway 111. In order
to accomplish the ultimate improvement of its intersection with Highway 111,
approximately 72% of this unbuildable land needs to be acquired. It abuts, but is
not a part of the land proposed to be developed as Simon Plaza.
In order for us to proceed with either negotiation or condemnation to acquire this
property, it is necessary that it be appraised. Therefore, it is requested that the City
Council authorize staff to arrange for appraisal services.
kt
000222
09=1 0-92 03 : 47PM ■SYC& R Newport Beach CA
P05/**
RESOLUTION NO.
RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING AND AUTHORIZING EXECUTION
OF AN AGREEMENT FOR CONSTRUCTION OF PUBLIC
IMPROVEMENTS
WHEREAS, the La Quinta Redevelopment Agency (the "Agency")
is in the process of implementing the Redevelopment Plan for
the La Quinta Redevelopment Project No. ! (the "Project")
pursuant to the provisions of the California Community
Redevelopment Law (California Health and Safety Code Section
33000, et semi,); and
WHEREAS, in furtherance of the Project, the Agency desires
to enter into an Agreement for Construction of Public
Improvements (the "Agreement") with the City of La Quinta (the
"City") and the Coachella valley Water District (the
"District") under which the City will install and construct
certain street, utility and other public improvements and
facilities (the "Improvements") to serve the Project;
WHEREAS, pursuant to the Agreement, the Agency would pay
the City for all costs of such Improvements with monies which
the Agency has obtained or would obtain from the issuance and
sale of tax allocation, bonds by the Agency, and the District
would pay the costs and expenses of the sanitary trunk sewer
facilities according to the terms of the Agreement; and
WHEREAS, the Agency desires to proceed with the
construction of the Improvements referenced in the Agreement;
and
WHEREAS, pursuant to Section 33445 of the Health and Safety
Code, the Agency may, with the consent of the City Council, pay
all or part of the cost of the installation and construction of
any building, facility, structure or other improvement which is
publicly owned either within or without the Project Area, if
the City Council determines that such buildings, facilities,
structures, or other improvements are of benefit to the project
area or the immediate neighborhood in which the project is
located and, that no other reasonable means of financing such
buildings, facilities, structures or improvements are available
to the community; and
WHEREAS, the City Council has found and determined that the
construction of the Improvements referenced in the Agreement
will be of benefit to the Project Area in that the public
health, safety, and welfare of its inhabitants will be promoted
by the provision of the Improvements; and
000224
T,`ht 4 4 Q"
REDEVELOPMENT AGENCY
MEETING DATE: 9/15/92
ITEM TITLE•
Reimbursement Agreement with Coachella
Water District for Calle Tampico and
Avenida Bermudas Sanitary Sewer.
BACKGROUND:
AGENDA CATEGORY:
PUBLIC HEARING:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
As part of the Calle Tampico improvement project, sanitary sewers
will be constructed in Calle Tampico and Avenida Bermudas. The
CVWD has agreed to reimburse the City and RDA for the cost of that
part of the construction. FISCAL IMPLICATIONS: APPROVED BY: �--y,A
None
RECOMMENDATION:
Authorize execution of the agreement.
Submitted by:
sign ture
FRR/ld
Approved for submission to
City Council:
Cu ay W rden
i y M ager
000223
09=10-92 03:47PM ■5YC&R Newport Beach CA P06/**
WHEREAS, the City Council has found and determined, based
upon the report prepared by staff, that there are no reasonable
means of financing the Improvements reasonably available other
than the payment of construction costs by the Agency and the
District,
NOW, THEREFORE, THE LA QUINTA REDEVELOPMENT AGENCY DOES
RESOLVE AS FOLLOWS:
Section 1. The Agency hereby approves the Agreement and
the Chairman and the Secretary of the Agency are hereby
authorized to execute the Agreement on behalf of the Agency.
PASSED AND ADOPTED THIS day of September, 1992 by the
following vote:
AYES:
NOES:
ABSENT:
Chairman
ATTEST:
Secretary
000225
09-10-92 03 : 49PM ■SYC&R Newport Beach CA P09/**
AGREEMENT FOR CONSTRUCTION
OF PUBLIC IMPROVEMENTS
THCIS AGREEMENT is made and entered into by and among the CITY OF LA
QUINTA ("the CITY"), the LA QUINTA fiEDEVELOPMENT AGENCY ("the AGENCY"), and
the COACHELLA VALLEY WATER DISTRICT ("the DISTRICT").
RECITALS
A. The CITY is a municipal corporation duly organized pursuant to the
general laws of the State of California.
B. The AGENCY is a redevelopment agency, a public body, corporate and
politic, duly created, established and authorized to transact business and
exercise its powers, all under and pursuant to the Community Redevelopment
Law, California health and Safety Code section 33000, et. seq.
C. The DISTRICT is a county water district organized and existing
pursuant to California Water Code section 30000, et. seq.
D. The CITY, the AGENCY and the DISTRICT wish to cooperate in
undertaking a project for the construction of certain public improvements
within the CITY, including sanitary sewer facilities, street improvements,
and a storm drain; each intends to contribute to the cost of some or all of
these improvements to contribute to the cost of some or all of these
improvements through direct financial contribution and/or through the sale of
bonds as hereinafter described.
THEREFORE, IT IS AGREED:
i . finds
Upon adoption of a resolution by the City Council ordering the
project to be constructed and installed, the following funds shall be
established and maintained by the CITY from the sources and for the purposes
described: 000226
09—.10-92 03:49PM ■SYC&R Newport Beach CA P10/**
a) Improvement —Fund
Into this fund shall be deposited any cash payments by the
District, this fund shall be used to pay the Cost of construction of all
improvements described in Exhibit "B".
b) Tax Allocation Bond Fund
The AGENCY shall transfer to the CITY, monies which AGENCY has
obtained or shall obtain from the issuance and sale of tax allocation bonds
by the AGENCY. Said money shall be kept by the CITY in a "Tax Allocation
Bond Fund" and, shall be used to pay the cost of constructing those
improvements described on Exhibits "C-1" and "C-2" (Street Improvements and
Storm Drains).
r Oblioation
The DISTRICT'S obligation to pay the costs and expenses of the
project shall be limited to sanitary trunk sewer facilities. The DISTRICT
shall budget and contribute an estimated $370,759 toward the cost of these
facilities, pursuant to the Resolution
No. 92-168 adopted by the District Board of Directors on August 11, 1992.
3. CITY"S Obligation
The obligation of the CITY to pay the costs and expenses of the
project shall be limited obligation, payable solely from the Improvement
Fund.
4. AGENCY IS_9bligation
The obligation of the AGENCY to pay the costs and expenses of the
project shall be limited to the monies it pays to the CITY from the sale of
tax allocation bonds.
CONSTRUCTION PROVISIONS
5. Plans and Specifications
The DISTRICT shall review and approve all plans, specifications,
drawings and revisions thereof for the construction and installation of all
09-10-92 03:50PM ■SYC&R Newport Beach CA F11i**
sanitary sewer improvements prior to construction.
6. Insgection
The DISTRICT shall provide normal construction inspection services
in connection with construction and installation of the sanitary trunk sewer
at no cost to the CITY, or the AGENCY.
7. Progress Payments
The DISTRICT shall review each progress payment request by
contractor for the construction and installation of the sanitary trunk sewer
upon approval of said request, shall pay to CITY the amount approved for the
portion of the project being constructed and installed at. the DISTRICT's
expense within twenty (20) days of said approval. The CITY shall thereupon
pay the amount authorized by the DISTRICT to the contractor.
8. Completion
Upon completion of the construction and installation of the
sanitary sewer facilities, the CITY shall file a Notice of Completion for
recording in the Office of the County Recorder. Upon formal written
acceptance thereof by the DISTRICT, the CITY shall execute all documents
necessary for the conveyance of title to said facilities to the DISTRICT.
Upon delivery of said documents to the DISTRICT, said facilities shall become
a part of the DISTRICT'S sanitary sewer systems, as appropriate and the
DISTRICT shall thereafter operate and maintain same.
MISCELLANEOUS PROVISIONS
9. Effective Date
This Agreement shall become effective upon the adoption by the City
Council of a resolution authorizing the Mayor to enter into this Agreement
with the DISTRICT.
10. Notice
Any notice authorized or required to be given to the CITY shall be
deemed duly and properly given if sent to the CITY by registered or certified mail, return receipt requested to: 000228
09-10-92 03 : 50PivI ■SYC&R Newport Beach CA P 1 2/**
CITY OF LA QUINTA
P.O. Box 1504
La Quinta, CA 92253
ATTENTION: City Manager
or personally delivered to the CITY at such address or other address
specified to the AGENCY and the DISTRICT in writing by the CITY.
Any notice authorized or required to be given to the AGENCY shall be
deemed duly and properly given if sent to the AGENCY by registered or
certified mail, return receipt requested to:
THE LA QUINTA REDEVELOPMENT AGENCY
P.O. Box 1504
La,Quinta, CA 92253
ATTENTION: Executive Director
or personally delivered to the AGENCY at such address or other address
specified to the CITY and the DISTRICT in writing by the AGENCY.
Any notice authorized or required to be given to the DISTRICT shall be
deemed duly and properly given if sent to the DISTRICT by registered or
certified mail, return receipt requested to:
COACHELLA VALLEY WATER DISTRICT
P.O. Box 1058
Coachella, CA 92236
Attention: Tom Levy
General Manager, Chief Engineer
or personally delivered to the DISTRICT at such address or other address
specified to the CITY and the AGENCY in writing by the DISTRICT.
13. Entire Agreement
This Agreement represents the entire integrated agreement among the
CITY, the AGENCY, and the DISTRICT, supersedes all prior negotiations,
representations, or agreements, either written or oral. This Agreement may
only be modified by a writing signed by the CITY, the AGENCY, and then
09-40-92 03:50PM ■SYC&R Newport Beach CA P13/**
•DISTRICT.
This Agreement shall be governed by the laws of the State of
California.
15. Successors and Assigns
The provisions of this Agreement shall inure to and be binding upon
each of the parties to this Agreement and their successors and assigns.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized by the CITY
on
1992, by the AGENCY on
1992, and by the DISTRICT on
ATTEST:
SAUNDRA L. JUHOLA, City Clerk
LA QUINTA REDEVELOPMENT AGENCY
ATTEST:
SAUNDRA L. JUHOLA, City Clerk
COACHELLA VALLEY WATER DISTRICT
ATTEST:
By:
1992.
JOHN J.PENA, Mayor
;NA, Chairman
By:
TOM LEVY, General Manager/
Chief Engineer
BERNADINE SUTTON, Secretary
00O2J1/
COUNCIL MEETING DATE: September 15, 1992
ITEM TITLE:
Acceptance of Project 92-11
(Low -Mod Sewer Hook Up) and
authorization for City Clerk
to record Notice of Completion
BACKGROUND:
AGENDA CATEGORY:
PUBLIC HEARING:
}BUSINESS SESSION:
CONSENT CALENDAR: 57
STUDY SESSION:
All work for Project 92-11 has been completed in accordance with
the specifications.
FISCAL IMPLICATIONS:
None
APPROVED BY:
RECOMMENDATION:
Accept Project 92-11 and instruct the City Clerk to file a Notice
of Completion with the County Recorder.
Submitted by:
BUILDING AND SAFETY DEPT
I B-,nk de2t�_�_
TOM HARTUNG
BUILDING & SAFETY DIRECTOR
Approved for submission
to City Council:
Y,4� 4�4, -
MUR Y W DEN
INTEIRIM qITY MANAGER
00i'a;?3,
Tlilt 4 44"
REDEVELOPMENT AGENCY
MEETING DATE: SEPTEMBER 15, 1992
ITEM TITLE:
DEPARTMENT STAFF REPORT
ASSISTANT CITY MANAGER
TRANSMITTAL OF STATEMENT OF
FINANCIAL POSITION
AGENDA CATEGORY:
PUBLIC HEARING:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
DEPARTMENTAL REPORT:
Transmital of July 1, 1992 thru July 31, 1992 Statement
of Financial Position for the La Quinta Redevelopment Agency.
RECOMMENDATION:
Receive and File
Submitted by:
Signature
a
Approved for submission to
City Council
W EN
I RIM CITY MANAGER
000 32
GL102
CITY OF LA QUIRTA
9/08/92
STATEMENT OF FINANCIAL POSITION
PAGE ONE
PERIOD 7/92 THROUGH 7/92
GENERAL
STATE FEDERAL COMMUNITY
LANDSCAPE
FUND
GAS TAR REVENUE DEVELOPMENT
MAINTENANCE
FUND SHARING FUND BLOCK GRANT
DISTRICT F1
ASSETS
CASH
9753807.59-
299510.60
100941.07
SEC PAC MONEY MET
295802.23
PETTY CASH
700.00
ACCRUED INTEREST/PREPAID MCPS
1250.85-
A000UNTS RECEIVABLE
LOAN RECNIVABLE P.S.D.R.C.B.
32549.64
ACCTS. REC. NSF CHECKS
pERPo MANCE BONDS / DEP HELD
2000.00
DEPOSITS -WORKERS COMPENSATION
49875.00
TRAILER RENT DEPOSIT
480.00
DEPOSIT -ELECTRIC SVC TRAILER
75.00
EMPLOYEE ADVANCES/TRAVEL
1538.22
PREPAID PAYROLL CLEARING
1735.65
ARCO GRAFITTI CONTRIBUTION
546.57-
DUE FROM OTHER GOVERNMLBNTS
88582.54
18300.00
DUE FROM REDEVELOPMENT AGENCY
4530500.19
SUSPENSE
184.75-
GHNERAL FI]® ASSETS
PAYMENT OF LONG TERM DEBT
INVESTMENTS - LAIF
10360081.71
INVESTMENTS C.D.18
500000.00
INVEST/DENNAN AND COMPANY
2900000.00
TOTAL ASSETS
9009210.42
317810.50
100941.07
LIABILITIES 6 EQUITY
LIABILITIES
ACCOUNTS PAYABLE
155666.60-
3219.80-
CO P ABSENCES PAYABLE
CONTRACTS PAYABLE FIRE TRUCK
ACCRUED EXPENSES
25219.82-
5102.16-
1959 PENS SURVIVOR BENEFITS
326.16-
DEPOSITS HELD
418832.06-
TOTAL LIABILITIES
600044.54-
8321.95-
RESERVE - LANDMARX
1175172.31-
FUND BALANCE
7233993.47-
309488.64-
100941.07-
TOTAL LIABILITIES 6 EQUITY
9009210.42-
317810.60-
100941.07-
000233
GL102 CITY OF LA QUIRTA
9/08/92 STATEMENT OF FINANCIAL POSITION
PAGE TWO
PERIOD 7/92 THROUGH 7/92
INFRA- EQUIPMENT
QUIMBY STRUCTURE REPLACEMENT VILLAGE
FUND FUND FUND PARKING
ASSETS
CASH
809530.85 5806979.75
BBC PAC MONEY NET
PETTY CASH
ACCRUED INTEREST/PREPAID EXPS
ACCOUNTS RECEIVABLE
LOAN RECEIVABLE P.S.D.R.C.E.
ACCTS. REC. SHP CHECKS
PERFORMANCE BONDS / DEP HELD
DEPOSITS -WORKERS COMPENSATION
TRAILER RENT DEPOSIT
DEPOSIT -ELECTRIC SVC TRAILER
EMPLOYEE ADVANCES/TRAVEL.
PREPAID PAYROLL CLEARING
DUB FROM OTHER GOVERNMENTS
DUE PROM REDEVELOPMENT AGENCY
SUSPENSE
GENERAL FIXED ASSETS
PAYMENT OF LONG TERM DEBT
INVESTMENTS - LAIF
INVESTMENTS C.D.'S
INVEST/DWKAN AND COMPANY
TOTAL ASSETS
609530.85 5806979.75
LIABILITIES i EQUITY
LIABILITIES
ACCOUNTS PAYABLE
545205.82-
COMP ABSENCES PAYABLE
CONTRACTS PAYABLE FIRE TRUCK
ACCRUED EXPENSES
216.87-
1959 PENS SURVIVOR BENEFITS
DEPOSITS RELD
77100.00-
TOTAL LIABILITIES
522522.69-
RESERVE - LANDMARK
FUND BALANCE
809530.85- 5184457.05-
TOTAL LIABILITIES i EQUITY
809530.85- 5806979.75-
76586.35 24790.36
76586.35 24790.36
76586.35- 24790.36-
76586.35- 24790.36-
000234
GL102
CITY OF LA QUIWTA
9/08/92
STATEMENT OF FINANCIAL POSITION
PAGE THREE
PERIOD 7/92 THROUGH 7/92
ASSESSMENT
ASSESSMENT
CITY WIDE
ASSESSMENT
ASSESSMENT
DISTRICT
DISTRICT
A88MNT DIST
DISTRICT
DISTRICT
88-1
89-2
89-1
90-1
91-1
ASSETS
CASH
83709.37
98233.58
112514.70
237855.23
960045.41
SEC PAC MOM NKT
PETTY CASH
ACCRUED INTEREST/PREPAID MCPS
ACCOUNTS RECEIVABLE
LOIN RECEIVABLE P.S.D.R.C.B.
ACCTS. SEC. NHF CHECKS
PERPORMANCE BONDS / DEP HELD
DEPOSITS -WORKERS COMPENSATION
TSAILER RENT DEPOSIT
DEPOSIT -ELECTRIC SVC TRAILER
EMPLOYEE ADVANCES/TRAVEL.
PREPAID PAYROLL CLEARING
DUE FROM OTHER GOVERNMENTS
DUE FROM REDEVELOPMENT AGENCY
SUSPENSE
=WERAL FIRED ASSETS
PAYMENT OF LONG TERM DEBT
INVESTMENTS - LAIF
INVESTMENTS C.D.'S
INVERT/DSNMAN AND COMPANY
19727.09
TOTAL ASSETS
83709.37
117960.67
112514.70
237855.23
960045.41
LIABILITIES A EQUITY
LIABILITIES
ACCOUNTS PAYABLE
18359.25-
7287.00-
COMP ABSENCES PAYABLE
CONTRACTS PAYABLE FIRE TRUCK
ACCRUED EXPENSES
7053.37-
1959 PERK SURVIVOR BENEFITS
DEPOSITS ffi.D
961.26-
7128.43-
34840.00-
TOTAL LIABILITIES
961.26-
7128.43-
60262.62-
7287.00-
RESERVE - LANDMARK
FUND BALANCE
82748.11-
110832.24-
52252.08-
237855.23-
952758.41-
TOTAL LIABILITIES 6 EQUITY
63709.37-
117960.67-
112514.70-
237855.23-
960045.41-
CG0235
GL102 CITY OF LA QUINTA
9/08/92 STATEMENT OF FINANCIAL POSITION
PAGE FOUR
PERIOD 7/92 THROUGH 7/92
ARTS IN
PUBLIC
88-1
89-2 90-1 91-1
PLACES
AGENCY FUND
AGENCY FUND AGENCY FUND AGENCY FUND
ASSETS
CASE
159465.79
254606.24
259633.18 268454.62 415273.38
BBC PAC MONEY MCP
PETTY CASH
ACCRUED INTEREST/PREPAID MOPS
ACCOUNTS RECEIVABLE
LOAN RECEIVABLE P.S.D.R.C.B.
ACCTS. EEC. NSF CHECKS
PERFORMANCE BONDS / DEP HELD
DEPOSITS -WORKERS COMPENSATION
TRAILER RENT DEPOSIT
DEPOSIT -ELECTRIC SVC TRAILER
EMPLOYEE ADVANCES/TRAVEL
PREPAID PAYROLL CLEARING
DUE FROM OTHER GOVEANMINTS
DUE FROM REDEVELOPMENT AGENCY
SUSPENSE
GENERAL FIEBD ASSETS
PAYMENT OF LONG TERM DEBT
INVESTMENTS - LAIF
INVESTMENTS C.D.'S
INVEBT/DRHMAN AND COMPANY
7572.54
TOTAL ASSETS
159465.79
262178.78
259633.18 268454.62 415273.38
LIABILITIES 6 EQUITY
LIABILITIES
ACCOUNTS PAYABLE
COMP ABSENCES PAYABLE
CONTRACTS PAYABLE FINE TRUCK
ACCRUED E7@ENSES
1959 PERS SURVIVOR BENEFITS
DEPOSITS BELD
93745.10-
262179.08-
259633.16- 268454.62- 415273.38-
TOTAL LIABILITIES
93745.10-
262179.08-
259633.18- 268454.62- 415273.38-
FUND BALANCE 65720.69- .30
TOTAL LIABILITIES i EQUITY 159465.79- 262178.78- 259633.18- 268454.62- 415273.38-
000236
GL102 CITY OF LA QUIIPTA
9/08/92 STATBMERT OF FINANCIAL POSITION
PAGE FIVE
PERIOD 7/92 THROUGH 7/92
DEFERRED
COMPENSATION
ASSETS
ICKh - DEFERRED COfIP INVESTmuT 201176.33
TOTAL ASSETS 201176.33
LIABILITIES i EQUITY
LIABILITIES
ICMA - EMPLOYEE DEPOSITS 201176.33-
TOTAL LIABILITIES 201176.33-
TOTAL LIABILITIES 6 EQUITY 201176.33-
000237
GL102 ' CITY OF LA QUINTA PAGE 1
9/08/92 STATEMENT OF FINANCIAL POSITION 8.30.29
PAGE SIX
PERIOD 7/92 THROUGH 7/92
T O T
A L S
LONG TERM GENERAL FIXED
--- MEMORANDUM ONLY ---
DEBT ASSETS
CURRENT
NNE 30, 1992
ASSETS
214322.89
425086.67
CASH
SEC PAC MOQSY NNT
296882.23
196303.08
PETTY CASH
700.00
700.00
ACCRUED INTEREST/PREPAID E%PS
1250.85-
ACCOUNTS RECEIVABLE
3455.45
LOAN RECEIVABLE P.S.D.R.C.B.
32549.64
34518.75
ACCTS. REC. NSF CHECKS
144.05
PERFORMANCE BONDS / DEP HELD
2000.00
2000.00
DEPOSITS -WORKERS COMPENSATION
49875.00
24059.00
TRAILER RSVP DEPOSIT
480.00
480.00
DEPOSIT -ELECTRIC SVC TRAILER
75.00
75.00
EMPLOYEE ADVANCES/TRAVEL
1538.22
2054.00
PREPAID PAYROLL CLEARING
1735.65
PREPAID PAYROLL CLEARING
546.57-
2017.02-
DUE FROM OTHER GOVERNMENTS
106882.54
241963.29
DUE FROM REDEVELOPMENT AGENCY
4530500.19
5864433.58
184.75-
SUSPENSE
GENERAL FIXED ASSETS
3809562.10
3809562.10
3809562.10
PAYMENT OF LONG TERM DEBT
277195.57
277195.57
277195.57
10360081.71
9960081.71
INVESTMENTS - LAIF
INVESTMENTS C.D.'S
500000.00
500000.00
INVEST/DENMAN AND COMPANY
2927299.63
2927299.63
TOTAL ASSETS
277195.57 3809562.10
23109698.20
24267394.86
LIABILITIES 6 EQUITY
LIABILITIES
729748.47-
1103271.78-
ACCOUNTS PAYABLE
CCN? ABSENCES PAYABLE
255633.18-
255633.18-
255633.18-
CONTRACTS PAYABLE FIRE TRUCK
21562.39-
21562.39-
21562.39-
37592.22-
37592.22-
ACCRUED SENSES
1959 PERK SURVIVOR BENEFITS
326.16-
68.45-
DEPOSITS HELD
3809562.10-
5647709.21-
5537234.20-
TOTAL LIABILITIES
277195.57- 3809562.10-
6692571.63-
6955362.22-
1175172.31-
1175172.31-
RESERVE - LANDMARK
FUND BALANCE
15241954.26-
16136860.33-
TOTAL LIABILITIES G EQUITY
277195.57- 3809562.10-
23109698.20-
24267394.86-
p alu
CL64 R E V
E N U E S U M M A R Y ---- BY FUND
PAGE (; 1
9/05/92
ACCOUNT BALANCES THRU 7/31/92
12.04.54
REMAINING
FND DEPT OBJ SUB DESCRIPTION
RECEIVED
ESTIMATE
ESTIMATE
%COMP
FUND 1 GENERAL FUND
1-3100-031-010 PROPERTY TAX
8346.53
347000.00-
355346.53-
2.4-%
1-3100-031-012 DOCUMENT TRANSFER TAX
105000.00-
105000.00-
.0 %
1-3100-031-020 SALES TAX
20393.75-
1015170.00-
994776.25-
2.0 %
1-3100-031-030 TRANSIENT OCCUPANCY TAX
54.00-
1763900.00-
1763846.00-
.0 %
1-3100-031-031 FRANCHISE TAX
234500.00-
234500.00-
.0 %
1-3100-031 ---OBJECT TOTAL
12101.22-*
3465570.00-*
3453468.78-*
.3 %
1-3100------- DEPARTMENT TOTAL
12101.22-**
3465570.00-**
3453468.78-**
.3 %
1-3200-032-010 BUSINESS LICENSES
3011.50-
73000.00-
69988.50-
4.1 %
1-3200-032-012 ANIMAL LICENSES
716.00-
7500.00-
6784.00-
9.5 %
1-3200-032-020 BUILDING PERMITS
72368.45-
240000.00-
167631.55-
30.2 %
1-3200-032-021 PLUMBING PERMITS
14147.50-
52500.00-
38352.50-
26.9 %
1-3200-032-023 ELECTRICAL PERMITS
12780.00-
38500.00-
25720.00-
33.2 %
1-3200-032-024 MECHANICAL PERMITS
6505.00-
21000.00-
14495.00-
31.0 %
1-3200-032-025 ENCROACHMENT PERMITS
1900.00-
96500.00-
94600.00-
2.0 %
1-3200-032-026 MISC. PERMITS
600.00-
6000.00-
5400.00-
10.0 %
1-3200-032 ---OBJECT TOTAL
112028.45-*
535000.00-*
422971.55-*
20.9 %
1-3200------- DEPARTMENT TOTAL
112028.45-**
535000.00-**
422971.55-**
20.9 %
1-3300-033-022 MOTOR VEHICLE IN -LIEU
497000.00-
497000.00-
.0 %
1-3300-033-023 OFF HIGHWAY LICENSE FEES
255.00-
255.00-
.0 %
1-3300-033-024 MOBILE HOME LICENSE FEES
10200.00-
10200.00-
.0 %
1-3300-033-025 RDA ADMINISTRATIVE FEES
66059.70-
667280.00-
601220.30-
9.9 %
1-3300-033 ---OBJECT TOTAL
66059.70-*
1174735.00-*
1108675.30-*
5.6 %
1-3300------- DEPARTMENT TOTAL
66059.70-**
1174735.00-**
1108675.30-**
5.6 %
1-3400-034-010 PLANNING & ZONING FEES
2610.00-
35000.00-
32390.00-
7.5 %
1-3400-034-011 ENGINEERING FEES
940.44
12000.00-
12940.44-
7.8-%
1-3400-034-012 PLAN CHECK FEES
56048.63-
200000.00-
143951.37-
28.0 %
1-3400-034-020 SALE OF MAPS & PUBLICATIONS
876.50-
6250.00-
5373.50-
14.0 %
1-3400-034-030 DEVELOPER AGREEMENT FEES
40000.00-
40000.00-
.0 %
1-3400-034 ---OBJECT TOTAL
58594.69-*
293250.00-*
234655.31-*
20.0 %
1-3400------- DEPARTMENT TOTAL
58594.69-**
293250.00-**
234655.31-**
20.0 %
1-3500-035-010 MISCELLANEOUS FINES
*
5500.00-*
5500.00-*
.0 %
1-3500-435-011 MOTOR VEHICLE CODE FINES
*
6800.00-*
6800.00-*
.0 $
1-3500------- DEPARTMENT TOTAL
**
12300.00-**
12300.00-**
.0 %
1-3600-036-010 INTEREST EARNINGS
14712.85-*
292000.00-*
277287.15-*
5.0 %
1-3600------- DEPARTMENT TOTAL
14712.85-**
292000.00-**
277287.15-**
5.0 %
1-3700-037-010 MISCELLANEOUS REVENUE
10522.25-
45825.00-
35302.75-
23.0 %
1-3700-037-013 88-1 AD CALCULATION
540.00-
3900.00-
3360.00-
13.8 %
1-3700-037-016 89-2 AD CALCULATION
600.00-
4500.00-
3900.00-
13.3 %
1-3700-037-017 90-1 AD CALCULATION
480.00-
4000.00-
3520.00-
12.0 %
1-3700-037-019 91-1 AD CALCULATION
735.00-
5700.00-
4965.00-
12.9 %
1-3700-037-021 92-1 AD CALCULATION
5900.00-
5900.00-
.0 %
1-3700-037-024 LOTH ANIVERSARY CELEBRATION
200.00-
200.00
.0 %
1-3700-037 ---OBJECT TOTAL
13077.25-*
69825.00-*
56747.75-*
18.7 %
1-3700-038-040 REVENUE/SR CENTER
320.67-*
6400.00-*
6079.33-*
5.0 %
1-3700-500-000 PERE CREDIT TAKEN
*
80221.00-*
80221.00-*
.0 %
1-3700------- DEPARTMENT TOTAL
13397.92-**
156446.00-**
143048.08-**
8.6 %
1-3725-000-001 LEISURE TRIPS
6690.00-
6690.00-
.0 %
1-3725-000-002 ADULT SOFTBALL
2680.00-
2680.00-
.0 %
1-3725-000-003 ADULT VOLLEYBALL
800.00-
800.00-
.0 %
1-3725-000-004 LIESURE CLASSES
1500.00-
1500.00-
.0 %
1-3725-000-005 ADULT BASKETBALL
340.00-
340.00-
.0 %
1-3725-000-006 YOUTH BASKETBALL
1600.00-
1600.00-
.0 %
1-3725-000-007 FRITZ BURNS PARK
100.00-
100.00-
.0 %
000239
OL64 R E V E N U E SUMMARY ---- EY FUND PAGE R 2
9/05/92 ACCOUNT BALANCES TRRU 7/31/92 12.04.55
REMAINING
FND DEPT OBJ SUB DESCRIPTION RECEIVED ESTIMATE ESTIMATE %COMP
1-3725-000 ---OBJECT TOTAL * 13710.00-* 13710.00-* .0 %
1-3725------- DEPARTMENT TOTAL ** 13710.00-** 13710.00-** .0 %
1-----------FUND SAL
276894.83-***
5943011.00-***
5666116.17-***
4.7 %
FUND 2 STATE GAS TAX FUND
2-3300-233-024 SECTION 2106
53000.00-
53000.00-
.0 %
2-3300-233-025 SECTION 2107
95000.00-
95000.00-
.0 %
2-3300-233-026 SECTION 2107.5
3000.00-
3000.00-
.0 $
2-3300-233 ---OBJECT TOTAL
*
151000.00-*
151000.00-*
.0 %
2-3300-236-010 INTEREST EARNED
1030.30-*
26200.00-*
25169.70-*
3.9 8
2-3300------- DEPARTMENT TOTAL
1030.30-**
177200.00-**
176169.70-**
.6 %
2-3700-500-000 PENS CREDIT TAKEN
*
18163.00-*
18163.00-*
.0 %
2-3700------- DEPARTMENT TOTAL
**
18163.00-**
18163.00-**
.0 t
2----------- FUND TOTAL
1030.30-***
195363.00-***
194332.70-***
.5 t
FUND 13 LANDSCAPE MAINT. DISTRICT N1
13-3300-136-010 INTEREST EARNED
347.23-*
*
347.23 *
.0 %
13-3300------- DEPARTMENT TOTAL
347.23-**
**
347.23 **
.0 6
13----------- FUND TOTAL
347.23-***
xx*
347.23 x**
.0 t
FUND 14 ASSESSMENT DISTRICT 88-1
14-3300-146-010 INTEREST EARNED
287.95-*
*
287.95 *
.O $
14-3300------- DEPARTMENT TOTAL
287.95-**
**
287.95 **
.0 8
14----------- FUND TOTAL
287.95-***
***
287.95 ***
.0 %
FUND 15 ASSESSMENT DISTRICT 89-2
15-3300-156-010 INTEREST EARNED
337.92-*
*
337.92 *
.0 t
15-3300------- DEPARTMENT TOTAL
337.92-**
**
337.92 **
.0 t
15----------- FUND TOTAL
337.92-***
***
337.92 ***
.0 t
FUND 16 CITY-WIDE ASSESSMENT DIST 89-1
16-3300-116-010 INTEREST EARNED
387.05-*
*
387.05 *
.0 8
16-3300-833-114 LANDSCAPE MAINT DISTRICT M1
779.49-*
557080.00-*
556300.51-*
.1 t
16-3300------- DEPARTMENT TOTAL
1166.54-**
557080.00-**
555913.46-**
.2 %
16-3700-500-000 PERS CREDIT TAREN
*
25651.00-*
25651.00-*
.0 %
16-3700------- DEPARTMENT TOTAL
**
25651.00-**
25651.00-**
.0 %
16----------- FUND TOTAL
1166.54-***
582731.00-***
581564.46-***
.2 t
FUND 17 QUIMBY FUND
17-3300-176-010 INTEREST EARNED
2784.75-*
*
2784.75 *
.0 $
17-3300------- DEPARTMENT TOTAL
2784.75-**
xx
2784.75 **
.0 t
17-3800-038-017 FEE IN LIEU PARKLAND DEDICATION
*
25000.00-*
25000.00-*
.0 t
17-3800------- DEPARTMENT TOTAL
**
25000.00-**
25000.00-**
.0 %
17----------- FUND TOTAL
2784.75-***
25000.00-***
22215.25-***
11.1 %
FUND 18 INFRASTRUCTURE FUND
18-3300-185-010 INTEREST EARNED
19569.56-*
180000.00-*
160430.44-*
10.9 %
18-3300------- DEPARTMENT TOTAL
19569.56-**
180000.00-**
160430.44-**
10.9 %
18-3810-132-018 INFRASTRUCTURE FEES
174138.94-*
850000.00-*
675861.06-*
20.5 $
18-3810------- DEPARTMENT TOTAL
174138.94-**
850000.00-**
675861.06-**
20.5 t
18-3950-000-000 TRANSFER IN
*
4825274.00-*
4825274.00-*
.0 %
18-3950------- DEPARTMENT TOTAL
**
4825274.00-**
4825274.00-**
.0 %
18----------- FUND TOTAL
193708.50-***
5855274.00-***
5661565.50-***
3.3 %
000240
GL64 R E V E N U E
SUMMARY ---- BY FUND
PAGE Q�3
9/05/92 ACCOUNT BALANCES TBIW 7/31/92
12.04.56
REMAINING
FED DEPT OBJ SUB DESCRIPTION
RECEIVED
ESTIMATE
ESTIMATE
%COMP
FUND 19 EQUIPMENT REPLACEMENT FUND
19-3300-120-010 INTEREST EARNED
263.45-*
*
263.45 *
.0 %
19-3300------- DEPARTMENT TOTAL
263.45-**
**
263.45 **
.0 %
19----------- FUND TOTAL
263.45-***
*ww
263.45 ***
0
FUND 20 VILLAGE PARKING FUND
20-3300-206-010 INTEREST EARNED
85.28-*
•
85.28 *
.0 %
20-3300------- DEPARTMENT TOTAL
85.28-**
**
85.28 **
.0
20-3700-104-020 VILLAGE PARKING LIEN AGREEMENT
8838.00-*
3375.00-*
5463.00 *
261.9 %
20-3700------- DEPARTMENT TOTAL
8836.00-•*
3375.00-**
5463.00 *•
261.9
20----------- FUND TOTAL
6923.28-***
3375.00-***
5548.28 ***
264.4 %
FUND 21 ASSESSMENT DISTRICT 90-1
21-3300-216-010 INTEREST EARNED
818.22-*
•
818.22 *
.0 4
21-3300------- DEPARTMENT TOTAL
818.22-**
**
818.22 **
.0 %
21----------- FUND TOTAL
818.22-***
*w*
818.22 ***
.0
FUND 22 ASSESSMENT DISTRICT 91-1
22-3300-221-010 INTEREST EARNED
3302.51-*
*
3302.51 •
.0 %
22-3300------- DEPARTMENT TOTAL
3302.51-**
**
3302.51 **
.0
22----------- FUND TOTAL
3302.51-***
*••
3302.51 *"*
.0 %
FUND 23 ARTS IN PUBLIC PLACES
23-3300-226-010 INTEREST EARNED
548.56-*
•
548.56 *
.0 %
23-3300------- DEPARTMENT TOTAL
548.56-**
•*
548.56 *"
.0
23----------- FUND TOTAL
548.56-***
*w*
546.56 *"*
.0 %
000'241
GL64
9/05/92
FND DEPT OBJ SUB DESCRIPTION
A P P R 0 P R I A T I ON SUMMARY ---- BY FUND
ACCOUNT BALANCES TBRU 7/31/92
ENCUMBRANCES EXPENDITURES BALANCE
FUND 1 GENERAL FUND
1-4110-101-000 SALARIES, REGULAR
1-4110-109-000 FRINGE BENEFITS
1-4110-110-015 L. Q. HISTORICAL SOCIETY
1-4110-110-022 GRANT/FAMILY YMCA
1-4110-110-026 GRANT/BOYS AND GIRLS CLUB L
1-4110-110-030 BOY SCOUT TROUP #150
1-4110-110-031 CV PUBLIC EDUCATION FOUNDAT
1-4110-110-032 FRIENDS OF LA QUINTA LIBRAR
1-4110-110-033 PTA/EARTHQUAKE COMMITTEE
1-4110-110-034 C.V. COMMUNITY CONCERTS
1-4110-110-050 MISC PROMOTIONS
1-4110-110-151 LIVING DESERT MUSEUM
1-4110-110 ---OBJECT TOTAL
1-4110-111-000 CONTRACT CITY ATTORNEY SERV
1-4110-114-010 PUBLICATIONS/DUES
1-4110-116-000 RENT/OFFICES
1-4110-117-000 TRAVEL 6 MEETINGS
1-4110-120-000 SPECIAL. PROJECT CONTINGENCY
1-4110-130-000 OFFICE SUPPLIES
1-4110-130-001 PRINTING
1-4110-130 ---OBJECT TOTAL
1-4110-132-000 SPECIAL DEPARTMENTAL SUPPLI
1-4110-132-010 CIVIC CENTER ART PURCHASE
1-4110-132 ---OBJECT TOTAL
1-4110-133-000 TENTH ANNIVERSARY CELEBRATI
1-4110------- DEPARTMENT TOTAL
1-4120-101-000 SALARIES, REGULAR
1-4120-109-000 FRINGE BENEFITS
1-4120-111-000 CONTRACT SVCS/PROFESSIONAL-
1-4120-114-010 PUBLICATIONS/DUES
1-4120-116-000 RENT/OFFICES
1-4120-117-000 TRAVEL 6 MEETINGS
1-4120-130-000 OFFICE SUPPLIES
1-4120-130-001 PRINTING
1-4120-130 ---OBJECT TOTAL
1-4120-131-000 ART IN PUBLIC-PRG4 DEVLPMNT
1-4120-132-000 SPECIAL DEPT. SUPPLIES
1-4120------- DEPARTMENT TOTAL
1-4130-101-000 SALARIES, REGULAR
1-4130-109-000 FRINGE BENEFITS
1-4130-110-000 ADVERTISING/LEGAL a PUBLICS
1-4130-111-000 CONTRACT SVCS/PROFESSIONAL-
1-4130-114-010 PUBLICATIONS @ DUES
1-4130-115-000 POSTAGE
1-4130-116-010 RENT/EQUIPMENT
1-4130-117-000 TRAVEL 6 MEETINGS/STAFF
1-4130-117-050 CS COMMISSIONERS SALARIES
1-4130-117 ---OBJECT TOTAL
1-4130-130-000 OFFICE SUPPLIES
1-4130-130-001 PRINTING
1-4130-130 ---OBJECT TOTAL
1-4130-132-000 SPECIAL DEPARTMENTAL SUPPLI
1-4130-143-100 EQUIPMENT -CAP
* 4400.00 * 4400.00
* 2362.58 * 2362.58
1000.00
*
1000.00 *
*
27028.25 *
*
968.00 *
*
2240.00 *
*
3037.89 *
*
200.00 *
23.91-
44.84
23.91-* 44.84 *
47.82-*
x
*
47.82-**
x
*
x
x
x
x
x
*
x
41281.56 **
34178.07
6492.90
5906.48
15790.22
400.00
1448.53
184.12
184.12
1065.74
20.95
65487.01 **
12954.85
4347.23
x
x
75.00
x
177.36
210.00
300.00
510.00
224.18
224.18 *
6.07 *
1000.00
1000.00 *
27028.25 *
968.00 *
2240.00 *
3037.89 *
200.00 *
20.93
20.93 *
*
x
41257.65 **
34178.07
6492.90
5906.48
15790.22
400.00 *
1440.53 *
136.30
136.30 *
1065.74 *
20.95 *
65439.19 **
12954.85
4347.23
*
*
75.00
x
177.36
220.00
300.00
510.00
104.63
104.63 *
6.07 *
k
PAGE A 1
12.04.58
REMAINING
BUDGET BUDGET $COMP
26400.00 *
34230.00 *
3500.00
5000.00
4200.00
1550.00
1500.00
3500.00
2000.00
3750.00
2500.00
1000.00
28500.00 *
350000.00 *
23750.00 *
15000.00 *
28200.00 *
15000.00 *
600.00
500.00
1100.00 *
4000.00
3000.00
7000.00 *
x
529180.00 **
304309.00
102732.00
15000.00
2802.00
2400.00
17900.00 *
2500.00
2000.00
4500.00 *
x
400.00
450043.00 **
112729.00
52737.00
9000.00
12500.00
2010.00
4310.00
2600.00
4900.00
4900.00 *
4500.00
2700.00
7200.00 *
6000.00 *
3000.00 *
22000.00 *
31867.42 *
3500.00
5000.00
4200.00
1550.00
1500.00
3500.00
2000.00
3750.00
2500.00
27500.00 *
322971.75 *
22782.00 *
12760.00 *
25162.11
14800.00
579.07
500.00
1079.07
4000.00
3000.00
7000.00
x
487922.35 **
270130.93
96239.10 *
9093.52 *
12988.22-*
2000.00 *
16451.47 *
2363.70
2000.00
4363.70 *
1065.74-*
379.05
384603.81 **
99774.15
48389.77
9000.00
12500.00
1935.00
4310.00
2422.64
4690.00
300.00-
4390.00 *
4395.37
2700.00
7095.37 *
5993.93 *
3000.00 *
000242
16.7 t
6.9 t
.0 t
.0 $
.0 8
.0 t
.0 $
.0 $
.0 t
.0 t
.0 $
100.0 t
3.5 t
7.7 t
4.1 t
14.9 t
10.8 t
1.3 $
3.5 t
.0 $
1.9 $
.0 t
.0 $
.0 t
.0 %
7.8 t
11.2 $
6.3 t
39.4 8
563.5 $
16.7 t
8.1 $
5.5 %
.0 %
3.0 %
.0 t
5.2 t
14.5 t
11.5 %
8.2 %
.0 %
.0 $
3.7 $
.0 $
6.8 $
4.3 $
.0 t
10.4 $
2.3 t
.0 t
1.5 t
.1 $
.0 $
R I AT ION
SUMMARY ----
BY FUND
PAGE A2
CL64 A P P R 0 P
9/05/92
ACCOUNT BALANCES THRU 7/31/92
12.04.59
REMAINING
FND DEPT OBJ SUB DESCRIPTION ENCUMBRANCES
EXPENDITURES
BALANCE
BUDGET
BUDGET
%COMP
FUND 1 GENERAL FUND
1-4130------- DEPARTMENT TOTAL
119.55-**
18294.69 **
18175.14 **
216986.00 **
198810.86 **
8.4 t
1-4150-101-000 SALARIES, REGULAR
*
20994.49 *
20994.49 *
258888.00 *
237893.51 *
8.1 t
1-4150-109-000 FRINGE BENEFITS
*
6255.21 *
6255.21 *
103655.00 *
97399.79 *
6.0 t
1-4150-111-000 CONTRACT SERVICES
*
*
*
17500.00 *
17500.00 *
.0 t
1-4150-114-010 PUBLICATIONS/DUES
*
155.11 *
165.11 *
1200.00 *
1034.89 *
13.8 t
1-4150-116-000 RENT/OFFICES
*
2240.00 *
2240.00 *
14000.00 *
11760.00 *
16.0 t
1-4150-117-000 TRAVEL 6 MEETINGS
*
293.80 *
293.80 *
3250.00 *
2956.20 *
9.0 t
1-4150-118-020 UTILITIES/ELECTRIC
*
265.71 *
265.71 *
2500.00 *
2234.29 *
10.6 i
1-4150-130-000 OFFICE SUPPLIES
47.82-
166.17
118.35
3300.00
3181.65
3.6 t
1-4150-130-001 PRINTING
371.28
371.28
2780.00
2408.72
13.4 t
1-4150-130 ---OBJECT TOTAL
47.82-*
537.45 *
489.63 *
6080.00 *
5590.37 *
8.1 t
1-4150-132-000 SPECIAL DEPARTMENTAL SUPPLI
*
*
*
2700.00 *
2700.00 *
.0 t
1-4150-143-000 EQUIPMENT
*
*
*
150.00 *
150.00 *
.0 t
1-4150------- DEPARTMENT TOTAL
47.82-**
30751.77 **
30703.95 **
409923.00 **
379219.05 **
7.5 t
1-4190-110-000 ADVERTISING -JOB RECRUITMENT
*
56.03 *
56.03 *
4000.00 *
3943.97 *
1.4 i
1-4190-111-000 SERVICES -CUSTODIAL
1685.90
1685.90
22560.00
20874.10
7.5 i
1-4190-111-010 SERVICES -EMPLOYEE EXAMS
1000.00
1000.00
.0 i
1-4190-111-030 SERVICES CONTRACT - CLAIMS
12000.00
12000.00
.0 t
1-4190-111 ---OBJECT TOTAL
*
1685.90 *
1685.90 *
35550.00 *
33874.10 *
4.7 t
1-4190-112-000 INSURANCE-LIABILITY/CASUALT
*
996.89 *
996.89 *
126000.00 *
125003.11 *
.8 i
1-4190-113-010 EQUIPMENT MAINTENANCE
*
8542.42 *
8542.42 *
27990.00 *
19447.58 *
30.5 t
1-4190-115-OOD POSTAGE
*
2617.97 *
2617.97 *
22000.00 *
19382.03 *
11.9 t
1-4190-118-020 UTILITIES -ELECTRIC
636.08
636.08
5700.00
5063.92
11.2 t
1-4190-118-030 UTILITIES -TELEPHONE
1556.48
1556.48
28000.00
26443.52
5.6 t
1-4190-118 ---OBJECT TOTAL
*
2192.56 *
2192.56 *
33700.00 *
31507.44 *
6.5 t
1-4190-130-000 OFFICE SUPPLIES
*
50.27 *
50.27 *
*
50.27-*
.0 t
1-4190-131-DOO EMPLOYEE RECOGNITION
27.37
27.37
4500.00
4472.63
.6 i
1-4190-131-005 EMPLOYEE EDUCATION
165.00
165.00
1000.00
835.00
16.5 t
1-4190-131 ---OBJECT TOTAL
*
192.37 *
192.37 *
5500.00 *
5307.63 *
3.5 t
1-4190-132-000 SPECIAL DEPARTMENTAL SUPPLI
*
2513.27 *
2513.27 *
21000.00 *
18486.73 *
12.0 t
1-4190------- DEPARTMENT TOTAL
**
18847.68 **
18847.68 **
275750.00 **
256902.32 **
5.8 t
1-4192-101-000 SALARIES, REGULAR
5113.72
5113.72
48225.00
43111.28
10.6 t
1-4192-101-020 SALARIES, OVERTIME
483.00
483.00
.0 $
1-4192-101 ---OBJECT TOTAL
*
5113.72 *
5113.72 *
48708.00 *
43594.28 *
10.5 t
1-4192-109-000 FRINGE BENEFITS
*
1504.50 *
1504.50 *
17928.00 *
16423.50 *
8.4 i
1-4192-110-013 R.S.V.P.
*
1685.00 *
1685.00 *
1685.00 *
*
100.0 i
1-4192-111-000 CONTRACT SERVICES
*
60.00 *
60.00 *
1235.00 *
1175.00 *
4.9 t
1-4192-112-000 VOLUNTEER INSURANCE
*
*
*
250.00 *
250.00 *
.0 i
1-4192-113-000 MAINT 6 OPERATION - EQUIPME
x
*
*
4110.00 *
4110.00 *
.0 t
1-4192-114-010 PUBLICATIONS AND DUES
x
*
*
375.00 *
375.00 *
.0 8
1-4192-115-000 POSTAGE
*
*
*
30.00 *
30.00 *
.0 t
1-4192-116-000 RENT/OFFICE
2431.26
2431.26
19620.00
17188.74
12.4 t
1-4192-116-010 RENT -EQUIPMENT
39.94
39.94
850.00
810.06
4.7 t
1-4192-116 ---OBJECT TOTAL
*
2471.20 *
2471.20 *
20470.00 *
17998.80 *
12.1 $
1-4192-117-000 TRAVEL AND MEETINGS
*
*
*
2100.00 *
2100.00 *
.0 t
1-4192-118-020 UTILITIES/ELECTRIC
161.32
161.32
3000.00
2838.68
5.4 t
1-4192-110-040 UTILITIES/GAS
600.00
600.00
.0 t
1-4192-118 ---OBJECT TOTAL
*
161.32 *
161.32 *
3600.00 *
3438.68 *
4.5 t
1-4192-130-000 OFFICE SUPPLIES
23.91-
22.41
1.50-
2115.00
2116.50
.1-t
1-4192-130-001 PRINTING
700.00
700.DO
.0 t
1-4192-130 ---OBJECT TOTAL
23.91-*
22.41 *
1.50-*
2815.00 *
2816.50 *
.1-t
1-4192-132-000 SPECIAL DEPARTMENTAL SUPPLI
*
111.25 *
111.25 *
4040.00 *
3928.75 *
2.8 i
1-4192-143-000 EQUIPMENT
*
*
*
460.00 *
460.00 *
.0 i
000243
GL64 A P P R O P R I A T I O N S U M M A R Y ---- BY FUND PAGE A 3
9/05/92 ACCOUNT BALANCES THRU 7/31/92 12.05.00
REMAINING
FND DEPT OBJ SUB DESCRIPTION ENCUMBRANCES EXPENDITURES BALANCE BUDGET BUDGET $COMP
FUND 1 GENERAL FUND
1-4192------- DEPARTMENT TOTAL
23.91-**
11129.40 **
11105.49 **
107806.00 **
96700.51 **
10.3 $
3117.17
3117.17
90395.00
87277.83
3.4 $
1-4195-101-000 SALARIES, REGULAR
1430.00
1430.00
.0 %
1-4195-101-020 SALARIES, OVERTIME
*
3117.17 *
3117.17 *
91825.00 *
88707.83 *
3.4 $
1-4195-101 ---OBJECT TOTAL
*
958.67 *
958.67 *
42206.00 *
41247.33 *
2.3 %
1-4195-109-000 BENEFITS
*
*
*
3000.00 *
3000.00 *
.0 %
1-4195-110-000 ADVERTISING
*
*
*
1245.00 *
1245.00 *
.0 %
1-4195-114-010 PUBLICATION AND DUES
1-4195-117-000 TRAVEL AND MEETINGS
*
8.50 *
8.50 *
11590.00 *
11581.50 *
.1 $
1-4195-130-000 OFFICE SUPPLIES
35.81
35.81
2700.00
2664.19
1.3 $
2800.00
2800.00
.0 $
1-4195-130-001 PRINTING
*
35.81 *
35.81 *
5500.00 *
5464.19 *
.7 $
1-4195-130 ---OBJECT TOTAL
*
x
*
200.00 *
200.00 *
.0 $
1-4195-132-000 SPECIAL DEPT. SUPPLIES
*
*
*
3595.00 *
3595.00 *
.0 $
1-4195-143-100 EQUIPMENT - CAP
*
*
*
6394.00 *
6394.00 *
.0 %
1-4195-152-000 FAMILY TRIPS/EXCURISIONS
*
*
*
1988.00 *
1988.00 *
.0 $
1-4195-153-000 ADULT SOFTBALL
*
*
*
433.00 *
433.00 *
.0 $
1-4195-154-000 ADULT VOLLEYBALL
1-4195-156-000 LEISURE ENRICHMENT PROGRAM
"
*
*
1898.00 *
1898.00 *
.0 $
*
*
*
457.00 *
457.00 *
.0 %
1-4195-157-000 ADULT BASKETBALL
*
*
*
2376.00 *
2376.00 *
.0 %
1-4195-158-000 YOUTH BASKETBALL
*
*
*
4195.00 *
4195.00 *
.0 $
1-4195-160-000 SUNSHINE THEATRE
**
4120.15 **
4120.15 **
176902.00 **
172781.85 **
2.3 %
1-4195------- DEPARTMENT TOTAL
1-4200-101-000 SALARIES, REGULAR
21950.00
21950.00
178788.00
156838.00
12.3 %
1-4200-101-020 SALARIES, OVERTIME
194.91
194.91
206.00
11.09
94.6 %
*
22144.91 *
22144.91 *
178994.00 *
156849.09 *
12.4 $
1-4200-101 ---OBJECT TOTAL
1-4200-109-000 FRINGE BENEFITS
*
6180.26 *
6180.26 *
68669.00 *
62488.74 *
9.0 $
1250.00
1250.00
.0 $
1-4200-110-020 FALL CLEAN UP CAMPAIGN
1-4200-110-080 C.P.R. TRAINING
32.22-
32.22-
1300.00
1332.22
2.5-%
800.00
800.00
.0 %
1-4200-110-110 MICRO FICHE - APN
1-4200-110 ---OBJECT TOTAL
32.22-*
*
32.22-*
3350.00 *
3382.22 *
1.0-%
*
*
*
1800.00 *
1800.00 *
.0 %
1-4200-112-010 VEHICLE INSURANCE (1)
1-4200-113-000 MAINTENANCE/OPERATION-AUTO
10.00
10.00
1200.00
1190.00
.8 %
1-4200-113-010 MAINTENANCE/OPERATION-RADIO
315.75
315.75
6000.00
5684.25
5.3 $
1-4200-113 ---OBJECT TOTAL
*
325.75 *
325.75 *
7200.00 *
6874.25 *
4.5 $
1-4200-114-010 PUBLICATIONS/DUES
*
59.78-*
59.78-*
300.00 *
359.78 *
19.9-$
*
*
*
1000.00 *
1000.00 *
.0 %
1-4200-116-010 RENT/EQUIPMENT
1-4200-117-000 TRAVEL & MEETINGS
*
460.00 *
460.00 *
7600.00 *
7140.00 *
6.1 %
1-4200-130-000 OFFICE SUPPLIES
23.91-
94.33
70.42
2000.00
1929.58
3.5 %
45.80
45.80
1000.00
954.20
4.6 %
1-4200-130-001 PRINTING
1-4200-130 ---OBJECT TOTAL
23.91-*
140.13 *
116.22 *
3000.00 *
2883.78 *
3.9 $
1-4200-132-000 SPECIAL DEPARTMENTAL SUPPLI
*
333.71 *
333.71 *
2150.00 *
1816.29 *
15.5 %
*
*
*
950.00 *
950.00 *
.0 $
1-4200-143-000 EQUIPMENT
1-4200------- DEPARTMENT TOTAL
56.13-**
29524.98 **
29468.85 **
275013.00 ""
245544.15 **
10.7 %
1-4201-101-000 SALARIES, REGULAR
11787.80
11787.80
89310.00
77522.20
13.2 $
1-4201-101-020 SALARIES, OVERTIME
41.07
41.07
1545.00
1503.93
2.7 $
1-4201-101 ---OBJECT TOTAL
*
11828.87 *
11828.87 *
90855.00 *
79026.13 *
13.0 $
1-4201-109-000 FRINGE BENEFITS
*
4971.74 *
4971.74 *
47877.00 *
42905.26 *
10.4 $
1-4201-112-010 VEHICLE INSURANCE (2)
*
*
*
3600.00 "
3600.00 *
.0 8
1-4201-113-000 MAINTENANCE 6 OPERATION - A
*
45.00 *
45.00 *
6000.00 *
5955.00 *
.8 $
1-4201-114-010 PUBLICATIONS & DUES
*
*
*
50.00 *
50.00 *
.0 $
1-4201-117-000 TRAVEL 6 MEETINGS
*
313.98 *
313.98 *
1000.00 *
686.02 *
31.4 %
1-4201-118-020 UTILITIES/ELECTRIC
*
91.12 *
91.12 *
650.00 *
558.88 *
14.0 %
1-4201-130-000 OFFICE SUPPLIES
23.91-
44.84
20.93
850.00
829.07
2.5 %
1-4201-130-001 PRINTING
137.38
137.38
1000.00
862.62
13.7 %
nf)Q)244
O P
R I A T I O N
S U M M A R Y ----
BY FUND
Pam' A 4
GI,64 A P P R
ACCOUNT BALANCES TBRU 7/31/92
12.05.02
9/05/92
REMAINING
FND DEPT OBJ SUB DESCRIPTION ENCUMBRANCES EXPENDITURES
BALANCE
BUDGET
BUDGET
%COMP
FUND 1 GENERAL FUND
1-4201-130 ---OBJECT TOTAL
23.91-*
182.22 *
158.31 *
1850.00 *
1691.69 *
8.6 %
*
*
*
2800.00 *
2800.00 *
.0 %
1-4201-132-000 SPECIAL DEPARTMENTAL SUPPLI
*
*
*
500.00 *
500.00 *
.0 %
1-4201-143-000 EQUIPMENT
1-4201-144-000 SPECIAL LOT CLEANING
1665.00
1665.00
16500.00
14835.00
10.1 %
5000.00
5000.00
.0 %
1-4201-144-005 GRAFFITI REMOVAL
8000.00
8000.00
.0 %
1-4201-144-010 RIGHT OF WAY CLEANING
*
1665.00 *
1665.00 *
29500.00 *
27835.00 *
5.6 %
1-4201-144 ---OBJECT TOTAL
1-4201------- DEPARTMENT TOTAL
23.91-**
19097.93 **
19074.02 **
184682.00 **
165607.98 **
10.3 %
1-4202-101-000 SALARIES, REGULAR
5226.00
5226.00
60358.00
55132.00
8.7 %
1030.00
1030.00
.0 %
1-4202-101-020 SALARIES, OVERTIME
1-4202-101 ---OBJECT TOTAL
*
5226.00 *
5226.00 *
61388.00 *
56162.00 *
8.5 %
1-4202-109-000 FRINGE BENEFITS
*
2302.01 *
2302.01 *
37874.00 *
35571.99 *
6.1 %
1-4202-111-030 ANIMAL CONTROL SERVICES - C
1900.00
1900.00
15000.00
13100.00
12.7 %
500.00
500.00
.0 %
1-4202-111-040 VETERINARY SERVICES
1-4202-111 ---OBJECT TOTAL
*
1900.00 *
1900.00 *
15500.00 *
13600.00 *
12.3 %
*
*
*
3600.00 *
3600.00 *
.0 %
1-4202-112-010 INSURANCE/VEHICLES
1-4202-113-000 MAINTENANCE/OPERATION - AUT
4000.00
4000.00
.0 %
1-4202-113-010 MAINT/OPERATION RADIO
420.00-
420.00-
500.00
920.00
84.0-t
1-4202-113 —OBJECT TOTAL
*
420.00-*
420.00-*
4500.00 *
4920.00 *
9.3-%
*
*
*
75.00 *
75.00 *
.0 %
1-4202-114-010 PUBLICATIONS 6 DUES
200.00
200.00
.0 %
1-4202-116-010 RENT/EQUIPMENT
1-4202-116-030 RENT/UNIFORMS
99.84
99.84
1500.00
1400.16
6.7 %
1-4202-116 ---OBJECT TOTAL.
*
99.84 *
99.84 *
1700.00 *
1600.16 *
5.9 %
*
*
*
750.00 *
750.00 *
.0 %
1-4202-117-000 TRAVEL 6 MEETINGS
1-4202-118-020 UTILITIES/ELECTRIC
*
47.04 *
47.04 *
500.00 *
452.96 *
9.4 %
*
*
*
550.00 *
550.00 *
.0 $
1-4202-130-001 PRINTING
1-4202-132-000 SPEC. DEPT. SUP. - DARTS 6
*
*
*
675.00 *
675.00 *
.0 %
750.00
750.00
.0 %
1-4202-143-000 EQUIPMENT
1000.00
1000.00
.0 t
1-4202-143-100 EQUIPMENT - CAP
*
*
*
1750.00 *
1750.00 *
.0 t
1-4202-143 ---OBJECT TOTAL
1-4202 ------- DEPARTMENT TOTAL
**
9154.89 **
9154.89 **
128862.00 **
119707.11 **
7.1 8
1-4204-111-000 LAW ENFORCEMENT SVCS.
577.83
577.83
1427417.00
1426839.17
.0 8
1-4204-111-060 CALIFORNIA ID/FINGER PRINTI
8300.00
8300.00
.0 %
1-4204-111-100 LAW ENFORCEMENT CMPTR PROGM
14892.00
14892.00
.0 t
1-4204-111 ---OBJECT TOTAL
*
577.83 *
577.83 *
1450609.00 *
1450031.17 *
.0 %
1-4204------- DEPARTMENT TOTAL
**
577.83 **
577.83 **
1450609.00 **
1450031.17 **
.0 %
*
*
*
3500.00 *
3500.00 *
.0 %
1-4205-110-017 VOLUNTEER FIRE APPRC.
1-4205-111-050 DISASTER PREPAREDNESS
17800.00
17800.00
.0 %
1-4205-111-070 FIRE EMERGENCY SUPPORT
17000.00
17000.00
.0 %
*
*
*
34800.00 *
34800.00 *
.0 t
1-4205-111 ---OBJECT TOTAL
1-4205-147-000 FIRE ENGINE PASS THROUGH
*
*
*
23072.00 *
23072.00 *
.0 t
**
**
**
61372.00 **
61372.00 **
.0 8
1-4205 ------- DEPARTMENT TOTAL
1-4210-110-011 L.Q. CHAMBER OF COMMERCE
33000.00
33000.00
62500.00
29500.00
52.6 %
1-4210-110-012 L.Q. ARTS FOUNDATION
25000.00
25000.00
.0 t
82566.00
82566.00
.0 %
1-4210-110-013 PSDRCVB DUES
1-4210-I10 ---OBJECT TOTAL
*
33000.00 *
33000.00 *
170066.00 *
137066.00 *
19.4 %
1-4210-111-000 ECONOMIC DEVELOPMENT
175.00
175.00
5000.00
4825.00
3.5 %
1-4210-ill-010 CONTRACT SERVICES
5000.00
5000.00
.0 $
1-4210-111 ---OBJECT TOTAL
*
175.00 *
175.00 *
10000.00 *
9825.00 *
1.8 t
1-4210------- DEPARTMENT TOTAL
**
33175.00 **
33175.00 **
180066.00 **
146891.00 ** 18.4 %
1-4220-101-000 SALARIES, REGULAR
*
14386.65 *
14386.65 *
124317.00 *
109930.35 *
11.6 %
1-4220-109-000 FRINGE BENEFITS
*
4645.38 *
4645.38 *
52903.00 *
48257.62 *
8.8 %
1-4220-111-000 CONTRACT SVCS/PROFESSIONAL-
*
*
*
14000.00 *
14000.00 *
.0 %
000245
R O P
R I A T I O N
S U M M A R Y ----
BY FUND
PAGE A 5
OL64 A P P
9/05/92
ACCOUNT BALANCES TBRU 7/31/92
12.05.03
REMAINING
FND DEPT OBJ SUB DESCRIPTION ENCUMBRANCES
EXPENDITURES
BALANCE
BUDGET
BUDGET
$COMP
FUND 1 GENERAL FUND
1-4220-113-010 MAINTENANCE 6 OPERATION-EQU
*
*
*
450.00 *
450.00 *
.0 %
1-4220-114-010 PUBLICATIONS 6 DUES
*
18.00 *
18.00 *
1000.00 *
982.00 *
1.8 %
1-4220-116-000 RENT/OFFICE
*
300.00 *
300.00 *
2000.00 *
1700.00 *
15.0 %
1-4220-117-000 TRAVEL 6 MEETINGS
*
420.90 *
420.90 *
5500.00 *
5079.10 *
7.7 t
1-4220-118-010 UTILITIES/WATER
7.70
7.70
150.00
142.30
5.1 t
1-4220-118-020 UTILITIES/ELECTRIC
214.05
214.05
3500.00
3285.95
6.1 t
1-4220-118 ---OBJECT TOTAL
*
221.75 *
221.75 *
3650.00 *
3428.25 *
6.1 t
1-4220-130-000 OFFICE SUPPLIES
119.55-
233.77
114.22
7000.00
6885.78
1.6 $
500.00
500.00
.0 t
1-4220-130-001 PRINTING
1-4220-130 ---OBJECT TOTAL
119.55-*
233.77 *
114.22 *
7500.00 *
7385.78 *
1.5 8
1-4220-132-000 SPECIAL DEPARTMENTAL SUPPLI
*
*
*
500.00 *
500.00 *
.0 t
1-4220------- DEPARTMENT TOTAL
119.55-**
20226.45 **
20106.90 **
211820.00 **
191713.10 **
9.5 t
1-4230-101-000 SALARIES, REGULAR
*
12366.56 *
12366.56 *
102912.00 "
90545.44 *
12.0 %
1-4230-109-000 FRINGE BENEFITS
*
4127.77 *
4127.77 *
45075.00 "
40947.23 *
9.2 %
1-4230-110-000 ADVERTISING -LEGAL S PUBLICI
"
*
*
250.00 *
250.00 *
.0 t
1-4230-111-000 CONTRACT SERVICES
*
1680.92 *
1680.92 *
15000.00 *
13319.08 *
11.2 $
1-4230-114-010 PUBLICATIONS/DUES
*
*
*
1150.00 *
1150.00 *
.0 t
1-4230-116-000 RENT,OFFICE
*
517.20 *
517.20 *
3300.00 *
2782.80 *
15.7 $
1-4230-117-000 TRAVEL 6 MEETINGS
*
960.00 *
960.00 *
13520.00 *
12560.00 *
7.1 $
*
*
*
800.00 *
800.00 *
.0 t
1-4230-130-001 PRINTING
1-4230-132-000 SPECIAL DEPT. SUPPLIES
*
50.78 *
50.78 *
250.00 *
199.22 *
20.3 $
1-4230------- DEPARTMENT TOTAL
**
19703.23 **
19703.23 **
182257.00 **
162553.77 **
10.8 t
1-4240-101-000 SALARIES, REGULAR
*
23765.06 *
23765.06 *
257669.00 *
233903.94 *
9.2 $
1-4240-109-000 FRINGE BENEFITS
*
5711.03 *
5711.03 *
80858.00 "
75146.97 *
7.1 $
1-4240-110-000 ADVERTISING -LEGAL 6 PUBLICI
5000.00
5000.00
.0 t
7000.00
7000.00
.0 $
1-4240-110-030 LAFCO EXPENSE
*
*
"
12000.00 *
12000.00 *
.0 t
1-4240-110 ---OBJECT TOTAL
1-4240-111-010 CONTRACT SVCS/PROFESSIONAL-
*
*
*
215000.00 *
215000.00 *
.0 t
1-4240-114-010 PUBLICATIONS/DUES
*
*
*
1400.00 *
1400.00 *
.0 $
1-4240-117-000 TRAVEL 6 MEETINGS -STAFF
482.00
482.00
4200.00
3718.00
21.5 t
1-4240-117-001 TRAVEL S MEETINGS - NON-STA
6.39
6.39
7000.00
6993.61
.1 $
1-4240-117-050 SALARIES, PLANNING COMMISSI
6500.00
6500.00
.0 %
1-4240-117 ---OBJECT TOTAL
*
488.39 *
488.39 *
17700.00 *
17211.61 *
2.8 %
*
*
*
6250.00 *
6250.00 *
.0 t
1-4240-130-001 PRINTING
1-4240-132-000 SPECIAL DEPT. SUPPLIES
*
*
*
800.00 *
800.00 *
.0 $
1-4240------- DEPARTMENT TOTAL
**
29964.48 "*
29964.48 **
591677.00 ""
561712.52 **
5.1 t
1-4311-101-000 SALARIES, REGULAR
41995.78
41995.78
320753.00
278757.22
13.1 t
1-4311-101-020 SALARIES, OVERTIME
957.03
957.03
412.00
545.03-
232.3 $
1-4311-101 ---OBJECT TOTAL
*
42952.81 *
42952.81 *
321165.00 *
278212.19 *
13.4 $
1-4311-109-000 FRINGE BENEFITS
*
12471.32 *
12471.32 *
123980.00 *
111508.68 *
10.1 t
1-4311-ill-000 CONTRACT SVCS-PROFESSIONAL/
1600.00
1600.00
35000.00
33400.00
4.6 t
1-4311-111-001 CONTRACT SVCS - OTHER
95000.00
95000.00
.0 $
1-4311-111 ---OBJECT TOTAL
*
1600.00 *
1500.00 *
130000.00 *
128400.00 *
1.2 $
1-4311-112-010 INSURANCE/VEHICLES
*
*
*
1800.00 *
1800.00 *
.0 t
1-4311-113-000 MAINTENANCE a OPERATION-AUT
*
150.00 *
150.00 *
2000.00 *
1850.00 *
7.5 t
1-4311-114-010 PUBLICATIONS/DUES
*
*
*
500.00 *
500.00 *
.0 $
1-4311-116-000 RENT/OFFICE
1937.20
1937.20
12000.00
10062.80
16.1 $
100.00
100.00
.0 t
1-4311-116-010 RENT/EQUIPMENT
1-4311-116 ---OBJECT TOTAL
*
1937.20 *
1937.20 *
12100.00 *
10162.80 *
16.0 $
1-4311-117-000 TRAVEL 6 MEETINGS
*
*
*
7000.00 *
7000..00 *
.0 $
1-4311-118-020 UTILITIES/ELECTRIC
*
124.06 *
124.06 *
1200.00 *
1075.94 *
10.3 t
1-4311-130-000 OFFICE SUPPLIES
47.82-
331.75
283.93
4000.00
3715.07
7.1 $
1000.00
1000.00
.0 t
1-4311-130-001 PRINTING
0J0246
91,64 A P P R O P R I A T I O N S U M M A R Y ---- BY FUND PAGE A, 6
9/05/92 ACCOUNT BALANCES THRU 7/31/92 12.05.04
FND DEPT OBJ SUB DESCRIPTION
REMAINING
ENCUMBRANCES EXPENDITURES BALANCE BUDGET BUDGET
$COMP
FUND 1 GENERAL FUND
1-4311-130-002 PRINTING -REPRODUCTION
219.62
219.62
1500.00
1280.38
14.6 t
1-4311-130 ---OBJECT TOTAL
47.82-*
551.37 *
503.55 *
6500.00 *
5996.45 *
7.7 t
1-4311-132-000 SPECIAL DEPT. SUPPLIES
*
x
*
1200.00 *
1200.00 *
.0 t
*
*
*
1300.00 *
1300.00 *
.0 %
1-4311-143-000 EQUIPMENT
1-4311------- DEPARTMENT TOTAL
47.62-**
59786.76 **
59738.94 *x
608745.00 **
549006.06 **
9.8 t
1-4400-100-000 CONTINGENCY RESERVES
*
*
*
100000.00 *
100000.00 *
.0 t
**
**
**
100000.00 **
100000.00 **
.0 $
1-4400------- DEPARTMENT TOTAL
1-4828-111-000 CONTRACT SVCS/PROFESSIONAL
*
17550.00 *
17550.00 *
50000.00 *
32450.00 *
35.1 t
1-4828 ------- DEPARTMENT TOTAL
**
17550.00 **
17550.00 **
50000.00 **
32450.00 **
35.1 t
1----------- FUND SAL
510.42-***
428673.81 ***
428163.39 ***
6191693.00 ***
5763529.61 ***
6.9 t
FUND 2 STATE GAS TAX FUND
2-4321-101-000 SALARIES, REGULAR
14300.14
14300.14
120995.00
106694.86
11.8 t
2-4321-101-020 SALARIES, OVERTIME
271.06
271.06
3090.00
2818.94
8.8 t
2-4321-101-030 STAND-BY PAY
165.00
165.00
2200.00
2035.00
7.5 t
2-4321-101 ---OBJECT TOTAL
*
14736.20 *
14736.20 *
126285.00 *
111548.80 *
11.7 t
2-4321-109-000 FRINGE BENEFITS
*
6624.39 *
6624.39 *
71468.00 *
64843.61 *
9.3 %
2-4321-111-010 STREET STRIPING & MARRING
15000.00
15000.00
.0 %
2-4321-111-020 STREET SWEEPING
100000.00
100000.00
.0 t
2-4321-111-030 STORM DRAIN MAINTENANCE
3000.00
3000.00
.0 t
2-4321-111-040 TRAFFIC SIGNAL MAINTENANCE
12000.00
12000.00
.0 t
2-4321-111-050 STREET REPAIRS
50000.00
50000.00
.0 t
*
*
*
180000.00 *
180000.00 *
.0 $
2-4321-111 ---OBJECT TOTAL
2-4321-112-010 INSURANCE/VEHICLES
*
*
*
5400.00 *
5400.00 *
.0 t
2-4321-113-000 MAINTENANCE 6 OPERATION - A
347.17-
39.86-
387.03-
15000.00
15387.03
2.6-t
2-4321-113-010 MAINTENANCE 6 OPERATION-EQU
3000.00
3000.00
.0 %
2-4321-113 ---OBJECT TOTAL
347.17-*
39.86-*
387.03-*
18000.00 *
18387.03 *
2.2-t
2-4321-116-010 RENT/EQUIPMENT
1000.00
1000.00
.0 t
2-4321-116-030 RENT/UNIFORMS
89.40
89.40
2000.00
1910.6Q
4.5 8
500.00
500.00
.0 t
2-4321-116-040 SAFETY GEAR
2-4321-116 ---OBJECT TOTAL
*
89.40 *
89.40 *
3500.00 *
3410.60 *
2.6 t
2-4321-117-000 TRAVEL 6 MEETINGS
*
30.00 *
30.00 *
100.00 *
70.00 *
30.0 t
2-4321-118-010 UTILITIES/WATER - YARD
83.42
83.42
100.00
16.56
83.4 t
2-4321-118-020 UTILITIES/ELECTRIC - YARD
92.60
92.60
1500.00
1407.40
6.2 $
2-4321-118-021 UTILITIES/ELECTRIC - SIGNAL
1225.64
1225.64
20000.00
18774.36
6.1 t
2-4321-118 ---OBJECT TOTAL
*
1401.66 *
1401.66 *
21600.00 *
20198.34 *
6.5 t
2-4321-132-000 SPECIAL DEPARTMENTAL SUPPLI
659.68
659.68
4000.00
3340.32
16.5 8
2-4321-132-001 ASPHALT - COLD MIX
1000.00
1000.00
.0 %
2-4321-132-004 TRAFFIC CONTROL SIGNS
1080.19
1080.19
3000.00
1919.81
36.0 %
2-4321-132-005 STREET STRIPING PAINT
756.36
756.36
2500.00
1743.64
30.3 %
2-4321-132-006 TRACTOR BROOMS
1500.00
1500.00
.0 t
2-4321-132-008 TRAFFIC CONTROL DEVICES
129.19-
129.19-
6000.00
6129.19
2.2-t
2-4321-132 ---OBJECT TOTAL
*
2367.04 *
2367.04 *
18000.00 *
15632.96 *
13.2 %
500.00
500.00
.0 t
2-4321-143-000 EQUIPMENT
2-4321-143-100 EQUIPMENT - CAP
9550.00
9550.00
.0 t
2-4321-143 ---OBJECT TOTAL
*
*
*
10050.00 *
10050.00 *
.0 t
2-4321------- DEPARTMENT TOTAL
347.17-**
25208.83 **
24861.66 **
454403.00 **
429541.34 **
5.5 %
2----------- FUND TOTAL
347.17-***
25208.83 ***
24861.66 ***
454403.00 ***
429541.34 ***
5.5 t
FUND 16 CITY-WIDE ASSESSMENT DIST 89-1
16-4700-101-000 SALARIES, REGULAR 20752.20 20752.20 177727.00 156974.80 11.7 t
16-4700-101-020 SALARIES, OVERTIME 231.84 231.84 618.00 386.16 37.5 t
16-4700-101 —OBJECT TOTAL * 20984.04 * 20984.04 * 178345.00 * 157360.96 * 11.8 t
000247
CL64 A P P R O P R I A T I O N S U M M A R Y
9/05/92 ACCOUNT BALANCES TBRU 7/31/92
FND DEPT OBJ SUB DESCRIPTION ENCUMBRANCES EXPENDITURES
FUND 16 CITY-WIDE ASSESSMENT DIST 89-1
16-4700-109-000 FRINGE BENEFITS
16-4700-111-000 CONTRACT SERV/PROFESSIONAL
16-4700-111-051 ADMINISTRATION/SUPPORT 6 LE
16-4700-111-052 CONSULTANT SERVICES
16-4700-111-053 COUNTY ADMINISTRATION
16-4700-111-054 DELINQUENCY ALLOWANCE
16-4700-111-055 CONTINGENCY
16-4700-111-060 PALM TIME MAINTENANCE
16-4700-111-081 MAINT-MADISON/AVE 54
16-4700-111-085 MAINT-MISCELLANEOUS
16-4700-111-088 SPORTS CCMPLEX MAINT. CONTE
16-4700-111-089 AVE 521JEFFERSON MAINT CONT
16-4700-111-090 IMAGE CORRIDOR MAINT CONTRA
16-4700-111 ---OBJECT TOTAL
16-4700-112-010 INSURANCE/VEHICLE
16-4700-113-000 MAINTENANCE/OPERATION-AUTO
16-4700-113-010 MAINTENANCE/OPERATION-EQUIP
16-4700-113 ---OBJECT TOTAL
16-4700-116-011 RENT/EQUIP-SOCCER FIELD
16-4700-116-030 RENT/UNIFORMS
16-4700-116-040 SAFETY GEAR
16-4700-116 ---OBJECT TOTAL
16-4700-117-000 TRAVEL 6 MEETINGS
16-4700-118-010 UTILITIES/WATER
16-4700-118-015 UTILITIES/PUNTER-YOUTH CNTR
16-4700-118-020 UTILITIES/ELECTRIC
16-4700-118-030 UTILITIES/ELECTRIC-YARD
16-4700-118-035 UTILITIES/TELE. SPORTS COMP
16-4700-118-040 UTILITIES/ELEC. SPORTS COED?
16-4700-118 ---OBJECT TOTAL
16-4700-132-000 SPECIAL DEPARTMENTAL SUPPLI
16-4700-132-001 FERTILIZER, SEED
16-4700-132-002 LANDSCAPING MATERIAL
16-4700-132-003 MISCELLANEOUS SIGNS
16-4700-132-004 SUPPLIES -SPORTS COMPLEX
16-4700-132 ---OBJECT TOTAL
16-4700-143-000 EQUIPMENT
16-4700-143-100 EQUIPMENT - CAP
16-4700-143 ---OBJECT TOTAL
16-4700------- DEPARTMENT TOTAL
16-4848-111-000 CONTRACT SVCS/PROFFESSIONAL
I6-4848-111-010 CONTRACT SVCS/CONSTRUCTION
16-4848-111 ---OBJECT TOTAL
16-4848------- DEPARTMENT TOTAL
16----------- FUND TOTAL
* 8846.69
933.68-
2558.32
6280.00
4722.64
1400.00
2801.06
* 16828.34
* *
56.58
102.34
* 158.92
145.55-
169.53
* 23.98
R x
2932.94
13.00
317.94
47.04
1053.89
x
R
- BY FUND
BALANCE
8846.69
933.68-
2558.32
6280.00
4722.64
1400.00
2801.06
16828.34
x
56.58
102.34
158.92
145.55-
169.53
23.98
R
2932.94
13.00
317.94
47.04
1053.89
4364.81 *
4364.81 *
26.35
26.35
49.32
49.32
75.67 *
75.67 *
R R R
** 51282.45 ** 51282.45 **
R * *
Rx xR xR
xxx 51282.45 *** 51282.45 ***
PAGE R 7
12.05.05
REMAINING
BUDGET BUDGET %COMP
103430.00 *
5289.00
25000.00
1000.00
1000.00
2000.00
10000.00
40000.00
10000.00
60000.00
22000.00
176289.00 *
3600.00 *
4000.00
2500.00
6500.00 *
1500.00
3500.00
600.00
5600.00 *
100.00 *
30000.00
200.00
3000.00
750.00
300.00
14000.00
48250.00
5000.00
5000.00
30000.00
300.00
4900.00
45200.00
3550.00
20500.00
24050.00
591364.00 **
96047.00
96047.00
96047.00 **
687411.00 ***
FUND 17 QUIMBY FUND
17-4851-111-000 CONTRACT SVCS/PROFESSIONAL * * * 35000.00
17-4851------- DEPARTMENT TOTAL ** ** ** 35000.00 **
17-4865-111-000 CONTRACT SVCS/PROFESSIONAL * * * 15000.00
17-4865------- DEPARTMENT TOTAL ** ** ** 15000.00 **
17----------- FUND TOTAL xRx xRR RRR 50000.00 xxx
94583.31
933.68
5289.00
22441.58
1000.00
1000.00
2000.00
3720.00
35277.36
10000.00
58600.00
19198.94
159460.66 *
3600.00 *
3943.42
2397.66
6341.08 *
1645.55
3330.47
600.00
5576.02 *
100.00 *
27067.06
187.00
2682.06
702.96
753.89-
14000.OD
43885.19
4973.65
5000.00
30000.00
300.00
4850.68
45124.33
3550.00
20500.00
24050.00
540081.55 **
96047.00
96047.00
96047.00 **
636128.55 ***
8.6 a
.0 %
.0 %
10.2 %
.0 a
.0 8
.0 9
62.8 %
11.8 %
.0 a
2.3 !
12.7 a
.0 8
9.5 a
.0 a
1.4 %
4.1 %
2.4 a
9.7-%
4.8 %
.0 %
.4 %
.0 %
9.8 %
6.5 %
10.6 %
6.3 %
351.3 %
.0 a
9.0 %
.5 %
.0 %
.0 %
.0 %
1.0 %
.2 a
.0 %
.0 %
.0 %
8.7 %
.0 %
.0 %
.0 $
.0 %
7.5 a
35000.00 *
.0 %
35000.00 **
.0 %
15000.00 *
.0 %
15000.00 **
.0 a
50000.00 ***
.0 %
0oo248
GL64 - A P P R 0 P
R I A T ION
SUMMARY
---- BY FUND
PAGE P8
9/05/92
ACCOUNT BALANCES THRU 7/31/92
12.05.06
IUMIHING
FED DEPT OBJ SUB DESCRIPTION ENCMMRANCES EXPENDITURES
BALANCE
BUDGET
BUDGET
%COMP
FUND 18 INFRASTRUCTURE FUND
18-4830-111-000 SERVICES PROFESSIONAL
"
*
*
98000.00 *
98000.00 *
.0 %
18-4830------- DEPARTMENT TOTAL
"*
**
"'
98000.00 **
98000.00 ••
.0 %
18-4835-111-000 SERVICES PROFFESSIORAL
5000.00
5000.00
.0 %
18-4835-111-010 SERVICES CONTRACTOR
100000.00
100000.00
.0 %
18-4835-I11 ---OBJECT TOTAL
•
*
*
105000.00 "
105000.00 *
.0 %
18-4835------- DEPARTMENT TOTAL
•*
"*
**
105000.00 •*
105000.00 '*
.0 %
18-4843-111-000 SERVICES PROFFESSICNAL
6000.00
6000.00
.0 %
18-4843-111-010 SERVICES CONTRACTOR
100000.00
100000.00
.0 %
18-4843-111 ---CW= TOTAL
'
"
*
106000.00 "
106000.00 '
.0 %
18-4843------- DEPARTMENT TOTAL
•*
"*
**
106000.00 "*
106000.00 "
.0 %
18-4847-111-000 CONTRACT SVCS/PROFESSIONAL
2000.00
2000.00
.0 %
18-4847-111-010 CON MCP SVCS/CONSTRUCTICN
248000.00
248000.00
.0 %
18-4847-111 ---OBJECT TOTAL
*
"
*
250000.00 '
250000.00 *
.0 %
18-4847------- DEPARTMENT TOTAL
*•
**
*•
250000.00 **
250000.00 '*
.0 %
18-4853-111-000 CONTRACT SVCS/PROFESSIONAL
*
762.00 *
752.00 *
*
762.00-*
.0 %
18-4853------- DEPARTMENT TOTAL
*•
762.00 **
762.00 **
*"
762.00-•*
.0 %
18-4860-111-000 CONTRACT SVCS/PROPBBSICNAL
10000.00
10000.00
.0 %
18-4860-I11-010 CONTRACT SVCS/CONSTRUCTION
100000.00
100000.00
.0 %
18-4860-I11 ---OBJECT TOTAL
'
*
*
110000.00 *
110000.00 "
.0 %
18-6860------- DD?A1fCKINT TOTAL
*"
••
••
110000.00 **
110000.00 •*
.0 %
18-4861-111-000 CONTRACT SVCS/PROFSSSIONAL
10000.00
10000.00
.0 %
18-4861-111-010 CONTRACT SVCS/CONSTRUCTION
100000.00
100000.00
.0 %
18-4861-111 ---OBJECT TOTAL
*
*
*
110000.00 *
110000.00 •
.0 %
18-4861------- DEPARTMENT TOTAL
**
"*
*"
110000.00 **
110000.00 •"
.0 %
18-4866-111-000 CONTRACT SVCS/PROFESSIONAL
10000.00
10000.00
.0 %
18-4866-111-010 CONTRACT SVCB/CONSTRUCTION
95000.00
95000.00
.0 %
18-4866-111 ---OBJECT TOTAL
"
"
*
105000.00 "
105000.00 "
.0 %
18-4866 ------- DEPARTMENT TOTAL
•*
"*
**
105000.00 "*
105000.00 **
.0 %
18-4867-111-000 CONTRACT SVCS/PROFESSICNAL
"
"
*
24000.00 •
24000.00 *
.0 %
18-4867------- DEPARTMENT TOTAL
RR
Rt
}}
24000.00 ••
24000.00 "'
.0 %
18-4090-111-000 CONTRACT SVC/PROFESSIONAL
88.52
88.52
88.52-
.0 %
18-4890-111-001 CON MCT SVCS/DESIGN-WELL
88.52
88.52
70000.00
69911.48
.1 %
18-4890-111-011 CONTRACT SVCS/COiST-WELL
500000.00
500000.00
.0 %
18-4890-111-061 PROFESSIONAL SVCS/ARCHITECT
90000.00
90000.00
.0 %
16-4890-111-062 PROFESSIONAL SVCS/CONSTRUCT
20868.00
20868.00
290000.00
269132.00
7.2 %
18-4090-111-063 PROM88ICKU SVCS/SOILS ENG
9147.79
9147.79
29000.00
19852.21
31.5 %
18-4890-111-064 PROFESSIONAL SVCS/OTHER
1074.55
1074.55
39500.00
38425.45
2.7 %
18-4890-111-070 CONSTRUCTION CONTRACT
519396.53
519396.53
7358500.00
6839103.47
7.1 %
18-4890-111-071 CONSTRUCTION UTILITIBS
23.50
23.50
50000.00
49975.50
.0 %
18-4890-111 ---OBJECT TOTAL
'
550687.41 *
550687.41 *
8427000.00 *
7876312.59 *
6.5 %
18-4890-143-100 ART - CITY HALL FACILITY
*
8000.00 *
8000.00 *
7700.00 *
300.00-*
103.9 %
18-4890------- DEPARTMENT TOTAL
**
559687.41 *"
558687.41 **
8434700.00 *"
7876012.59 **
5.6 %
18----------- FUND TOTAL
***
559449.41 *•*
359449.41 "*"
9342700.00 **"
8783250.59 "** 6.0 %
FUND 22 ASSESBMERT DISTRICT 91-1
22-4630-111-000 CONTRACT SERV PROFESSIONAL
4596.00
4596.00
4596.00-
.0 %
22-4630-111-DlO CONTRACT SVCS/CONTRACTOR
192481.65
192481.65
192481.65-
.0 %
22-4630-111 ---OBJECT TOTAL
".
197077.65 *
197077.65 *
"
197077.65-*
.0 %
22-4630------- DEPARTMENT TOTAL
"*
197077.65 **
197077.65 "*
*"
197077.65-**
.0 %
22-4631-111-000 CONTRACT SVC/PROFESSIONAL
2691.00
2591.00
2691.00-
.0 %
22-4631-111-010 CONTRACT BVC/CONTRACTOR
120936.96
120936.96
120936.96-
.0 %
22-4631-111 ---OBJECT TOTAL
*
123627.96 *
123627.96 *
•
123627.96-*
.0 %
22-4631------- DZPARDNENT TOTAL
•*
123627.95 *•
123627.96 **
*"
123627.96-**
.0 %
22----------- DOJO SO=
*'•
320705.61 •••
320705.61 •**
*•*
320705.61-••*
.0 %
ce-I'dif 4 4 a"
REDEVELOPMENT AGENCY
MEETING DATE: SEPTEMBER 15, 1992
ITEM TITLE:
DEPARTMENT STAFF REPORT
ASSISTANT CITY MANAGER
TRANSMITTAL OF STATEMENT OF
FINANCIAL POSITION
AGENDA CATEGORY:
PUBLIC HEARING:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
DEPARTMENTAL REPORT: a
Transmital of July 1, 1992 thru July 31, 1992 Statement
of Financial Position for the La Quinta Redevelopment Agency.
RECOMMENDATION:
Receive and File
Submitted by:
Signature
Approved for submission to
City Council
MANAGER
000250
GL102 IA QUINTA REDEVELOPMENT AGENCY
19/08/92 87ATEKM OF FINANCIAL POSITION PA41
PAGE 1
PERIOD 7/92 TBIMM 7/92
CAPITAL LOW DEBT
PROJECT MODERATE SERVICE
FUND FUND FUND
ASSETS
CASE IN RANK
ANT AVAILABLE RETIREMENT LTD
LAIF INVESTMENT
INVESTMENT ITM
TOTAL ASSETS
LIABILITIES A EQUITY
LIABILITIES
ACCOUNTS PAYABLE
ARBITRAGE MOCESS EARNINGS
DUE TO CITY OF IQ - GIN FUND
TOTAL LIABILITIES
4328895.76 1790527.15 7922937.59-
6933812.61 3044145.82-
1554707.99
288092.49
108647.51 14343215.85
162461.29
11821909.66 1790527.15 4930840.43
331.50
16124.81-
1279275.35 100489.21
1263150.55 100820.71
T O T A L S
--- MEMORANDUM ONLY ---
CURRENT JUNE 30, 1992
1803514.68- 2085166.42-
3889666.79 6200811.09
1554707.99 1554707.99
288092.49 436319.74
232953.23
14451663.36 14451863.36
162461.29 162451.29
18543277.24 20953950.20
331.50
1299.20
16124.81-
16124.81-
25051.59 1405816.15
50.00
26051.59 1390022.85
14775.61-
FOND BALANCE 13085060.21- 1891347.86- 4956892.02-
TOPAZ LIABILITY 6 POND EQUITY 11821909.66- 1790527.15- 4930840.43-
19933300.09- 20939174.67-
18543277.24- 20953950.28-
GLI02
9/08/92
ASSETS
CASE IN BANE
ACCRUED REVENUE
ANT AVAILABLE RETIREMENT LTD
TOTAL ASSETS
LIABILITIES A EQUITY
LIABILITIES
DUE TO CITY OF LQ - GEN FUND
TOPAZ LIABILITIES
FUND BALANCE
TOTAL LIABILITY A FUND EQUITY
LA QUINTA ASDBVSLOPMENT AGENCY
STATEMENT OF FIAARCIAL POSITION PA82
PAGE 2
PERIOD 7/92 THROUGH 7/92
CAPITAL LOW DEBT
PROTECT MODERATE SERVICE
FUND FUND FUND
394503.75- 193569.84 2033374.38
394503.75- 193569.94 2033374.38
34008.78-
2021.76-
35802.23-
34008.78-
2021.76-
35802.23-
428512.53
191548.08-
1997572.15-
394503.75
193569.84-
2033374.38-
T O T A L S
-- MBNORANDUK ONLY ---
CURRBNT JUNE 30, 1992
1832440.47 2234722.29
71034.17
1832440.47 2305756.46
71832.77-
71832.77-
1760607.70- 2305756.46-
1832440.47- 2305756.45-
0�;�5�
GL102
LA QUINTA REDYVSLOPNMIT AMWCY
9/08/92
BTATBNBIFT OF FIB:NCLAL POSITIOA
PAU 3
PERIOD 7/92 TUC= 7/92
LONG
GMMRhL
T O T
A E S
TERM
FI2ED
--- MEMORANDUM ONLY ---
DEBT
A88ET8
CURRENT
JUNE 30, 1992
ASSETS
ANT AVAILA= RgTIRZKW.T LTD
4969093.00
4969093.00
5096593.00
AM PROVIDBD R MIMONT LTD
63291563.48
63291563.48
63291563.40
GENERAL FIM ABBBTH
5079910.05
5079910.05
3679910.05
TOTAL ASSNT8
68260656.49
5679910.05
74140566.53
74268066.53
LIABILITIES A EQUITY
LIABILITIES
BONDS PAYABLE
35000000.00-
35000000.00-
35000000.00-
DUB TO CDUNTY OF RIVEBBIDE
6007041.40-
6007041.40-
6007041.60-
DUS TO CITY OF LQ - GEN FM
5864A83.58-
5864483.58-
5864483.58-
NOTE DUB HALL,BRONN,GENTILE
127500.00-
NOTE DUE IW RY,DALEB,LANE
3118500.00-
3118500.00-
3118500.00-
INVESTMENT IN GEN FIXED ASSETS
5879910.05-
5879910.05-
5679910.05-
DUZ TO C.V. BCEOOL DISTRICT
16756691.50-
16756/91.50-
16756191.50-
DUE TO DBBERT BANDS SCHOOL DST
3518160.00-
35161/0.00-
3516160.00-
TOTAL LIABILITIES
68260656.48- 5879910.05- -
74140566.53-
71075925.01-
FUND BALM=
TOTAL LIABILITY i FUND EQUITY
68260656.48- 5879910.05-
74140566.53-
74268066.53-
0v0253
91.64 - R R V R N U R SUMMARY ---- RY PURR PACE R I
9/05/02 ACOOUNT EALNIKM TBRU 7/31/92 12.04.56
PRO DEPT CBJ am DENCRIPTROII
FUND 60 ROIL CAPITAL iMP OVDO@PB PAR
60-3300-036-000 ZRPn3M8T INCOR-CAP. PROMM
60-3300------DRPARIMM TOTAL
60-3700-400-000 LOIN FROM CITY
60-3700--- ---DEPAI@mPT TOTAL
60------ ----- FUND TOTAL
FUND 62 RDA LOW/MOD FORD PAR
62-3100-031-001 RDA TAX INCREUXT PA►l
62-3100----- -DRPANTMRT TOTAL
62-3300-036-003 117M RT I1ICOIR-LOU/MOD
62-3300------ DRPARDOW TOTAL
62-3700-200-000 ZMMY REIMBURSE BY PROPAWr OMRRR
62-3700-----WARMENT TOTAL
62---------FORD TOTAL
FUND 63 ROR DEFT MZVZCE FUND PA81
63-3100-031-003 RDA TAX INCREMENT PA►1
63-3100------DEPAREMENT TOTAL
63-3300-036-001 INTREST IRCO4R-DRAT SERVICE
63-3300-036-002 MrZKM ST INCOR-RESERVE
63-33WO36---0®JRCT 'TOTAL
63-3300----- -OEPARDOW TOTAL
63------ - --- FUND TOTAL
FUND 66 ROA DART NICE FUND PA►2
66-3100-031-005 RDA TAX ZtCRMMSET PA►2
66-3100------- DEPARtKINT TOTAL
66-3300-036-006 RDA INTCRKSP EARNINGS PA82
66-3300-036-007 IIITBIEBT ON RESERVE
66-3300-035---0EJSCT TOTAL
66-3300------- DEPAKOUCHT TOTAL
66-3950-000-000 TRANSFER IN
66-3950------- DEPARTMENT TOPAZ
66----------- FORD TOTAL
PUN) 67 RDA CAPITAL PROJRCT8 PA►2
67-3400-034-092 PAOCBmB FROM BONDS
67-3400------- DEPARTIODIT TOPAZ
67-3700-037-067 CVAO/STATE COWRTIR NASHNOTS R=96
67-3700-400-000 LOIN FROM CITY
67-3700------- DEPARDZIT TOTAL
67----------- FUND TOTAL
FUND 68 RDA IOU/MOD FUND PA►2
68-3100-031-006 RDA TAX INCREHINT PAi2
68-3100------- DEPARTMENT TOM
68-3300-036-005 RDA INTEREST RARRIN08 PA►2
68-3300------- DEPAROTENT TOTAL
68----------- FUND TOTAL
T 0 T A L R E V R N U R
FAWA ING
ESTIMATt RBTDOTR
%COMP
8622.99-•
80000.00-•
71377.01-"
10.8 i
8622.99-•*
80000.00-•*
71377.01-**
10.8 t
"
4385034.00-•
4385034.00-•
.0 t
•*
/38503/.00-•*
438503/.00-•*
.0 t
8622.99-***
4/65034.00-**•
4456411.01-•**
.2 ►
"
1648658.00-"
1618558.00-"
.0 i
••
1W8658.00-•*
1648658.00-•*
.0 t
1338.65-*
140000.00-•
138661.35-•
1.0 i
1338.65-••
140000.00-•*
138651.35-•*
1.0 t
1507.63-*
•
1507.63 "
.0 \
1507.63-**
••
1507.63 •*
.0 i
2846.28-•*•
1788658.00-•••
1785811.72-••*
.2 t
152.70-*
6988905.00-•
0980752.30-"
.0 t
152.70-**
8988905.00-*•
8988752.30-**
.0 \
2524.09-
570000.00-
567475.91-
.4 \
50400.00-
50400.00-
.0 i
252/.09-*
620400.00-*
617875.91-*
.4 \
2524.09-**
620400.00-*•
617875.91-*•
.4 t
2676.79-•**
9609305.00-***
9606626.21-***
.0 \
•
1383608:00-•
1383608.00-*
.0 i
"
1383600.00-•*
1383608.00-*•
.0 t
1225.26-
40800.00-
39574.74-
3.0 \
20000.00-
20000.00-
.0 i
1225.26-*
60800.00-•
59574.74-*
2.0 t
1225.26-**
60800.00-*"
59574.74-**
2.0 t
•
400000.00-*
400000.00-•
.0 \
*•
400000.00-**
400000.00-*•
.0 i
1225.26-***
1844408.00-***
1843182.74-*•*
.1 \
*
3500000.00-"
3600000.00-*
.0 i
3600000.00-**
3600000.00-**
.0 t
•
693150.00-•
693150.00-*
.0 i
*
6441247.00-•
4441247.00-*
.0 \
5134397.00-**
5134397.00-**
.0 t
•**
8734397.00-•**
8734397.00-***
.0 \
*
345902.00-*
345902.00-*
.0 t
**
345902.00-**
345902.00-**
.0 t
144.71-*
10200.00-*
10055.29-*
1.4 \
144.71-**
10200.00-**
10055.29-*•
1.4 i
144.71-***
356102.00-**•
355957.29-**■
.0 \
505930.07-
39402658.00-
36896727.93-
1.3 \
���7-54
OL64
9/05/92
FED DEPT OBJ SUB DESCRIPTION
APPR0FRIATI OM SUMMARY ---- BY FUND
ACCOUNT '3 *..:rZ• TBRU 7/31/92
FUND 60 RDA CAPITAL IMPROVEMENTS PA►l
60-5200-101-000 CITY STAFF EU?-(SALARIES)
60-5200-101-001 AGENCY MEMBERS -(SALARIES)
60-5200-101 -OBJECT TOTAL
60-5200-111-015 PROFESSIONAL SERVICES-ATTOR
60-5200-111-020 PROFESSIONAL SERVICES-CONSU
60-5200-111-025 PROFESSIONAL SERVICES -AUDIT
60-5200-111-031 FISCAL AGENT FEES 1990 SERI
60-5200-111-032 FISCAL AGENT FEES 1989 SERI
60-5200-111-033 FISCAL AGENT FEES 1991 SERI
60-5200-111 ---OBJECT TOTAL
50-5200-116-000 OFFICE RENT
60-5200-117-000 TRAVEL i MEETINGS
60-5200-118-030 TELEPHONE
60-5200-130-000 OFFICE SUPPLIES
50-5200-132-000 SPECILA DEPARTMENTAL SIIPLIE
60-5200------- DEPARTMENT TOTAL
60-5215-111-000 CONTRACT SVCS/PAO?ESSICEAL
60-5215-I11-010 CONTRACT SVCS/OONSTRUCTICH
60-5215-111 ---OBJECT TOTAL
60-5215------- DEPARTMENT TOTAL
60-5216-111-000 CONTRACT SVCB/PRO'ESSIOEAL
60-5215-111-010 CONTRACT SVCS/CON8TRDCTION
60-5216-111 ---OBJECT TOTAL
60-5216------- DEPARTMENT TOTAL
60-5223-111-000 CONTRACT SVCS/PBOBSSICNAL
60-5223-111-010 CONTRACT SVCS/OONBTRUCTION
60-5223-111 ---OBJECT TOTAL
60-5223------- DEPARTMENT TOTAL
60-5225-111-000 CONTRACT SVCS/PROFESSIOAL
60-5225------- DEPARTMENT TOTAL
60-5235-111-000 CONTRACT SVCS/PROFESSIONAL
60-5235-111-010 CONTRACT SVCS/CONSTRUCTION
60-5235-111 ---OBJECT TOTAL
60-5235-144-000 LAID) COST
60-5235------- DEPARTMENT TOTAL
60-5241-111-000 CONTRACT SVCS/PROPE88IONAL
60-5241-111-010 CONTRACT SVCS/CONBTAUCTICN
60-5241-111 ---OBJECT TOTAL
60-5241------- DEPARTMENT TOTAL
60-5245-111-000 CONTRACT SVCB/PAOPESSICEAL
60-5245-111-010 CONTRACT SVCS/CONSTRUCTION
60-5245-111 ---OBJECT TOTAL
60-5245------- DEPARTMENT TOTAL
60-5250-111-000 CONTRACT SVCB/PAOFESSICKU
60-5250------- DEPARTMENT TOTAL
60-5255-111-010 CONTRACT SVCS/CONSTRUCTION
60-5255------- DEPARTMENT TOTAL
60-5261-111-000 CON8RACT SVCS/PRDFMIOEIIL
60-5261-111-010 OONBTRACT SVCS/CONSTRUCTION
60-5261-111 ---OBJECT TOTAL
60-5261------- DEPAR@ENT TOTAL
ENCUMBRANCES EXPENDITURES BALANCE
39861.49
39861.49
495.28
495.28
* 40356.77 "
40356.77
19034.59
19034.59
" 19034.59
*
19034.59
*
• 828.75
e
*
828.75
*
* 453.74
•
453.74
• 810.25
•
"
R
810.25
•* 61484.10
"*
51484.10
••
3403.90
3403.90
120496.31
120496.31
* 123900.21
•
123900.21
** 123900.21
*•
123900.21
*•
2959.36
2959.36
69448.80
69448.80
" 72408.16
*
72408.16
"* 72400.16
**
72408.16
*•
580.98
580.96
" 580.98
•
500.98
"* 580.98
.
••
R
580.98
*•
f
tt
tf
ft
450.18
450.18
* 450.18
•
450.18
" 613.98
•
613.98
** 1064.16
•*
1064.16
**
•
Rf
R
•*
R
•R
49.56
49.56
• 49.56
"
49.56
"
•• 49.56
"*
49.56
••
f
R•
f
RR
f
•
}.
R
fR
•
t
1f
R
}R
"
PAGE A 1
12.05.07
REMAINING
BUDGET BUDGET {COMP
388680.00
7429.00
396109.00
195000.00
243750.00
5000.00
15000.00
40000.00
15000.00
513750.00
9945.00
6820.00
5477.00
9723.00 "
15000.00
958624.00 •*
20000.00
1200000.00
1220000.00
1220000.00 •*
10000.00
400000.00
410000.00
410000.00 •*
97645.00
4497065.00
4594710.00
4594710.00 "*
100000.00
100000.00 •f
100000.00
2300000.00
2400000.00
R
2400000.00 •*
40000.00
60000.00
100000.00
100000.00 •R
60000.00
1100000.00
1160000.00
1150000.00 ••
23000.00
25000.00 •f
30000.00
30000.00 RR
10000.00
140000.00
150000.00
150000.00 *•
348818.51
5933.72
355752.23
175965.42
243750.00
5000.00
15000.00
40000.00
15000.00
494715.41
9116.23
6820.00
5023.26 "
8912.75
15000.00 "
897339.90 •*
16596.10
1079503.69
2096099.79 "
1096099.79 •*
7040.64
330351.20
337591.84
337391.84 *•
97064.02
4497065.00
4594129.02
4594129.02 ••
100000.00
100000.00 f.
99549.82
2300000.00
2399549.82
613.98-•
2398935.84 ••
40000.00
60000.00
100000.00
100000.00 1f
59950.44
1100000.00
1159950.44
1159950.44 *•
25000.00
25000.00 ff
30000.00
30000.00 RR
10000.00
140000.00
150000.00
150000.00 *•
00�25
10.3 f
6.7 f
10.2 f
9.8 i
.0 i
.0 f
.0 f
.0 t
.0 t
3.7 f
8.3 {
.0 s
8.3 t
8.3 t
.0 \
6.4 \
17.0 t
10.0 s
10.2 f
10.2 \
29.6 \
17.4 1
17.7 f
17.7 s
.6 {
.0 \
.0 t
.0 i
.0 \
.5 f
.0 t
.0 t
.0 i
.0 t
.0 {
.0 \
.0 f
.0 {
.1 {
.0 f
.0 t
.0 \
.0 t
.0 \
.0 t
.0 {
.0 f
.0 1
.0 {
.0 \
GL64
6/05/92
FND DEPT OBJ SUB DESCRIPTION
A P P R 0 P R I A T ION SUMMARY ---- BY FUND
ACCOUNT BALANCES THRU 7/31/92
ENCUMBRANCES EXPENDITURES BALANCE
PAGE AZ
12.05.08
REMAINING
BUDGET BUDGET %COMP
FUND 60 RDA CAPITAL IMPROVEMENTS PA►1
60-5253-111-000 CONTRACT SVCS/PROFESSIONAL
5000.00
5000.00
.0 %
60-5263-111-010 CONTRACT SVCS/CONSTRUCTION
245000.00
245000.00
.0 %
60-5263-111 ---OBJECT TOTAL
* * *
250000.00 *
250000.00 *
.0 %
60-5263------- DEPARTMENT TOTAL
*' ** **
250000.00 *'
250000.00 **
.0 %
60-5266-111-000 CONTRACT SVCS/PRWESSIONAL
" " *
66500.00 *
66500.00 *
.0 %
60-5266------- DEPARTMENT TOTAL
** ** **
66500.00 **
66500.00 **
.0 %
60----------- FUND TOTAL
"'* 259487.17 •"• 259487.17 *'•
11465034.00 *•*
11205546.83 *•"
2.3 %
FUND 62 RDA LOW/MOD FUND PA#1
62-5201-006-001 SUBSIDY AD 88-1
3000.00
3000.00
.0 %
62-5201-006-002 SUBSIDY AD 89-2
3000.00
3000.00
.0 %
62-5201-006-006 SUBSIDY AD 90-1
6000.00
6000.00
.0 %
62-5201-006-007 SUBSIDY AD 91-1
120000.00
120000.00
.0 %
62-5201-006-008 ASSESSMENT DISTRICT NO. 92-
75000.00
75000.00
.0 %
52-5201-006 —OBJECT TOTAL
* * *
207000.00 *
207000.00 *
.0 %
62-5201-101-000 CITY STAFF M-(SALARIES)
2987.90 2987.90
29884.00
26896.10
10.0 %
62-5201-101-001 AGENCY MEMBERS -(SALARIES)
38.08 38.08
571.00
532.92
6.7 %
62-5201-101 ---OBJECT TOTAL
• 3025.98 " 3025.98 *
30455.00 *
27429.02 *
9.9 %
62-5201-111-015 PROFESSIONAL SERVICES-ATTOR
752.37 752.37
25000.00
24247.63
3.0 %
62-5201-111-020 PROFESSIONAL SERVICES-CONSU
9374.42 9374.42
125000.00
115625.50
7.5 %
62-5201-111-025 PROFESSIONAL SERVICES/AUDIT
500.00
500.00
.0 %
62-5201-111-030 SELF HELP HOUSING PROGRAM
22306.48 22306.48
700000.00
677693.52
3.2 %
62-5201-111-040 STOCXMAN PROGRAM
103000.00 103000.00
602500.00
499500.00
17.1 %
62-5201-111 —OBJECT TOTAL
* 135433.27 * 135433.27 *
1453000.00 *
1317566.73 *
9.3 %
62-5201-116-000 OFFICE RENT
* 63.75 * 63.75 *
765.00 *
701.25 *
8.3 %
62-5201-117-000 TRAVEL S MEETINGS
* * *
1410.00 *
4410.00 *
.0 %
62-5201-118-030 TELEPHONE
" 70.14 * 70.24 *
847.00 *
776.86 *
8.3 %
62-5201-130-000 OFFICE SUPPLIES
* 125.25 * 125.25 *
1503.00 *
1377.75 *
8.3 %
62-5201-132-000 SPECIAL DEPARTMENTAL SUPPLI
* ' "
5000.00 *
5000.00 '
.0 %
62-5201-143-000 LAND ACQUISTITON-JEFFERSON/
" 256839.67 ' 256839.67 '
256907.00 *
67.33 *
100.0 %
52-5201------- DEPARTMENT TOTAL
"* 395558.06 ** 395558.06 *'
1959887.00 *"
1564320.94 **
20.2 %
62----------- FUND TOTAL
"** 395558.06 *** 395558.06 *'*
1959887.00 *"*
1564328.94 ***
20.2 %
FUND 63 RDA DEBT SERVICE FUND PAM1
63-5000-002-000 CV MOSQUITO ABATEMENT DISTR
128541.00
128541.00
.0 %
63-5000-002-001 C V. SCHOOL DISTRICT
353698.75 353696.75
752764.00
399065.25
47.0 %
63-5000-002-002 DESERT SANDS SCHOOL DISTRIC
344620.00
344510.00
.0 %
63-5000-002 ---OBJECT TDTAL
" 353698.75 * 353698.75 *
1225915.00 *
872215.25 •
28.9 %
63-5000-005-001 INTEREST-89 SERIES
572187.00
572187.00
.0 %
63-5000-005-005 INTEREST-91 SERIES
549809.00
549809.00
.0 %
63-5000-005-007 INTEREST-90 SERIES
1409355.00
1409355.00
.0 %
63-5000-005-020 PAYMENT ON CITY ADVANCE
11276.66 11276.65
4385034.00
4373757.34
.3 %
63-5000-005 ---OBJECT TOTAL
* 11276.66 * 11276.66 *
6926385.00 *
6905108.34 *
.2 %
63-5000-006-004 PRINCIPAL-89 SERIES
155000.00
155000.00
.0 %
63-5000-006-005 PRINCIPAL-91 SERIES
175000.00
175000.00
.0 %
63-5000-006-007 PRINCIPAL-90 SERIES
430000.00
430000.00
.0 %
63-5000-006 ---OBJECT TOTAL
* * *
760000.00 *
76G000.00 *
.0 %
63-5000------- DEPARTMENT TOTAL
** 364975.41 ** 364975.41 **
8902300.00 *"
8537324.59 '•
4.1 %
63----------- FUND TOTAL
*** 364975.41 *** 364975.41 **"
8902300.00 "**
8537324.59 *"*
4.1 %
FUND 66 RDA DEBT SERVICE FUND PA42
66-5000-002-003 CV MOSQUITO ABATEMENT DISTR
19716.00
19716.00
.0 %
56-5000-002-004 COUNTY OF RIVERSIDE PA►2
373315.00
373315.00
.0 %
000250
GL64
005/92
FND DEPT OBJ SUB DESCRIPTION
A P P R 0 P R I A T I ON SUMMARY ---- BY FUND
ACCOUNT BALANCES TBRU 7/31/92
ENCUMBRANCES EXPENDITURES BALANCE
PAGE H3
12.05.09
REMAINING
BUDGET BUDGET %COMP
FUND 66 RDA DEBT SERVICE FUND PA42
66-5000-002-005 CV COMMUNITY COLLEGE DIST P
66759.00
66759.00
.0 %
66-5000-002-006 RIVERSIDE CO SUPT SCHOOLS P
36147.00
36147.00
.0 %
66-5000-002-007 Cv WATER DISTRICT PA42
132653.00
132653.00
.0 %
66-5000-002 ---OBJECT TOTAL
*
* * 628590.00 *
628590.00 *
.0 %
66-5000-005-008 INTEREST - 92 SERIES
200000.00
200000.00
.0 %
66-5000-005-021 PAYMENT ON CITY ADVANCE
35802.23 35802.23
35602.23-
.0 t
66-5000-005 ---OBJECT TOTAL
"
35802.23 * 35802.23 * 200000.00 •
164197.77 *
17.9 \
66-5000-006-008 PRINCIPAL - 92 SERIES
*
* * 40000.00 *
40000.00 *
.0 %
66-5000------- DEPARTMENT TOTAL
"*
35802.23 *• 35802.23 ** 868590.00 **
832707.77 **
4.1 %
66----------- FUND TOTAL
***
35802.23 ••• 35802.23 *** 868590.00 ***
832787.77 ***
4.1 %
FUND 67 RDA CAPITAL PROJECTS PA42
67-5400-101-000 CITY STAFF (SALARIES)
20921.56 20921.56 209251.00
188329.44
10.0 %
67-5400-101-001 AGENCY MEMBERS -(SALARIES)
266.64 266.64 4000.00
3733.36
6.7 %
67-5400-101 ---OBJECT TOTAL
*
21188.20 * 21188.20 " 213251.00 *
192062.80 *
9.9 %
67-5400-111-015 PROFESSIONAL SERVICES-ATTOR
5581.80 5582.80 50000.00
44418.20
11.2 %
67-5400-111-020 PROFESIONAL SERVICES - CONS
6401.75 6402.75 108750.00
102348.25
5.9 t
67-5400-111-025 PROFESSIONAL SERVICES - AUD
2000.00
2000.00
.0 i
67-5400-I11 ---OBJECT TOTAL
*
11983.55 * 11983.55 * 160750.00 *
148766.45 •
7.5 t
67-5400-116-000 RENT
*
446.25 * 446.25 " 5355.00 *
4908.75 *
8.3 %
67-5400-117-000 TRAVEL i MEETINGS
•
" " 8820.00 *
8820.00 *
.0 %
67-5400-118-030 TELEPHONE
"
140.28 * 140.28 * 1693.00 *
1552.72 *
8.3 %
67-5400-130-000 OFFICE SUPPLIES
•
250.50 • 250.50 " 3006.00 *
2755.50 *
8.3 %
57-5400-132-000 SPECIAL DEPARTMENTAL SUPPLI
*
• " 12000.00 *
12000.00 *
.0 t
67-5400------- DEPARTMENT TOTAL
"*
34008.78 '* 34009.78 " 404875.00 **
370666.22 **
8.4 t
67-5410-144-000 LAND AQUISITION
*
128615.53 • 128615.63 * 128616.00 *
.37 *
100.0 t
67-5410------- DEPARTMENT TOTAL
"*
126615.63 "* 128615.63 "* 128616.00 *"
.37 **
100.0 t
67-5411-144-000 LAND ACQUISITION
'
346070.33 * 346070.33 * 346004.00 *
66.33-*
100.0 %
67-5411------- DEPARTMENT TOTAL
**
346070.33 ** 346070.33 *• 346004.00 **
66.33-**
100.0 %
67-5420-111-000 CONTRACT SVCS/PROFESSIONAL
13056.00
23056.00
.0 \
67-5420-111-010 CONSTRACT SVCS/CCNSTRUCTION
655115.00
865115.00
.0 t
67-5420-111 ---OBJECT TOTAL
*
* • 879171.00 "
879171.00 "
.0 i
67-5420------- DEPARTMENT TOTAL
**
** ** 879171.00 *•
879171.00 *•
.0 \
67-5423-111-000 CONTRACT SVCS/PROFESSIONAL
9299.00
9299.00
.0 \
67-5423-111-OID CONSTAACT SVCS/CONSTRUCTION
616821.00
616821.00
.0 %
67-5423-111 ---OBJECT TOTAL
*
* * 626120.00 *
626120.00 *
.0 %
67-5423------- DEPARTMENT TOTAL
*•
*" *• 626120.00 **
626120.00 **
.0 %
67-5425-111-010 CONTRACT SVCS/CONSTRUCTION
*
* * 30000.00 *
30000.00 •
.0 %
67-5425------- DEPARTMENT TOTAL
*"
** " 30000.00 **
30000.00 **
.0 %
67-5426-111-000 CONTRACT SVCS/PROFESSIONAL
5000.00
5000.00
.0 %
67-5426-111-010 CONTRACT SVCS/CONSTRUCTION
240000.00
240000.00
.0 %
57-5425-111 ---OBJECT TOTAL
*
• * 245000.00 *
245000.00 •
.0 %
67-5426------- DEPARTMENT TOTAL
**
•• *" 245000.00 •*
245000.00 *•
.0 %
67-5430-111-000 CONTRACT SVCS/PROFESSIONAL
220000.00
220000.00
.0 %
67-5430-111-010 CONTRACT SVC/CONSTRUCTION
948150.00
948150.00
.0 %
67-5430-111 ---OBJECT TOTAL
*
* * 1168150.00 *
1168150.00 *
.0 %
67-5430------- DEPARTMNT TOTAL
**
** +* 1168150.00 **
1168150.00 **
.0 %
67-5431-111-000 CONTRACT SVCS/PROFESSIONAL
50000.00
50000.00
.0 %
67-5431-111-010 CONTRACT SVCS/CONSTRUCTION
1015000.00
1015000.00
.0 i
67-5431-111 ---OBJECT TOTAL
*
* * 1065000.00 *
1065000.00 *
.0 %
67-5431-144-000 LAND COSTS
*
* * 50000.00 *
50000.00 *
.0 %
67-5431------- DEPARTMENT TOTAL
**
** ** 1115000.00 **
1115000.00 **
.0 %
57-5446-111-000 CONTRACT SVCS/PROFESSIONAL
9000.00
9000.00
.0 %
e\ rn
h ft 4
GL64 ' A P P R 0 P R I A T I OR SUMMARY ---- BY FUND
4/05/92 ACCOUNT BALANCES THRU 7/31/92
FND DEPT OBJ SUB DESCRIPTION ENCUMBRANCES EXPENDITURES BALANCE BUDGET
PAGE AN
12.05.10
REMAINING
BUDGET %COMP
FUN) 67 RDA CAPITAL PROJECTS PAM2
67-5446-111-010 CONTRACT SVCS/CONSTRUCTION
51000.00
51000.00
.0 i
67-5446-111 ---OBJECT TOTAL
•
*
*
60000.00 *
60000.00 *
.0 i
67-5445------- DEPARTMENT TOTAL
'•
*"
**
60000.00 **
60000.00 **
.0 %
67-5447-111-000 CONTRACT SVCS/PROFESSICNAL
*
*
'
3731460.00 *
3731460.00 *
.0 %
67-5447------- DEPARTMENT TOTAL
'•
*"
"
3731460.00 '•
3731460.00 '*
.0 t
67----------- FUND TOTAL
••*
508694.74
***
508694.74
••*
8734396.00 *•*
8225701.26 ***
5.8 %
FUND 68 RDA LOW/MOD FUND PA42
68-5202-121-015 PROFESSIONAL SVCS/ATTORNEY
15000.00
15000.00
.0 i
68-5202-111-020 PROFESSIONAL SVCS/CONSULTAN
1921.92
1921.92
25000.00
23078.08
7.7 i
68-5202-111-025 PROFESSIONAL SERVICES/AUDIT
500.00
500.00
.0 %
68-5202-111 ---OBJECT TOTAL
*
1921.92
*
1921.92
*
40500.00 *
38578.08 *
4.7 i
68-5202-117-000 TRAVEL i MEETING
*
*
"
4410.00 *
4410.00 *
.0 i
68-5202-118-030 TELEPHONE
*
35.84
*
35.84
'
433.00 *
397.16 *
8.3 i
66-5202-130-000 OFFICE SUPPLIES
*
64.00
*
64.00
'
768.00 *
704.00 *
8.3 i
68-5202-132-000 SPECIAL DEPARTMENTAL SUPPLI
"
*
•
2500.00 *
2500.00 *
.0 1
66-5202------- DEPARTMENT TOTAL
••
2021.76
**
2021.76
•*
48511.00 •*
46589.24 *"
4.2 i
66----------- FUND TOTAL
*x*
2021.76
*•*
2021.76
**'
48611.00 *•*
46589.24 *"
4.2 i
T 0 T A L A P P R O P R I A T I O N
857.59-
2951859.48
2951001.89
48705025.00
45754023.11
6.1 8
000258
ceu`Y 4 4Qulxfa
REDEVELOPMENT AGENCY
MEETING DATE: SEPTEMBER 15, 1992
ITEM TITLE:
DEPARTMENT STAFF REPORT
ASSISTANT CITY MANAGER
TRANSMITTAL OF STATEMENT OF
FINANCIAL POSITION
AGENDA CATEGORY:
PUBLIC HEARING:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
DEPARTMENTAL REPORT: a
Transmital of July 1, 1991 thru June 30, 1992 Statement
of Financial Position for the La Quinta Redevelopment Agency.
RECOMMENDATION:
Receive and File
Submitted by:
Signature
Approved for submission to
City Council
MUR WARD N
INTERI CITY MANAGER
Os,; 259
GL102
8/25/91
ASSETS
CASH IN BANX
CASH MONEY MArJ=
RESTRICTED CASH
ACCOUNTS RECEIVABLE
ACCRUED INTEREST RECEIVABLE
ACCRUED REVENUE
ANT AVAILABLE RETIREMENT LTD
LAIF INVESTMENT
INVESTMENT ITM
INTERFUND TSF ACCT
TOTAL ASSETS
LIABILITIES 6 EQUITY
LIABILITIES
ACCOUNTS PAYABLE
ACCRUED EXPENSES
ARBITRAGE EXCESS EARNINGS
DUE TO CITY OF LQ - GEN FUND
TOTAL LIABILITIES
LA QUINTA REDEVELOPMENT AGENCY
STATEMENT OF FINANCIAL POSITION PA41 9.09.46
PAGE 1
PERIOD 7/91 THROUGH 6/92
CAPITAL LAW DEBT T O T A L S
PROTECT MODERATE SERVICE --- MEMORANDUM ONLY ---
FUND FUND FUND CURRENT NNE 30, 1991
3398314.55
2284059.64 7767540.61-
2085166.42-
441243.02-
9244956.91
3044145.82-
6200811.09
31032.91
1554707.99
1554707.99
753934.42
436319.74
436319.74
306921.97
153573.09
232953.23
232953.23
154683.25
108647.51
14343215.85
14451863.36
9009000.00
162461.29
162461.29
183087.65
153402.59-
13350700.00
2284059.64 5319190.64
20953950.28
9997587.68
1299.20
16124.81-
50.00
14775.61-
FUND BALANCE 13335924.39- 2284059.64- 5319190.64-
TOM LIABILITY 6 FUND EQUITY 13350700.00- 2284059.64- 5319190.64-
1299.20
6297.74-
16124.81-
99416.19-
50.00
1033247.15-
14775.61-
1138961.08-
20939174.67- 8858626.60-
20953950.28- 9997587.68-
000260
CL102 LA QUINTA REDEVELOPMENT AGENCY
8/24/91 STATEMENT OF FINANCIAL POSITION PAN2
PAGE 2
PERIOD 7/91 THROUGH 6/92
CAPITAL LOW DEBT
PROJECT MODERATE SERVICE
FUND FUND FUND
ASSETS
CASH IN BANK 80182.21 193425.13 1961114.95
ACCRUED REVENUE 71034.17
ANT AVAILABLE RETIREMENT LTD
INTERFUND TSF ACCT
TOTAL ASSETS 80182.21 193425.13 2032149.12
LIABILITIES 8 EQUITY
LIABILITIES
ACCRUED EXPENSES
DUE TO CITY OF IQ - GEN FUND
TOTAL LIABILITIES
FUND BALANCE 80182.21- 193425.13- 2032149.12-
TOTAL LIABILITY 6 FUND EQUITY 80182.21- 193425.13- 2032149.12-
16.37.56
T O T A L S
--- MEMORANDUM ONLY ---
CURRANT JUNE 30, 1991
2234722.29 887598.39
71034.17 62428.35
153402.59
2305756.46 1103429.34
15.79-
1628311.01-
1628326.80-
2305756.46- 524897.46
2305756.46- 1103429.34-
000261
GL102
LA QUINTA REDEVELOPMENT AGENCY
8/25/92 -
STATEMENT OF FINANCIAL POSITION
PAGE 3
PERIOD 7/91 THROUGH 6/92
LONG
GENERAL
TERM
FIXED
DEBT
ASSETS
ASSETS
AMT AVAILABLE RETIREMENT LTD
5096593.00
ANT PROVIDED RETIRSMSNT LTD
63291563.48
GENERAL FIXED ASSETS
5879910.05
TOTAL AUNTS
68388156.48
5879910.05
LIABILITIES C EQUITY
LIABILITIES
BONDS PAYABLE
35000000.00-
DUE TO COUNTY OF RIVERSIDE
6007041.40-
DUE TO CITY OF LQ - GEN FUND
5864483.58-
NOTE DUE HALL,BRONN,GENTILE
127500.00-
NOTE DUE MURPHY,DALES,LANE
3118500.00-
INVESTMENT IN GEN FIXED ASSETS
5879910.05-
DUE TO C.V. SCHOOL DISTRICT
14756491.50-
DUE TO DESERT HANDS SCHOOL DST
3514140.00-
TOTAL LIABILITIES
65196014.96- 5879910.05-
FUND BALANCE
TOTAL LIABILITY i FUND EQUITY 68388156.48- 5879910.05-
10.08.00
T O T A L S
--- MEMORANDUM ONLY ---
CURRENT JUNE 30, 1991
5096593.00
5096593.00
63291563.48
33516588.40
5879910.05
5981652.17
74268066.53
44694833.57
35000000.00- 26850000.00-
6007041.40- 4306641.81-
5864483.58-
127500.00- 255000.00-
3118500.00- 3118500.00-
5879930.05- 5981652.17-
14756491.50- 1546670.38-
3514140.00- 2626369.21-
71075925.01- 44694833.57-
74268066.53- 44694833.57-
6G62,62
GL64 R E V
E N U E S U M M A R Y ---- BY FUND
PAGE A/
8/11/92
ACCOUNT BALANCES TERU 6/30/92
9.57.52
REMU NI NG
FNb DEFT OBJ SUB DESCRIPTION
RECEIVED
ESTIMATE
ESTIMATE
%COMP
FORD 60 RDA CAPITAL IMPROVEMENTS PA11
60-3300-036-000 INTEREST INCOME -CAP. PROJECT
312717.53-
186667.00-
126050.53
167.5 %
60-3300-036-060 INTEREST INCOME
.0
60-3300-036 ---OBJECT TOTAL
312717.53-*
186667.00-*
126050.53 *
167.5 %
60-3300------- DEPARTMENT TOTAL
312717.53-**
186667.00-••
126050.53 •*
167.5 %
60-3400-034-091 91 SERIES BOND PROCEEDS
8700000.00-*
8000000.00-*
700000.00 *
100.8 %
60-3400------- DEPARTMENT TOTAL
8700000.00-**
8000000.00-••
700000.00 **
108.8 %
60-370D-037-060 MISCELLANEOUS REVENUE
110000.00-*
*
110000.00 *
.0 S
60-3700-400-000 LOAN FROM CITY
6526147.63-•
•
6526147.63 •
.0
60-3700------- DEPARTMENT TOTAL
6636147.63-**
**
6636147.63 ••
.0 %
60----------- FUND TOTAL
15648865.16-•**
6186667.00-•••
7462198.16 ***
191.2 %
FUND 62 RDA LOW/MOD FUND PAil
62-3100-031-001 RDA TAX INCREMENT PAtl
*
1328909.00-*
1328909.00-*
.0 %
62-3100------- DEPARTMENT TOTAL
"*
1328909.00-*•
1328909.00-**
.0 %
62-3300-036-003 INTEREST INCOME-LOW/MOD
69145.32-•
140000.00-*
70854.68-*
49.4 %
62-3300------- DEPARTMENT TOTAL
69145"32-•*
140000.00-*•
70854.68-**
49.4 %
62-3700-200-000 SUBSIDY REIMBURSE BY PROPERTY
OWNER 7995.39-•
*
7995.39 *
.0 1
62-3700-400-000 LOAN FROM CITY
800439.85-•
*
800439.86 *
.0 %
62-3700------- DEPARTMENT TOTAL
808435.25-•*
*•
808435.25 •*
.0 %
62----------- FUND TOTAL
877580.57-•*•
1468909.00-**•
591328.43-***
59.7 i
FUND 63 RDA DEBT SERVICE FORD PAI1
63-3100-031-003 RDA TAX INCREMENT PA11
10444241.19-•
7705598.00-*
2738643.19 *
135.5 %
63-3100------- DEPARTMENT TOTAL
10444241.19-••
7705598.00-**
2738643.19 +•
135.5
63-3300-036-002 INTREST INCOME -DEBT SERVICE
307294.95-
560000.00-
252705.05-
54.9 %
63-3300-036-002 INTEREST INCOME -RESERVE
57665.22-
50400.00-
7265.22
114.4
63-3300-036 ---OBJECT TOTAL
364960.17-*
610400.00-•
245439.83-*
59.8 %
63-3300------- DEPARTMENT TOTAL
364960.17-**
610400.00-**
245439.83-*•
59.8 1
63-3700-037-063 MISCELLANEOUS REVENUE
.14-*
•
.14 *
.0 %
63-3700-400-000 LOAN FROM CITY
43552.94-*
•
43562.94 *
.0 %
63-3700------- DEPARTMENT TOTAL
43553.08-*•
*•
43563.08 **
.0 %
63-3950-000-000 TRANSFER IN
768420.35-•
•
768420.35 *
.0 %
63-3950------- DEPARTMENT TOTAL
768420.35-••
••
768420.35 ••
.0
63----------- FUND TOTAL
11621184.79-*••
8315998.00-*•*
3305186.79 **•
139.7 %
FUND 66 RDA DENT SERVICE FUND PA12
66-3100-031-005 RDA TAX INCREMENT PA42
1446068.62-•
1105969.00-•
340099.62 *
130.8 %
66-3100------- DEPARTMENT TOTAL
1446068.62-••
1105969.00-•*
340099.62 ••
130.8 %
66-3300-036-004 RDA INTEREST EARNINGS PA42
55961.03-*
40800.00-•
15161.03 *
137.2 %
66-3300------- DEPARTMENT TOTAL
55961.03-••
40800.00-**
15161.03 ••
137.2 1
66-3700-400-000 LOAN FROM CITY
351074.74-•
*
351074.74 •
.0
66-3700------- DEPARTMENT TOTAL
353074.74-*•
••
351074.74 *+
.0
66----------- FUND TOTAL
1853104.39-••*
1146769.00-***
706335.39 +++
161.6 %
FUND 67 RDA CAPITAL PROJECTS PA12
67-3300-035-006 RDA INTEREST EARNINGS PA#2
2610.41-*
•
2610.41 •
.0
67-3300------- DEPARTMENT TOTAL
2610.41-**
•*
2610.41 **
.0
67-3700-400-000 LOAN FROM CITY
1461609.59-*
1020136.00-•
441473.59 *
143.3 %
57-3700 ------- DEPARTMENT TOTAL
1461609.59-*•
1020136.00-*•
441473.59 "•
143.3 %
67----------- FUND TOTAL
1464220.00-***
1020136.00-***
444084.00 •••
143.5 %
FUND 68 RDA LOW/MOD FUND PAM2
68-3100-031-006 FDA TAX INCREENT PAi2
*
276492.00-*
276492.00-•
.0 1
68-3100------- DEPARTMENT TOTAL
*•
276492.00-**
276492.00-**
.0 %
68-3300-036-005 RDA INTEREST EARUNINGS PAM2
5594.13-*
10200.00-*
4605.87-*
54.8 %
68-3300------- DEPARTMENT TOTAL
5594.13-**
10200.00-**
4605.87-**
54.8 %
68-3700-400-000 LOAN FROM CITY
3904.35-*
•
3904.35 •
.0 %
68-3700------- DEPARTMENT TOTAL
3904.35-„
„
4 0 t
�9"39 1
GL64 A P P R 0 P
R I A T I O N
5 U M M A R Y
---- BY FUND
PAGE Al
8/11/32
ACCOUNT BALANCES THRU 6/30/92
9.58.06
REMAINING
FND DEPT OBJ SUB DESCRIPTION ENCUMBRANCES
EXPENDITURES
BALANCE
BUDGET
BUDGET
%COMP
FUND 60 RDA CAPITAL IMPROVEMENTS PAil
60-4450-000-000 TRANSFER OUT
•
768420.35 •
768420.35 *
•
766420.35-•
.0 %
50-4450------- DEPAR174ENT TOTAL
*•
768420.35 •'
766420.35 ••
••
766420.35-0•
.0 %
60-5000-008-060 PROJECT NO.2
*
12839.27 •
12839.27 *
12840.00 •
.73 "
100.0 %
60-5000-017-000 ISSUANCE COST 1991 SERIES B
0 %
60-5000-017-060 ISSUANCE COST 1991 SERIES B
291065.41
291065.41
291065.41-
.0 %
60-5000-017 ---OBJECT TOTAL
•
291065.41 *
291065.41 `
`
291065.41-•
.0 %
60-5000------- DEPA104ENT TOTAL.
"•
303904.68 •*
303904.68 ••
12840.00 ••
291064.68-••
2366.9 %
60-5200-101-000 CITY STAFF EXP-(SALARIES)
297836.55
297836.55
312636.00
14799.45
95.3 %
60-5200-101-001 AGENCY MMMIERS-(BALARIES)
6917.24
6917.24
7800.00
882.76
88.7 %
60-5200-101 ---OBJECT TOTAL
304753.79 "
304753.79 •
320436.00 "
15682.21 '
95.1 %
60-5200-111-005 91 SERIES TAB
I1B3.32
1103.32
1183.32-
.0 %
60-5200-111-015 PROFESSIONAL SERVICES-ATTOR
76179.65
76179.65
31500.00
44679.65-
241.8 %
60-3200-111-020 PROFESSIONAL SERVICES-CONSU
17850.29
17850.29
63000.00
45149.71
28.3 %
60-5200-111-025 PROFESSIONAL SERVICES -AUDIT
630.00
630.00
4320.00
3690.00
14.6 %
60-5200-111-031 FISCAL AGENT FEES 1990 SERI
12472.52
12472.52
40000.00
27527.40
31.2 %
60-5200-111-032 FISCAL AGENT FEES 1989 SERI
2839.22
2839.22
8000.00
5160.78
35.5 %
60-5200-111 ---OBJECT TOTAL
•
111155.00 •
111155.00 •
146820.00 •
35665.00 •
75.7 %
50-5200-116-000 OFFICE RENT
'
8673.00 •
8673.00 •
8673.00 +
•
100.0 %
60-5200-117-000 TRAVEL 4 MEETINGS
•
720.24 •
720.24 •
8400.00 •
7679.76 •
8.6 %
60-5200-132-000 SPECILA DEPARTMENTAL SUPLIE
'
3396.86 •
3396.86 '
5250.00 "
1853.14 •
64.7 %
60-5200------- DEPARTMENT TOTAL
•"
428596.89 •"
428598.89 "
489579.00 ••
60880.11 ••
87.6 %
60-5201-111-020 PROFESSIONAL SERVICES-CONSU
`
2185.00 •
2185.00 *
'
2185.00-•
.0 %
60-5201------- DEPARTMENT TOTAL
'•
2185.00 ••
2185.00 *•
••
2185.00-`•
.0 %
60-5210-111-000 CONTRACT SVCS/PROFESSIONAL
347474.21
347474.21
347474.21-
.0 %
60-5210-112-010 CONTRACT SVCS/CONSTRUCTION
692582.67
692682.67
600000.00
92682.67-
115.4 %
60-5210-111 ---OBJECT TOTAL
+
1040156.80 •
1040156.88 •
600000.00 •
440156.88-•
173.4 %
60-5210------- DEPARTMENT TOTAL
•*
1040156.88 ••
1040155.80 •*
600000.00 *•
440156.88-••
173.4 %
60-5215-111-000 CONTRACT SVCS/PROPE88IONAL
192240.05
192240.05
217798.00
25557.95
88.3 •
60-5215-111-010 CONTRACT SVCS/CONSTRUCTICN
1752559.08
1752559.08
3468082.00
1715522.92
50.5 %
60-5215-111 ---OBJECT TOTAL
+
1944799.13 •
1944799.13 •
3685680.00 `
1741080.87 •
52.8 t
60-5215------- DEPARTMENT TOTAL
••
1944799.13 ••
1944799.13 •"
3685880.00 ••
1741080.87 ••
52.8 %
60-5216-111-000 CONTRACT SVCS/PROFSSSIONIIL
85472.31
86472.31
12510.00
13962.31-
119.3 %
60-5216-111-010 CONTRACT SVCS/CONSTRUCTION
624130.40
624130.40
1154610.00
530479.60
54.1 t
60-5216-111 ---OBJECT TOTAL
'
710602.71 *
710602.71 •
1227120.00 *
526517.29 "
57.9 %
60-5216-144-000 LAND ACQUISITION
'
67493.84 •
67493.84 *
172000.00 '
104505.16 •
39.2 %
60-5216------- DEPARTMENT TOTAL
••
778096.55 ••
778096.55 ••
1399120.00 •`
621023.45 ••
55.6 %
60-5220-111-000 CONTACT SVCS/PROFESSIONAL
52007.92
52007.92
10000.00
42007.92-
520.1 %
60-5220-111-010 CONTACT SVCS/CON3TRUCTION
154906.07
154906.07
224600.00
69693.93
69.0 %
60-5220-111 —OBJECT TOTAL
•
206913.99 *
206913.99 •
234600.00 •
27506.01 '
88.2 %
60-5220-144-000 LAND COST
*
86355.89 *
86355.89 •
89000.00 •
2644.11 •
97.0 %
60-5220------- DEPARTMENT TOTAL
••
293269.88 *•
293269.88 ••
323600.00 ••
30330.12 "'
90.6 %
60-5223-111-000 CONTRACT SVCS/PROFESSIONAL
"
386643.94 *
306643.94 "
490000.00 •
103356.06 •
76.9 %
60-5223------- DEPARTMENT TOM
•"
386643.94 ••
385643.94 "*
490000.00 ••
103356.06 ++
78.9 %
60-5235-111-000 CONTRACT SVCS/PROFESSIONAL
1228.41
1228.41
67000.00
65771.59
1.8 %
60-5235-111-010 CONTRACT SVCS/CONSTRUCTION
18000.00
18000.00
.0 %
60-5235-111 —OBJECT TOTAL
"
1228.41 '
1228.41 •
85000.00 "
83771.59 •
1.4 %
60-5235-144-000 LAND COST
•
116510.61 •
116510.61 •
175000.00 •
58489.39 *
66.6 %
60-5235------- DEPARTMENT TOTAL
•*
117739.02 ""
117739.02 ••
260000.00 "*
142260.98 ••
45.3 %
60-5240-111-000 CONTRACT SVCS/PROFESSIONAL
27164.67
27164.67
27164.67-
.0 %
60-5240-111-010 CONTRACT SVCS/CONSTRUCTION
175714.04
176714.04
200000.00
23285.96
86.4 %
60-5240-111 ---OBJECT TOTAL
•
203878.71 +
203878.71 •
200000.00 +
3878.71-•
101.9 %
60-5240------- DEPARTMENT TOTAL
*•
203878.71 •*
203878.71 "
200000.00 ••
3878.71-••
101.9 %
60-5241-111-000 CONTRACT SVCS/PROFESSIONAL
1708.74
1708.74
40000.00
38291.26
4.3 %
60-5241-111-010 CONTRACT SVCS/CONSTRUCTION
17.00
17.00
52700.00
52683.00
.0 %
60-5241-111 ---OBJECT TOTAL
•
1725.74 *
1725.74 "
92700.00 •
90974.26 •
1.9 %
60-5241 ------- DEPARTMENT TOTAL
••
1725.74 *•
1725.74 ••
92700.00 ••
90974.26 •*
1.9 %
60-5245-111-000 CONTRACT SVCS/PROFESSIONAL
10131.72
10131.72
20000.00
&94 t 6 40.7 %
60-5245-111-010 CONTRACT SVCS/CONSTRUCTION
343.08
343.08
880000.00
879655.92
.0 %
60-5245-111 ---OBJECT TOTAL
•
inA�A un •
inA7A nn •
onnnnn nn .
....1. ...
- -
UL64
8/11/92
FND DEPT OBJ SUB DESCRIPTION
A P P R 0 P R I A T ION SUMMARY ---- BY FUND
ACCOUNT BALANCES THRU 6/30/92
ENCUMBRANCES EXPENDITURES BALANCE
PAGE A.2
9.58.07
REMAINING
BUDGET BUDGET %COMP
FUND 60 RDA CAPITAL IMPROVEMENTS PAM1
60-5245 ------- DEPARTMENT TOTAL
**
10474.80 **
10474.80 •*
900000.00 "
889525.20 ••
1.2 %
60-5250-111-000 CONTRACT SVCS/PROFESSIONAL
*
88.52 "
88.52 '
25000.00 "
24911.48 •
.4 %
60-5250------- DEPARTMENT TOTAL
•*
88.52 •*
88.52 **
25000.00 *•
24911.48 *"
.4 t
60-5255-111-010 CONTRACT SVCS/CONSTRUCTION
+
"
*
30000.00 +
30000.00 *
.0 %
60-5255------- DEPARTMENT TOTAL
"•
"*
"•
30000.00 "
30000.00 *"
.0 t
60-5260-111-000 CONTRACT SVCS/PROFESSIONAL
11287.34
11287.34
8900.00
2387.34-
126.8 t
60-5260-111-010 CONTRACT SVCS/CONSTRUCTION
167539.26
167539.26
141100.00
26439.26-
118.7 %
60-5260-111 ---OBJECT TOTAL
•
178826.60 *
178826.60 •
150000.00 "
28826.60-*
119.2 t
60-5260------- DEPARTMENT TOTAL
•'
178826.60 "*
170825.60 •'
150000.00 *'
28826.60-**
119.2 t
60-5264-111-000 CONTRACT SVCS/PROFESSIONAL
•
•
*
•
+
.0 t
60-5264------- DEPARTMENT TOTAL
••
•:
+:
+*
+•
.0 t
60----------- FUND TOTAL
•••
5458908.69 •*'
6458908.69 •**
8658719.00 "**
2199810.31 *••
74.6 t
FUND 62 RDA LOW/MOD FUND PAtl
62-5000-006-006 A.D. 90-1 SUBSIDY
•
"
'
'
*
.O t
62-5000------- DEPARTMENT TOTAL
•*
"*
*•
•'
"*
.0 t
62-5201-006-001 SUBSIDY AD 88-1
1177.90
1177.90
1177.90-
.0 %
62-5201-006-002 SUBSIDY AD 89-2
12004.68
12004.68
22000.00
9995.32
54.6 \
62-5201-006-006 SUBSIDY AD 90-1
139524.56
139524.56
120825.00
18699.55-
115.5 \
62-5201-006-007 SUBSIDY AD 91-1
53383.90
53383.90
60000.00
6616.10
89.0 t
62-5201-006 ---OBJECT TOTAL
"
206091.04 •
206091.04 "
202825.00 '
3266.04-•
101.6 t
62-5201-101-000 CITY STAFF EXP-(SALARIES)
22989.86
22889.86
24049.00
1159.14
95.2 t
62-5201-101-001 AGENCY MEMBERS -(SALARIES)
525.98
525.98
600.00
74.02
87.7 \
62-5201-101 ---OBJECT TOTAL
*
23415.84 *
23415.84 •
24649.00 "
1233.16 *
95.0 %
62-5201-211-015 PROFESSIONAL SERVICES-ATTOR
58345.51
58345.51
10500.00
47845.51-
555.7 %
62-5201-111-020 PROFESSIONAL SERVICES-CONSU
61415.72
61415.71
21000.00
40415.71-
292.5 %
62-5201-111-030 SELF RELP HOUSING PROGRAM
181775.07
181775.07
750000.00
568224.93
24.2 %
62-5201-111 ---OBJECT TOTAL
'
301535.29 •
302535.29 •
781500.00 *
479953.71 *
38.6 %
62-5201-116-000 OFFICE RENT
'
666.96 *
666.96 •
667.00 *
.04 *
100.0 %
62-5201-117-000 TRAVEL a MEETINGS
'
524.18 *
524.18 •
4200.00 *
3675.82 *
12.5 %
62-5201-132-000 SPECIAL DEPARTMENTAL SUPPLI
'
"
*
2100.00 *
2100.00 *
.0 %
62-5201-143-000 LAND ACQUISTITON-JEFFERSON/
*
443198.05 •
443198.05 "
500000.00 "
156801.95 *
73.9 %
62-5201------- DEPARTMENT TOTAL
•*
975432.36 **
975432.36 "
1515941.00 **
640508.64 ••
60.4 %
62----------- FUND TOTAL
•*•
975432.36 **•
975432.36 *'*
1615941.00 **•
640508.64 **•
60.4 %
FUND 63 RDA DEBT SERVICE FUND PAtl
63-5000-002-000 CV MOSQUITO ABATEMENT DISTR
127312.00
127312.00
.0 %
63-5000-002-001 C V. SCHOOL DISTRICT
353698.75
353698.75
448130.00
94431.25
70.9 %
63-5000-002-002 DESERT SANDS SCHOOL DISTRIC
259260.00
259260.00
259260.00
100.0 %
63-5000-002 —OBJECT TOTAL
*
612958.75 •
612958.75 *
834702.00 *
221743.25 *
73.4 %
63-5000-003-002 ADMINISTRATIVE EXP
*
25.00 "
25.00 *
*
25.00-*
.0 %
53-5000-005-001 INTEREST-89 SERIES
502202.50
582202.50
582202.00
.50-
100.0 %
63-5000-005-005 INTEREST-91 SERIES
231411.46
231411.46
596790.00
365378.54
38.8 %
63-5000-005-007 INTEREST-90 SERIES
1434835.00
1434835.00
1434835.00
100.0 \
63-5000-005-020 PAYMENT ON CITY ADVANCE
6194270.48
6194270.48
250000.00
5944270.48-
2477.7 %
63-5000=005 ---OBJECT TOTAL
*
8442719.44 *
8442719.44 "
2863827.00 *
5578892.44-•
294.8 %
63-5000-006-004 PRINCIPAL-89 SERIES
145000.00
145000.00
145000.00
100.0 %
63-5000-006-005 PRINCIPAL-91 SERIES
158353.00
158353.00
.0 %
63-5000-006-007 PRINCIPAL-90 SERIES
405000.00
405000.00
405000.00
100.0 %
63-5000-006 ---OBJECT TOTAL
'
550000.00 *
550000.00 *
708353.00 *
158353.00 *
77.E %
63-5000------- DEPARTMENT TOTAL
**
9605703.19 **
9605703.19 "*
4406882.00 *"
5198821.19-**
218.0 %
63----------- FUND TOTAL
***
9605703.19 *•*
9605703.19 "*•
4406882.00 **'
5198821.19-***
218.0 %
6rij0?65
GL64I AP P R 0 P
R I A T ION
SUMMARY
---- BY FUND
PACE A
8/11/92
ACCOUNT BALANCES TEND 6/30/92
9.58.08
REMAINING
FRO DEPT OBJ SUB DESCRIPTION ENCUMBRANCES
EXPENDITURES
BALANCE
BUDGET
BUDGET
%COMP
FUND 66 RDA DEBT SERVICE FUND PA►2
66-5000-002-003 CV MOSQUITO ABATEMENT DISTR
10781.28
10781.28
15760.00
4978.72
68.4 %
66-5000-002-004 COUNTY OF RIVERSIDE PAY2
146394.00-
146394.00-
298404.00
444798.00
49.1-9
66-5000-002-005 CV COMMUNITY COLLEGE DIST P
29622.50
29622.50
53363.00
23740.50
55.5 %
66-5000-002-006 RIVERSIDE CD SUPT SCHOOLS P
16116.02.
16116.02
28893.00
12776.98
55.8 %
66-5000-002-007 CV WATER DISTRICT PA42
58811.99
58811.99
106035.00
47223.01
55.5 %
66-5000-002-008 PS AIRPORT MITIGATION PA#2
44000.00
44000.00
.0
66-5000-002 ---OBJECT TOTAL
•
31052.21-•
31062.21-•
546455.00 •
577517.21 '
5.7-%
66-5000-005-021 PAYMENT ON CITY ADVANCE
*
348314.74 •
348314.74 "
181000.00 •
167314.74-•
192.4
66-5000------- DEPARTMENT TOTAL
••
317252.53 •+
317252.53 *•
727455.00 ••
410202.47 ••
43.6
66----------- FUND TOTAL
•+•
317252.53 +••
317252.53 •••
727455.00 •••
410202.47 +••
43.6
FUND 67 RDA CAPITAL PROJECTS PA12
67-5400-101-000 CITY STAFF (SALARIES)
150277.25
160277.25
168342.00
8064.75
95.2 %
67-5400-101-001 AGENCY MEMBERS -(SALARIES)
3682.96
3682.96
3682.96-
.0
67-5400-101---OS7ECT TOTAL
•
163960.21 *
163960.21 •
168342.00 •
4381.79 •
97.4 %
67-5400-111-015 PROFESSIONAL SERVICES-ATTOR
41094.19
41094.19
31500.00
9594.19-
130.5 1
67-5400-111-020 PROFESIONAL SERVICES - CCHS
37225.06
37225.06
42000.00
4774.94
88.6
67-5400-111-025 PROFESSIONAL SERVICES - AUD
2312.25
2312.25
1430.00
882.25-
161.7 1
67-5400-111 ---OBJECT TOTAL
•
80631.50 •
80531.50 "
74930.00 +
5701.50-•
107.6 4
67-5400-117-000 TRAVEL L MEETINGS
632.98 •
632.98 •
8400.00 "
7767.02 •
7.5 1
67-5400-132-000 SPECIAL DEPARTMENTAL SUPPLI
•
•
•
5250.00 •
5250.00 •
.0 1
67-5400------- DEPAR=48NT TOTAL
••
245224.69 ••
245224.69 *•
256922.00 •"
11597.32 ••
95.4 %
67-5410-140-000 INTEREST EXPENSE
•
•
•
•
•
.0 %
67-5410-144-000 LAND AQUISITION
•
155322.51 •
155322.51 +
283214.00 •
127691.49 •
54.8 %
67-5410------- DEPARTMENT TOTAL
*•
155322.51 "*
155322.51 ••
263214.00 ••
127891.49 ••
54.8 %
67-5411-144-000 LAID ACQUISITION
•
596557.62 •
596557.52 •
596558.00 •
.38 •
100.0 %
67-5411------- DEPARTMENT TOTAL
••
596557.62 +'
596557.62 ••
596558.00 "•
.38 ••
100.0 %
67-5420-111-000 CONTRACT SVCS/PROFESSIONAL
*
20440.29 •
20440.29 •
46500.00 •
26059.71 •
44.0
67-5420------- DEPARTMENT TOTAL
••
20440.29 ••
20440.29 ••
46500.00 ••
26059.71 ••
44.0 1
67-5423-111-000 CONTRACT SVCS/PROFESSIONAL
•
31905.54 •
31906.54 •
•
31906.54-"
.0
67-5423------- DEPARTMENT TOTAL
••
31906.54 ••
32206.54 ••
••
31906.54-4•
.0 L
67-5425-111-010 CONTRACT SVCS/CONSTRUCTION
•
+
*
30000.00 "
30000.00 *
.0 %
67-5425------- DEPARTMENT TOTAL
••
••
••
30000.00 "*
30000.00 ••
.0 %
67-5430-111-000 CONTRACT SVCS/PROFESSIONAL
•
4075.72 *
4075.72 •
300000.00 "
295924.20 •
1.4 %
67-5430-144-000 LAND COST
"
88000.00 *
86000.00 •
•
88000.00-•
.0 %
67-5430------- DEPARTMENT TOTAL
•"
92075.72 ••
92075.72 "•
300000.00 "•
207924.28 •*
30.7 %
67-5435-111-000 CONTRACT SVCS/PROFESSIONAL
*
250000.00 *
250000.00 •
250000.00 *
•
100.0 1
67-5435------- DEPARTMENT TOTAL
*•
250000.00 ••
250000.00 ••
250000.00 •"
••
100.0
67-5446-111-000 CONTRACT SVCS/PROFESSICRAL
•
2611.19 •
2611.19 •
9500.00 •
5688.81 •
30.7 1
67-5446------- DEPARTMENT TOTAL
*•
2611.19 *"
2511.19 ••
8500.00 •+
5688.81 "•
30.7 %
67----------- FUND TOTAL
•"•
1394138.56 "*•
1394138.56 •••
1771694.00 •*"
377555.44 •••
78.7
FUND 68 RDA LOW/MOD FUND PA12
68-5202-111-015 PROFESSIONAL SVCS/ATTORNEY
797.50
797.50
10500.00
9702.50
7.6 •
68-5202-111-020 PROFESSIONAL SVCS/CONSULTAN
2972.88
2972.88
21000.00
18027.12
14.2 %
68-5202-111 ---OBJECT TOTAL
•
3770.38 •
3770.38 •
31500.00 *
27729.62 •
12.0
68-5202-117-000 TRAVEL 6 MEETING
*
133.97 *
133.97 '
4200.00 *
4066.03 •
3.2 1
68-5202-132-000 SPECIAL DEPARTMENTAL SUPPLI
+
•
•
2100.00 "
2100.00 •
.0
68-5202 ------- DEPARTMENT TOTAL
••
3904.35 ••
3904.35 ••
37800.00 •"
33895.65 **
10.3 1
68----------- FUND TOTAL
•*•
3904.35 *••
3904.35 •••
37800.00 •**
33895.65 •+•
10.3 %