2001 12 18 FAH
�J,WO .TED� M ti5
OF T19
Financing Authority
Agenda
City Council Chamber
78-495 Calle Tampico
La Quinta, California 92253
Tuesday, December 18, 2001
3:00 PM
CALL TO ORDER
Beginning Res. No. FA 2001-03
ROLL CALL
Board Members: Adolph, Henderson, Perkins, Sniff, Chairman Pena
PUBLIC COMMENT
At this time, members of the public may address the Finance Authority on any
matter not listed on the agenda or scheduled for public hearing. Please complete a
"request to speak" form and limit your comments to three minutes.
For all Public Hearings on the agenda, a completed "request to speak" form must be
filed with the City Clerk prior to the Council beginning consideration of that item.
Please watch the timing device on the podium.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF THE MINUTES OF NOVEMBER 20, 2001.
CONSENT CALENDAR
1. TRANSMITTAL OF THE TREASURER'S REPORT DATED OCTOBER 31, 2001.
2. TRANSMITTAL OF THE REVENUE AND EXPENDITURES REPORT DATED OCTOBER
31, 2001.
3. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA
FINANCING AUTHORITY 1996 LEASE REVENUE REFUNDING BONDS FOR FISCAL
YEAR END JUNE 30, 2001.
BUSINESS SESSION
DEPARTMENT REPORTS - None
CHAIR AND BOARD MEMBERS' ITEMS - None
PUBLIC HEARINGS - None
ADJOURNMENT -Adjourn to a Regular Meeting of the Financing Authority to be held on January
15, 2002, in the City Council Chambers, 78-495 Calle Tampico, CA 92253.
DECLARATION OF POSTING
I, June S. Greek, Secretary of the La Quinta Financing Authority, do hereby declare that the
foregoing agenda for the La Quinta Financing Authority meeting of December 18, 2001, was
posted on the outside entry to the Council Chamber, 78-495 Calle Tampico and on the bulletin
board at the La Quinta Chamber of Commerce and at Stater Bros., 78-630 Highway 111, on
Wednesday, December 14, 2001.
DATED: December 14, 2001
JUN SOS. CMC
Secretary, La Quinta Financing Authority
PUBLIC NOTICE
The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for
the hearing impaired, please call the City Clerk's Office at 777-7025, 24-hours in advance of the
meeting and accommodations will be made.
Finance Authority Agenda Page 2 November 20, 2001 V `�
T 0 0
ity, 4 4 a"
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: CONSENT CALENDAR:
December 18, 2001
ITEM TITLE:
Transmittal of Treasurer's Report
as of October 31, 2001
RECOMMENDATION:
Receive and file.
BACKGROUND AND OVERVIEW:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of Treasurer's Report dated October 31, 2001 for the La Quinta Financing
Authority.
FINDINGS AND ALTERNATIVES:
I certify that this report accurately reflects all pooled investments and is in compliance
with California Government Code Section 53645 as amended 1 /1 /86; and is in
conformity with City Code 3.08.010 to 3.08.070 Investment of Money and Funds.
I hereby certify that sufficient investment liquidity and anticipated revenues are
available to meet next month's estimated expenditures.
Respectfully submitted:
hn M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, City Manager
Attachment: Treasurer's Report, La Quinta Financing Authority
005
T 0
444f 4 4 Qum&
MEMORANDUM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for October 31, 2001
DATE: November 27, 2001
Attached is the Treasurer's Report for the month ending October 31, 2001. The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept.
The following table summarizes the changes in investment types for the month:
Investment
Beginning
Purchased
Notes
Sold/Matured
Other
Ending
Change
Cash
$3,302,949
(1)
($1,359,496)
$1,943,453
($1,359,496)
LAW
$20,027,030
166,491
0
20,193,521
166,491
US Treasuries (2)
$51,927,792
5,000,000
(4,000,000)
(93,514)
52,834,278
906,486
US Gov't Agencies (2)
$15,931,595
39,955
15,971,550
39,955
Commercial Paper (2)
$0
0
0
Mutual Funds
$10,963,902
35,432
(1)
10,999,334
35,432
Total
$102 153 268
$5 201 923
$5 359 496)
($53,5§9L
$101 942 136
$211 132
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and is in conformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. the City of
La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
12, Zc o)
Joh M. Falconer at
Fi nce Director/Treasurer
Footnote
(1) The amount reported represents the net increase (decrease) of deposits and withdrawals from
the previous month.
(2) The amount reported in the other column represents the amortization of premium/discount for the
month on US Treasury, Commercial Paper and Agency investments.
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VV9
CITY OF LA QUINTA CITY CITY RDA RDA FA
BALANCE SHEET 10/31/01 FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND
CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL
ASSETS:
POOLED CASH
9,494,757.46
11,723,756.20
101,745.35
21,320,259.01
LQRP INVESTMENT IN POOLED CASH
785,000.00
785,000.00
INVESTMENT T-BILUNOTES & OTHER
34,480,000.00
34,480,000.00
AUTO MALL CASH
LQRP CASH
30,715.45
30,715.45
BOND REDEMPTION CASH
192,904.97
1,884.28
194,789.25
BOND RESERVE CASH
BOND PROJECT CASH
44,567,814.80
547,728.64
45,115,543.44
BOND ESCROW CASH
PETTY CASH
1,000.00
1.000.00
CASH & INVESTMENT TOTAL
43,975,757.46
57,300,191.42
651,358.27
101,927,307.15
INVESTMENT IN LAND HELD FOR RESALE
ACCOUNTS RECEIVABLE
41,026.85
60,900.00
101,926.85
PREMIUM/DISCOUNT ON INVESTMENT
(54,730.69)
69,560.30
14,829.61
LQRP-ACCOUNTS RECEIVABLE
96,831.01
96,831.01
INTEREST RECEIVABLE
(35,069.02)
457,128.00
422,058.98
LOAN/NOTES RECEIVABLE
13,489,653.69
13,489,653.69
DUE FROM OTHER AGENCIES
259,634.01
259,634.01
DUE FROM OTHER AGENCIES - CVAG
2,299,096.69
2,299,096.69
CVAG ALLOWANCE
(2,299,096.69)
(2,299,096.69)
DUE FROM OTHER GOVERNMENTS
0.37
0.37
DUE FROM OTHER FUNDS
1,040,973.94
651,038.04
1,692,011.98
DUE FROM RDA
8,497,550.20
8,497,550.20
INTEREST ADVANCE -DUE FROM RDA
3,265,434.38
3,265,434.38
ADVANCES TO OTHER FUNDS
56,483.22
56,483.22
NSF CHECKS RECEIVABLE
3,569.61
3,569.61
ACCRUED REVENUE
833.40
833.40
FIXED ASSETS
20,711,742.00
20,711,742.00
ACCUMULATED DEPRECIATION
711,534.48
711,534.48
TRAVEL ADVANCES
3,607.29
3,607.29
EMPLOYEE ADVANCES
PREPAID EXPENSES
RECEIVABLE TOTAL
13,790,014.64 20,711,742.00
14,825,944.44
49,327,701.08
WORKER COMPENSATION DEPOSIT
RENT DEPOSITS
UTILITY DEPOSITS
75.00
75.00
MISC. DEPOSITS
2,100.00
2,100.00
DEPOSITS TOTAL 2,175.00 2,175.00
GENERAL FIXED ASSETS 9,988,279.05 9,988,279.05
ACCUMULATED DEPRECIATION
AMOUNT AVAILABLE TO RETIRE L/T DEBT 3,395,117.03 3,395,117.03
AMOUNT TO BE PROVIDED FOR L/T DEBT 951 847.65 80 866 860.97 7,750 000.00 89 568 708.62
TOTAL OTHER ASSETS 951,847.65 9,988,279.05 84,261,978.00 7,750,000.00 102,952,104.70
TOTAL ASSETS 57,767,947.10 20,711,742.00 951,847.65 72,126,135.86 9,988,279.05 84,261,978.00 651,358.27 7,750,00000 254,209,28793
LIABILITIES:
ACCOUNTS PAYABLE
DUE TO OTHER AGENCIES
DUE TO OTHER FUNDS
INTEREST ADVANCE -DUE TO CITY
ACCRUED EXPENSES
PAYROLL LIABILITIES
STRONG MOTION INSTRUMENTS
FRINGE TOED LIZARD FEES
SUSPENSE
DUE TO THE CITY OF LA QUINTA
PAYABLES TOTAL
ENGINEERING TRUST DEPOSITS
SO. COAST AIR QUALITY DEPOSITS
13,741.33
641,650.69
730,884.56
273,804.01
1,797,658.97
11,383,537.00
16,468.50
7,890.64
1,182.34
78,981.50
1,017,250.51
13,928,549.03
13.741.33
1,372,535.25
2,071,462.98
11,383,537.00
16.468.50
7,890.64
1,182.34
78,981.50
14,945,799.54
LQRP DEPOSITS
14,499.00
14,499.00
DEVELOPER DEPOSITS
877,923.34
877,923.34
MISC. DEPOSITS
439,448.65
439,448.65
AGENCY FUND DEPOSITS
1,413,794.79
1,413,794.79
TOTAL DEPOSITS
2,731,166.78
14,499.00
2,745,665.78
DEFERRED REVENUE
387,604.00
11,378,904.00
11,766,508.00
OTHER LIABILITIES TOTAL
387,604.00
11,378,904.00
11,766,508.00
COMPENSATED ABSENCES PAYABLE
373,536.65
373,536.65
DUE TO THE CITY OF LA QUINTA
578,311.00
189,725.50
768,036.50
DUE TO COUNTY OF RIVERSIDE
10,989,847.00
10,989,847.00
DUE TO C.V. UNIFIED SCHOOL DIST.
8,747,405.50
8,747,405.50
DUE TO DESERT SANDS SCHOOL DIST.
BONDS PAYABLE
64,335,000.00
7,750,000.00 72,085,000.00
TOTAL LONG TERM DEBT
951,847.65
84,261,978.00
7,750,000.00 92,963,825.65
TOTAL LIABILITIES
4,136,021.29
951,847.65 25,321,952.03
84,261,978.00
7,750,000.00 122,421,798.97
EQUITY -FUND BALANCE
53,631,925.80
20,711,742.00 46,804,183.83 9,988,279.05
651,358.27 131,787,488.95
TOTAL LIABILITY & EQUITY 57,767,947.09 20,711,742.00 951,847.65 72,126,135.86 9,988,279.05 84,261,978.00 651,358.27 7,750,000.00 254,209,287.92
CASH & INVESTMENT TOTAL' 101,927,307.15
PREMIUMIDISCOUNT ON INVESTMENT 14,829.61
TOTAL 101,942,136.76 0 1 o
V l o
T a 0
4hf 4 QuiK&
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL,/RDA MEETING DATE: CONSENT CALENDAR: v�
December 18, 2001
ITEM TITLE:
Transmittal of Revenue and Expenditure Report
October 31, 2001
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the October 31, 2001 Statement of Revenue and Expenditures for the
La Quinta Financing Authority.
Respectfully submitted:
Jilin M. Falcondr, Finance Director
Approved for Submission by:
Thomas P. Genovese
City Manager
Attachments:
1. Revenue and Expenditures Report, October 31, 2001
014
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
DEBT SERVICE REVENUE:
Contractual Services Fees
Non Allocated Interest
Rental Income
Transfer In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT REVENUE:
Pooled Cash Allocated Interest
Non Allocated Interest
TOTAL CIP REVENUE
BUDGET RECEIVE[
9,175.00 0.00
338.57
678,955.00 481,682.50
0.00
REMAINING
%
BUDGET
RECEIVED
9,175.00
0.000%
(338.57)
0.000%
197,272.50
70.940%
0.00
0.000%
688,130.00 482,021.07
206,108.93 70.050%
672.89
5,728.42
(672.89) 0.000%
(5,728.42) 0.000%
0.00 6,401.31
(6,401.31) 0.000%
TOTAL FINANCING AUTHORITY 688,130.00 488,422.38 199,707.62 70.980%
LA QUINTA FINANCING AUTHORITY
07/01/2001-10/31/2001
REMAINING
%
EXPENDITURE SUMMARY
BUDGET EXPENDITURES
ENCUMBERED
BUDGET
EXPENDED
DEBT SERVICE EXPENDITURES
SERVICES
9,589.00
1,500.00
0.00
8,089.00
15.6%
BOND PRINCIPAL
275,000.00
275,000.00
0.00
0.00
100.0%
BOND INTEREST
407,178.00
206,682.50
0.00
200,495.50
50.8%
TRANSFER OUT
0.00
0.00
0.00
0.0%
TOTAL DEBT SERVICE
691,767.00
483,182.50
0.00
208,584.50
69.8%
CAPITAL IMPROVEMENT EXPENDITURES
TRANSFER OUT
517,731.78
0.00
0.00
517,731.78
0.0%
TOTAL CAPITAL IMPROVEMENT
517,731.78
0.00
0.00
517,731.78
0.0%
TOTAL FINANCING AUTHORITY
1,209,498.78
483 182.50
0.00
726,316.28
39 95%
01G
:� 4
T a 0
4t!t 4 4v a"
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE:
ITEM TITLE:
BUSINESS SESSION:
December 18, 2001 CONSENT CALENDAR:
Approval of Annual Continuing Disclosure
for the La Quinta Financing Authority
1996 Lease Revenue Refunding Bonds
for Fiscal Year End June 30, 2001
RECOMMENDATION:
STUDY SESSION:
PUBLIC HEARING:
Approve, receive and file the Annual Continuing Disclosure for the La Quinta Financing
Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End June 30, 2001.
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
On November 10, 1994, the Securities and Exchange Commission adopted
amendments to existing federal regulations (Rule 15c2-12) for bonds issued after July
3, 1995, requiring issuers of municipal securities (Bond issues) to do the following
annually for each bond issue:
1. Prepare official statements meeting the content requirement of Rule
15c2-12.
2. File certain financial information and operating data with national and
state repositories each year.
3. Prepare announcements of the significant events including payment
defaults, defeasances and draws on a reserve fund as the events occur.
017
Attachment 1 is the 2000/01 Annual Continuing Disclosure Statement for the La
Quinta Financing Authority 1996 Lease Revenue Refunding Bonds prepared in
accordance with the three aforementioned requirements. Additionally, no
announcement of significant events was necessary for Fiscal Year 2000/01.
FINDINGS AND ALTERNATIVES:
The alternatives available to the City Council include:
1. Approve, receive and file the Annual Continuing Disclosure for the La Quinta
Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End
June 30, 2001; or
2. Do not approve, receive and file the Annual Continuing Disclosure for the La
Quinta Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal
Year End June 30, 2001; or
3. Provide staff with alternative direction.
Respectfully submitted,
ohn M. Paldoner, Finance Director
Approved for submission by:
Thomas P. Genovese, City Manager
Attachment: 1. 2000/01 Annual Continuing Disclosure Statement for the La
Quinta Financing Authority
018
ATTACHMENT 1
MuniFinancial
Attn: Municipal Disclosure
28765 Single Oak Drive, Suite 200
Temecula, California 92590
(909) 699-3460 Fax
(909) 699-3990 Bus.
RE. ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDING 2001
FOR: Assessment District No. 2000-1 Limited Obligation Improvement Bonds
TaxAllocationRefunding Bands Issue of1998ProjectArea No. Two
Tax Alloca tion R efunding Bonds Issue of 1998 Project Area Na One
1995 Housing Tax Alloca tion Bonds, Project Areas No. One and Two
---�� 1996 Lease Revenue Refunding Bonds (City, Hall)
Tax Alloca tion R efunding Bonds Project Area No. One Series 2001
The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are
deemed material. I have investigated each of these items and have no knowledge that any of the
events listed below have occurred or have been not been previously reported.
1. Principal and interest payment delinquencies on the Bonds.
2. Non-payment related defaults.
3. Unscheduled draws on debt service reserves reflecting financial difficulties.
4. Unscheduled draws on credit enhancements reflecting financial difficulties.
5. Substitution of credit or liquidity providers, or their failure to perform.
6. Adverse tax opinions or events affecting the tax-exempt status of the security.
7. Modifications to rights of security holders.
8. Contingent or unscheduled bond calls.
9. Defeasances.
10. Release, substitution, or sale of property securing repayments of the securities.
11. Rating changes.
In addition, I certify that the Annual Information Statement does not contain any untrue statement of
material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they are made, not misleading.
CITY OF LA QU)J4TA
Signatur Date: 2- r h 1/2- 0 a 1
VJoFalc(o/ne1r, Firlance Director
010
0��
ANNUAL INFORMATION STATEMENT
FOR
FISCAL YEAR ENDED JUNE 309 2001
1996 LEASE REVENUE REFUNDING BONDS
(LA QUINTA CITY HALL PROJECT)
LA QUINTA FINANCING AUTHORITY
CITY OF LA QUINTA
RIVERSIDE COUNTY, CALIFORNIA
02�)
060
LIST OF PARTICIPANTS
CITY OF LA Q UINTA
www.1a7quinta.o.rg
John Falconer
Finance Director
P.O. Box 1504
78-495 Calle Tampico
La Quinta, California 92253
(619) 777-7150
DISCLOSURE CONSULTANT & DISSEMINATION AGENT
MuniFinancial*
Temecula, California 92590
(909) 699-3990
Report available for viewing a�
www.muni.com
UNDERWRITER
Miller & Schroeder Financial, Inc.
BOND COUNSEL
Rutan & Tucker, LLP
Costa Mesa, California
FISCAL AGENT
Brad Scarborough
U.S. Bank Trust, N.A.
550 South Hope Street, Suite 500
Los Angeles, California 90071
(213) 533-8741
* In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or
fairness of the statements contained herein.
0 2'r 1
t1��
I. INTRODUCTION
Pursuant to an Official Statement dated November 13, 1996 the La Quinta Financing Authority
(the "Authority") issued $8,790,000 1996 Lease Revenue Refunding Bonds (La Quinta City Hall
Project), (the `Bonds") to refinance the Authority's previously issued Local Agency Revenue
Bonds, Series 1991 (City Hall Project).
The City of La Quinta, (the "City") which comprises approximately 31.18 square miles, is located
in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles.
The Bonds are payable solely from the lease payments relating to the La Quinta City Hall Project,
and amounts held in certain funds and accounts established under a trust agreement. The City has
covenanted to provide for the lease payments in its annual budget and to make the necessary
appropriation for such payments. However, the Bonds and the obligation of the City to make
lease payments does not constitute an obligation for which the City is obligated to levy or pledge
any form of taxation. Neither the Bonds nor the obligation of the City to make lease payments
constitutes an indebtedness of the City, the State of California or any political subdivisions thereof
within the meaning of any constitutional or statutory debt limit or restriction.
This Annual Information Statement is being provided pursuant to a covenant made by the City and
the Authority for the benefit of the holders of the Bonds and includes the information specified in
a Continuing Disclosure Certificate. For further information and a more complete description of
the City, the Authority and the Bonds, reference is made to the Official Statement.
II. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds
1996 Lease Revenue Bonds
B. FUND BALANCES
As of December '04, 2000
$7,750,000
Fund As of December 10, 2001
Reserve Fund (1) N/A
(1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the MBIA Insurance Corporation.
III. FINANCIAL INFORMATION
The audited financial statements for the City for the Fiscal Year Ended June 30, 2001 will be
separately filed with the Nationally Recognized Municipal Securities Information Repositories and
are hereby incorporated by reference into this Annual Information Statement.
IV. OPERATING INFORMATION
A. GENERAL FUND EXPENDITURES BY FUNCTION
Fiscal Year
Fading General Public Public Community Planning & Capital
June 30 Government Safety Works Service Development Projects
Total
1992 $1,921,155 $2,155,813 $$618,612 $157,897 $904,171 $11,813
$5,769,461
1993 1,807,205 2,393,202 600,253 146,686 884,537 0
5,831,883
1994 2,359,673 2,786,575 673,144 119,265 511,416 0
6,450,073
1995 1,565,265 3,143,697 576,304 199,115 538,610 282,113
6,305,104
1996 1,793,301 3,227,438 813,352 413,142 453,656 201,475
6,902,364
1997 2,376,935 3,442,056 889,694 469,110 455,563 170,000
7,803,358
1998 2,229,389 4,099,523 1,159,372 494,402 345,054 0
8,327,740
1999 2,473,241 4,468,294 1,546,650 732,741 626,074 0
9,847,000
2000 2,814,604 4,992,811 1,704,996 768,528 748,949 0
11,029,888
2001 3,063,641 5,636,154 1,417,528 817,460 733,579 0
11,668,362
2 O20
0�,8
B.
GENERAL FUND REVENUE BY SOURCE
Fiscal Year
licenses
Charges
litigation
Fading
and
Inter-
for
Settlement
June 30
Taxes
Permits
Governmental
Services
Proceeds
Interest
Miscellaneous
Total
1992
$3,135,044
$576,293
$930,503
$488,015
(1)
$261,380
$120,867
$5,512,102
1993
3,581,830
622,107
1,157,587
384,000
(1)
238,321
219,641
6,203,486
1994
4,212,604
777,241
1,600,032
469,695
(1)
585,264
1,042,872
8,687,708
1995
4,946,304
902,914
747,784
551,727
$477,872
718,310
137,028
8,481,939
1996
5,393,456
998,030
815,980
610,873
12,386
905,420
230,705
8,966,850
1997
5,942,698
793,689
1,072,803
976,897
40,593
941,327
22,712
9,790,719
1998
6,764,355
1,144,562
1,110,553
1,228,269
281,382
1,164,145
114,969
11,808,235
1999
8,101,191
1,951,981
1,466,788
1,965,219
740,985
1,569,796
74,529
15,870,489
2000
8,888,825
2,493,360
2,388,749
1,922,097
0
1,868,073
106,371
17,667,475
2001
10,331,970
2,057,423
2,164,891
1,998,589
0
2,513,789
43,545
19,110,207
(1) 1995 was the first year Litigation Settlement Proceeds was identified as a revenue source
C. PROPERTY TAX LEVIES AND COLLECTIONS
Fiscal Year
Total
Current
Percent
Delinquent
Total
Fading
Tax
Tax
of Levy
Tax
Collections
June 30
Levy
Collection
Collected
Collections
to Tax Levy
1992
$282,201
$260,365
92.3%
$25,703
101.4%
1993
282,630
244,731
86.6%
14,824
91.8%
1994
288,407
275,752
95.6%
900
95.9%
1995
549,273
487,043
88.7%
786
88.8%
1996
670,398
643,309
96.0%
2,312
96.3%
1997
824,073
760,350
92.3%
0
92.3%
1998
886,175
980,838
110.7%
0
110.7%
1999
991,1001
1,148,040
115.8%
0
115.8%
2000
1,001,074
1,005,983
100.5%
0
100.5%
2001
1,071,723
1,091,128
101.8%
0
101.8%
Note 1. Proposition 13 limits
cities to levying
a tax rate for bonded
indebtedness only after 1978.
2. Levies and collections are for General Fund only excluding no -low and supplemental property taxes.
Source: County of Riverside
D. SCHEDULE OF NET TAXABLE VALUE
Fiscal
Year
Assessed
Less
Less
Net
Ending
Secured
Unsecured
Property
Property
Homeowner's
Taxable
June 30
Property
Property
Value
Exemptions
Exemptions
Value
1992
$1,594,767,374
$6,396,816
$1,601,164,190
$3,605,829
(1)
$1,597,558,361
1993
1,773,323,102
6,943,559
1,780,266,661
3,814,434
(1)
1,776,452,227
1994
1,872,768,156
8,119,527
1,880,887,683
3,946,378
$18,901,202
1,858,040,103
1995
1,927,834,908
22,822,285
1,950,657,193
4,357,954
20,518,400
1,925,780,839
1996
2,043,276,054
23,801,872
2,067,077,926
6,936,774
22,399,068
2,037,742,048
1997
2,164,204,951
22,511,720
2,186,716,671
6,919,376
22,407,418
2,157,389,877
1998
2,305,593,987
18,844,880
2,324,438,867
9,676,787
24,877,018
2,289,885,062
1999
2,674,887,437
18,756,736
2,693,644,173
10,998,340
27,581,722
2,655,064,111
2000
2,665,520,656
18,712,736
2,684,233,392
11,655,584
28,259,200
2,644,318,608
2001
3,162,945,116
30,599,753
3,193,544,869
19,757,668
30,391,400
3,143,395,801
(1) Homeowner's exemption not available
Source: County of Riverside
09,4
3 1.14
E. PROPERTY TAX RATE -DIRECT AND OVERLAPPING GOVERNMENTS
(Per $100 of Assessed Value)
1995
1996
1997 8
1998
1999 00
2000 01
General
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
Desert Sands Unified
0.09750
0.09750
0.09750
0.09750
0.09750
0.09750
College of the Desert
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
Coachella Valley Water District
0.02080
0.02080
0.02080
0.02080
0.02080
0.02080
Total Tax Rate
1.11830
1.11830
1.11830
1.11830
1.11830
1.11830
Source: County of Riverside
F. SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
Year Faded
Special Assessment
Special Assessment
Ratio of Collections
June 30
Billings
Collections 0)
to Billings
1992
$557,574
$552,249
99.0%
1993
559,029
548,291
98.8%
1994
766,011
734,560
95.9%
1995
836,502
737,700
88.2%
1996
729,647
699,351
95.8%
1997
791,012
757,256
95.7%
1998
791,012
761,109
96.2%
1999
790,532
770,164
97.4%
2000
833,630
800,825
96.0%
2001
835,577
803,756
96.2%
(1) Includes Prepayments and Foreclosures
Source: Riverside County Assessor's Office as compiled by Muni Financial.
G. SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
Percent
June 30, 2001
Direct and Overlapping Bonded Debt
Applicable
Bonded Debt
Riverside County General Fund Obligations
0.986%
$6,190,196
Riverside County Board of Education Certificates of Participation
0.986
156,400
Desert Community College District Certificates of Participation
3.949
17,889
Desert Sands Unified School District Certificates of Participation
8.727
2,218,485
Desert Sands Unified School District Lease Tax Obligation
8.727
4,228,184
Desert Sands Unified School District Community Facilities District No. 1
100.000
2,285,000
Coachella Valley County Water District, I.D. #71 Storm Water Unit Certificates
6.484
850,052
of Participation
Coachella Valley County Water District, I.D. #55
69.480
7,361,406
Coachella Valley County Water District, I.D. #58
2.576
185,343
Coachella Valley Unified School District
6.212
1,203,530
City of La Quinta General Fund Obligation (Finance Authority)
100.000
7,750,000
City of La Quinta 1915 Act Bonds
100.000
8,235,000
Total Direct and Overlapping Bonded Debt
$40,681,485 n)
(1) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and nonbonded
capital lease obligations.
Source: California Municipal Statistics, Inc.
4
010
H. COMPUTATION OF LEGAL DEBT MARGIN (JUNE 302 2001)
Net Assessed Valuation $3,143,395,801
Debt Limit - 15 % of Assessed Valuation 471,509,370
Amount of Debt Applicable to Debt Limit 0
Legal Debt Margin 471,509,370
Notes: Section 43605 of the Government Code of the State of California limits the amount of indebtedness for public
improvements to 15% of the assessed valuation of all real and personal property of the City. The City of La Quinta has
no general bonded indebtedness.
I. REVENUE BOND COVERAGE
Local Agency Revenue Bonds (City Hall Project)
Fiscal Year
Debt Service Requirements
Fading
Revenue Available
June 30
for Debt Service
PrincivW
Interest
Total Coverage
1992
$182,784
$0
$182,784
$182,784
1.00
1993
548,352
0
548,352
548,352
1.00
1994
548,352
0
548,352
548,352
1.00
1995
699,477
155,000
544,477
699,477
1.00
1996
696,402
160,000
536,402
696,402
1.00
1997
607,950
170,000
437,950
607,950
1.00
1998
734,623
285,000
449,623
734,623
1.00
1999
684,573
245,000
439,573
684,573
1.00
2000
679,670
250,000
429,670
679,670
1.00
2001
678,955
260,000
418,955
678,955
1.00
Note: Revenue available consists of lease payments made by the City of La Quinta
to the La Quinta
Financing Authority.
J. DEMOGRAPHIC STATISTICS
Total
Population
Fiscal Year
Square
Percent
Wing
Miles
Population
Chan
1992
28.0
14,727
12.7%
1993
28.2
15,589
5.9%
1994
28.2
16,680
7.0%
1995
31.2
17,591
5.5%
1996
31.2
18,050
2.6%
1997
31.2
18,931
4.9%
1998
31.2
20,444
8.0%
1999
31.2
21,763
6.5%
2000
31.2
24,240
10.77%
2001
31.2
26,321
8.58%
Source: (1) State of California Department of Finance
Riverside
County
City Population
Population
Percent of County
1,281,000
1.1%
1,323,500
1.2%
1,357,400
1.2%
1,393,500
1.3%
1,381,879
1.3%
1,379,956
1.4%
1,441,237
1.4%
1,473,307
2.2%
1,522,900
1.6%
1,545,387
1.7%
5
Oil
L.
PROPERTY VALUEAND CONSTRUCTION ACTIVITIES
Fiscal Year
Fading
Property
June 30
Value (1)
1992
$1,594,767,374
1993
1,773,323,102
1994
1,872,768,156
1995
1,927,834,908
1996
2,043,276,054
1997
2,164,204,951
1998
2,305,593,987
1999
2,674,887,437
2000
2,684,277,392
2001
3,162,945,116
Commercial Construction
Units
Value
12
$7,334,871
7
2,441,392
13
6,081,796
4
1,100,119
8
1,018,940
11
1,876,747
14
2,689,642
19
8,894,767
40
13,071,684
39
15,289,134
(1) From Schedule of Net Taxable Value
PRINCIPAL TAXPAYERS (UNE 302 2001)
Taxpayer
KSL La Quinta Hotel Corp.
KSL PGA West Corporation
Sunrise Desert Partners
KSL Landmark Corporation
KSL Land Corporation
KSL La Quinta Corporation
TD Desert Development
La Quinta Golf Properties, Inc.
M & H Realty Partnership
Washington Adams Partnership
Tradition Club Associates
Residential
Construction
Units
Value
320
$35,744,443
324
39,145,539
531
79,318,969
238
29,163,494
336
53,973,239
322
36,971,047
461
70,403,691
770
132,521,054
1,590
292,524,629
1,069
195,774,186
Type of Activity
Hotel
Residences
Condominiums
Vacant Land
Recreational Land
Golf Courses
Residential Land
Golf Courses
Shopping Centers
Commercial
Recreational, Vacant Land
M. MAJOR EMPLOYERS QUNE30, 2001)
Employer
La Quinta Hotel and Golf Resort
PGA West
Desert Sands Unified School District
Wal-Mart
Home Depot
Lowes Home Improvement
Stater Brothers
Vons
Ralphs
City of La Quinta
Employees Activity
1,500
Resort Hotel
1,100
Golf Resort
550
School District Administration
250
Retailer
180
Retailer
150
Retailer
126
Groceries
103
Groceries
100
Groceries
6
73 Municipal Government
N. SCHEDULE OF INSURANCE IN FORCE (JUNE 30, 2001)
Company Policy
Name Number Coverage Limits Term Premium
Hartford PEBA07068 Employee Dishonesty, $1,000,000 12/03/00 — 01 $2,500
Forgery, Computer Fraud
General Star IAG371825A
All Risk Property Insurance 25,139,000 07/01/01 — 02
Indemnity & FPL388464
Including Auto Physical Damage
Westchester Fire
(Excluding Quake & Flood)
Agricultural Insurance CCP5629789
Earthquake & Flood, Real & 4,500,000 02/07/01 —02
Company
Personal Property Including Part of
California
Joint Powers
Insurance Authority
California
Joint Powers
Insurance Authority
Greenwich Ins. Co.
Chubbs
Custom Insurance
Contingent Tax Interruption $7,500,000
Certificate #5 Comprehensive General Liability $0 Deductible 12/03/00 — 01
Retention
$50 Million
Certificate Worker's Compensation $5,000,000 12/03/00 — 01
#5009-056
AC63329789 Earthquake & Flood, Real & $3,000,000
Personal Property Including Part of
Contingent Tax Interruption $7 500 000
Special Events $1,000,000
16,505
15,780
60,300
37,637
02/07/01 - 02 9,970
N/A N/C
O. MISCELLANEOUS STATISTICAL DATA (JUNE 302 2001)
Date of Incorporation
May 2, 1982
Type of City
Charter City
Form of Government
Council / Manager
City Employees
72.75
City Land Area (square miles).
31.2
Population
26,321
Number of Parks
9
Total Acreage
40
Miles of Streets
170.0
Miles of Bike Paths
9.7
Number of Major Intersections
45
Number of Traffic Signals and Safety Lighting
32
Number of Traffic Signs
2,605
Number of Street Lights
g
Public Schools
4
Private Schools
1
Churches
3
Banks / Savings and Loan
3
Number of Single Family Units - Detached
10,252
Number of Single Family Units - Attached
2,326
Number of Multiple Family Units
697
Number of Mobile Homes
247
�
.. 2
7
V. SIGNATURE
The information set forth herein has been furnished by the Authority and the City and by sources
which are believed to be accurate and reliable but is not guaranteed as to accuracy or
completeness. Statements contained in this Annual Information Statement which involve
estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are
intended solely as such and are not to be construed as representations of fact. Further, the
information and expressions of opinion contained herein are subject to change without notice and
the delivery of this Annual Information Statement will not, under any circumstances, create any
implication that there has been no change in the affairs of the Authority and the City or any other
parties described herein.
IA QUINTA FINANCING AUTHORITY
CITY OF LA QUINTA
John Falconer
Finance Director
December 11 , 2001
()�i'}9
8
U14