2002 12 17 FA� T•Q/
0 o
Financing Authority
Agenda
CITY COUNCIL CHAMBER
78-495 Calle Tampico
La Quinta, California 92253
Tuesday, December 17, 2002 - 3:00 p.m.
Beginning Res. No. FA 2002-04
CALL TO ORDER
ROLL CALL: Board Members: Henderson, Perkins, Sniff, Chairman Adolph
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 MINUTES OF NOVEMBER 19, 2002
CONSENT CALENDAR
1. TRANSMITTAL OF TREASURER'S REPORT DATED OCT063ER 31, 2002.
2. TRANSMITTAL OF REVENUE AND EXPENDITURES REPORT DATED OCTOBER 31, 2002.
3. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA FINANCING
AUTHORITY 1996 LEASE REVENUE REFUNDING BONDS FOR FISCAL YEAR END JUNE
30, 2002.
BUSINESS SESSION - None
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 21,
2003, in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, June S. Greek, Authority Secretary of the City of La Quinta Financing Authority, do hereby declare
that the foregoing agenda for the La Quinta Financing Authority meeting of Tuesday, December 17,
2002, was posted on the outside entry to the Council Chambers, 78-495 Calle Tampico and on the
bulletin board at the La Quinta Chamber of Commerce, 78-371 Highway 111, and at Stater Bros.,
78-630 Highway 111, on Friday, December 13, 2002.
DATED: December 13, 2002
tJUNE S. dREEK, CIVIC, Authority Secretary
City of La Quinta, California
PUBLIC NOTICES
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
Financing Authority Agenda Page 2 December 17, 2002
c&ty/ 4 s4� Q"
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: December 17, 2002 CONSENT CALENDAR:
ITEM TITLE: STUDY SESSION:
Transmittal of Treasurer's Report PUBLIC HEARING:
as of October 31, 2002
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
Receive and file.
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
TO c
v �5
t{' S
cF►t of9w AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE:
Transmittal of Revenue and
Expenditure Report for
October 31, 2002
RECOMMENDATION:
Receive and File.
BUSINESS SESSION:
December 17, 2002 CONSENT CALENDAR:
BACKGROUND AND OVERVIEW:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the October 31, 2002 Statement of Revenue and Expenditures for the
La Quinta Financing Authority.
Respectfully submitted:
uv�
M. Falcon4r, Finance Director
Approved for Submission by:
Thomas P. Genovese, Executive Director
Director
Attachments 1 : Revenue and Expenditures Report, October 31, 2002
R
ATTACHMENT 1
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
REMAINING
%
BUDGET
RECEIVED
BUDGET
RECEIVED
DEBT SERVICE REVENUE:
Contractual Services Fees
9,175.00
0.00
9,175.00
0.000%
Non Allocated Interest
(141.62)
141.62
0.000%
Rental Income
678,955.00
485,492.56
193,462.44
71.510%
Transfer In
0.00
0.00
0.000%
TOTAL DEBT SERVICE
688,130.00
485,350.94
202,779.06
70.530%
CAPITAL IMPROVEMENT REVENUE:
Pooled Cash Allocated Interest
(1.56)
1.56
0.000%
Non Allocated Interest
114.57
(114.57)
0.000%
TOTAL CIP REVENUE
0.00
113.01
(113.01)
0.000%
TOTAL FINANCING AUTHORITY 688,130.00 485,463.95 202,666.05 70.550%
LA QUINTA FINANCING AUTHORITY
EXPENDITURE SUMMARY
DEBT SERVICE EXPENDITURES
SERVICES
BOND PRINCIPAL
BONDINTEREST
TRANSFER OUT
CAPITAL IMPROVEMENT EXPENDITURES
TRANSFER OUT
07/01/2002-10131/02 REMAINING %
BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED
9,686.00
1,622.49
0.00
8,063.51
16.8%
285,000.00
285,000.00
0.00
0.00
100.0 %
394,435.00
200,495.00
0.00
193,940.00
50.8%
0.00
0.00
0.00
0.0%
TOTAL DEBT SERVICE 689,121.00
487,117.49
0.00
202.003.51
70.7%
(131792.42) 0.00 0.00 (131,792.42) 0.0%
TOTAL CAPITAL IMPROVEMENT (131 792.42) 0.00 0.00 (131,792.42) 0.0%
TOTAL FINANCING AUTHORITY 557,328.58 487,117.49 0.00 70,211.09 87.40%
OQ6�
Tily 4 atP Q"
COUNCIL/RDA MEETING DATE: December 17, 2002
Approval of Annual Continuing Disclosure
for the La Quinta Financing Authority
1996 Lease Revenue Refunding Bonds
for Fiscal Year End June 30, 2002
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
3
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, 2002.
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.
-n 7
Attachment 1 is the 2001 /02 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 2001 /02.
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, 2002; 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, 2002; or
3. Provide staff with alternative direction.
Respectfully submitted,
hn M. FalconeF, Finance Director
Approved for submission by:
T omas P. Genovese, City Manager
Attachment 1 : 2001 /02 Annual Continuing Disclosure Statement for the La Quinta
Financing Authority
11,�L -*�
ATTACHMENT 1
ANNUAL INFORMATION STATEMENT
FOR
FISCAL YEAR ENDED JUNE 309 2002
1996 LEASE REVENUE REFUNDING BONDS
(LA QUINTA CITY HALL PROJECT)
LA QUINTA FINANCING AUTHORITY
CITY OF LA QUINTA
RIVERSIDE COUNTY, CALIFORNIA
009
DISCI
LIST OF PARTICIPANTS
CITY QF LA QUINTA
www.la-guinte.org
John Falconer
Finance Director
P.O. Box 1504
78-495 Calle Tampico
La Quinta, California 92253
(619) 777-7150
MuniFinancial
Temecula, California 92590
(909) 699-3990
Report available for viewing
www.muni.com
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. 1<
era
5
1. 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.
01.1
s
2001102 — 1996 Lease Rev City of La Quinta
It. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds
1996 Lease Revenue Bonds
B. FUND BALANCES
Fund
Reserve Fund (1)
As of October 2, 2002
$7,750,000
As of December 2, 2002
N/A
(1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the MBIA Insurance Corporation.
111. FINANCIAL INFORMATION
The audited financial statements for the City for the Fiscal Year Ended June 30, 2002
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
Ending
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
2002
2,960,339
7,609,121
1,536,033
1,014,474
726,589
0
13,846,556
01.2
I.. U (". �7
2001102 - 1996 Lease Rev City of La Quinta 2
B. GENERAL FUND REVENUE BY SOURCE
Fiscal Year
Ending
June 30
Taxes
Licenses
and
Permits
Inter-
Governmental
Charges
for
Services
Litigation
Settlement
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
2002
10,443,436
1,857,691
3,683,490
1,757,744
0
2,030,346
529,190
20,301,897
(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
Ending 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%
2002
1,218,823
1,409,828
115.7%
0
115.7%
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
2002
3,789,678,041
32,607,713
3,822,285,754
20,732,503
33,993,800
3,767,559,451
(1) Homeowner's exemption not available
Source: County of Riverside
2001102 - 1996 Lease Rev City of La Quinta
E. PROPERTY TAX RATE - DIRECT AND OVERLAPPING GOVERNMENTS
(Per $100 of Assessed Value)
1996/97 1997/98 1998/99 1999/00 2000101 2001/02
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 Ended Special Assessment Special Assessment Ratio of Collections
June 30 Billings Collections (') 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%
2002
1,068,994
992,226
92.8%
(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, 2002
Direct and Overlapping Bonded Debt
Applicable
Bonded Debt
Riverside County General Fund Obligations
0.985%
$6,315,737
Riverside County Board of Education Certificates of Participation
0.985%
147,377
Desert Sands Unified School District Certificates of Participation
8.340%
2,072,151
Desert Sands Unified School District Lease Tax Obligation
8.340%
3,350,595
Desert Sands Unified School District Community Facilities District No. 1
100.000%
2,245,000
Coachella Valley County Water District, I.D. #71 Storm Water
6.190%
759,823
Unit Certificates of Participation
Coachella Valley County Water District, I.D. #55
64.580%
6,280,405
Coachella Valley County Water District, I.D. #58
2.821%
181,390
Coachella Valley Unified School District
5.022%
958,161
City of La Quinta General Fund Obligation (Finance Authority)
100.000%
7,475,000
City of La Quinta 1915 Act Bonds
100.000%
5,450,000
Total Direct and Overlapping Bonded Debt
$40,681,485
(1) Excludes tax and revenue anticipation notes, revenue, mortgage
revenue and tax allocation
bonds
and nonbonded
capital lease obligations.
Source California Municipal Statistics, Inc.
n14
.
C�9
2001102 - 1996 Lease Rev City of La Quinta
4
H.
COMPUTATION OF LEGAL DEBT MARGIN (JUNE 30, 2002)
Net Assessed Valuation
Debt Limit - 15 % of Assessed Valuation
Amount of Debt Applicable to Debt Limit
Legal Debt Margin
$3,767,559,451
565,133,918
0
565,133,918
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.
REVENUE BOND COVERAGE
Local Agency Revenue Bonds (City Hall Project)
Fiscal
Year
Ending
June 30
Revenue Available
for Debt Service
Debt Service Requirements
Principal 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
2002
682,178
275,000
407,178
682,178
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
Fiscal Population Riverside
Year Square Percent County City Population
Ending Miles Population (') Change Population (') Percent of County
1992
28.0
14,727
12.7%
1,281,000
1.1 %
1993
28.2
15,589
5.9%
1,323,500
1.2%
1994
28.2
16,680
7.0%
1,357,400
1.2%
1995
31.2
17,591
5.5%
1,393,500
1.3%
1996
31.2
18,050
2.6%
1,381,879
1.3%
1997
31.2
18,931
4.9%
1,379,956
1.4%
1998
31.2
20,444
8.0%
1,441,237
1.4%
1999
31.2
21,763
6.5%
1,473,307
2.2%
2000
31.2
24,240
10.8%
1,522,900
1.6%
2001
31.2
26,321
8.6%
1,545,387
1.7%
2002
31.8
28,715
9.1 %
1,545,387
1.9%
Source (1) State of California Department of Finance
2001102 - 1996 Lease Rev City of La Quinta
nt
t;10
5
K. PROPERTY VALUE AND CONSTRUCTION ACTIVITIES
Fiscal Year Commercial Construction Residential Construction
Ending Property
June 30 Value 1�1 Units Value Units Value
1992
$1,594,767,374
12
$7,334,871
320
$35,744,443
1993
1,773,323,102
7
2,441,392
324
39,145,539
1994
1,872,768,156
13
6,081,796
531
79,318,969
1995
1,927,834,908
4
1,100,119
238
29,163,494
1996
2,043,276,054
8
1,018,940
336
53,973,239
1997
2,164,204,951
11
1,876,747
322
36,971,047
1998
2,305,593,987
14
2,689,642
461
70,403,691
1999
2,674,887,437
19
8,894,767
770
132,521,054
2000
2,684,277,392
40
13,071,684
1,590
292,524,629
2001
3,162,945,116
39
15,289,134
1,069
195,774,186
2002
3,789,678,041
66
6,739,720
858
171,189,651
(1) From Schedule of Net Taxable Value
L. PRINCIPAL TAXPAYERS (JUNE 30, 2002)
Taxpayer Type of Activity
KSL La Quinta Hotel Corp.
Hotel
KSL PGA West Corporation
Residences
Sunrise Desert Partners
Condominiums
KSL Landmark Corporation
Vacant Land
KSL Land Corporation
Recreational Land
KSL La Quinta Corporation
Golf Courses
TD Desert Development
Residential Land
La Quinta Golf Properties, Inc.
Golf Courses
M & H Realty Partnership
Shopping Centers
Washington Adams Partnership
Commercial
M. MAJOR EMPLOYERS (JUNE 30, 2002)
Employer Employees Activity
La Quinta Hotel and Golf Resort
1,500
Resort Hotel
PGA West
1,100
Golf Resort
Desert Sands Unified School District
550
School District Administration
Wal-Mart
250
Retailer
Home Depot
180
Retailer
Lowes Home Improvement
150
Retailer
Stater Brothers
126
Groceries
Vons
103
Groceries
Ralphs
100
Groceries
City of La Quinta
76
Municipal Government
file
2001102 — 1996 Lease Rev City of La Quinta 6
N. SCHEDULE OF INSURANCE IN FORCE (JUNE 30, 2002)
Company Policy
Name Number Coverage Limits Term Premium
Hartford PEBA07068 Employee Dishonesty, $1,000,000 12/03/01 — 02 $2,500
Forgery, Computer Fraud
General Star
IAG371825A
Indemnity &
FPL388464
Westchester Fire
Agricultural
CCP5629789
Insurance Company
California
Certificate #5
Joint Powers
Insurance Authority
All Risk Property Insurance
Including Auto Physical Damage
(Excluding Quake & Flood)
Earthquake & Flood, Real &
Personal Property Including
Contingent Tax Interruption
Comprehensive General Liability
California Certificate Worker's Compensation
Joint Powers #5009-056
Insurance Authority
25,139,000
07/01/02 — 03
16,505
4,500,000
02/07/02 —03
15,780
Part of
$7,500,000
$0 Deductible
12/03/01 — 02
60,300
Retention
$50 Million
$5,000,000
12/03/01 — 02
37,637
Greenwich Ins. Co. AC63329789 Earthquake & Flood, Real & $3,000,000 02/07/02 - 03 9,970
Personal Property Including Part of
Contingent Tax Interruption $7,500,000
Chubbs Special Events $1,000,000 02/01/02 - 03 N/C
Custom Insurance
O. MISCELLANEOUS STATISTICAL DATA (JUNE 30, 2002)
Date of Incorporation
May 2, 1982
Type of City
Charter City
Form of Government
Council / Manager
City Employees
76
City Land Area (square miles).
31.8
Population
28,715
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
40
Number of Traffic Signs
2,630
Number of Street Lights
56
Public Schools
4
Private Schools
1
Churches
3
Banks / Savings and Loan
7
Number of Single Family Units - Detached
12,228
Number of Single Family Units - Attached
2,360
Number of Multiple Family Units
897
Number of Mobile Homes
247
(II
012
2001102 — 1996 Lease Rev City of La Quinta 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.
LA QUINTA FINANCING AUTHORITY
CITY OF LA QUINTA
John Falconer'
Finance Director
December 17, 2002
In l s
013
2001102 — 1996 Lease Rev City of La Quinta 8