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FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
Tuesday, June 17, 2003 - 3:00 P.M.
Beginning Resolution No. FA 2003-001
CALL TO ORDER
Roll Call:
Authority Board Members: Henderson, Osborne, Perkins, Sniff, and Chairman Adolph
PUBLIC COMMENT
At this time members of the public may address the Financing Authority on items that
appear within the Consent Calendar or matters that are not listed on the agenda. Please
complete a "request to speak" form and limit your comments to three minutes. When you
are called to speak, please come forward and state your name for the record. Please
watch the timing device on the podium.
For all Authority Business Session matters or Public Hearings on the agenda, a completed
"request to speak" form should be filed with the City Clerk prior to the Authority beginning
consideration of that item.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF MAY 20, 2003.
Financing Authority Agenda 1 June 17, 2003
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. APPROVAL OF TREASURER'S REPORT OF APRIL 30, 2003.
2. APPROVAL OF REVENUES AND EXPENDITURES REPORT FOR MARCH APRIL 30,
2003.
BUSINESS SESSION
1. CONSIDERATION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF
THE CITY OF LA QUINTA FOR FISCAL YEAR 2003/2004.
A. RESOLUTION ACTION
STUDY SESSION — NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
Adjourn to a regularly scheduled meeting of the Financing Authority to be held on July 22,
2003, commencing at 3:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La
Quinta, CA 92253.
DECLARATION OF POSTING
I, June S. Greek, City Clerk of the City of La Quinta, do hereby declare that the foregoing
agenda for the La Quinta Financing Authority meeting of Tuesday, June 17, 2003, 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 Friday, June 13, 2003.
DATED: June 13, 2009;z:� '0(
JUNE S. GREEK, CMC, City Clerk
City of La Quinta, California
Financing Authority Agenda 2 June 17, 2003
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIURDA MEETING DATE: ,June 17, 2003 CONSENT CALENDAR:
ITEM TITLE: STUDY SESSION:
Transmittal of Treasurer's Report
as of April 30, 2003
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
Receive and file.
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
COUNCIIJRDA MEETING DATE: ,June 17, 2003
ITEM TITLE:
Transmittal of Revenue and Expenditure Report for
April 30, 2003
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the Statement of Revenue and Expenditures for April 30, 2003 for the
La Quinta Financing Authority.
specXully sub
J4+ M. Falcorfer, Finance Director
Approved for submission b
•
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures for April 30, 2003
ATTACHMENT 1
LA QUINTA FINANCING AUTHORITY
REMAINING
X
REVENUE DETAIL
BUDGET
RECEIVED
BUDGET
RECEIVED
DEBT SERVICE REVENUE:
9,175.00
0.00
9,175.00
0.000%
Contractual Services Fees
0.00
3.69
(3.69)
0.000%
Non Allocated Interest
678,955.00
679,432.56
(477.56)
100.070%
Rental Income
0.00
0.00
0.000%
Transfer In
TOTAL DEBT SERVICE
688,130.00
679,436.25
8,693.75
98.740%
CAPITAL IMPROVEMENT REVENUE:
0.00
(1.56)
1.56
0.000%
Pooled Cash Allocated Interest
0.00
326 19
(326.19)
0.000%
Non Allocated Interest
0.00
324.63
(324.63)
0.000%
TOTAL CIP REVENUE
TOTAL FINANCING AUTHORITY
688,130.00
679,760.88
8,369.12
98.780%
S
2
LA GUINTA FINANCING AUTHORITY
EXPENDITURE SUMMARY
DEBT SERVICE EXPENDITURES
SERVICES
BOND PRINCIPAL
BONDINTEREST
TRANSFER OUT
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT EXPENDITURES
TRANSFER OUT
TOTAL CAPITAL IMPROVEMENT
07/01/2002.4130/03
REMAINING
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
9,686.00
2,711.49
0.00
6,974.51
285,000.00
285,000.00
0.00
0.00
394,435.00
394,435.00
0.00
0.00
0.00
0.00
0.00
0.00
689,121.00
682,146.49
0.00
6,974.51
(131,792.42)
0.00
0.00
(131,792.42)
(13179242)
0.00
0.00
(131,792.42)
TOTAL FINANCING AUTHORITY 557 328.58 oesz,140.4y %I.VW
'K
COUNCIL/RDA MEETING DATE: ,June 17, 2003
ITEM M TITLE:
Consideration of a Resolution Adopting the
Investment Policy of the Financing Authority
for Fiscal Year 2003/2004
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION: L
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Adopt a Resolution of the Financing Authority approving the Investment Policy of the
City of La Quinta for Fiscal Year 2003/2004.
SEE CITY COUNCIL STAFF REPORT
RESOLUTION NO. FA 2003-
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY OF THE CITY OF LA QUINTA APPROVING
AND ADOPTING THE AMENDED INVESTMENT POLICY
FOR FISCAL YEAR 2003/2004
WHEREAS, the general purpose of the Investment Policy is to provide the rules
and standards users must follow in investing funds of the City of La Quinta; and
WHEREAS, the primary objectives, in order of priority, of the City of La
Quinta's investment activity shall be:
Safety of principal is the foremost objective of the investment program.
Investments of the City of La Quinta shall be undertaken in a manner that seeks
to ensure the preservation of capital in the overall portfolio.
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated.
The investment portfolio shall be designed with the objective of attaining a
market rate of return or yield throughout budgetary and economic cycles, taking
into account the investment risk constraints and liquidity needs.
WHEREAS, authority to manage the City of La Quinta's investment portfolio is
derived from the City Ordinance. Management responsibility for the investment
program is delegated to the City Treasurer, who shall establish and implement written
procedures for the operation of the City's investment program consistent with the
Investment Policy; and
WHEREAS, the Investment Policy will be adopted before the end of June of
each year and amended as considered necessary; and
NOW, THEREFORE, BE IT RESOLVED by the Financing Authority of the City of
La Quinta to adopt the 2003/2004 Fiscal Year Investment Policy (Exhibit A).
poz
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Financing Authority, held on this day of , 2003 by
the following vote, to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
DON ADOLPH, Chairman
La Quinta Financing Authority
ATTEST:
JUNE S. GREEK, Secretary
La Quinta Financing Authority
APPROVED AS TO FORM:
KATHY JENSON, City Attorney
to Quinta Financing Authority
tiJ
Exhibit A
(TO BE ATTACHED
10