2007 06 21 FA
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FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Special Meeting
THURSDAY, JUNE 21, 2007 - 7:00 P.M.
Beginning Resolution No. FA 2007-_
CALL TO ORDER
Roll Call:
Board Members: Henderson, Kirk, Osborne, Sniff, and Chairman Adolph
PUBLIC COMMENT
At this time members of the public may address the Financing Authority on any
matter not listed on the agenda. Please complete a "request to speak" form and
limit your comments to three minutes.
CONFIRMATION OF AGENDA
BUSINESS SESSION
1. CONSIDERATION OF FISCAL YEAR 2007/2008 PRELIMINARY BUDGET.
A. MINUTE ORDER ACTION
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Financing Authority Agenda
Special Meeting
June 21. 2007
ADJOURNMENT
Adjourn to a regularly scheduled meeting of the Financing Authority to be held on
July 3, 2007, at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico,
La Ouinta, CA 92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Ouinta, do hereby declare that
the foregoing agenda for the Special La Ouinta Financing Authority meeting of June
21, 2007, was posted on the outside entry to the Council Chamber at 78-495
Calle Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630
Highway 111, on June 15, 2007.
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Financing Authority Agenda
Special Meeting
2
June 21. 2007
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COUNCIL/RDA MEETING DATE: June 21, 2007
AGENDA CATEGORY:
ITEM TITLE: Consideration of Fiscal Year
2007/2008 Preliminary Budget
BUSINESS SESSION:
,
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Adopt the Fiscal Year 2007/2008 Preliminary Budget and direct staff to prepare a
Fiscal Year 2007/2008 Final Budget for the July 17, 2007 La Quinta Financing
Authority Meeting.
FISCAL IMPLICATIONS:
All Preliminary Fiscal Year 2007/2008 revenues, operational appropriations and debt
service funding are included in this Preliminary Budget.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Introduction
The purpose of the La Quinta Financing Authority is to pay the debt service on the
1996 Civic Center Bonds and the 2004 Local Agency Revenue Bonds. The debt
service for FY 07/08 on the 1996 Civic Center Bonds is $675,880 and the 2004 Local
Agency Revenue Bonds debt service is $5,926,806. Additional debt service costs
such as trustee fees and audit fees are $15,800 for a total budget of $6,618,486.
Funding to pay the Civic Center bonds is paid through rent charges from the General
Fund (30%1, Redevelopment Agency (40%) and the Civic Center Development Impact
Fees (30%). The debt service payments are made every six months and are due
October 1st and April 1 'to The final payment is scheduled for FY 2019.
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Funding to pay the 2004 Local Agency Revenue Bonds is paid through two separate
transfers. The first set of transfers occurs between the RDA 1 &2 Low & Moderate
Housing Funds and the RDA 1 &2 Debt Service Funds. The second set of transfers
occurs between the RDA 1 &2 Debt Service Funds and the Financing Authority Debt
Service Fund. These bonds were issued in June 2004 for low & moderate housing
purposes through the Financing Authority with the Redevelopment Agency making the
annual debt service payment. The allocation between Project Areas 1 & 2 to fund the
annual debt service is based upon tax increment revenues with 2/3rds of the debt
service payment coming from Project Area 1 and 1/3'd coming from Project Area 2.
The debt service payments are made every six months and are due September 1st and
March 1st. The final payment is scheduled to be made in FY 2035.
FINDINGS AND ALTERNATIVES:
Staff is requesting:
1) Review and comment on the Fiscal Year 2007/2008 La Ouinta Financing
Authority Preliminary Budget and provide direction regarding any proposed
changes to the document; and
2) Approval of the Fiscal Year 2007/2008 Fiscal Year La Ouinta Financing
Authority Preliminary Budget as amended at the June 21, 2007, La Ouinta
Financing Authority Meeting. (Any approved changes by the Authority to be
incorporated into the Final Budget for adoption on July 17, 2007.)
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Approved for submission by:
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Thomas P. Genovese, Executive Director
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