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1999 01 05 RDARedevelopment Agency Agenda CITY COUNCIL CHAMBER 78-495 Calle Tampico La Quinta, California 92253 Regular Meeting January 5, 1999 - 2:00 P.M. CALL TO ORDER a. Roll Call PUBLIC COMMENT Beginning Res. No. RA 99-01 This is the time set aside for public comment on any matter not scheduled for a public hearing. Please complete a "request to speak" form and limit your comments to three minutes. Please watch the timing device on the podium. CLOSED SESSION CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, MARK WEISS, CONCERNING PROPERTY LOCATED AT 78-120 CALEO BAY DRIVE PURSUANT TO GOVERNMENT CODE SECTION 54956.8 INSTRUCTING THE NEGOTIATOR CONCERNING AN AMENDMENT TO THE OWNER PARTICIPATION AGREEMENT. PROPERTY OWNER/NEGOTIATOR: HAROLD C. & HARRIET S. HARRIS. PUBLIC COMMENT - 3:00 pm This is the time set aside for public comment on any matter not scheduled for a public hearing. Please complete a "request to speak" form and limit your comments to three minutes. Please watch the timing device on the podium. CONFIRMATION OF AGENDA APPROVAL OF MINUTES a. Approval of Minutes of December 15, 1998 CONSENT CALENDAR Note: Consent Calendar items are considered to be routine in nature and will be approved by one motion. 1. APPROVAL OF DEMAND REGISTER DATED JANUARY 5, 1999. 2. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA REDEVELOPMENT AGENCY 1995 HOUSING TAX ALLOCATION BONDS FOR FISCAL YEAR END JUNE 30, 1998. BUSINESS SESSION CONSIDERATION OF AMENDMENT TO THE LA QUINTA REDEVELOPMENT AGENCY BYLAWS. A) RESOLUTION ACTION. 2. CONTINUED CONSIDERATION OF SELECTION OF CHAIR AND VICE CHAIR OF THE LA QUINTA REDEVELOPMENT AGENCY. A) MINUTE ORDER ACTION. STUDY SESSION - None Page 2 UO> DEPARTMENT REPORTS - None CHAIR AND BOARD MEMBERS' ITEMS PUBLIC HEARINGS - None 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 January 5, 1999 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 Albertson's, 78-630 Highway 1 1 1, on Thursday, December 31, 10198. ecember 31, 1998 AUNDRA L. JPIROLA, Secretary a Quinta Redevelopment Agency 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. Page 3 003 U 4 �z F`y OF TN�v COUNCIL/RDA MEETING DATE: JANUARY 5, 1999 ITEM TITLE: Demand Register Dated January 5, 1999 RECOMMENDATION BACKGROUND Prepaid Warrants 35426 - 35436If 35437 - 354381f 35439 - 35442} 35443 - 3.5444 } 35445 - 3 5448 ) 35449 - 354551 Wire Transfers} P/R 2233 - 23731 P/R Tax Transfers) Payable Warrants: 35456 - 35614} Approve Demand Register Dated January 5, 1999 55,963.25 1,816.39 40,499.56 5,006.90 100,241.55 10,472.00 94,936.85 162,213.93 51,847.99 1,552,910.77 $2,075,909.19 FISCAL IMPLICATIONS: Demand of Cash - RDA $1 16,618.79 hn Falconer, Finance Director AGENDA CATEGORY: BUSINESS SESSION CONSENT CALENDAR STUDY SESSION PUBLIC HEARING CITY DEMANDS $1,959,290.40 RDA DEMANDS 116,618.79 $2,075,909.19 004 CITY OF LA QUINTA BANK TRANSACTIONS 12A 0/98 - 12/29/98 12/11/98 WIRE TRANSFER - DEFERRED COMP 12/11/98 WIRE TRANSFER - PERS 12/17/98 WIRE TRANSFER - ESCROW PAYMENT - RDA SUBSIDY PROGRAM 12/23/98 WIRE TRANSFER - ESCROW PAYMENT - RDA SUBSIDY PROGRAM 12/24/98 WIRE TRANSFER - DEFERRED COMP 12/24/98 WIRE TRANSFER - PERS TOTAL WIRE TRANSFERS OUT $5,050.16 $17,002.81 $7,083.59 $44,000.00 $5,050.16 $16,750.13 $94,936.85 P.- 000 9 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK NUMBER CHECK DATE VENDOR NO. NAME ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** PAYMENT AMOUNT 35456 12/29/98 &00697 MARIE QUINNETTE 26.00 35457 12/29/98 &00698 LARRY HARRIS 25.00 35458 12/29/98 &00699 HARRY WEINBERG 25.00 35459 12/29/98 ACB050 ACBL 99.64 35460 12/29/98 ACE010 ACE HARDWARE 102.38 35461 12/29/98 ALC050 BOB ALCALA 200.00 35462 12/29/98 ALL100 ALLIANCE SERVICE STATION 678.93 35463 12/29/98 AMA100 AMATEUR ELECTRONIC SUPPLY 454.80 35464 12/29/98 AME020 AMERICAN ASPHALT 103192.47 35465 12/29/98 AME200 AMERIPRIDE UNIFORM SVCS 89.33 35466 12/29/98 ARRO10 ARROW PRINTING COMPANY 1311.13 35467 12/29/98 ASCO01 A & S COFFEE SERVICE 198.00 35468 12/29/98 ATC010 ATCO MANUFACTURING CO 256.00 35469 12/29/98 ATT030 AT&T WIRELESS LONG-DIST 1.71 35470 12/29/98 BAL050 JAMES BALDWIN 84.00 35471 12/29/98 BEA030 DOUGLAS BEAMAN ASSOCIATES_ 50.00 35472 12/29/98 BER150 BERRYMAN & HENIGAR INC 4229.00 35473 12/29/98 BES150 BEST SIGNS INC 1676.46 35474 12/29/98 BIG010 BIG A AUTO PARTS 213.05 35475 12/29/98 BOE100 BOEGES SPORTING GOODS 234.97 35476 12/29/98 BOU050 FRED BOUMA 200.00 35477 12/29/98 BOY075 BOYS & GIRLS CLUB OF 15000.00 35478 12/29/98 BRA150 JOHN BRANSTETTER 80.00 35479 12/29/98 BRI100 BRINKS INC 250.00 35480 12/29/98 CAD010 CADET UNIFORM SUPPLY 444.48 35481 12/29/98 CAL010 CAL WEST ENGINEERING 4551.00 35482 12/29/98 CAL070 CALLAWAY VINEYARD/WINERY 72.00 35483 12/29/98 CEN050 CENTURY CROMWELL 430576.41 35484 12/29/98 CGA100 CGA 34.03 35485 12/29/98 COA021 COACHELLA VALLEY ECONOMIC 2500.00 35486 12/29/98 COA030 COACHELLA VALLEY INSURANC 1510.00 35487 12/29/98 COA080 COACHELLA VALLEY WATER 7436.83 35488 12/29/98 COM015 COMPUTER U LEARNING CENTR 660.00 35489 12/29/98 COM025 COMPUTER RESOURCES INC 134-.69 35490 12/29/98 COM040 COMMERCIAL LIGHTING IND 471.34 35491 12/29/98 COO100 COOLEY CONSTRUCTION INC 164536.55 35492 12/29/98 COS050 COSTCO BUSINESS DELIVERY 452.12 35493 12/29/98 COS060 COSTCO WHOLESALE STORE 163.04 35494 12/29/98 DAY010 DAY -TIMER 87.95 35495 12/29/98 DEC100 DE CASTRO/WEST/CHODOROW 7685.75 35496 12/29/98 DES018 DESERT ELECTRIC SUPPLY 644.05 35497 12/29/98 DES025 DESERT COMMUNITY BANK 18281.85 35498 12/29/98 DESO40 DESERT JANITOR SERVICE 3878.00 35499 12/29/98 DES060 DESERT SUN PUBLISHING CO 5029.95 35500 12/29/98 DES061 DESERT SUN COMMUNITY 2122.51 35501 12/29/98 DES065 DESERT TEMPS INC 2277.76 35502 12/29/98 DIE020 DAGOBERTO HERNANDEZ 750.00 VUV 3 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER CITY OF LA QUINTA BANK ID: DEF PAGE 2 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT 35503 12/29/98 DOU010 DOUBLE PRINTS 1 HR PHOTO 10.76 35504 12/29/98 EAG100 EAGLE/BENEFICIAL NATL BNK 220.92 35505 12/29/98 EQUO10 DALE EQUITZ 60.00 35506 12/29/98 EVA050 DAVID EVANS & ASSOC INC 28466.33 35507 12/29/98 FAR030 FARMERS BROTHERS COFFEE 27.38 35508 12/29/98 FED010 FEDERAL EXPRESS CORP 437.75 35509 12/29/98 FIE020 FIESTA FORD INC 687.05 35510 12/29/98 FIR010 FIRST AMERICAN TITLE INS 2185.70 35511 12/29/98 FIS050 FISHER BUSINESS SYSTEMS 197.18 35512 12/29/98 GAR010 WAYNE GARDNER 59.99 35513 12/29/98 GAR005 GARNER IMPLEMENT CO - 5.70 35514 12/29/98 GAS010 GASCARD INC 645.90 35515 12/29/98 GAT020 GATEWAY BUSINESS 2388.84 35516 12/29/98 GCS010 GCS WESTERN POWER & EQUIP 154734.74 35517 12/29/98 GEN100 THOMAS P GENOVESE 73.00 35518 12/29/98 GE0010 GEORGE'S GOODYEAR 66.00 35519 12/29/98 GRA010 GRANITE CONSTRUCTION CO 110068.17 35520 12/29/98 GTE010 GTE CALIFORNIA 709.22 35521 12/29/98 HIG010 HIGH TECH IRRIGATION INC 175.83 35522 12/29/98 HOA010 HUGH HOARD INC 65.00 35523 12/29/98 HOL030 HOLMES & NARVER INC 25089.21 35524 12/29/98 HOM030 HOME DEPOT 712.92 35525 ** AP CHECK RUN VOID ** 35526 12/29/98 HON050 DAWN C HONEYWELL 13388.51 35527 12/29/98 HOR100 DODIE HORVITZ 230.00 35528 12/29/98 IC1O55 ICI DULUX PAINT CENTERS 11.44 35529 ** AP CHECK RUN VOID ** 35530 12/29/98 IMPO10 IMPERIAL IRRIGATION DIST 15616.30 35531 12/29/98 IMP150 IMPERIAL SIGN CO INC 3399.51 35532 12/29/98 IND030 INDIO SHOE STORE INC 327.94 35533 12/29/98 INT001 INTERACT CLUB 500.00 35534 12/29/98 INT015 INTERNATIONAL CONFERENCE 123.92 35535 12/29/98 JOB020 JOBS AVAILABLE INC 211.60 35536 12/29/98 JUD010 JUDICIAL DATA SYSTEMS COR 100.00 35537 12/29/98 KEL010 KELLY TEMPORARY SERVICES 2272.65 35538 12/29/98 KIN050 KINKO'S 103.55 35539 12/29/98 KIN100 KINER/GOODSELL ADVERTISNG 8760.50 35540 12/29/98 K00O25 MARGE KOCH 25.00. 35541 12/29/98 KRI100 KRIBBS CONSTRUCTION 2965.00 35542 12/29/98 KUN100 MARNI KUNSMAN 90.88 35543 12/29/98 KUS050 KUSTOM SIGNALS INC 285.60 35544 12/29/98 LAQ063 LA QUINTA H S SWIM TEAM 500.00 35545 12/29/98 LEA012 LEAGUE OF CALIF CITIES 100.00 35546 12/29/98 LET100 LETS SAY IT WITH BALLOONS 80.00 35547 12/29/98 LIC050 PAMELA LICALSI 750.00 35548 12/29/98 LOS050 LOS ANGELES TIMES 49.68 35549 12/29/98 LUB050 LUBE SHOP 26.61 35550 12/29/98 LUN050 LUNDEEN PACIFIC CORP 36480.09 35551 12/29/98 MCDO10 MC DOWELL AWARDS 24.78 007 0 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER CITY OF LA QUINTA BANK ID: DEF PAGE 3 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT 35552 12/29/98 MCK010 MCKESSON WATER PRODUCTS 129.14 35553 12/29/98 MIR010 MIRASOFT INC 425.30 35554 12/29/98 MIT100 BOB MITCHELL' 630.00 35555 12/29/98 MUN010 MUNI FINANCIAL SERV INC 100.00 35556 12/29/98 NAT015 NATIONAL COUNCIL ON AGING 75.00 35557 12/29/98 NAW010 RON NAWROCKI 1000.00 35558 12/29/98 NEP010 NEPTUNE ELECTRIC 1291.30 35559 12/29/98 NEX010 NEXTEL COMMUNICATIONS 1404.59 35560 12/29/98 NIC100 NICKERSON, DIERCKS & ASSC 4752.00 35561 12/29/98 OUT100 OUTDOOR SERVICES INC 100.00 35562 12/29/98 PAR003 PARAGON SIGNS 70.04 35563 12/29/98 PER100 PERSONAL TOUCH MOBILE 60.00 35564 12/29/98 POW100 POWERS AWARDS 9.08 35565 12/29/98 PRI020 THE PRINTING PLACE 447.17 35566 12/29/98 PRI070 PRINTING SOLUTIONS 470.87 35567 12/29/98 PRO.010 PROTECTON SERVICE IND 119.00 35568 12/29/98 PUB050 THE PUBLIC RECORD 160.00 35569 12/29/98 RAL050 RALPHS GROCERY CO 77.32 35570 ** AP CHECK RUN VOID ** 35571 12/29/98 RAS020 RASA - ERIC NELSON 8095.00 35572 12/29/98 REL010 RELIABLE 199.77 35573 12/29/98 RIV100 RIVERSIDE COUNTY SHERIFFS 199550.41 35574 12/29/98 RIV150 RIV COUNTY TRANSPORTATION 18378.00 35575 ** AP CHECK RUN VOID ** 35576 ** AP CHECK RUN VOID ** 35577 12/29/98 ROS010 ROSENOW SPEVACEK GROUP 35875.22 35578 ** AP CHECK RUN VOID ** 35579 12/29/98 RUT050 RUTAN & TUCKER 22675.31 35580 12/29/98 SAF150 SAFETY STRIPING SVC INC 32738.63 35581 12/29/98 SEC050 SECURITY LINK/AMERITECH 39.36 35582 12/29/98 SHAO10 SHADOW PALMS GARDENING 150.00 35583 12/29/98 SIM020 JAMES E SIMON CO 816.66 35584 12/29/98 SIM025 SIMON MOTORS INC 241.24 35585 12/29/98 SMA010 SMART & FINAL 333.08 35586 12/29/98 SMI010 MARILYN SMITH 40.99 35587 12/29/98 SMI020 SMITH PIPE & SUPPLY INC 23.31 35588 12/29/98 SMO010 DONNALDA SMOLENS 75.00 35589 12/29/98 SOCO10 THE SOCO GROUP INC 232.86 35590 12/29/98 SOU007 SOUTHWEST NETWORKS, INC 6025.52 35591 12/29/98 SOU010 SOUTHERN CALIF GAS CO 30.68 355,92 12/29/98 SOU100 SOUTHLAND GEOTECHNICL INC 581.25 35593 12/29/98 SPRO10 SPRINT 38.04 35594 12/29/98 STA045 STAN'S AUTO TECH 328.27 35595 12/29/98 STA050 STAPLES 642.11 35596 12/29/98 STR050 EDWARD STREZLCZYK 200.00 35597 12/29/98 SUN075 SUNLINE TRANSIT AGENCY 415.00 35598 12/29/98 SUS010 SUSKI & SAKEMI 26.17 35599 12/29/98 SZE100 SHARON SZESNY 98.00 35600 12/29/98 TOP010 TOPS'N BARRICADES INC 539.73 008 5 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER CITY OF LA QUINTA BANK ID: DEF PAGE 4 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT 35601 12/29/98 TRA020 TRANSAMERICA 140.75 35602 12/29/98 TRIO10 TRI LAKE CONSULTANTS INC 11865.00 35603 12/29/98 TRU010 TRULY NOLEN INC 70.00 35604 12/29/98 TTI100 TTI NATIONAL INC 2.30 35605 12/29/98 USB100 US BANK 1000.00 35606 12/29/98 USO100 US OFFICE PRODUCTS 835.70 35607 12/29/98 VID050 VIDEO DEPOT 26.25 35608 12/29/98 VIK010 VIKING OFFICE PRODUCTS 435.71 35609 12/29/98 VOG050 CHRIS A VOGT 30.72 35610 12/29/98 VON010 VON'S C/O SAFEWAY INC 368.38 35611 12/29/98 WAL010 WAL MART STORES INC 58.72 35612 12/29/98 WIL050 BRITT W WILSON 263.27 35613 12/29/98 XER010 XEROX CORPORATION 750.45 35614 12/29/98 ZUR050 ZUMAR INDUSTRIES ING 863.77 CHECK TOTAL 1,552,910.77 009 6 m r ry N � �l'1 •� � r � •-+ - m rn . z � rn N N r' F H co EF N F N N N N EH H H F N H N H N F N F N N H F r H F o � 0 O O d N ul p� coEf N N N O d' rt N 0 N in Qi C, O n �21 N WOD O On m O O O ry �D D� n .y 0 O N 10El N m D� w [ n z 0 O W a a U z z w a m o¢ m Q o a H ' EFa. 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U z H m U z H m H Za'ii U z H m H !ay o x r EQ a a El U) >+ o U o U ul w U a a z a z a z u z H w Elm w m w m w a �7 z o 0 0 o w a o z a N a Ol C a O ❑ as w El N waw 6 E wa ¢ H waw a H waw .i H 3 ❑ w Zaa z O w U) O In z o� 4 5 VI z ao C.1 z a z a `a N R P: a aa E s H (Y a Da F+ V7 0 z Gq Vl O Vl O II Vl O o O m O - w O Vl r O 0 0 O O O O O O O ° I s N N m N . y 0 cc N m rn vl o 0 F O 0 0 0 El o H x El H a ElEl H x% H F a Eu {.r MJ �D r m H O� H O H N N N r't N rt Ol D1 u't Q� ID Ol m Ol V N ill N n D� 10 N r N m O� • Z N \ O� \ N ti N w 5 U � N F N H F N H H N F N N H- H ElH N N H E m H ElH m m F m `-1 H m •-1 H N 'd H N H El m E N F N El H M O H O a O 0 p n N lD n n i!1 O r m O N U z o ¢ 0 W w O � H H H H H i[l O z w H F O H > zu H O O O O F CL fL D: LY. O a a m z Dz Z FC O w H CG OOOOOmWWmWWWO\OWWO z w W [.. [+. m F vl m > > i oz �(JI m m aaz m FS.'ll HHF z W O ❑ z O a� z m m U iH4 W W n � m > > > ; > j 5 ul (a�L VO1 w U H O > 'L w W O N w r w W r� O r �n 10 lD 0 ul rt 1 1f1 lD rat O m N lD O n n �D nt O r lD ill �[1 v r') C m �!1 v O m N v d N N v � r r-1 N 0 n ❑ H a a. H z z It m z O rl iLl 0)0 V' d' 0 V t O O 0 O O O 0 O 10 Q) w m o0 H a w o m 0 0 0 0 0 0 0 0 O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 w z n o m 0 m m 0 0 m 0 o 0 0 0 0 0 0 0 0 0 0 o 0 O . . . . . . N m El U m El U U FZ-I V o o n u z H m F u D ❑ o m H u D ❑ 0 m m H H u u D D ❑ ❑ 0 0 m H u D ❑ 0 m F u D ❑ 0 m H u D ❑ 0 m F u D ❑ 0 m H u a ❑ 0 m F u D ❑ o D 0 x a O O O D: s a w Z w H Z a w u a w M a a w w u u w w u a w u O. a w u a w u a w u a w u 0 w w w w o H w w o+ O > w O In r na p, ¢ z zd m w w o w w 0 w w w w 0 0 w w 0 w w 0 w w 0 w w 0 w w 0 w w 0 0 0 0 z 0 z m m �y w0 EE++ F o O o 0 0 0 0 0 0 0 0 0 0 0 0 0 > o 3 O O O!� 4 U > O .-I F O .� m m D O .-� O m D 0 O m D O 0 ,..� ,..� 0 U m m D D O H O m D O ,..� O m D O ,� O m D O ,..� O m D O ,-� O m D O ,--� O m D O O > H O H > 0 > O O > O O > Q 3 030 27 y m O O , O N O 01 N O m O d' O ol ECdy! N z \ O+ N \ N N m m m N N m m N sC a U W N F F F H F E+ E. E+ n Z .-i H r't N N N 01 O ry 10 �fl m N o � if1 O m 01 r 10 l0 m � cw W r m N rt a O r r'1 al a N �a r m a ¢ z El 2 El w El El z El In a w x a. z x a a �W+ 0 CCD z w 0 R: fZ a 0 W Z 0 Z v] W w W H - w H H Z 0 5> a w 11 > o 0 0 cn m E a u u u m w w m v o N o y N O lD r r H co Z m m m �O 10 �O r'1 O 6 x a 4 on w m 0 x O w F [� w 0 0 0 0 0 0 0 0 0 0 0 0 0 10 N 0 m 0 In m z o IS m 0 o 0 rn 0 0 0 Z N O N O 0 O U U r" � y U 0 Z n Q Z H Z z Z O In�mW7 O FC a O O O qO E+ En. a a a u: Qwp, owp, oWw W H m 3 3 3 x x x 0 a El3 3 3 0 0 0CQ M a a E- F El � x x x a [°x[�� x [a[zz�� >C {a{yy X N [m Z 3 R7 O m O m O O O O O o 4 M 0 3 a Oa a ac.7 a cc.77 X a WW x a N U 3 3 3 x 90 It 1� ii 3 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 35449 12/22/98 CLE010 CLERK OF SUPERIOR COURT 150.00 35450 12/22/98 LAQ050 LA QUINTA CITY EMPLOYEES 330.00 35451 12/22/98 LEV100 MARK LEVY STUDIO 1250.00 35452 12/22/98 LIN050 JAMES LINDSEY 174.08 35453 12/22/98 RIV040 RIV'CNTY DISTRICT ATTORNY 361.50 35454 12/22/98 RIV070 RIVERSIDE COUNTY EMPLOYEE 8063.92 35455 12/22/98 UNIO05 UNITED WAY OF THE DESERT 142.50 CHECK TOTAL 10,472.00 29 030" � � N m • O Z N a a r 6 rn rn E O W E O m a El O ° El N cn m F 0 u 0 O N N .-i Z p O p O O p O � O ' r-� ut H O 01 m O N N O 0 o 0 C 0 O a ZEl O ' 3 H Z v] a F O O+ H m F H H a U Hpo H w F 7 Hop H P. O w z a o g a o Z F Z Z w S ❑ W > p °� 8z ❑ z o .,�i C] ❑ z H W ❑ a W a' W Q > U 1a-1 a W a P a ❑ N w w O H ❑ w > w z �' m m r a ❑ H z Z a ¢ w w w a O w F a o o a o o O a 0 o0 H - a O U O O p H O H OH O HO O O 6 O � O H H o wpo W � E 6 w Oul g E W ❑ o Iw ¢ � p a w W r ❑ El E+ H In H w w w O a W F C7 H >4 a m w O Y H H r W .7 �d Z a m [ti z > w❑ F+ W > 3 ❑ H H a s n a o Z a a U a h a 0 H a 0 z o Z O i ,y O vl O O Q O HH Q O r O 00 � 033 �{ fl ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 11:14AM.12/18/96 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 35445 12/18/98 &00696 SANDRA SPIROPOULOS 15.00 35446 12/18/98 BUI010 BUILDING HORIZONS 80000.00 35447 12/18/98 GEN200 BURT C GENTLE CO INC 20218.87 35448 12/18/98 SMI010 MARILYN SMITH 7.68 CHECK TOTAL 100,241.55 �� 034 z m m v 0 0 o r m o o m z z E. 0 m r n o O O N O w m N O O r m O O m D E O N w H O O W V7 m N V1 \ 0 \ Z u a Z H O 0 m E a �+ o u H w U a e3� IG oa [Y� oa oa C9. Z Z H U y7❑ Z �L71 RCR7C• µZ7 ff+4 W W > H > > 7 m ❑ aco a E w w .u, o a 0 H z 0 ❑ < z w ¢ as w w a O0 w EH a o 0 O o w w 0 O 0 o 0 O 0 o r m u� + y r d v 10 m ID O r'1 N N a O O O O p O O, H N U U ti l H H ¢ O H N ri .y U Z 0 O 0 U H o a z z o u, o u a w m °a o H w F CL m w m a H m z z a >, a o W ¢ O z a m ❑ z a m m w ID o 0 0 O O > 0) ID O o N H O U F 00 W i ¢ d IL U' VI 035 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 11:10AM 12/17/98 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 35443 12/17/98 GOV100 GOVERNMENT FINANCE 415.00 35444 12/17/98 NEP010 NEPTUNE ELECTRIC 4591.90 CHECK TOTAL 5,006.90 33 036 ry H Z m O� a u' m ui o o a o o p a` U m p H W U O � z oW o W Cw >H a H W w �p U U a R W `Z ; a a w OR E. o a z Zz W �j x a Q w a Q m w o o o w H 5 z rn I m w o i U Q O p � W M O z U O RC H Z ~ U Q [+. W H z w w a z H a 0 z rA z 4U o a o O N j a U at U U Z 037 134 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 2:35PM 12/14/98 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 35439 12/14/98 LAQ073 LA QUINTA RESORT & CLUB 2642.00 35440 12/14/98 RIV076 RIVERSIDE COUNTY FIRE 309.00 35441 12/14/98 SOU002 SOUL OF CHINA 148.34 35442 12/14/98 WAS020 WASTE MGMNT OF THE DESERT 37400.22 CHECK TOTAL 40,499.56 35 038 0 z :a 0 � a Z U H N A W w o w o PQ z + ❑ z ❑ a a w w w x o 0 w F w w z Z E. z 0 0 U U 6 O N •� r'1 E E E F O O v N O O n N N OD O 0 O d O 10 r a N r m O O N Ol m Z H N a O r O ❑ n a N Q m n O ❑ � E H z W O OU HHp a Hpp pF Z pFp Z F O [-a rZ+ F H z ❑ 9 x 8 S H g ElI o 0 0 0 m N 0 0 0 C) O H a w m w ❑ P H w 0 E+ i w E 3 N 3 j �6 039 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 11:13AM-12/10/98 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 35437 12/10/98 JET050 JET COPY & BLUEPRINT INC 516.39 35438 12/10/98 LIC050 PAMELA LICALSI 1300.00 CHECK TOTAL 1,816.39 37 040 z m m 0 m 0 0 a 0 m H �y D r H Q a rn ri w w � U U HH O HHH O Z Z 0 U' H H C 11 a O O O W 0 0 0 0 z 0 u u o 0 off U U Z Z HH HHH H a H a a a 7 a H [L F1 b ao o p E E o 0 0 W W H rn 1m m 4 H F Q a I 041 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 4:31PM 12/09/98 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 35426 12/09/98 CAL021 CALIFORNIA D J 625.00 35427 12/09/98 CAL040 CALIFORNIA VISION SERVICE 1134.00 35428 12/09/98 CAN050 CANADA LIFE ASSURANCE CO 516.93 35429 12/09/98 JUH050 SAUNDRA JUHOLA 375.00 35430 12/09/98 LAQ050 LA QUINTA CITY EMPLOYEES 330.00 35431 12/09/98 PRI050 PRINCIPAL MUTUAL 44210.92 35432 12/09/98 RIV040 RIV CNTY DISTRICT ATTORNY 361.50 35433 12/09/98 -RIV070 RIVERSIDE COUNTY EMPLOYEE 8063.92 35434 12/09/98 SUP100 SUPPORT PAYMENT CLEARING- 150.00 35435 12/09/98 TRA030 TRANSAMERICA INSURANCE 53.48 35436 12/09/98 UNIO05 UNITED WAY OF THE DESERT 142.50 CHECK TOTAL 55,963.25 19 042 N � O� rat N r m r1 � �O O •--I �n m m • z fi � rn O H ,Ny - W E a a m N 5 F N H m 01 E O 01 F rn N F rn O H O 01 (71 F m O1 o+ E rn E CP 01 rn E. m O rn El m 01 m El a,T rn E El y O in O o m ID o u, 0 o o �D rn 10 ,-i �O w o n N 10 [i7 in I d' lD VI O m w O O 4 O O ID a ID coN O d F 0 O O as w G NN C w aa 4 w a 4 0) m 0 ul HH.j z Z a a Q �a w 3 W W °> w a M N o a z o to a on pw O a a o .� o z ¢ z 4 o z 0 C] z m 0 C] z H A Im z ryi O a m pn A Z p Z Z U 0 O Z O Z Z O Z ap z U U a a a a o m w w U w > < a m a Q � > t z O > .z. W (p i 0 v O, ID � O i � O n � H r W Rppl ❑ t �z a �¢ Z o v z z O w w w a o0 w F a' w o O p 0 O O 0 O O O O O O O O O O O O O O o O O 0 O O o O O O O O o O O iO in r m •.-i I H O - r in �y ] O n .-+ O p O O O O H O N O O O O O O O O O O O O O O O O O O O O O O O O 6 O O O O O O O O O O O O W U 14 O U Z ul W i0-1 p [ � a U W C] n z 2 ul w 0 W a a } _ U H El=pJ w 0 a U E+ z � z H f±7 w O w F o �y > y� a �i 6 ¢ 4 ul ❑ 0 w U a 3 PQIm r a C4 a O O 6 4 4 4 d Z Z H > H vl ri CL o O y EE y Z to €'z w0 z U U o u 0 m 0 0 a 0 s 0 x o x O o o oas a u O u O as u O �"a u O a h O ¢ a O x CL 0 x a P4 a to F :��a 043 A/P - AP6002 CHECKS TO BE VOIDED ��•--�-- --,-� - CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK BK INVOICE VENDOR VENDOR INVOICE NUMBER ID DATE AMT. PAID NUMBER NAME DESCRIPTION 34824 DEF 10/15/98 68.33 ULT100 ULTIMATE INTERNET ACC INC INTERNET SVC 34824 DEF 10/02/98 60.00 ULT100 ULTIMATE INTERNET ACC INC INTERNET SVC TOTAL VOIDED 128.33 41 044 T4'yl 4 atPQumrw COUNCIL/RDA MEETING DATE: January 5, 1999 ITEM TITLE: Approval of Annual Continuing Disclosure for the La Quinta Redevelopment Agency 1995 Housing Tax Allocation Bonds for Fiscal Year End June 30, 1998 RECOMMENDATION: Receive and File. FISCAL IMPLICATIONS: - None AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR. STUDY SESSION: PUBLIC HEARING: BACKGROUND AND OVERVIEW: On November 10, 1994, the Securities and Exchange Commission adopted amendments to existing federal regulations (Rule 1 5c2-12) 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 1 5c2-1 2. 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. Therefore, attached is the 1997/98 Annual Continuing Disclosure Statement for the La Quinta Redevelopment Agency 1995 Housing Tax Allocation and 1998 Project Area 1 & 2 Tax Allocation Refunding Bonds prepared in accordance with the three aforementioned requirements. Additionally, no announcement of significant events was necessary for Fiscal Year 1997/98. FINDINGS AND ALTERNATIVES: - Receive and File. 1 Jon M. Falconer, Finance Director Attachment: 1997/98 Annual Continuing Disclosure Statement for, the RDA 045 ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDED JUNE 30, 1998 REDEVELOPMENT PROJECT AREAS NO. 1 AND 2 1995 HOUSING TAX ALLOCATION BONDS LA QUINTA REDEVELOPMENT AGENCY CITY OF LA QUINTA RIVERSIDE COUNTY, CALIFORNIA '' 046 LIST OF PARTICIPANTS LA QUINTA REDEVELOPMENT AGENCY CITY OF LA QUINTA John Falconer Finance Director P.O. Box 1504 La Quinta, California 92253 (619) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT MBIA MuniFinancial* Temecula, CA 92590 (909) 699-3990 www.muni.com UNDERWRITER Stone & Youngberg BOND COUNSEL Stradling, Yocca, Carlson & Rauth Newport Beach, California FISCAL AGENT Grace Yang U.S. Bank Trust, N.A. Los Angeles, California (213) 533-8713 * In its role as Disclosure Consultant and Dissemination Agent, MBIA MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. 047 I. INTRODUCTION Pursuant to an Official Statement dated July 13, 1995, the La Quinta Redevelopment Agency (the "Agency") issued $22,455,000 Redevelopment Project Areas No. 1 and 2, 1995 Housing Tax Allocation Bonds, (the "Bonds") to finance affordable housing in or of benefit to the Community Redevelopment Project Areas No. 1 and 2 (collectively the "Redevelopment Projects"). 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. Redevelopment Project Area No. 1, (the "Project Area No. 1") encompasses an area of approximately 11,200 acres, which includes approximately 56% of the current area of the City. Redevelopment Project Area No. 2 (the "Project Area No. 2") encompasses an area of approximately 3,116 acres north of Project Area No. 1. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The Bonds were sold by the Agency for the purpose of increasing, improving and/or preserving the supply of low and moderate income housing within the Redevelopment Projects. The Bonds are special obligations of the Agency and are secured by a pledge of Housing Set - Aside Tax Revenues, as defined. The Agency also has outstanding, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"), a portion of the debt service on which is payable prior to the Bonds from Tax Revenues required to be deposited in the Project Area no. 1 Low and Moderate Income Housing Fund. The Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The Bonds do not constitute indebtedness 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 Agency 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 Agency and the Bonds, reference is made to the Official Statement. 048 II. AUDITED FINANCIAL STATEMENTS The audited financial statements for the Agency for the fiscal year ended June 30, 1998 will be separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Information Statement. III. FINANCIAL AND OPERATING DATA A. PRINCIPAL OUTSTANDING Bonds 1995 Housing Tax Allocation Bonds B. FUND BALANCES Account Reserve Fund 01 Balance as of September 30, 1998 $21,815,000 Balance as of November 18, 1998 N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the MBIA Insurance Corporation. C. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Redevelopment Project Areas. Proiect Area No. 1 Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base 111 Increment 1996/97 $1,297,020,107 $13,821,291 $0 $1,310,841,398 $1,111,443,165 $11,344,856 1997/98 1,383,340,327 13,157,051 0 1,396,497,378 1,197,099,145 12,161, 894 (1) The Base Value for the Project Area No. 1 is $199,398,233. Source: Riverside County Auditor -Controller's Office Project Area No. 2 Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base 111 Increment 1996/97 $419,135,799 $3,521,574 $0 $422,657,373 $327,474,618 $3,510,820 1997/98 483,513,978 4,484,841 0 487,998,819 392,816,064 4,107,340 (t) The Base Value for the Project Area No. 2 is $95,182,755. Source: Riverside County Auditor -Controller's Office 0 4J, 2 e r� D. HOUSING SET -ASIDE REVENUE The following table sets forth the Housing Set -Aside revenue for the Redevelopment Project Areas. Proiect Area No. 1 Total Taxable Gross Tax Housing Fiscal Year Value Increment Set Aside 1996/97 $1,311,330,289 $11,344,856 $2,268,971 1997/98 1,396,497,378 12,161,894 2,432,379 Source: Riverside County Auditor -Controller's Office Proiect Area No. 2 Total Taxable Gross Tax Housing Fiscal Year Value Increment Set Aside 1996/97 $422,657,373 $3,510,820 $702,164 1997/98 487,998, 819 4,107,340 821,468 Source: Riverside County Auditor -Controller's Office E. DEBT SERVICE COVERAGE The following table sets forth the debt service for the Bonds and the portion of debt service on the 1994 Bonds payable from Housing Set -Aside revenue. 1994 Bonds Total Debt Service Fiscal Debt Service Debt Service Payable From Housing Debt.Service Year Payment Payment(') Housing Set -Aside Set -Aside (z) Coyera;;e 1996/97 $1,601,215 $491,069 $2,092,284 $2,971,135 1.42 1997/98 1,598,615 490,186 2,088,801 3,253,847 1.56 (1) Represents the 18.5% portion of annual debt service on the 1994 Bonds to which the Agency has allocated Housing Set -Aside revenue derived from Project Area No. 1. (2) Housing Set -Aside includes revenue from Project Area No. 1 and Project Area No. 2. 050 3 F. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the Bonds and the portion of debt service for 1994 Bonds payable from the Housing Set -Aside revenue. 1994 Maturity Date Bonds Debt 1995 Bonds Total September 1 of Service 0) Principal Interest Debt Service Combined 1998 $490,185.71 $325,000.00 $1,273,615.00 $1,598,615.00 $2,088,800.71 1999 490,436.39 340,000.00 1,259,965.00 1,599,965.00 2,090,401.39 2000 490,876.23 355,000.00 1,245,05.00 1,600,175A0 2,091,051.23 2001 490,506.23 370,000.00 1,229,200.00 1,599,200.00 2,089,706.23 2002 491,035.33 390,000.00 1,212,180.00 1,602,180.00 2,093,215.33 2003 490,706.03 405,000.00 1,193,460.00 1,598,460.00 2,089,166.03 2004 490,521.03 425,000.00 1,173,615.00 1,598,615.00 2,089,136.03 2005 490,770.78 450,000.00 1,152,365.00 1,602,365.00 2,093,135.78 2006 490,728.23 530,000.00 1,129,415,00 1,659,415.00 2,150,143.23 2007 491,050.13 560,000.00 1,101,590.00 1,661,590.00 2,152,640.13 2008 490,676.43 590,000.00 1,071,350.00 1,661,350.00 2,152,026.43 2009 490,464.60 620,000.00 1,038,900.00 1,658,900.00 2,149,364.60 2010 490,279.60 655,000.00 1,004,180.00 1,659,180.00 2,149,459.60 2011 490,911.38 695,000.00 967,500.00 1,662,500.00 2,153,411.38 2012 490,307.35 735,000.00 925,800.00 1,660,800.00 2,151,107.35 2013 780,000.00 881,700.00 1,661,700.00 1,661,700.00 2014 825,000.00 834,900.00 1,659,900.00 1,659,900.00 2015 875,000.00 785,400.00 1,660,400.00 1,660,400,00 2016 925,000.00 732,900.00 1,657,900.00 1,657,900.00 2017 985,000.00 677,400.00 1,662,400.00 1,662,400.00 2018 1,040,000.00 618,300.00 1,658,300.00 1,658,300.00 2019 1,105,000.00 555,900.00 1,660,900.00 1,660,900.00 2020 1,170,000.00 489,600.00 1,659,600.00 1,659,600.00 2021 1,240,000.00 419,400.00 1,659,400.00 1,659,400.00 2022 1,315,000.00 345,000.00 1,660,000.00 1,660,000.00 2023 1,395,000.00 266,100.00 1,661,100.00 1,661,100.00 2024 1,475,000.00 182,400.00 1,657,400.00 1,657,400.00 2025 1,565,000.00 93,900.00 1,658,900.00 1,658,900.00 (1) Represents the 18.5% of annual debt service on the 1994 Bonds to which the Agency has allocated Housing Set - Aside revenue derived from Project Area No. 1. 051 IV. SIGNATURE The information set forth herein has been furnished by the Agency 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 Agency or any other parties described herein. LA QUINTA REDEVELOPMENT AGENCY, A John Falconer ' Finance Director December 1 998 ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDED JUKE 30, 1998 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION REFUNDING BONDS SERIES 1998 LA QUINTA REDEVELOPMENT AGENCY CITY OF LA QUINTA RIVERSIDE COUNTY, CALIFORNIA 053 LIST OF PARTICIPANTS LA QUIN'TA REDEVELOPMENT AGENCY CITY OF LA QUINTA John Falconer Finance Director P.O. Box 1504 La Quinta, California 92253 (619) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT MBIA MuniFinancial* Temecula, CA 92590 (909) 699-3990 www.muni.com UNDERWRITER Miller & Schroeder Financial, Inc. BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Grace Yang U.S. Bank Trust, N.A. Los Angeles, California (213) 533-8713 * In its role as Disclosure Consultant and Dissemination Agent, MBIA MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. 054 L INTRODUCTION Pursuant to an Official Statement dated June 1, 1998, the La Quinta Redevelopment Agency (the "Agency") issued $15,760'000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Refunding Bonds, Series 1998, (the "Bonds"). The Bonds are being issued for the purpose of refinancing the Agency's La Quinta Redevelopment Project, Tax Allocation Bonds, Series 1991 (the "1991 Bonds"). The Bonds are payable on a parity with the Agency's previously issued La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"). The City of La Quinta, (the "City") which comprises approximately 31.18 square miles, is located in the Coachella galley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1") encompasses an area of approximately 11,200 acres, which includes approximately 56% of the current area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined. The Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The Bonds do not constitute indebtedness 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 Agency 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 Agency and the Bonds, reference is made to the Official Statement. 055 II. AUDITED FINANCIAL STATEMENTS The audited financial statements for the Agency for the fiscal year ended June 30, 1998 will be separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Information Statement. III. FINANCIAL AND OPERATING DATA A. PRINCIPAL OUTSTANDING Bonds Tax Allocation Refunding Bonds, Series 1998 B. FUND BALANCES Account Reserve Fund (') Balance as of September 30, 1998 $15,760,000 Balance as of November 18, 1998 N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation. C. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 1. Project Area No. 1 Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base 0) Increment 1996/97 $1,297,020,107 $13,821,291 $0 $1,310,841,398 $1,111,443,165 $11,344,856 1997/98 1,383,340,327 13,157,051 0 1,396,497,378 1,197,099,145 12,161,894 (1) The Base Value for the Project Area No. 1 is $199,398,233. Source: Riverside County Auditor -Controller's Office 056 2 D. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and the combined Debt Service Coverage for the Bonds and the 1994 Bonds. Less: Less: Maximum Maximum Fiscal Gross Tax Nonsubordinated Housing Pledged Annual Debt Annual Debt Year Increment Pass Throughs Set Aside Revenues Service (2) Service, Coverage 1996/97 $11,344,856 $125,545 $2,268,971 $8,950,340 $3,473,845 2.58 1997/98 12,161,894 134,267 2,432,379 9,595,248 3,473,845 2.76 (1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District to pass through Tax Increment on a nonsubordinated basis. (2) The combined Maximum Annual Debt Service on the Bonds and the 1994 Bonds is payable in the year 2007. A portion of the Housing Set Asides is pledged towards the payment of 18.5% of the debt service on the 1994 Bonds. E. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the Bonds and the 1994 Bonds. 1994 Maturity Date Bonds Debt The Bonds Total September 1 of Service Principal Interest Debt Service Combined 1998 $2,649,653 $0 $204,880 $204,880 $2,854,533 1999 2,651,008 0 819,520 819,520 3,470,528 2000 2,653,385 0 819,520 819,520 3,472,905 2001 2,651,385 0 819,520 819,520 3,470,905 2002 2,654,245 0 819,520 819,520 3,473,765 2003 2,652,465 0 819,520 819,520 3,471,985 2004 2,651,465 0 819,520 819,520 3,470,985 2005 2,652,815 0 819,520 819,520 3,472,335 2006 2,652,585 0 819,520 819,520 3,472,105 2007 2,654,325 0 819,520 819,520 3,473,845 2008 2,652,305 0 819,520 819,520 3,471,825 2009 2,651,160 0 819,520 819,520 3,470,680 2010 2,650,160 0 819,520 819,520 3,469,680 2011 2,653,575 0 819,520 819,520 3,473,095 2012 2,650,310 0 819,520 819,520 3,469,830 2013 655,000 819,520 1,474,520 1,474,520 2014 690,000 -85,460 1,475,460 1,475,460 2015 725,000 749,580 1,474,580 1,474,580 2016 765,000 711,880 1,476,880 1,476,880 2017 800,000 672,100 1,472,100 1,472,100 2018 845,000 630,500 1,475,500 1,475,500 2019 890ti000 586,560 1,476,560 1,476,560 2020 935,000 540,280 1,475,280 1,475,280 2021 985,000 491,660 1,476,660 1,476,660 2022 1,035,000 440,440 1,475,440 1,475,440 2023 1,090,000 386,620 1,476,620 1,476,620 2024 1,145,000 329,940 1,474,940 1,474,940 2025 1,205,000 270,400 1,475,400 1,475,400 2026 1,265,000 207,740 1,472,740 1,472,740 2027 1,330,000 141,960 1,471,960 1,471,960 2028 1,400,000 72,800 1,472,800 1,472,800 057 3 IV. SIGNATURE The information set forth herein has been furnished by the Agency 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 Agency or any other parties described herein. QUINTA,REDEVELOPMENT AGENCY John Falcofier Finance Director December 1998 M ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDED JUNE 30, 1998 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 2 TAX ALLOCATION REFUNDING BONDS ISSUE OF 1998 LA QUINTA REDEVELOPMENT AGENCY CITY OF LA QUINTA RIVERSIDE COUNTY, CALIFORNIA 059 LIST OF PARTICIPANTS LA QUINTA REDEVELOPMENT AGENCY CITY OF LA QUINTA John Falconer Finance Director P.O. Box 1504 La Quinta, California 92253 (619) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT MBIA MuniFinancial" Temecula, CA 92590 (909) 699-3990 www.muni.com UNDERWRITER Miller & Schroeder Financial, Inc. BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Grace Yang U.S. Bank Trust, N.A. Los Angeles, California (213) 533-8713 * In its role as Disclosure Consultant and Dissemination Agent, MBIA MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. I. INTRODUCTION Pursuant to an Official Statement dated June 24, 1998, the La Quinta Redevelopment Agency (the "Agency") issued $6,750,000 La Quinta Redevelopment Project Area No. 2 Tax Allocation Refunding Bonds, Issue of 1998 (the "Bonds"). The Bonds are being issued for the purpose of refinancing the Agency's La Quinta Redevelopment Project Area No. 2, Tax Allocation Bonds, Issue of 1992 (the "1992 Bonds"). 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. Redevelopment Project Area No. 2 (the "Project Area No. 2") encompasses an area of approximately 3,116 acres, which includes approximately 16% of the total corporate area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined. The Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The Bonds do not constitute indebtedness 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 Agency 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 Agency and the Bonds, reference is made to the Official Statement. 1.1 II. AUDITED FINANCIAL STATEMENTS The audited financial statements for the Agency for the fiscal year ended June 30, 1998 will be separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Information Statement. III. FINANCIAL AND OPERATING DATA A. PRINCIPAL OUTSTANDING Bonds Tax Allocation Refunding Bonds, Issue of 1998 B. FUND BALANCES Account Reserve Fund 0) Balance as of September 30, 1998 $6,750,000 Balance as of November 18, 1998 N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation. C. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 2. Project Area No. 2 Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base 0 Increment 1996/97 $419,135,799 $3,521,574 $0 $422,657,373 $327,474,618 $3,510,820 1997/98 485,513,978 4,484,841 0 487,998,819 392,816,064 4,107,340 (1) The Base Value for the Project Area No. 2 is $95,182,755. Source: Riverside County Auditor -Controller's Office 069 2 a D. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and Debt Service Coverage for the Bonds. Less: Less: Maximum Maximum Fiscal Gross Tax Nonsubordinated Housing Pledged Annual Debt Annual Debt Year Increment Pass Throughs 1'1 Set Aside Revenues Service (1) Service Coverage 1996/97 $3,510,820 $1,863,941 $702,164 $944,715 $423,788 2.23 1997/98 4,107,340 2,181,302 821,468 1,104,570 423,788 2.61 (1) The Agency has entered into agreements with the Riverside County General Fund, Riverside County Library District, Riverside County Fire District, , Coachella Valley Community College District, Riverside County Superintendent of Schools, Coachella Valley Water District, Coachella Valley Recreation and Parks District, Desert Sands Unified School District, and the Coachella Valley Mosquito Abatement District. to pass through Tax Increment on a nonsubordinated basis. (2) Maximum Annual Debt Service on the Bonds is payable in the year 2024. E. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the Bonds. Maturity Date September 1 of Principal Interest Debt Service 1998 $0 $85,501.88 $85,501.88 1999 80,000 342,007.50 422,007.50 2000 80,000 339,007.50 419,007.50 2001 85,000 335,927.50 420,927.50 2002 90,000 332,570.00 422,570.00 2003 90,000 328,925.00 418,925.00 2004 95,000 325,235.00 420,235.00 2005 100,000 321,292.50 421,292.50 2006 105,000 317,042.50 422,042.50 2007 110,000 312,527.50 422,527.50 2008 115,000 307,742.50 422,742.50 2009 120,000 302,625.00 422,625.00 2010 125,000 296,475.00 421,475.00 2011 130,000 290,068.75 420,068.75 2012 140,000 283,406.25 423,406.25 2013 145,000 276,231.25 421,231.25 2014 150,000 268,800.00 418,800.00 2015 160,000 261,112,50 421,112.50 2016 170,000 252,912.50 422,912.50 2017 175,000 244,200.00 419,200.00 2018 185,000 235,231.25 420,231.25 2019 195,000 225,750.00 420,750.00 2020 205,000 215,512.50 420,512.50 2021 215,000 204,750.00 419,750.00 2022 230,000 193,462.50 423,462.50 2023 240,000 181,387.50 421,387.50 2024 255,000 168,787.50 423,787.50 2025 265,000 155,400.00 420,400.00 2026 280,000 141,487.50 421,487.50 2027 295,000 126,787.50 421,787.50 2028 310,000 111,300.00 421,300.00 2029 325,000 95,025.00 420,025.00 2030 345,000 77,962.50 422,962.5C 2031 360,000 59,850.00 419,850.00 2032 380,000 40,950.00 420,950.00 2033 400,000 21,000.00 421,000.00 i' 063 IV. SIGNATURE The information set forth herein has been furnished by the Agency 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 Agency or any other parties described herein. LA QUINTA REDEVELOPMENT AGENCY ohn Falconef finance Director December Y 1998 064 4 _ '�81 LA QUINTA REDEVELOPMENT AGENCY Financial Statements and Supplemental Data Year ended June 30, 1998 (with Independent Auditors' Report Thereon) 065 :, 1 LA QUINTA REDEVELOPMENT AGENCY Financial Statements and Supplemental Data Year ended June 30, 1998 TABLE OF CONTENTS Page Independent Auditors' Report 1 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 • Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types 4 • Notes to the Financial Statements 6 Supplemental Data: Special Revenue Funds: • Combining Balance Sheet 24 • Combining- Statement of Revenues, Expenditures and Changes in Fund Balances 25 Debt Service Funds: • Combining Balance Sheet 26 • Combining Statement of Revenues, Expenditures and Changes in Fund Balances 27 Capital Projects Funds: • Combining Balance Sheet 28 • Combining Statement of Revenues, Expenditures and Changes in Fund Balances 29 Independent Auditors' Compliance Report 30 066 t� CONRAD CERTIFIED PUBLIC ACCOUNTANTS ASSOCIATES, L.L.P. A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS Board of Directors La Quinta Redevelopment Agency La Quinta, California INDEPENDENT AUDITORS' REPORT 1100 MAIN STREET, SUITE C IRVINE, CALIFORNIA 92614 (949) 474-2020 Fax (949) 263-5520 We have audited the accompanying financial statements of the La Quinta Redevelopment Agency, a component unit of the City of La Quinta, California as of and for the year ended June 30, 1998, as listed in the table of contents. These financial statements are the responsibility of the management of the La Quinta Redevelopment Agency. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the La Quinta Redevelopment Agency at June 30, 1998, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. During the year ended June 30, 1998, the Agency implemented GASB Statement No. 31 which changed the manner in which the Agency accounts for investments, as discussed further in note 16 to the financial statements. Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data listed in the table of contents is presented for purposes of additional analysis and is not a required part of the financial statements of the La Quinta Redevelopment Agency. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. �dytf•r�/ � �'is�rd�%o�-tee � G.� August 19, 1998 0 6 `r MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION LA QUINTA REDEVELOPMENT AGENCY Combined Balance Sheet -All Fund Types and Account Groups June 30, 1998 Governmental Fund Tvpes Account Groups General General Special Debt Capital Fixed Long -Term Revenue Service Proiects Assets Debt Assets and other debits Cash and investments (note 3) Cash with fiscal agent (note 3) Accounts receivable Prepaid items Interest receivable Notes receivable Due from other funds (note 4) Due from other governments Land held for resale Advances to other funds (note 5) Property, plant and equipment (note 6) Other debits: Amounts available in debt service funds Amount to be provided for retirement of long-term debt Total assets and other debits Liabilities. fund equity, and other credits Liabilities: Accounts payable Accrued expenses Deposits payable Contracts payable Due to other funds (note 4) Due to the City of La Quinta Advances from other funds (note 5) General long-term debt (notes 8 through 14 Total liabilities Fund equity and other credits: Investment in general fixed assets Fund balances: Reserved for: Debt service Bond Projects Advances to other funds Notes receivable Land held for resale Prepaid items Unreserved: Designations Undesignated Total fund equity and other credits Total liabilities, fund equity, and other credits $16,526.377 5,346.818 9.656,081 11,438,745 10 9976.793 143.944.814 131,303.004 See accompanying notes to the financial statements. 068 2 Totals (Memorandum Only) 1998 1997 $ 5,304,639 5,272,572 1,444,826 - 12,022,037 10,995,260 8,129,831 74,235 7,878,824 - 16,082,890 12,063,206 23,301 11 81,258 - - 104,570 260,567 - - - - - - 276,546 34,626 - 142,956 - - 177,582 32,517 2,420,750 - 108,217 - - 2,528,967 2,552,074" 62,192 - - - - 62,192 - - - - - - 6,187 - - - - - 86,320 551,038 - - - - 551,038 551,038 - - - 11,438,745 11,438,745 11,438,745 - - 4,286,709 4,286,709 4,021,464 96.690,084 96.690.084 89.019.080 $16,526,377 5.346.818 9.656.081 11.438.745 100.976,793 143.944.814 131,303.004 $ 54,988 4,340 28,566 - - 87,894 45,153 - 504,731 - - 504,731 948,073 14,426 - - - 14,426 14.398 - - - - - - 30,008 62,192 - - - - 62,192 - 162,702 - - 162,702 - - 551,038 - - 551,038 551,038 - 100,976.793 100.976,793 93,040,544 294,308 1.060.109 28.566 100,976.793 102.359,776 94.629.214 11,438,745 - 11,438,745 11,438,745 - 4,286,709 - - 4,286,709 3,744,918 8,129,831 - 7,878,824 - - 16,008,655 11,538,593 551,038 - - - - 551,038 551,038 2,420,750 - 108,217 2,528,967 2,552,074 - - - - - - 86,320 - - - - - - 276,546 5,211,172 - 1,640,474 - 6,851,646 6,485,556 (80,722) (80,722) 16,232,069 4.286.709 9,627.515 11,438,745 41,585,038 36,673,790 LA QUINTA REDEVELOPMENT AGENCY Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types Year ended June 30, 1998 Totals Special Debt Capital (Memorandum Only) Revenue Service Projects 1998 1997 Revenues: Tax increment $ 3,253,847 13,015,387 - 16,269,234 14,855,676 Developer reimbursements 11,127 - - 11,127 2,219,075 Intergovernmental - - - - 860 Investment income 679,976 110,618 288,437 1,079,031 1,559,559 Rental income 395,414 - - 395,414 715,203 Loss on sale of land (22,678) - - (22,678) - Litigation settlement proceeds - - 204 204 29,991 Miscellaneous - 54,611 Total revenues 4,317,686 13,126,005 288,641 17,732,332 19,434,975 Expenditures: Current: Administrative - - - - 1,457,118 Professional fees - - - - 902,749 Planning and development 2,729,873 203,161 651,832 3,584,866 1,082,095 Capital projects 2,691,777 - - 2,691,777 2,654,400 Debt service: Principal - 1,675,000 - 1,675,000 1,295,000 Interest - 4,584,546 - 4,584,546 4,483,550 Payments under pass -through obligations - 9.255,220 - 9,255,220 7,505,062 Total expenditures 5,421.650 15,717,927 651,832 21,791,409 19,379,974 Excess (deficiency) of revenues over expenditures (1,103.964) (2,591,922 3( 63,191) (4,059,077) 55,001 Other financing sources (uses): Operating transfers in 3,280,377 2,957,882 910,721 7,148,980 3,360,568 Operating transfers out (5,364,051) (910,721) (874,208) (7,148,980) (3,3601568) Transfers from the City of La Quinta - - 25,570 25,570 - Proceeds of bonds (net of issuance costs) - - 21,565,688 21,565,688 - Payments to refunded bond escrow agent - - (13,430,939) (13,430,939) - Proceeds of advances from City - 810,006 - 810,006 1,446,215 Total other financing sources (uses) (2,083,674) 2,857,167 8,196,832 8,970,325 1,446,215 Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses (3,187,638) 265,245 7,833,641 4,911,248 1,501,216 Fund balances at beginning of year 19,419,707 4,021,464 1,793,874 25,235,045 23,733,829 Fund balances at end of year $16,232,069 4,286,709 9,627,515 30,146,293 25,235,045 See accompanying notes to the financial statements. 069 3 LA QUINTA REDEVELOPMENT AGENCY Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types Year ended June 30, 1998 Revenues: Tax increment Developer reimbursements Investment income Rental income Loss on sale of land Litigation settlement proceeds Miscellaneous Total revenues Expenditures: Current: Planning and development Capital projects Debt service: Principal Interest Payments under pass -through obligations Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses): Operating transfers in Operating transfers out Transfer from the City of La Quinta Proceeds of bonds (net of issuance costs) Payments to refunded bond escrow agent Proceeds of advances from City of La Quinta Special Revenue Funds Variance - Favorable Budget Actual (Unfavorable) $ 3,227,037 35253,847 26,810 - 11,127 11,127 599,750 679,976 80,226 341,000 395,414 54,414 - (22,678) (22,678) 4,167,787 4,317,686 149,899 7,382,180 2,729,873 - 2,691,777 7.382,180 5,421,650 (3,214,393) (1,103,964) 4,652,307 (2,691,777) 1,960,530 2,110,429 2,822,336 3,280,377 458,041 (9,466,009) (5,364,051) 4,101,958 Total other financing sources (uses) (6,643,673) (2,083,674) 4,559,999 Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses Fund balances at beginning of year Fund balances at end of year (9,858,066) (3,187,638) 19,419,707 19,419,707 $ 9,561,641 16,232.069 See accompanying notes to the financial statements. 4 6,670,428 6,670,428 0 ,Q Debt Service Funds Capital Projects Funds Variance- Variance - Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) 12,908,147 13,015,387 107,240 - - - - 110,618 110,618 101,208 288,437 187,229 - - - - 204 204 12.908,147 13,126,005 217,858 101,208 288.641 187,433 248,505 203,161 45,344 2,374,637 651,832 1,722,805 1,675,000 1,675,000 - - - - 4,584,546 4,584,546 - - - - 8,436,663 9,255,220 (818,557) - - - 14,944,714 15,717,927 (773.213) 2,374,637 651,832 1,722,805 52,036,567) (2,591,922) (555,355) (2,273,429) (363.191) 1,910,238 2,956,049 2,957,882 1,833 1,810,595 910,721 (899,874) (1,810,595) (910,721) 899,874 (1,076,888) (874,208) 202,680 - - - - 25,570 25,570 - - - 21,565,688 21,565,688 - - - - (13,430,939) (13,430,939) - 810,006 810,006 - - - - 1,955,460 2,857,167 901,707 8,868.456 8,196,832 (671,624) (81,107) 265,245 346,352 6,595,027 7,833,641 1,238,614 4,021,464 4,021,464 - 1,793,874 1,793,874 - 3,940,357 4,286,709 346,352 8,388,901 9,627,515 1,238,614 s 071 r;f� LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements June 30, 1998 (1) Summary of Significant Accounting Policies The following is a summary of the significant accounting policies of the La Quinta Redevelopment Agency: (a) Fund Accounting The basic accounting and reporting entity is a "fund". A fund is defined as an independent fiscal and accounting entity with a self -balancing set of accounts, recording resources, related liabilities, obligations, reserves and equities segregated for the purpose of carrying out specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations. The accounting records of the Agency are organized on the basis of fiends and account groups classified for reporting purposes as follows: GOVERNMENTAL FUNDS Special Revenue Funds The Special Revenue Funds consist of the Low and Moderate Income Housing Funds of the Redevelopment Agency and are used to account for the portion of the Agency's tax increment revenue that is legally restricted for increasing or improving housing for low or moderate income households. Debt Service Funds The Debt Service Funds account for tax increment revenues bond proceeds and any related interest income required to be set aside for future debt service. The funds are used to repay principal and interest on indebtedness of the Agency. Under provisions of the Health and Safety Code and the Agency's bond resolutions, these funds are referred to as "Special Funds". Capital Projects Funds The Capital Projects Funds account for bond proceeds available for project improvements, interest income on invested funds and certain other income. The funds are expended primarily for redevelopment project costs and administrative expenses. Under provisions of the Health and Safety Code and the Agency's bond resolutions, these funds are referred to as "Redevelopment Funds". 07 6 '?{1 LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (1) Summary of Significant Accounting Policies, (Continued) ACCOUNT GROUPS General Long -Term Debt Account Group This account group is used to account for all long-term debt of the Agency. The proceeds of the indebtedness is recorded in the Capital Projects (Redevelopment) fund and serves as a financing source for redevelopment expenditures. General Fixed Assets Account Group The General Fixed Assets Account Group is used to account for the cost of fixed assets acquired to perform general government functions. Assets purchased are recorded as expenditures in the governmental funds and capitalized at cost in the general fixed assets account group. Contributed fixed assets are recorded in general fixed assets at fair market value at the time received. Fixed assets acquired under a capital lease are recorded at the net present value of future lease payments. No depreciation has been provided on general fixed assets. (b) Basis of Accounting The modified accrual basis of accounting is utilized by all funds of the Agency. Under the modified accrual basis of accounting, expenditures are recorded when a current liability is incurred and revenues are recorded when received in cash unless susceptible to accrual (i.e., measurable and available to finance the Agency's operations). (c) Relationship to the City of La Quinta The Agency is an integral part of the reporting entity of the City of La Quinta. The funds and account groups of the Agency have been included within the scope of the financial statements of the City because the City Council of the City of La Quinta exercises oversight responsibility over the operations of the Agency. Only the funds and account groups of the Agency are included herein and these financial statements, therefore, do not purport to represent the financial position or results of operations of the City of La Quinta, California. 073 LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (1) Summary of Significant Accounting Policies. (Continued) (d) Cash and Investments Investments are reported in the accompanying balance sheet at fair value, except for certain certificates of deposit and investment contracts that are reported at cost because they are not transferable and they have terms that are not affected by changes in market interest rates. Changes in fair value that occur during a fiscal year are recognized as investment income reported for that fiscal year. Investment income includes interest earnings, changes in fair value, and any gains or losses realized upon the liquidation or sale of investments. (e) Land Held for Resale Land held for resale represents property acquired by the Agency for resale. The property is recorded at original cost. No write -down for a lower market value has been reflected in the accompanying financial statements. (f) Budgetary Reporting The Agency adopts an annual budget prepared on the modified accrual basis for all of its governmental funds. (g) Memorandum Only Totals Columns in the accompanying financial statements captioned "Totals (Memorandum Only)" are not necessary for a fair presentation of the financial statements in accordance with generally accepted accounting principles, but are presented as additional analytical data. (2) Organization and Tax Increment Financing Redevelopment Goals and Obiectives The general objective of the Redevelopment Plan adopted by the Agency is to encourage investment in the Redevelopment Project Areas by the private sector. The Redevelopment Plan provides for the demolition of buildings and improvements, the relocation of any displaced occupants, and the construction of streets, parking facilities, utilities and other public improvements. The Redevelopment Plan also includes the ability to redevelop land by private enterprise or public agencies, the rehabilitation of structures, the rehabilitation or construction of single family and low and moderate income housing, and participation by owners and tenants of properties in the Redevelopment Project. 074 LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (2) Organization and Tax Increment Financiny, (Continued) Redevelopment Project Areas The Agency has established two redevelopment project areas. 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. Tax Increment Financing The Law provides a means for financing redevelopment projects based upon an allocation of taxes collected within a redevelopment project. The assessed valuation of a redevelopment project last equalized prior to adoption of a redevelopment plan or amendment to such redevelopment plan, or "base roll', is established and, except for any period during which the assessed valuation drops below the base year level, the taxing bodies, thereafter, receive the taxes produced by the levy of the current tax rate upon the base roll. Taxes collected upon any increase in assessed valuation over the base roll ("tax increment") are paid 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. (3) Cash and Investments Cash and investments held by the Agency at June 30, 1998 consisted of the following: State of California Local Agency Investment Fund $ 5,730,676 Equity in City cash and investment pool 6,291,361 Total cash and investments held by the Agency $12,022,037 Cash and investments held by fiscal agent at June 30, 1998 consisted of the following: United States Treasury Notes $ 8,013,696 FNMA 1,931,253 Federal Home Loan Bank 973,554 Mutual funds - First American Treasury Obligations 5,164,387 Total cash and investments held by fiscal agent $16,082.890 9 0�5 LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (3) Cash and Investments, (Continued) The City and its component units are authorized by its investment policy to invest in the following types of investments: Investment Type Maximum % Savings/operating accounts 85% Government pools 35% U.S. government and agency securities 75% Bankers' Acceptances 30% Commercial Paper 30% Mutual Funds 20% Certificates of Deposit 60% Investments of cities in securities are classified in three categories to give an indication of the level of custodial risk assumed by the entity. Category 1 - includes investments that are insured or registered or for which the securities are held by the City or the City's custodial agent (which must be a different institution other than the party through which the City purchased the securities) in the City's name. Investments held "in the City's name" include securities held in a separate custodial or fiduciary account and identified as owned by the City in the custodian's internal accounting records. Category 2 - includes uninsured and unregistered investments for which the securities are held in the City's name by the dealer's agent (or by the trust department of the dealer if the dealer was a financial institution and another department of the institution purchased the securities for the City.) Category 3 - includes uninsured and unregistered investments for which the securities are held by the dealer's trust department or agent, but not in the City's name. Category 3 also includes all securities held by the broker -dealer agent of the City (the party that purchased the securities for the City) regardless of whether or not the securities are being held in the City's name. 076 10 LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (3) Cash and Investments, (Continued) Category 1 2 3 Carrying Amount Investments held by fiscal agent: U.S. Treasury Notes $ - 8,013,696 - 8,013,696 FNMA - 1,931,253 - 1,931,253 Federal Home Loan Bank - 973,554 - 973,554 $ - 10,918,503 - 10,918,503 Investments held by the City not subject to categorization: Investment in State of California Local Agency Investment Fund 5,730,676 Equity in City cash and investment pool 6,291,361 Investments held by fiscal agent not subject to categorization: Investment in mutual funds: First American Treasury Obligations 5,164,387 $28,104,927 The carrying amount of all investments reflected in the above table is at fair value, except for investment contracts that are carried at cost because they are not transferable and they have terms that are not affected by changes in market interest rates. The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. The fair value of the City's investment in this pool is reported in the accompanying financial statements at amounts based upon the City's pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis. Included in LAIF's investment portfolio are collateralized mortgage obligations, mortgage - backed securities, other asset -backed securities, loans to certain state funds, and floating rate securities issued by federal agencies, government -sponsored enterprises, and corporations. LA QUTNTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (4) Due From and To Other Funds Current interfund receivables and payables balances at June 30, 1998 are as follows: Special Revenue Funds: Low/Moderate Income Housing - PA1 Low/Moderate Bond - PA 1 (5) Advances to and From Other Funds Current Current Interfund Interfund Receivables Pa a� bles $62,192 62,192 $62,192 62,192 The Agency elected to borrow $511,903, and $39,135 from Project Area No. 1 and Project Area No. 2, respectively, of the Low/Moderate Income Housing Funds to make the ERAF payment in fiscal year ended June 30, 1994. The Redevelopment Agency Project Area No. 1 and Project Area No. 2 Debt Service Funds will repay the Low/Moderate Income Housing Special Revenue Funds. The Agency has ten years to repay this loan. The Agency has elected to make repayment in the tenth year (2003-04). (6) Changes in General Fixed Assets The Agency has purchased land which is intended to be used for community facilities. A summary of general fixed assets transactions for the fiscal year ended June 30, 1998 is as follows: Land (7) Property Taxes Balances at July 1, 1997 Additions $11,438,745 Balances at Deletions June 30, 1998 11.438.745 Under California law, property taxes are assessed and collected by the counties up to 1 % of assessed value, plus other increases approved by the voters. The property taxes are recorded initially in a pool, and are then allocated to the cities based on complex formulas. Accordingly, the City of La Quinta accrues only those taxes which are received from the County within sixty days after year end. 12 Oi8 LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (7) Property Taxes, (Continued) Lien date Levy date Due dates Collection dates March 1 June 30 November 1 and February December 10 and April 10 The La Quinta Redevelopment Agency's primary source of revenues comes from property taxes. 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. (b) Property taxes related to the incremental increase in assessed values after the adoption of the Redevelopment Plan are allocated to the Agency; all taxes on the "frozen" assessed valuation of the property are allocated to the City and other districts. The Agency has no power to levy and collect taxes and any legislative property tax shift might reduce the amount of tax revenues that would otherwise be available to pay the principal of, and interest on, debt. 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 principal and interest on debt. 13 079 t LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (8) General Long -Term Debt Changes in general long-term debt for the year ended June 30, 1998, were as follows: Project Area No. 1: Tax allocation bonds Housing tax allocation bonds Pass through agreements payable: Due to County of Riverside Desert Sands Unified School District Coachella Valley Unified School District Advances from City of La Quinta Project Area No. 2: Tax allocation bonds Housing tax allocation bonds Due to County of Riverside Advances from City of La Quinta Total long-term debt (9) Tax Allocation Bonds Balance at Balance at Julv 1, 1997 Additions Deletions June 30. 1998 $32,820,000 15,760,000 (8,695,000) 39,885,000 17,677,385 - (247,979) 17,429,406 10,517,138 - (195,086) 10,322,052 569,010 - (569,010) - 11,270,808 - (580,683) 10,690,125 3,649,852 364,995 - 4,014,837 5,505,000 6,750,000 (5,505,000) 6,750,000 4,777,615 - (67,021) 4,710,594 1,803,518 476,022 - 2,279,540 4.450.218 445,021 - 4,895,239 $93.040,544 23.796,028(15.859,779) 100,976,793 Tax Allocation Refunding Bonds, Series 1994 Tax allocation refunding bonds, Series 1994, in the amount of $26,665,000 were issued by the Agency to refund the outstanding aggregate principal amount of the Agency's Tax Allocation Bonds, Series 1989 and 1990. The remaining proceeds were used to finance certain capital improvements within the La Quinta Redevelopment Project Area No. 1. Interest rates on the bonds ranges from 3.80% to 7.3% and are payable semi-annually on March 1 and September 1 of each year until maturity. The interest and principal of the bonds are payable solely from pledged tax increment revenues. The bonds are not subject to redemption prior to maturity. A portion of the proceeds was used to obtain a surety agreement to satisfy the bond reserve requirement. The principal balance of outstanding bonds at June 30, 1998 is $24,125,000. 080 14 LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (9) Tax Allocation Bonds, (Continued) Tax Allocation Refunding Bonds, Series 1994, (Continued) A portion of the bond proceeds, in the amount of $27,922,526, was deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the 1989 and 1990 Tax Allocation Bonds. As a result, the bonds are considered to be defeased and the liability for those bonds has been removed from the general long-term debt account group. As of June 30, 1998, $6,280,000 and $15,875,000 of the 1989 and 1990 defeased bonds are outstanding, respectively. Tax Allocation Refunding Bonds, Series 1998 - Project Area No. 1 Tax allocation refunding bonds, Series 1998, in the amount of $15,760,000 were issued by the Agency to refund the outstanding aggregate principal amount of the Agency's Tax Allocation Bonds, Series 1991. The remaining proceeds were used to finance certain capital improvements within the La Quinta Redevelopment Project Area No. 1. The interest rate on the bonds is 5.20% payable semi-annually on March 1 and September 1 of each year until maturity. The interest and principal of the bonds are payable from pledged tax increment revenues on a parity with the Agency's previously issued Tax Allocation Refunding Bonds, Series 1994. Term Bonds maturing September 1, 2028 are subject to mandatory sinking fund redemption, in part by lot, on September 1, 2013 and on each September 1 thereafter, through September 1, 2028, at a price equal to the principal amount thereof plus accrued interest. A portion of the proceeds was used to obtain a surety agreement to satisfy the bond reserve requirement. The principal balance of outstanding bonds at June 30, 1998 is $15,760,000. A portion of the bond proceeds, in the amount of $7,822,592, was deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the 1991 Tax Allocation Bonds. As a result, the bonds are considered to be defeased and the liability for those bonds has been removed from the general long-term debt account group. The total debt service payments on the new debt (refunding portion) are $6,022,599 greater than the total debt service payments on the old debt, primarily as a result of extending the period over which the new debt service will be paid. However, this was almost entirely offset by the interest savings associated with the reduction in interest rates, thereby resulting in a small economic loss of only $111,737. As of June 30, 1998, $7,460,000 of the defeased bonds are outstanding. 153 LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (9) Tax Allocation Bonds, (Continued) Tax Allocation Refundinu Bonds. Series 1998 - Proiect Area No. 2 Tax allocation refunding bonds, Series 1998, in the amount of $6,750,000 were issued by the Agency to refund the outstanding aggregate principal amount of the Agency's Tax Allocation Bonds, Series 1992. The remaining proceeds were used to finance certain capital improvements within the La Quinta Redevelopment Project Area No. 2. Interest rates on the bonds range from 3.75% to 5.25% and are payable semi-annually on March 1 and September 1 of each year until maturity. The interest and principal of the bonds are payable solely from pledged tax increment revenues of Project Area No. 2. Term Bonds maturing September 1, 2028 and September 1, 2033 are subject to mandatory sinking fund redemption, in part by lot, on September 1, 2009 and September 1, 2019, respectively, and on each September 1 thereafter at a price equal to the principal amount thereof plus accrued interest. A portion of the proceeds was used to obtain a surety agreement to satisfy the bond reserve requirement. The principal balance of outstanding bonds at June 30, 1998 is $6,750,000. A portion of the bond proceeds, in the amount of $5,608,347, was deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the 1992 Tax Allocation Bonds. As a result, the bonds are considered to be defeased and the liability for those bonds has been removed from the general long-term debt account group. The total debt service payments on the new debt (refunding portion) are $1,561,149 greater than the total debt service payments on the old debt, primarily as a result of extending the period over which the new debt service will be paid. However, the present value of the difference between the old debt service and the new debt service resulted in an economic gain of $1,026,531 after taking into account the time value of money. This reflects the savings associated with the reduction of interest rates that resulted from the refunding. As of June 30, 1998, $5,380,000 of the defeased bonds are outstanding. (10) 1995 Housing Tax Allocation Bonds La Quinta Redevelopment Project Areas Nos. 1 and 2 1995 Housing Tax Allocation Bonds, were issued by the Agency, July 1, 1995, in the amount of $22,455,000 to increase, improve and/or preserve the supply of low and moderate income housing in the City. Interest is payable semi-annually on March 1 and September 1 of each year commencing March 1, 1996. Interest payments range from 4% to 6% per annum. 16 r� l LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (10) 1995 Housing Tax Allocation Bonds. (Continued) Term Bonds maturing on September 1, 2025 are subject to mandatory sinking fund redemption, in part by lot, on September 1, 2011 and on each September 1, thereafter; through September 1, 2025, at a price equal to the principal amount plus accrued interest. A portion of the proceeds was used to obtain a surety agreement to satisfy the bond reserve requirement. The principal balance of outstanding bonds at June 30, 1998 is $22,140,000. Q 1) Due to County of Riverside, (Continued) Project Area No. 1 Based on an agreement amended December 21, 1993 between the Agency, the City of La Quinta, and the County of Riverside (County), the Agency will pay to the County $10,517,138 from tax increment revenue relating to Project Area No. 1. This agreement is in consideration of the tax revenues lost by the County as a result of the formation of Project Area No. 1. The tax increment is to be paid to the County over a payment schedule through June 30, 2006 in annual amounts ranging from $386,764 to $2,190,473 with principal payments commencing in June 1998. Unpaid balances accrue interest at 5.5% per annum. The balance at June 30, 1998 was $10,322,052. Project Area No. 2 Based on an agreement dated July 5, 1989 between the Agency and the County, until the tax increment reaches $5,000,000 annually in Project Area No. 2, the Agency will pay to the County 50% of the County portion of tax increment. At the County's option, the County's pass -through portion can be retained by the Agency to finance new County facilities or land costs that benefit the County and serve the La Quinta population. Per the agreement, the Agency must repay all amounts withheld from the County. The Agency is required to begin repayment in the year in which tax increment reaches $5,000,000 in ten equal annual installments. Interest does not accrue on this obligation. The balance at June 30, 1998 was $2,279,540. 083 17 4 1 LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (12) Notes Payable to Coachella Vallev 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 associated with properties _within District confines. Such payments are subordinate to other indebtedness of the Agency incurred in furtherance of the Redevelopment Plan for Project Area No. 1. This tax increment is paid to the District over a payment schedule through August 1, 2012 in amounts ranging from $474,517 to $834,076 for a total amount of $15,284,042. Tax increment payments outstanding at June 30, 1998 totaled $10,690,125. The District agrees to use such funds to provide classroom and other construction costs, site acquisition, school buses, expansion or rehabilitation of current facilities. (13) Advances from the City of La Quinta The following represents a summary of the various transactions between the City of La Quinta and the Agency, accounted for as advances from the City: Balances at Balances at Julv 1. 1997 Proceeds Repayments June 30, 1998 Agency expenditures incurred by the City: Project Area No. 1 $3,649,852 364,985 - 4,014,837 Project Area No. 2 4,450,218 445,021 - 4,895,239 Totals $8.100.070 810,006 - 8,910,076 (14) Debt Service Requirements to Maturitv The minimum annual requirements (including sinking fund requirements) to amortize the long-term debt of the Agency as of June 30, 1998 are as follows (advances payable to the City and the pass -through obligation owed by Project Area No. 2 to the County have been excluded since minimum annual debt service payments have not been established): 18 084 1 LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) 14) Debt Service Requirements to Maturitv. (Continued Redevelopment Agency RDA RDA PA No. I Project Area No. I PA No. 2 and No. 2 Tax Tax Tax Allocation Allocation Allocation 1995 Year Bonds Bonds Bonds Housing Tax Ending Series Series Series Allocation June30 1994 1998 1998 Bonds 1998-99 $ 2.625,330 614.640 256.506 1,591,790 1999-00 2,624,696 819.520 420,507 1,592,570 2000-01 2,624,885 819,520 417,467 1,392,187 2001-02 2,620.315 819,520 419,249 1,590.690 2002-03 2,620,855 819,520 420,747 1,592,820 2003-04 2,599,465 819,520 417,080 1,588,538 2004-05 2,612,140 819,520 418,264 1,587,990 2005-06 2,597,700 819,520 419,167 1,590,890 2006-07 2,593,456 819,520 419,785 1,645,502 2007-08 2,590,816 819,520 420,135 1,646,470 2008-09 2,584,232 819,520 420,184 1,645,125 2009-10 2,578,160 819,520 419,550 1,641,540 2010-11 2,571,868 819.520 418.272 1,640,840 2011-12 2,569.442 819,520 416,738 1,641,650 2012-13 2,560,155 819,520 419,819 1,638,750 2013-14 - 1.457.490 417.516 1,638,300 2014-15 1,457,520 414,956 1,635,150 2015-16 1,455,730 417,012 1,634,150 2016-17 - 1,456,990 418,556 1,630,150 2017-18 - 1,451,300 414,716 1,632,850 2018-19 - 1,453,530 415,491 1,627,100 2019-20 - 1,453,420 415.631 1,627,750 2020-21 - 1,450,970 415,131 1,624,500 2021-22 - 1,451,050 414,106 1,622,200 2022-23 - 1A48,530 417,425 1.620,550 2023-24 - 1,448,280 415,088 1,619,250 2024-25 - 1,445,170 417,094 1,613,150 2025-26 - 1,444.070 413,444 1,6)1,950 2026-27 - 1,439,850 414,137 - 2027-28 - 1,437,380 414,044 - 2028-29 - 1,436,400 413,162 - 2029-30 - - 411,494 - 2030-31 - - 413,906 - 2031-32 - - 410,400 - 2032-33 - - 410,975 - 2033-34 410,500 - Principal and interest 38.973.515 35.275,600 14,828,254 45,364,402 Less: Interest (14,848.515) (19.515,600) 8A( 78.254) 23,2( 24,402) Total Principal $24,125.000 15.760,000 6.750,000 22,140,000 19 Pass -through Agreements Project Area No. 1 Coachella Valley Unified County School of District Riverside Total 621.976 773,528 6,483.770 649.927 773.528 6,980,748 670,817 1,803,705 7,928,581 684,233 1.803,705 7,937.712 697,918 1.803,705 7.955.565 711,877 2,190,473 8,326.953 726,114 2,190,473 8,354,501 740,636 2,190,473 8,358,386 755,449 - 6,233.712 770,558 - 6,247,499 785,968 - 6,255,029 801,688 - 6.260,458 817,722 - 6,268.222 834,076 - 6,281 A26 421,166 - 5,859,410 - - 3,513,306 - - 3,507,626 - - 3,506,892 - - 3,505,696 - - 3,498,866 - - 3,496,121 - - 3,496.801 - - 3,490,601 - - 3,487,356 - - 3,486.503 - - 3,482,618 - - 3,475,414 - - 3.469.464 - - 1,853,987 - - 1,851A24 - - 1,849,562 - - 411,494 - - 413,906 - - 410,400 - - 410,975 - 410,500 10,690,125 13,529,590 158,661.486 (3,207,538) (68,874,309) 10.690,125 10.322,052 89,787.1770 O J LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (15) 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 used to meet debt service requirements of the bond indentures before any payments may be made on other obligations of the Agency. (16) Change in Accounting Principle During the year ended June 30, 1998, the Agency implemented GASB Statement No. 31 which requires that the Agency use investment fair values (instead of amortized cost) for financial reporting purposes, as described more fully in note 1 to the financial statements. The cumulative effect of applying this statement upon the beginning fund balances of each fund was not material, and accordingly, those balances have not been restated. (17) Year 2000 Project The Agency uses the computer systems and equipment of the City of La Quinta. The City of La Quinta is in the process of evaluating its computer systems to ascertain which of its systems might be impacted by a failure of the computer hardware or programming code to properly recognize and process transactions dated on or after the year 2000. The systems under evaluation include: Air Conditioning/Heating Systems Phone Systems (G3iVl) Phone Systems (Audix 2.1.1) Phone System (Homisco) Mobile Phones (Nextel) Street Lights Traffic Signals User Software (Various Applications) Accounting Software (ForFUND by Mirasoft, Inc Irrigation Systems Stadium Lights Drainage Pumps Computer Operating System Software Generally, the City is in the Assessment Stage of completion for all systems listed above. The City has incurred (or will incur) the following estimated costs associated with its Year 2000 project: O86 20 LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (17) Year 2000 Project, (Continued) Evaluation of Y2K Compliance • Money spent before June 30, 1998 on Y2K evaluation $ - • Money expected to be spent to complete Y2K evaluation in 1998-99 5,000 • Money to be spent in the future correcting Y2K problems To be determined Hardware and Software Upgrades Money spent before June 30, 1998 on Y2K upgrades $ - Money expected to be spent on Y2K upgrades during 1998-99 25,000 Money to be spent in 1999-2000 to correct Y2K problems Depends on final assessment The scope of the financial statement audit does not include an evaluation of the adequacy of management's plans with respect to this issue. Action taken or planned by the City for each stage relating to this project is as follows: Awareness Stage - The City of La Quinta has conducted a thorough inventory of its computer systems, software and related systems, which may be affected by the year 2000 date. It has completed this initial identification and has identified 95% of the items as either compliant or non -compliant. The City of La Quinta has also sent out a vendor survey to gain information from vendors as to their Y2K awareness and the steps they are taking to ensure compliance. Assessment Stage - The City of La Quinta is just starting the assessment stage. Review of the audit finding will identify compliant and non -compliant systems. Responses to outside vendor surveys will be received and potential problems will need to be identified. Some of the non -compliant issues may not affect City operations. Each case of non- compliance will be evaluated on an individual basis. Contingency plans should also be worked up for each department, in case of system failure due for whatever reason (i.e., streetlights, payroll systems, delivery of electricity, etc.). Completion of assessment to be completed January 1999. Remediation Stage - Once non-compliance has been identified, and this non-compliance has been found to impact negatively on City operations, the City of La Quinta will review options for replacing this system or switching vendors. At this time, the City of La Quinta is requiring all purchases of systems and related items be Y2K compliant. Remediation stage to be completed February 1999. Validation/Testing - Validation and testing will be started in Spring of 1999. The nature of the testing for the data processing system will be to change the dates on the hardware and process batches to identify potential problems. This testing will be done after hours or weekends. 21 ' ? LA QUINTA REDEVELOPMENT AGENCY Notes to the Financial Statements (Continued) (17) Year 2000 Project, (Continued) Implementation Stage - The implementation of Year 2000 compliance will depend largely on the cost of items identified and the amount of time required to correct the problem. The work done thus far indicates that implementation will occur during the 1999-00 fiscal year. 088 22 1 �' Assets Cash and investments Cash with fiscal agent Accounts receivable Interest receivable Notes receivable Due from other funds Due from other governments Land held for resale Advances to other funds Total assets Liabilities and Fund Balances Liabilities LA QUINTA REDEVELOPMENT AGENCY Special Revenue Funds Combining Balance Sheet June 30, 1998 Low/Moderate Low/Moderate Income Income Low/ Low/ Housing Housing Moderate Moderate Project Project Bond Bond Area No. 1 Area No. 2 PA No. 1 PA No. 2 Totals 1998 1997 _ $3,029,624 1,703,827 - 571,188 5,304,639 5,387,341 - - 5,375,024 2,754,807 8,129,831 10,809,165 23,301 - - - 23,301 197,567 - - 34,626 - 34,626 24,091 2,420,750 - - - 2,420,750 2,452,283 62,192 - - - 62,192 - - - - - - 1,237 - - - - 86,320 511,903 39.135 - 551.038 551,038 $6.047,770 1,742,962 5A09.650 3,325,995 16,526.377 19,509,042 Accounts payable $ 15,106 Accrued expenses - Deposits payable 14,426 Contracts payable - Due to other funds - Due to the City of La Quinta - Total liabilities 29,532 Fund balances: Reserved for: Bond projects - Advances to other funds 511,903 Notes receivable 2,420,750 Land held for resale - Unreserved: Designations 3,085,585 Undesignated Total fund balances 6,018.238 Total liabilities and fund balances $6.047.770 4,185 5,657 30,040 54,988 10,929 - - - - 34,000 14,426 14,398 - - - 30,008 62,192 - 62,192 - 47,499 115,203 162,702 4,185 115,348 145.243 294,308 89.335 - 5,375,024 2,754,807 8,129,831 10,809,165 39,135 - - 551,038 551,038 - - - 2,420,750 2,452,283 - - - - 86,320 1,699,642 - 425,945 5,211,172 5,520,901 - (80.722 ) (80,722) - 1,738.777 5,294.302 3,180.752 16,232,069 19.419.707 1,742.962 5,409.650 3,325,995 16,526,377 19,509,042 089 24 LA QUINTA REDEVELOPMENT AGENCY Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances Year ended June 30, 1998 Low/Moderate Low/Moderate Income Income Housing Housing Project Project Area No. 1 Area No. 2 Revenues: Tax increment $2,432,379 821,468 Developer reimbursements 11,127 - Investment income 105,590 55,851 Rental income 395,414 - Loss on sale of land (22,678) - Miscellaneous Total revenues 2,921.832 877.319 Expenditures: Current: Administrative - - Professional fees - - Planning and development 1,795,539 247,158 Capital projects Total expenditures 1,795,539 247.158 Excess (deficiency) of revenues over (under expenditures 1,126,293 630.161 Other financing sources (uses): Operating transfers in 212,193 265,517 Operating transfers out (1,742.501) (339,341 Total other financing sources (uses) (1,530.308) 73,824 Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses (404,015) 556,337 Fund balances at beginning of year 6,422,253 1.182,440 Fund balances at end of year $6.018.238 1,7 88,777 Low/ Low/ Moderate Moderate Bond Bond Totals PA -No. 1 PA No. 2 1998 1997 - - 3,253,847 2,971,135 - - 11,127 2,119,347 416,525 102,010 679,976 1,275,590 - - 395,414 715,203 - - (22,678) - 54,611 416,525 102.010 4.317.686 7.135.886 728,046 - - - 432,755 456,081 231,095 2,729,873 962,595 - 2,691.777 2.691,777 453,062 456,081 2.922.872 5.421.650 2.576,458 (39,556 ) 2.82( 0.862) (1.103.964) 4.559.428 - 2,802,667 3,280,377 1,5871-792 (3,016,305) 26( 5,904) (5.364.051) (3.360.568) (3,016,305) 2.536.763 (2,083.674) (1,772,776) (3,055,861) (284,099) (3,187,638) 2,786,652 8,350,163 3.464.851 19.419,707 16,633.055 5,294.302 3.180,752 16.232.069 19.419,707 09n 25 ? i LA QUINTA REDEVELOPMENT AGENCY Debt Service Funds Combining Balance Sheet June 30, 1998 Redevelopment Redevelopment Agency Agency Totals PA No. 1 PA No. 2 1998 1997 Assets Cash and investments $3,389,702 1,882,870 5,272,572 4,680,466 Cash with fiscal agent 52,385 21,850 74,235 524,613 Accounts receivable - Prepaid expenses - - - 276,546 Due from other governments - - - 4,950 Total assets $3.442,098 1.904,720 5,346,818 5,486.575 Liabilities and Fund Balances Liabilities: Accounts payable $ 4,340 - 4,340 - Accrued expenses 149,224 355,507 504,731 914,073 Advances from other funds 511,903 39,135 551.038 551.038 Total liabilities 665,467 394,642 1.060.109 1,465.111 Fund balances: Reserved for: Debt service 2,776,631 1,510,078 4,286,709 3,744,918 Prepaid expenses - - - 276,546 Total fund balances 2,776,631 1,510,078 4,286.709 4,021,464 Total liabilities and fund balances $3,442,098 1,904,720 5,346,818 5,486,575 091 26 7) 1 9 LA QUINTA REDEVELOPMENT AGENCY Debt Service Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances Year ended June 30, 1998 Redevelopment Redevelopment Agency Agency Totals PA No. 1 PA No. 2 1998 1997 Revenues: Tax increment $ 9,729,515 Investment income 29,829 Total revenues 9,759,344 Expenditures: Current: Professional fees - Planning and development 152,565 Debt service: Principal 1,482,979 Interest 3,496,109 Payments under pass - through obligations 6,251,259 Total expenditures 11,382,912 Excess (deficiency) of revenues over expenditures (1,623,568) Other financing sources (uses): Operating transfers in 1,796,304 Operating transfers out (368,565) Proceeds of advances from City 364,985 Total other financing sources (uses) 1,792,724 Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses 169,156 Fund balances at beginning of year 2,607,475 Fund balances at end of year $ 2,776,631 27 3,285,872 13,015,387 11,884,541 80,789 110,618 131,982 3,366.661 13,126.005 12.016,523 - - 147,126 50,596 203,161 - 192,021 1,675,000 1,295,000 1,088,437 4,584,546 4,450,140 3,003,961 9,255,220 7.505.062 4,335,015 15,717,927 13,397.328 (968,354) (2,591.922) (1,380,805) 1,161,578 2,957,882 1,772,776 (542,156) (910,721) - 445,021 810,006 604,895 1,064.443 2,857,167 2,377,671 96,089 265,245 996,866 1,413,989 4,021,464 3,024,598 1,510,078 4,286.709 4,021.464 092 4 LA QUINTA REDEVELOPMENT AGENCY Capital Projects Funds Combining Balance Sheet June 30, 1998 Redevelopment Redevelopment Agency Agency Totals PA No. 1 PA No. 2 1998 1997 Assets Cash and investments $ 8,045 1,436,781 1,444,826 927,453 Cash with fiscal agent 7,170,042 708,782 7,878,824 729,428 Accounts receivable - 81,258 81,258 63,000 Interest receivable 142,956 - 142,956 8,426 Notes receivable - 108,217 108,217 99,791 Total assets $7,321,043 2,335,038 9,656,081 1,828,098 Liabilities and Fund Balances Liabilities: Accounts payable $ 15,367 13,199 28.566 34,224 Total liabilities 15,367 13,199 28,566 34,224 Fund balances: Reserved for: Bond projects 7,170,042 708,782 7,878,824 729,428 Notes receivable - 108,217 108,217 99,791 Unreserved: Designated for special projects 135,634 1,504,840 1,640,474 964,655 Total fund balances 7,305.676 2,321,839 9,627,515 1,793,874 Total liabilities and fund balances $7,321,043 2,335,038 9,656,081 1,828,098 093 28 LA QUINTA REDEVELOPMENT AGENCY Capital Projects Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances Year ended June 30, 1998 Redevelopment Redevelopment Agency Agency Totals PA No. 1 PA No. 2 1998 1997 Revenues: Developer reimbursements $ - - - 99,728 Intergovernmental - - - 860 Investment income 42,161 246,276 288,437 151,987 Litigation settlement proceeds 204 - 204 29,991 Total revenues 42,365 246,276 288,641 282.566 Expenditures: Current: Administrative - - - 729,072 Professional fees - - - 322,868 Planning and development 370,024 281,808 651,832 119,500 Debt service: Interest - - - 33,410 Total expenditures 370,024 281,808 651,832 1,204.850 Excess (deficiency) of revenues over expenditures (327.659) (35,532) (363,191.) (922,284) Other financing sources (uses): Operating transfer in 368,565 542,156 910,721 - Operating transfer out (52,358) (821,850) (874,208) - Transfers from the City of La Quinta - 25,570 25,570 - Transfers to the City of La Quinta - - - (2,201,338) Proceeds of bonds (net of issuance costs) 15,134,466 6,431,222 21,565,688 - Payments to refunded bond escrow agent (7,822,592) (5,608,347) (13,430,939) - Proceeds of advances from City of La Quinta - - - 841,320 Total other financing sources (uses) 7,628,081 568,751 8,196,832 Q,360,018) Excess (deficiency) of revenues and other financing sources over (under) expenditure and other financing uses 7,300,422 533,219 7,833,641 (2,282,302) Fund balances at beginning of year 5,254 1,788.620 1,793,874 4,076,176 Fund balances at end of year $ 7,305,676 2,321,839 9,627,515 1,793,874 094 29� CONR! D CERTIFIED PUBLIC ACCOUNTANTS �SSOU11 1TES, L.L.P. A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS Board of Directors La Quinta Redevelopment Agency La Quinta, California 1100 MAIN STREET, SUITE C IRVINE, CALIFORNIA 92614 (949) 474-2020 Fax (949) 263-S520 INDEPENDENT AUDITORS' COMPLIANCE REPORT We have audited the financial statements of the La Quinta Redevelopment Agency ("Agency") as of and for the year ended June 30, 1998 and have issued our report thereon dated August 19, 1998. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Compliance with laws and regulations applicable to the Agency is the responsibility of the Agency's management. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of the Agency's compliance with provisions of laws and regulations contained in the Guidelines for Compliance Audits of California Redevelopment Agencies issued by the State Controller's Office, Division of Local Government Fiscal Affairs. The results of our tests indicated that, with respect to the items tested, the La Quinta Redevelopment Agency complied, in all material respects, with the provisions referred to in the preceding paragraph except as follows: The Agency did not perform all of the public notice and disclosure procedures specified in Health and Safety Code Section 33411.3 that are applicable to the sale of Agency -owned property. With respect to items not tested, nothing came to our attention that caused us to believe that the Agency had not complied, in all material respects, with those provisions. This report is intended for the information of the Agency and the State Controller's office. However, this report is a matter of public record and its distribution is not limited. August 19, 1998 095 30 1 MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION Tihf 4 aCP Q" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: January 5, 1999 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: Consideration of an Amendment to the La Quinta Redevelopment Agency Bylaws PUBLIC HEARING: RECOMMENDATION: As deemed appropriate by the Redevelopment Agency Board. FISCAL IMPLICATIONS: None BACKGROUND AND OVERVIEW: The La Quinta Redevelopment Agency Board (the Board) has recently discussed the concept of amending its bylaws in relation to the selection of chair and vice -chair. Attached is a copy of said Bylaws (Attachment No. 1) for the Board's review and consideration. If the Board proposes a change to the Bylaws, staff will prepare a resolution to that effect and place it on a future Redevelopment Agency Agenda for the Board's approval. In addition to any change which the Board may make, staff is recommending two changes to the existing bylaws. The first is the meeting start time, currently indicated as 3:00 p.m. in the Bylaws. In light of the recent change by the City Council to start the Council/Redevelopment Meeting to 2:00 p.m., staff is recommending amending Section 3.101 to reflect a 2:00 p.m. start time for Board meetings. The second recommended change concerns Section 3.04, Order of Business. In current practice, the Board Agenda Order of Business follows that of the City Council; however, the Bylaws list a differing order of business. Staff is recommending changing the order of business in the Bylaws to be consistent with actual practice and the City Council Agenda. Unless directed otherwise by the Board, staff will incorporate these changes, along with changes proposed by the Board, into a resolution, and bring the matter back for approval by the Board at a future meeting. 096 FINDINGS AND ALTERNATIVES: Options available to the La Quinta Redevelopment Agency Board include: 1 . Review and recommend change(s) to the La Quinta Redevelopment Agency Board's Bylaws and direct staff to prepare a resolution reflecting the change(s); or 2. Do not recommend changes; or 3. Provide alternative direction to staff. Britt W. Wilson, Management Analyst City Manager's Office Attachments: 1. Existing Redevelopment Agency Bylaws CCS11-FHUABY[AW301-05 99-1111 0 9 f' 092 192 BYLAWS OF THE LA QUINTA REDEVELOPMENT AGENCY ARTICLE I - THE AGENCY Section 1.01. Name of Agency. The official name of the Agency shall be the "La Quinta Redevelopment Agency." Section 1.02. Seal of Agency. The seal of the Agency shall be in the form of a circle and shall bear the name of the Agency _ and the year of its organization. Section 1.03. Office of Agency and Place of Meeting. The office of the Agency shall be at City Hall, 78-495 Calle Tampico, La Quinta, California, but the Agency may hold its meeting at any place in the City of La Quinta, California, which the Agency may from time to time designate by resolution. Section 1.04. Powers. The powers of the Agency shall be vested in the members thereof then in office, who reserve unto themselves the right to delegate by resolution such powers as are appropriate and permissible by law. Section 1.05. Members. The members of the Agency shall be the members of the City Council of the City of La Quinta. ARTICLE II - OFFICERS AND EX OFFICIO POSITIONS Section 2.01. Officers. The officers of the Agency shall be a Chair and a Vice Chair. Ex officio positions acting as its staff shall be an Executive Director, Secretary to the Board and Treasurer. E1 998 Section 2.02. Chair. The Chair of the Agency shall be appointed pursuant to a basic rotational schedule which first provides that the Mayor Pro Tem for the prior year becomes the Chair and in the event that the prior year's Mayor Pro Tem is no longer a Council Member or has been elected or appointed to the position of Mayor, then the Board Member who is most senior, but is not acting currently as the Mayor Pro Tem, shall become the Chair. In the event that there is more than one member with equal seniority available, the Agency Board shall vote to determine who shall act as Chair. The Chair shall preside at all meetings of the Agency. Except as otherwise authorized by resolution of the Agency or the provisions of these Bylaws, the Chair shall have the authority to sign on behalf of the Agency, all contracts, deeds and other instruments made, by the Agency. Section 2.03, Vice Chair. The Vice Chair of the Agency shall be voted upon by the Board 'from among the Board Members who are not serving as Mayor or Mayor Pro Tem of the City or Chair of the Redevelopment Agency. The Vice Chair shall perform the duties of the Chair in the absence or incapacity of the Chair. - Section 2.04. Executive Director. The Executive Director shall be the City Manager of the City of La Quinta. The Executive Director shall have general supervision over the administration of Agency business and affairs, subject to the direction, of the Agency. The Executive Director shall have the authority to sign on 2 099 J�� behalf of the Agency all contracts, deeds, and other instruments made by the Agency. Section 2.05.' Secretary to the Board., The Secretary to the Board shall be the City Clerk of the City of La Quinta. The Secretary to the Board shall keep the records of the Agency, act as secretary at meetings of the Agency, record all votes and keep a record of the proceedings of the Agency in a journal of .proceedings to be kept for such purpose, and perform all duties incident to the Secretary to the Board's office. The Secretary to the Board shall maintain a record of all official proceedings of the La Quinta Redevelopment Agency and the redevelopment program. Section 2.06. Treasurer. The Treasurer shall be Treasurer of the City of La Quinta. The Treasurer shall have the care and custody of all funds of the Agency and shall deposit same in the name of the Agency in such bank or banks as the Agency may select. The Treasurer shall sign all orders and checks for the payment of money and shall pay out and disburse such monies under the direction -of the Agency. The Treasurer shall keep regular books of account, showing receipts and expenditures, and shall render to the Agency at each regular meeting, or more often when requested, an account of transactions and the financial conditions of the Agency. The Treasurer shall give such bond for faithful performance of the Treasurer's duties as the Agency may determine. Section 2.07. Special Counsel. The Agency may appoint Special Counsel to give advice to the Agency and to provide a variety of services, including without limit, the preparation of 3 100 tj',6 all proposed resolutions, laws, rules, contracts, bonds and other legal papers for the Agency. The Special Counsel may give advice or opinions in writing to the Chair or other Agency officers whenever requested to do so. The Special Counsel may attend to all suits and other matters to which the Agency is a part or in which the Agency may be legally interested and do such other things _pertaining to the Special Counsel's office as the Agency may request. Such Special Counsel shall"serve at the pleasure of the Agency. Section 2.08. Compensation. The members of the Agency shall receive such compensation as the City Council prescribes, but said compensation shall not exceed that amount as set forth in Section 33114.5*of the Health & Safety Code as such Section may from time to time be amended. _ Section 2.09. Additional Duties. The officers and ex officio positions of the Agency shall perform such other duties and functions as may from time to time be required by the Agency or the Bylaws or rules and regulations of the Agency. Section 2.10. Absences. In the temporary absence of both the Chair and,the Vice Chair, the most senior Board Member shall serve - as Presiding Officer. In the event that there are two Board Members with equal seniority, then the Member who received the highest number of votes in the General Municipal Election shall serve as Presiding Officer. Section 2.11. Additional Personnel. The Agency may from time to time appoint or employ such personnel as it deems necessary to 4 101 097 exercise its powers, duties and functions as prescribed by the California Community Redevelopment Law and all other laws of the State of California applicable thereto. Additional personnel may include, but is not limited to, contract consultants, attorneys, special counsel and project implementation contractors as conditions warrant. The selection, duties and compensation of such personnel shall be determined by the.Agency, subject to the laws of the State of California. ARTICLE II - MEETINGS Section 3.01. Regular Meetings. The regular meetings of the Agency shall be held on the first and third Tuesday of each month at 3:00 p.m. in the Chambers of the City Council, 78-495 Calle Tampico, La Quinta, California. In the event such date shall fall on a legal holiday, the regular meeting shall be held on the next succeeding business day. Section 3.02. Special Meetings. The Chair of the Agency may, when it is deemed expedient, and shall, upon the written request of two.(2) members of the Agency, call a special meeting of the Agency for the purpose of transacting the business designated in the call. The means and method for calling such special meeting shall be as set forth in the Ralph M. Brown Act, California Government Code Sections 54950, et seg., as it now exists or may hereafter be amended. At such special meeting, no business shall be considered other than as designated in the call. 5 1_ O Section 3.03. Ouorum. Three (3) members of the Agency shall constitute a quorum for the purpose of conducting Agency business, exercising Agency powers and for all other purposes, but a smaller number may adjourn from time to time until. the quorum is obtained. Every official act of the Agency shall be adopted by a majority vote. A "majority vote" shall.mean a majority of all members present when a quorum is present._ Section 3.04. order of Business. At the regular meetings of - the Agency, the following shall be the order of business: (1) Roll Call; (2) Confirmation of Agenda; (3) Approval of Minutes; (4) Public Comment; (5) Business Session; (6) Consent Calendar; (7) Department Reports; (8) Chair and Board Member's Items; (9) Public Hearings; (10) Closed Session; (11) Adjournment. All resolutions shall be in writing and designated' by number, reference to which shall be inscribed in the minutes and -an approved copy of each resolution filed in the official book of resolutions of the Agency. Section 3.05. Manner of Voting. The voting on formal resolutions, matters to any federal, state, county or city agency,. 6 10? 41 09 9 and on such other matters as may be requested by a majority of the Agency members, shall be by electronic voting, and the ayes, noes and members present not voting shall be entered upon the minutes of such meeting, except on the election of officers, which may be by ballot. Section 3.06. Parliamentary Procedure. Unless a different -procedure is established by.resolution.of-the Agency or set forth in these Bylaws, the rules of parliamentary procedure as set forth - in Robert's Rules of Order Revised shall govern all meetings -of the Agency. ARTICLE IV - PUBLIC NOTICE Section 4.01. Public Notice. The Desert Sun, with offices located at 750 North Gene Autry Trail, Palm Springs, California 92262, is hereby designated as the Agency's official newspaper for all legally required public notices. ARTICLE V - AMENDMENTS Section 5.01. Amendments to Bylaws. The Bylaws of the Agency - may be amended by resolution by the Agency at any regular or - special meeting by majority vote. ARTICLE VI - CONFLICTS Section 6.01. Conflicts. Conflicts shall be determined and governed by a Conflict of Interest Code adopted by the Agency and approved by the City Council. 7 104 T4'!t 4 4a Q" COUNCIL/RDA MEETING DATE: January 5, 1999 ITEM TITLE: Consideration of Redevelopment Agency Board Reorganization a. Selection of Chair and Vice Chair RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: 1. That the Redevelopment Agency Board select a Chair. 2. That the Redevelopment Agency Board select a Vice Chair. FISCAL IMPLICATIONS: None BACKGROUND AND OVERVIEW: This matter was continued from the meeting of December 15, 1998, pending a review of the Agency's By -Laws which is agendized as a separate issue. Each year at this time, the Board of Directors of the Redevelopment Agency reorganizes, in that a Chair and Vice Chair are selected. Attached is a copy of RDA Resolution No. 94-1 establishing the Agency By -Laws in which Section 2.02 provides that the Chair shall be chosen on a rotational schedule which first provides that the Mayor Pro Tern for the prior year becomes the Chair and in the event that the prior year's Mayor Pro Tem is no longer a Council Member or has been elected or appointed to the position of Mayor, then the Board Member who is most senior, but is not acting currently as the Mayor Pro Tern, shall become the Chair. In the event that there is more than one member with equal seniority available, the Agency Board shall vote to determine who shall act as Chair. Section 2.03 of Resolution No. 94-1 provides that the Vice Chair shall be voted upon by the Board from among Board Members who are not serving as Mayor or Mayor Pro Tern of the City or Chair of the Redevelopment Agency. 105 FINDINGS AND ALTERNATIVES: 1. Select a Chair of the Agency Board; and 2. Select a Vice Chair of the Agency Board; or 3. Provide Staff Direction. SAUNDRA L. JUHO A, City Clerk City of La Quinta, California 106