2010 06 15 FA� T
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FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, JUNE 15, 2010 — 4:00 P.M.
Beginning Resolution No. FA 2010-001
CALL TO ORDER
Roll Call:
Board Members: Evans, Franklin, Henderson, Sniff, and Chairman Adolph
PUBLIC COMMENT
At this time members of the public may address the Financing Authority on any matter not
listed on the agenda. Please complete a "request to speak" form and limit your comments
to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF MAY 18, 2010.
2. APPROVAL OF SPECIAL MEETING MINUTES OF JUNE 3, 2010.
Financing Authority Agenda 1 June 15, 2010
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. RECEIVE AND FILE TREASURER'S REPORT DATED APRIL 30, 2010.
2. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED APRIL 30,
2010.
3. ADOPTION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF
THE CITY OF LA QUINTA FOR FISCAL YEAR 2010-201 1 .
BUSINESS SESSION — NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
The next regular meeting of the Financing Authority will be held on July 6, 2010,
at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA
92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Financing Authority meeting of June 15,
2010, was posted on the outside entry to the Council Chamber at 78-495 Calle
Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630
Highway 111, on June 11, 2010.
DATED:/June 11,
VERONICA J�ONTECINO, City Clerk
City of La Q nta, California
Public Notice
Any writings or documents provided to a majority of the Financing Authority regarding any item on
this agenda will be made available for public inspection at the City Clerk counter at City Hall located
at 78-495 Calls Tampico, La Quinta, California, 92253, during normal business hours.
Financing Authority Agenda 2 June 15, 2010
4 4-v4wmrw
COUNCIL/RDA MEETING DATE: .tune 15, 2010
ITEM TITLE: Receive and File Transmittal of
Treasurer's Report as of April 30, 2010
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
Receive and file.
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
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AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: June 15, 2010 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of Revenue CONSENT CALENDAR:
and Expenditure Report for April 30, 2010
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Receive and File.
BACKGROUND AND OVERVIEW:
Receive and File Transmittal of the Statement of Revenue and Expenditures for
April 30, 2010 La Quinta Financing Authority.
Respectfully submitted,
" VVv\
John M. Falconer, Finance Director
Approved for Submission by:
Thomas P. Genovese, Executive Director
Attachment: 1. Revenue and Expenditures Report, April 30, 2010
A I I AL;HIVItN 1 -1
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
DEBT SERVICE REVENUE:
Contractual Services Fees
Non Allocated Interest
Rental Income
Transfer In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT REVENUE:
Pooled Cash Allocated Interest
Non Allocated Interest
TOTAL CIP REVENUE
0710112009. 0413012010
ADJUSTED REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
15,000.00
5,326.78
9,673.22
35.510%
0.00
0.00
0.00
0.000%
675,280.00
675,280.00
0.00
100.000%
5,913,331.00
5,913,331.26
(0.26)
100.000%
6,603,611.00
6,593,938.04
9,672.96
99.850%
0.00 0.00 0.00 0.000%
0.00 0.00 0.00 0.000%
0.00 0.00 0.00 0.000%
TOTAL FINANCING AUTHORITY 6,603,611.00 6,593,938.04 9,672.96 99.850%
LA OUINTA FINANCING AUTHORITY
EXPENDITURE SUMMARY
ADJUSTED 4130/10 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
DEBT SERVICE EXPENDITURES
SERVICES
BOND PRINCIPAL- 1996
BOND PRINCIPAL - 2004
BOND INTEREST- 1996
BOND INTEREST - 2004
TRANSFER OUT
CAPITAL IMPROVEMENT EXPENDITURES
BOND ISSUANCE COSTS
TRANSFER OUT
15,800.00
8,606.78
0.00
7,193.22
400,000.00
400,000.00
0.00
0.00
1,670,000.00
1,670,000.00
0.00
0.00
275,280.00
275.280.00
0.00
0.00
4,243,331.00
4.243.331.26
0.00
(0.26)
0.00
0.00
0.00
0.00
TOTAL DEBT SERVICE
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
TOTAL CAPITAL IMPROVEMENT- - - - -- T.W-
TOTAL FINANCING AUTHORITY
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COUNCIL/RDA MEETING DATE: June 15, 2010 AGENDA CATEGORY:
BUSINESS SESSION:
ITEM TITLE: Adoption of a Resolution Adopting the
Investment Policy of the City of La Quinta for Fiscal
CONSENT CALENDAR:
Year 2010-201 1
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Adopt a Resolution of the City Council approving the Investment Policy for the La
Quinta Financing Authority for Fiscal Year 2010-201 1 .
PLEASE SEE BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
Resolution No. 2010-
Investment Policy
Adopted: June 15, 2010
Page 7 of 11
RESOLUTION NO. FA 2010-
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY OF THE CITY OF LA QUINTA APPROVING
AND ADOPTING THE AMENDED INVESTMENT POLICY
FOR FISCAL YEAR 2010-2011
WHEREAS, the general purpose of the Investment Policy is to provide the rules
and standards users must follow in investing funds of the City of La Quinta; and
WHEREAS, the primary objectives, in order of priority, of the City of La Quinta's
investment activity shall be:
Safety of principal is the foremost objective of the investment program.
Investments of the City of La Quinta shall be undertaken in a manner that seeks
to ensure the preservation of capital in the overall portfolio.
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated.
The investment portfolio shall be designed with the objective of attaining a
market rate of return or yield throughout budgetary and economic cycles, taking
into account the investment risk constraints and liquidity needs.
WHEREAS, authority to manage the City of La Quinta's investment portfolio is
derived from the City Ordinance. Management responsibility for the investment
program is delegated to the City Treasurer, who shall establish and implement written
procedures for the operation of the City's investment program consistent with the
Investment Policy for Fiscal Year 2010-201 1; and
WHEREAS, the Investment Policy will be adopted before the end of June of
each year and amended as considered necessary; and
NOW, THEREFORE, BE IT RESOLVED by the Financing Authority of the City of
La Quinta to adopt the Fiscal Year Investment Policy (Exhibit A).
Resolution No. 2010-
Investment Policy
Adopted: June 15, 2010
Page 8 of I
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Financing Authority, held on this day of 2010 by
the following vote, to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
DON ADOLPH, Chairman
La Quinta Financing Authority
ATTEST:
VERONICA J. MONTECINO, CMC, Secretary
La Quinta Financing Authority
(SEAL)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Authority Counsel
La Quinta Financing Authority