2012 06 19 SACITY AS SUCCESSOR ACANCY
TO THE LAQUINTA REDEVELOPMENT ACIENCY
Agendas and staff reports are
available on the City's web page:
www.la-quinta.org
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calls Tampico I La Quints, California
Regular Meeting
TUESDAY, JUNE 19, 2012 AT 4:bO P.M.
Beginning Resolution No. SA 2012-008
CALL TO ORDER
ROLL CALL
Successor Agency Members:
Evans, Franklin, Henderson, Osborne and Chairperson Adolph
CLOSED SESSION - NONE
PUBLIC COMMENT
At this time members of the public may address the City Council acting as the legislative
body for the City as Successor Agency to the La Quinta Redevelopment Agency 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 JUNE 5, 2012
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one motion.
1 APPROVAL OF DEMAND REGISTER DATED JUNE 19, 2012
. it 001
CITY AS SUCCESSOR AGENCY TO RDA 1 JUNE 19, 2012
2. RECEIVE AND FILE TREASURER'S REPORT DATED APRIL 30, 2012
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED APRIL
30,2012
4. ADOPTION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF
THE CITY OF LA QUINTA FOR FISCAL YEAR 2012/2013
BUSINESS SESSION - NONE
STUDY SESSION - NONE
REPORTS AND INFORMATION
1 . OVERSIGHT BOARD MINUTES OF MAY 2, 2012
ADJOURNMENT
The next regular meeting of the City as Successor Agency to the La Ouinta Redevelopment
Agency will be held on July 3, 2012 commencing with closed session at 3:00 p.m. and
open session at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta,
CA 92253.
DECLARATION OF POSTING
1, Susan Maysels, Interim City Clerk of the City as Successor Agency to the La Quinta
Redevelopment Agency, do hereby declare that the foregoing agenda was posted on the
outside entry to the Council Chamber at 78-495 Calle Tampico and on the bulletin boards
at 51-321 Avenida Bermudas and 78-630 Highway 111, on June 15, 2012.
DATED: June 14, 2012
SU44-1� h 6 ---7
SUSAN MAYSELS, InVtenCtytCIefr1
City of La Quinta, California
Public Notices
The La Quinta City Council Chamber is handicapped accessible. If special equipment is
needed for the hearing impaired, please call the City Clerk's Office at 777-7103, twenty-
four (24) hours in advance of the meeting and accommodations will be made.
CITY AS SUCCESSOR AGENCY TO RDA 2 JUNE 19, 2011 002
If special electronic equipment is needed to make presentations to the City Council,
arrangement should be made in advance by contacting the City Clerk's Office at 777-7103.
A one (1) week notice is required.
If background material is to be presented to the City Council during a City Council meeting,
please be advised that eight (8) copies of all documents, exhibits, etc., must be supplied to
the City Clerk for distribution. It is requested that this take place prior to the beginning of
the meeting.
Any writings or documents provided to a majority of the City Council 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 Calle Tampico, La Quinta, California, 92253, during normal business
hours.
CITY AS SUCCESSOR AGENCY TO RDA 3 JUNE 19, 2612 003
Tdf 4 44"
CITYRMEETING DATE: June 19, 2012
ITEM TITLE: Approval of Demand Register Dated
June 19, 2012
AGENDA CATEGORY:
BUSINESS SESSION -
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the Successor Agency of the La Quinta Redevelopment Agency:
Receive and File the Demand Register Dated
June 19, 2012 of which $48,224.47
Represents Successor Agency Expenditures as detailed below:
Vendor:
Account #:
Amount:
Purpose:
Rutan & Tucker
231-9001-702.32-01
$1,920.00
Retainer
Rutan & Tucker
231-9001-702.32-01
$989.00
SA -Habitat Humanity
Rutan & Tucker
231-9001-702.32-01
$144.00
SA -Foreclosure
Rutan & Tucker
232-9002-702.32-01
$960.00
Retainer
Rutan & Tucker
232-9002-702.32-01
$8,396.63
SA -Coral Mt DDA
Rutan & Tucker
232-9002-702.32-01
$168.00
SA -Washington St
Rutan & Tucker
232-9002-702.32-01
$445.00
SA -Torre Nissan
Rutan & Tucker
232-9002-702.32-01
$1.445.50
Miles/Washington
Rutan & Tucker
237-9001-702.32-01
$960.00
Retainer
Rutan & Tucker
237-9001-702.32-01
$27,467.84
SA-AB26 Implementation
Rutan & Tucker
238-9002-702.32-01
$1,920.00
Retainer
Rutan & Tucker
238-9002-702.32-01
$2,544.00
The Ranch/SRR
004
Rutan & Tucker
238-9002-702.32-01
$64.50
Centre @ LQ
RBF Consulting Inc
231-9001-702.32-07
$800.00
Silverrock Canal
Torre Nissan
417-9002-702.80-05
$111,172.00
Disbursement Req
By adoption of Resolution No. 2012-002, the City of La Quinta has affirmatively elected to be
the Successor Agency of the La Quinta Redevelopment Agency. Pursuant to Health and
Safety Code Section 34177(a), the Successor Agency of the La Quinta Redevelopment
Agency shall continue to make payments required pursuant to an adopted enforceable
obligations payment schedule. The payments above are required pursuant to the
enforceable obligations payments schedule adopted by the La Quinta Redevelopment
Agency on January 17, 2012.
Pursuant to Health and Safety Code Seciton 34173(e), the liability of the Successor Agency
of the La Quinta Redevelopment Agency, when acting pursuant to the powers granted under
ABX126, are limited to the extent of the total sum of property tax revenues it receives
pursuant to part 1.85 of ABX126 (e.g., Health and Safety Code Sections 34170 — 374190)
and the value of assets transferred to it as Successor Agency for the dissolved La Quinta
Redevelopment Agency.
Respectfully submitted,
John M. Falconer, T Finance Director
for submission
Executive Director
005
Tihf 4 4 a"
MEETINGDATE: June 19, 2012 AGENDA CATEGORY:
ITEM TITLE: Receive and File Treasurer's Report dated BUSINESS SESSION:
April 30, 2012 11
CONSENT CALENDAR: 2-:,
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the. Successor Agency to the La Quinta Redevelopment Agency:
Receive and File.
PLEASE SEE RELATED CONSENT SESSION ITEM ON CITY COUNCL AGENDA
006
Toluf 4 4 a"
AGENDA CATEGORY:
MEETING DATE: June 19, 2012 BUSINESS SESSION:
ITEM TITLE: Receive and File Revenue and Expenditure CONSENT CALENDAR: 3
Report dated April 30, 2012
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Receive and File.
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Receive and File the April 30, 2012 Statement of Revenue and Expenditures for the
Successor Agency to the La Quinta Redevelopment Agency.
R
Jo
Approved for submission by:
4,an'kJ. 0eactk, :Execkutive Director
Attachment: 1 . Revenue and Expenditures Report, April 30, 2012
Is 007
A I I AGHIVILIM I I
07101/2011 .0413012012
SUCCESSOR AGENCY ADJUSTED REMAINING %
REVENUE SUMMARY BUDGET RECIEWED BUDGET RECEIVED
PROJECT AREA NO. I AdmIn (237)
County of Riveneele,
286,540.00
000
286,540,00
0 DOD%
Pooled Cash Allocated Interest
0�00
(62.09)
62,09
)�%
Non Allocated Interest
0,00
0�00
O,W
0,000%
Transfers In
0.m
0.00
000
0.000%
TOTAL PA I
2W.540 W
(62.09)-
2W�IK2.09
0 020%
PROJECT AREA NO. 2 Admin (2381
County of Rivverside
141.131,00
0 (k
141.13100
0 OW%
PooIW Cash Allocated Interest
O,W
0,00
0 w
0 000%
Non Allocated Interest
0,00
(14,87)
1487
OW0%
Transfers In
0,03
o'm
0 m
00(v%
TOTAL PA 2
141,131 W
J14.87]i
141,14587
�.010%
TOTAL SUCCESSOR AGENCY - ADMIN 427&71 00 (76m) 427747,96 � 020%
PROJECT AREA NO. I Program (231)
County of Roverside
39,110 W
(I'm
39,11000
0.000%
Pooled Cash Allocated Interest
0 w
1,13W�55
(1,8w.55)
0.000%
Non Allocated Interest
0,00
0 w
0,00
0.000%
Transfers In
8,976,264 00
5,961,520 25
3.014,74175
66.410%
TOTAL PA 1
9 �01 5 374 00
5
�W3 _376,W
3.051.997 20
%.150%
PROJECT AREA NO. 2 Programn (232)
County of Riverside
"'090 GO
0,00
K(W,w
0000%
Pooled Cash Allocated Interest
o.W
6520
(65,20)
0�000%
Non Allocated Interest
O,W
O.W
000
0000%
Transfers In
555,17$.W
68,2W.40
496,88960
10,500%
TOTAL PA 2
639,M.00
58, � 60
58091440
9.lW%
TOTAL SUCCESSOR AGENCY - PROGRAM 9&54,"2 W 6tO2i,730 40 3&32,911.60 62,370%
TOTAL SUCCESSOR AGENCY 10,002,313 W 6,021,653 � 4,M,659�56 59720%
mm
Pi
SUCCESSOR AGENCY ADJUSTED ON30/12 REMAINING
EXPENDITURESUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET
237 PROJECTAREANO.1-
238 PROJECT AREA NO. 2-
SERVICES 32,627.08 om 67,256A2
REIMBURSEMENT TO GEN FUN[ 186SM.W 578.784.00 0.00 (392.128,M)
TRANSFERS OUT 0�w 0A0 0.00 0,00
TOTAL PA I - Acl� 283,WLIX 1163 000
SERVICES
49.196.W
9.315 W
0.00
39,880.91
REIMBURSEMENT TO GEN FUN[
91,935.W
138.WD,W
om
TRANSFERS OUT
O.W
O.W
O'N
000
TOTAL PA 2 - AcIWn
141,131.00
1
TOTAL SUCCESSOR AGENCY - Acimin
231 PROJECT AREA NO. 1 1
SERVICES
W,400.W
28.916.W
ow
7,48164
BOND PRINCIPAL
O.W
0.00
0 w
O,W
BOND INTEREST
aoo
0�00
000
O,W
REIMBURSEMENT TO GEN FUN[
2,710,W
000
000
2.71000
TRANSFERS OUT
(Loo
000
000
O.W
TOTAL PA I - P�..
39,110,00
16M
000
10193,U
232 PROJECT AREA NO, 2-
SERVICES
51.� Im
9.91662
000
41683 38
MIND PRINCIPAL
3OND INTEREST
000
0 m
G.W
000
REIMBURSEMENT TO GEN FUN[
32,4W 00
0 w
0�w
32.49000
TRANSFERS OUT
0,00
0,00
a w
000
TOTAL PA 2 - Pmgram
",ow 00
9,916B2
0,00
TOTAL SUCCESSOR AGENCY - P�..
TOTAL SUCCESSOR AGENCY 5�.utl.w 7 8,159.95 0.0
ME
SUCCESSOR AGENCY TO THE
07101/2011 - 04113W2012
LA QUWTA REDEVELOPMENT AGENCY
ADJUSTED
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO. 1-
LOW/MODERATE TAX FUND:
Tau Increment
41,123,224�00
4.123,224 39
(039)
100 DDO%
Allocated Interest
",600.00
7,226.M
37,37352
16.21)0%
Non Allocated Interest
0 w
1.07278
(1,07278)
0,000%
Miscellaneous revenue
0 w
1,22622
(1,22612)
0.w0%
Non Allocated Interest
000
0 0)
0,00
0�000%
Home Sales Proceeds
0�00
0,w
0�00
0 "%
Sale of Land
0.00
0.00
0 w
0,000%
Sewer Subsidy Reimbursemenn,
0�00
1,467.0
(1,,467,84)
O,OOD%
Rehabilitation Loan Rejoamments
000
0,00
0.w
0000%
2nd Trust Dead ReIPayment
0 w
000
0.w
0 OW%
Williams Note Payment
0,100
0�00
000
0.000%
Transfer In
2 707,7114 On
2,707,784,37
(0,37)
100,1:00%
TOTAL LOWIMOu T�
99,510%
DEBT SERVICE FUND:
Tax ln�xement
16,5D5,087 W
16,505.087 35
(0,35)
lw�000%
Alloc;ated Interest
3,000,00
(13,12295)
16.12295
437,430%
Non Aill Interest
000
0 w
000
0000%
Interest - County Loan
0�00
000
000
0000%
Interest Advanoe Proceeds
0,00
0�00
0.w
0'(xK%
Thing.. In
8,487,612 DO
8 762J83 10
(274,571 10)
IM 23M
TOTAL DEBT SERviCe
i,25,1,147 50
(258,448.50)
101,030%
APROVEMENTFUND
Pooled Cash Allocated! Interest
25,700 W
(8,285.78)
33 985,78
-32,240%
Non Allc�oated Interest
18,800 w
7,375,45
11,42455
39,2W%
Developer Agreemews Funding
000
0 DO
0,00
0=%
Sale of Land Prooeeds
0.00
0,w
000
0 w0%
Rental 1..
0,00
0,00
0,0
0,000%
Litigation Proceeds
0.00
0�00
000
0,0w%
Transfiusln
5,fflo�000,w
0,00
5�0)0,".W
0,000%
TOTAL CAPITAL IMPROVEMENT
5.w5w1w
(gluz
5,M.410,33
-0020%
2011 TAXABLE HOUSING BOND FUND: (249)
Pooled! Cash Allocated Interest
0�1)0
0,00
0,00
0.w0%
Non A110Cated Interest
5.00000
7.13706
(2,137,06)
1427,10%
Dewloper Agreement Funding
0.00
0,w
0=
0 w0%
Sale of Land Proceeds
0.00
D.w
000
0,0IX)%
Rental Income
000
000
0.00
0.000%
Litigation Proceeds
0.(X)
000
0.w
0,000%
Transfers In
0.w
0.w
0,00
0.000%
TOTAL M11 TAXABLE HOUSING BOND
5.".M
—7 137,W
(2.137 W)
142,7�96
...1& 010
SUCCESSOR AGENCY TO THE ADJUSTED 4/=2012 REMAINING
LA QUINTA REDEVELOPMENT AGENCY BUDGET EXPENDITURES ENCUMBERED BUDGET
EXPENDITURE SUMMARY
I!89JECT AREA NO, I -
DEBT SERVICE FUND:
SERVICES
522.050 W
275.166,51
0 N
247,683A9
BOND PRINCIPAL
1 635.775,W
1.635,775.W
o,w
0,0
BONDINTEREST
3SWS70b)
3,850,627 49
D�w
. 42,51
2.d TRUST DEED PROGRAM
520,0W 00
al ow 00
000
439,DX),M
HABITAT FOR HUMANITY
wo,iw,w
5 lw 00
000
295,060 W
LAND ACQUISITION
0,01)
000
000
0.130
LOW MOD HOUSING PROJECTS
o,w
o.w
D 00
Dw
FORECLOSURE
8w.aw,w
o.w
0 w
800.0m 00
REIMBURSEMENT TO GEN PUNIC
�l 741,00
413,550,W
0.0)
48,190 �
TRANSFERS OUT
6.171188 W
3 � 921 U
O'N
2 537.265 W
TOTAL LOWINIOD TAX
SERVICES
429,212,W
428,524,30
000
687.70
BOND PRINCIPAL
3,113.575.W
3.113,575.M
0.00
0 w
BOND INTEREST
6,675,3811.00
6,675.386,76
0�w
124
PASS THROUGH PAYMENTS
9,820 486,00
9,820,4M.57
0,00
143
ERAF SHIFT
000
0,00
0 w
000
TRANSFERS OUT
TOTAL DEBT SERVICE
1397626400
596152035
0,00
801474365
CAPITAL IMPROVEMENT FUND:
SERVICES
GEN FUNE
0,00
000
2011 TAXABLE HOUSING BOND(Mg) 271N5
SERVICES li'mom 8,678,22 o.w 2.321 78
TRANSFERS OUT 25 526 567 0 1
TOTAL 2011 TAXABLE HOUSING BOND 25:53,!Wl Mo 02!?g 517 00100 255 514.3�1 463
g a 2 5 1 a 23 T
oll
SUCCESSOR AGENCY TO THE
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT ARM NO. 21
LOINUMODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allooated Interest
Developer funding
2nd Trust Dead Repayment
Sate of I -and
Transfer In
TOTAL LOWIMOD TAX
2004 LOWAMODERATE BOND FUND:
Allocated Interest
Home sale Proceeds
Non Alki Interest
Transfer In
TOTAL LOWIMOD BOND
DEBT SERVICE FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Interest Aftance Proceeds
Transfer In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
Alk,calec! Interest
Non Alkicated Interest
Misc R..nue
Sale of land
Transfers In
TOTAL CAPITAL IMPROVEMENT
07/0112011 - 0413012D12
ADJUSTED REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
2,341 182.00
ZU1,432 34
to Suit
1w,000%
60800.00
1 23,98973
36,810,27
39 460%
000
0,00
0,00
0.000%
0 w
000
000
0�000%
0 X)
8,744,99
(8.74499)
O,Ow%
O,w
O.W
000
0 Oli
0 X)
0 w
0 Do
0.000%
)2,28200
2,374,217.05
28 064194
ga.a3O%
0,00
0 w
Oda
0�000%
0.00
0,00
0,00
0 No%
500,00
725.91
(225,91)
145,180%
0.00
OAO
0,00
(Occl
500,00
9,365,929 00
9,385,929.37
(037)
100 OW%
2W,00
(15,788.12)
16988,12
-7894,NO%
0 w
35885
(3M,85)
O,NO%
000
ON
0�00
O.wO%
2,�O.00
21WO 00
(0,00)
100,000%
9 �W8789�00
9 353, iw.10
15,628,90
6-9 -MO%
0,00
2,008,27
(2,00827)
OW0%
76,80200
65,07681
11 72519
841N%
000
000
O'N
0000%
0 N
0 w
000
0.000%
1 6N00O 00
230 1�1 �
I A10 7� nn
13960%
1,726,802 00
29737708
1 42942492
17,220%
20il TAXABLE NONMOUSING BONO FUND: (417)
Pooled Cash Allocated Interest
O,w
000
000
0.000%
Non Allocated! Interest
000
314 N
(314 00)
0 Ow%
De,heloper Agreement Funding
000
0,00
0 w
ODDO%
Sets of Land Proceeds
0,00
O.w
0,00
O.wO%
Rental Income
0 DO
0,00
O.w
O,OW%
Liffgabon proceeds
0 w
0 00
0,00
0.000%
Transfers In
0.00
0.00
0 00
0 1
TOTAL 2011 TAXABLE NON -HOUSING BOND
0,00
314.00
(314.W)
0,0)0%
012
SUCCESSOR AGENCY TO TKE ADJUSTED V�12 REMAINING
LA QUINTA REDEVELOPMENT AGENCY BUDGET EXPENDITURES ENCUMBERED BUDGET
EXPENDITURE SUMMARY
PROJECT AREA NO, 2-
LOWIMODERATE TAX FUND:
SERVICES
BOND PRINCIPAL
325,39000
595,65000
157,392 64
595,650,N)
OM
0,00
167,997 36
BONDINTEREST
1,872.502,01)
1.872.�,5,1
0,00
000
(4Z54)
2ND TRUST DEEM
0 w
o.w
0 w
a w
LOW MOD HOUSING PROJECTS
3=W
OBO
0 D)
3,M.00
FORECLOSURE ACQUISITION
450:0(4,00
000
000
45),M 00
REIMeURSEMENT TO GEN FUN[
261.620,00
234.5�14,62
0,00
27 075,38
TRANSFERS OUT
—JuNN�---
12 101 584 W
1 N2 786 36
0 w
I IR4
TOTAL LOVINOD TAX
ol:;05g':;�
2004 LONIMODERATE BOND FUND
HOUSING PROGRAMS
0 00
0 D)
Bm
0 w
LAND
OBD
000
000
0,00
TRANSFERS OUT
TOTAL LOWIMOO BOND —�—S=TWW
3,307,155,01)
3 1 512200 511
9' ff
10101
0
1! OMI55 1142
a 63442
DEST SERVICE FUND:
SERVICES
246,068 00
241,542 80
0,00
4,52520
BOND PRINCIPAL
380.000,00
lw,mm
0,00
250,000 00
BONDINTEREST
633,843.00
633.843.95
Bw
(0.95)
PASS THROUGH PAYMENTS
8.215,U100
8,019.=,65
0 DO
196.01035
ERAFSHIF7
0,00
000
o.D)
0 X,
TRANSFERS OUT
2.205,178, w
S 58121
000
1916 596,79
TOTAL DEW SERVICE —.ffmM2.00
S2
CAPITAL IMPROVEMENT FUND:
SERVICES
99 MBO
KAMM
abo
39,17912
CAPITAL
0,00
0 00
BOB
000
REIMBURSEMENT TO GEN FUN[
91,592.00
63.074,11
0.00
28S17 89
2011 RDA 2 TAXABLE BOND FUND:(4117)
SERVICES
013
MEETINGDATE: June 19, 2012
ITEM TITLE: Adoption of a Resolution Adopting the
Investment Policy of the City of La Quinta for Fiscal
Year 2012/2013
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Adopt a Resolution of the City Council approving the Investment Policy for the
Successor Agency to the La Quinta Redevelopment Agency for Fiscal Year
2012/2013.
PLEASE SEE CONSENT SESSION ITEM ON CITY COUNCIL AGENDA
of 014
RESOLUTION NO. SA 2012-
A RESOLUTION OF THE CITY OF LA QUINTA ACTING AS
THE SUCESSOR AGENCY TO THE DISSOLVED LA QUINTA
REDEVELOPMENT AGENCY OF THE CITY OF LA QUINTA
APPROVING AND ADOPTING THE AMENDED INVESTMENT
POLICY FOR FISCAL YEAR 2012-2013
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 t�q� 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 yjq!d throughout budgetary and economic cycles, taking
into account the investment risk constraints and liquidity needs; and
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 2012-2013; and
WHEREAS, the Investment Policy will be adopted before the end of June of
each year and amended as considered necessary.
NOW, THEREFORE, BE IT RESOLVED by the City of La Quinta Acting as the
Successor Agency to the Dissolved Redevelopment Agency of the City of La Quinta to
adopt the Fiscal Year Investment Policy (Exhibit A).
a 015
Resolution No. SA 2012-
Investment Poney
Adopted: June 19,2012
Page 2 of 3
PASSED, APPROVED and ADOPTED at a regular meeting of the City f of La
Quinta Acting as the Successor Agency to the Dissolved La Quinta Redevelopment
Agency, held on this 119" day of June, 2012 by the following vote, to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
DON ADOLPH, Chair
City of La Quinta Acting as Successor
Agency to the Dissolved La Quinta
Redevelopment Agency
ATTEST:
SUSAN MAYSELS, Interim Secretary
City of La Quinta Acting as Successor Agency to
the Dissolved La Quinta Redevelopment Agency
(SEAL)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Agency Counsel
La Quinta Redevelopment Agency
it 016
Resolution No. SA 2012-
Investment Policy
Adopted: June 19,2012
Page 3 of 3
Exhibit A
(TO BE ATTACHED)
017
Reports/informational Item No. I
OVERSIGHT BOARD OF THE SUCCESSOR AGENCY
TO LA QUINTA REDEVELOPMENT AGENCY
MINUTES
Regular Meeting
WEDNESDAY. MAY 2. 2012 at 2:00
ROLL CALL - Present
Absent
PUBLIC COMMENT - None
Board Members Marshall, Maysels, McDaniel,
Nelson, Osborne and Chairperson Pefia
Board Member Ellis
CONFIRMATION OF AGENDA - Confirmed
PRESENTATIONS - None
APPROVAL OF MINUTES
1 Board Member Marshall indicated that corrections should be made to the
Minutes on page 5 and 6 as follows: Board Member McDaniel's name was
referenced as making the motions and should be corrected to read Board
Member Marshall made the motion.
MOTION: A motion was made by Marshall/Maysels to approve the minutes
from the April 18, 2012 Oversight Board meeting as amended. Motion
carried 5 ayes, 0 nays, 1 absent, 1 abstain. (Board Member McDaniel
abstained due to absence at April 18, 2012 meeting.)
WRITTEN COMMUNICATIONS
1 Correspondence dated April 19, 2012 from Chairperson Pefia to the
Department of Finance
Vice -Chairperson Osborne indicated that this correspondence was written
pursuant to Motion carried by the Board at the April 4, 2012 Oversight Board
meeting.
CONSENT ITEMS - None
., W, 018
BUSINESS ITEMS
1 Consideration of a Resolution Approving Amended Recognized Obligation
Payment Schedules of the Former La Quinta Redevelopment Agency for the
periods of January 2012 through June 2012 and July 2012 through
December 2012 with the Revisions Requested by the Department of Finance
Staff presented staff report.
MOTION: A motion was made by Maysels/Marshall to adopt Resolution No.
OB 2012-011 approving the Amended Recognized Obligation Payment
Schedules of the Former La Quinta Redevelopment Agency for the periods of
January 2012 through June 2012 and July 2012 through December 2012
with the revisions requested by the Department of Finance
RESOLUTION NO. OB 2012-011
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT
AGENCY ADOPTING REVISED RECOGNIZED
OBLIGATION PAYMENT SCHEDULES FOR THE PERIODS
OF JANUARY 2012 THROUGH JUNE 2012 AND JULY
2012 THROUGH DECEMBER 2012
Motion carried 6 ayes, 0 nays, 1 absent.
2. Consideration of Revised Successor Agency Administrative Budget for the
periods of January 2012 through June 2012 and July 2012 through
December 2012 to Comply with Directions from Department of Finance
Staff presented staff report.
MOTION: A motion was made by McDaniel/Nelson to approve the Revised
Successor Agency Administrative Budgets for the periods of January 2012
through June 2012 and July 2012 through December 2012 to comply with
directions from Department of Finance. Motion carried by a vote of 6 ayes,
0 nays, 1 absent.
3. Consideration of a Resolution Making Certain Acknowledgements to with
Respect to Housing Assets of the Successor Agency to La Quinta
Redevelopment Agency Specifically Related to Property Located Within the
Watercolors Development
Staff presented staff report. .
OVERSIGHT BOARD MINUTES 2 MAY 2, 2012 " 019
Chairperson Pefia asked staff when the 45 year period begins. Staff
indicated that the 45 year period begins at the original date of sale.
Vice Chairperson Osborne commented that the silent second program has
worked very well for our low-income housing in La Quinta and has done well
to help people into homes and still maintain some manner of financial
stability.
MOTION: A motion was made by Osborne/Maysels to adopt Resolution
No. OB 2012-012 making certain acknowledgments with respect to Housing
Assets of the Successor Agency to La Quinta Redevelopment Agency
specifically related to property located within the Watercolors Development
RESOLUTION NO. OB 2012-012
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT
AGENCY MAKING CERTAIN ACKNOWLEDGMENTS
WITH RESPECT TO HOUSING ASSETS OF THE
SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT
AGENCY
Motion carried by a vote of 6 ayes, 0 nays, 1 absent.
STUDY SESSION — None
REPORTS AND INFORMATIONAL ITEMS
1 . List of Successor Agency Assets
Chairperson Pefia stated that this list was requested by the Board at the
previous meeting.
2. Update on Department of Finance Review of Oversight Board Actions
DEPARTMENT REPORTS — None
CHAIR AND BOARD MEMBERS' ITEMS — None
1. is
OVERSIGHT BOARD MINUTES 3 MAY 2, 2012
020
ADJOURNMENT — 2:15 p.m.
A motion was made by Nelson/Osborne to adjourn. Motion carried
unanimously.
Respectfully submitted,
Vori \Lrafond'
Oversight Board JSetary
OVERSIGHT BOARD MINUTES 4 MAY 2, 2012 021