FA Resolution 2025-002 Electrical Infrastructure Improvements & Equipment Procurement Funding and Agreements
RESOLUTION NO. FA 2025 – 002
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY, LA QUINTA, CALIFORNIA, ACCEPTING
FUNDING FROM THE CITY OF LA QUINTA THROUGH A
FINANCING AGREEMENT BETWEEN THE CITY OF LA
QUINTA AND FINANCING AUTHORITY AND APPROVING
TWO AGREEMENTS RELATED TO ELECTRICAL
INFRASTRUCTURE IMPROVEMENTS AND
PROCUREMENT OF CERTAIN POWER EQUIPMENT
WHEREAS, the La Quinta Financing Authority (“Authority”) is a joint powers
authority duly created, established, and authorized to transact business and exercise its
powers under and pursuant to the Joint Exercise of Powers Act, Chapter 5 of Division 7
of Title 1 (commencing with Section 6500) of the Government Code of the State of
California (the “JPA Law”); and
WHEREAS, the Authority, was formed to assist the City of La Quinta (“City”) in the
financing, acquisition, construction, improvements, and operation of public facilities and
infrastructure; and
WHEREAS, the Authority, among other powers, is authorized by the JPA Law to
make loans to local public agencies; and
WHEREAS, the Authority seeks to strengthen system reliability and facilitate new
growth and development opportunities within the City’s boundaries and its sphere of
influence through certain electrical infrastructure improvements for the existing Imperial
Irrigation District (“IID”) Avenue 58 Substation (“Project”), located north of Avenue 58 and
west of Monroe Street in La Quinta; and
WHEREAS, on November 18, 2025, the IID Board of Directors approved two
agreements (1) Engineering and Procurement Agreement (for certain long lead-time
equipment to be paid by the City) and (2) Funding and Reservation of Capacity
Agreement for Avenue 58 Transformer Bank Addition, for the Project, estimated at $23.2
million, which includes adding a fourth transformer bank; and
WHEREAS, on December 16, 2025, the City Council (“Council”) of the City
adopted Resolution No. 2025-028, appropriating $10 million dollars from General Fund
Unassigned Reserves for the aforementioned Project, and approving the transfer of these
funds to the Authority pursuant to a Financing Agreement for purposes of executing the
two aforementioned agreements and providing funding, pursuant to the terms of the
agreements, for the Project; and
WHEREAS, the Authority accepts said transfer of funds; and
ATTEST:
MONIKA RADE A, Au ority Secretary
La Quinta Financing Authority,
California
(AUTHORITY SEAL)
APPROVED AS TO FORM:
WILLIAM H. IHRKE, Authority Counsel
La Quinta Financing Authority,
California