HomeMy WebLinkAboutFA Resolution 2025-002 IID Avenue 58 Substation - Electrical Infrast Improv & Equip Procur Funding AgrmtsRESOLUTION 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
Resolution No. FA 2025 — 002
Electrical Infrastructure Improvements & Equipment Procurement Funding and Agreements
Adopted: December 16, 2025
Page 2 of 3
WHEREAS, the Executive Director is hereby authorized to further negotiate and
modify any of said agreements identified in this Resolution to effectuate their purpose,
provided the material terms relating to the amount appropriated and purpose for use of
the funds are not modified unless prior approval from the Board of Directors for the
Financing Authority is obtained; furthermore, the Executive Director is hereby authorized
to execute said agreements on behalf of the Authority; and to ensure the funding thereof.
NOW, THEREFORE, BE IT RESOLVED by the Financing Authority of the City of
La Quinta, California, as follows:
SECTION 1. The foregoing recitals are true and correct, and constitute the
findings of the Authority, and are incorporated herein by this reference.
SECTION 2. The Authority's adoption of this Resolution is not subject to the
California Environmental Quality Act ("CEQA") pursuant to CEQA Guidelines [California
Code of Regulations Section 15378(b)(4)] because the adoption of this Resolution is a
fiscal activity which does not involve any commitment to any specific project which may
result in a potentially significant physical impact on the environment.
SECTION 3. This Resolution shall go into effect upon adoption and the Authority
Secretary shall certify to the adoption of this Resolution.
SECTION 4. The Executive Director, or designee, is hereby authorized and
directed to take such other and further actions, and execute such other and further
documents, as are necessary and proper in order to implement this Resolution on behalf
of the Authority.
PASSED, APPROVED, and ADOPTED at a regular meeting of the La Quinta
Financing Authority held on this 16th day of December 2025, by the following vote:
AYES: Authority Members Fitzpatrick, McGarrey, Sanchez, and Chairperson
Evans
NOES: NONE
ABSENT: Authority Member Pena
ABSTAIN: NONE
c
LIN A EVANS, Chairperson
La Quinta Financing Authority,
California
Resolution No. FA 2025 — 002
Electrical Infrastructure Improvements & Equipment Procurement Funding and Agreements
Adopted: December 16, 2025
Page 3 of 3
ATTEST:
MONIKA RADE A, Au hority Secretary
La Quinta Financing Authority,
California
(AUTHORITY SEAL)
APPROVED AS TO FORM:
WILLIAM RKE, Authority Counsel
La Quinta Financing Authority,
California