1988 11 03 CC Minutes! JOINT MEETING
LA QUINTA CITY /LA QUINTA REDEVELOPMENT AGENCY
COUNCIL MINUTES
NOVEMBER 3,1988
Joint meeting of the La Quinta City Council and La Quinta
Redevelopment Agency was called to order by Mayor/Chairman Hoyle.
PRESENT: Council Members Bohnenberger, Cox, Pena, Sniff,
Chairman Hoyle
ABSENT: None
BUSINESS SESSION
1. ADOPTION OF RESOLUTIONS AUTHORIZING THE EXECUTION AND
DELIVERY OF A JOINT EXERCISE OF POWERS AGREEMENT TO JOIN THE
LA QUINTA FINANCE AUTHORITY.
Mr. Fritz Stradling, Consultant, advised that the purpose of
forming a Joint Powers Authority1' is for negotiating the
sale of bonds. When this project started out, it was for an
issuance of eight million dollars in new money for which you
have to competitively bid the sale. If you're going to have
a refunding bond issue you can negotiate the sale. When you
combine the two, you have to go the competitive bid. In
order to accomplish the City's proposal, it's necessary to
form a Joint Powers Authority. Then the Agency can sell the
bonds to the Authority on a negotiated basis then the
Authority can sell bonds to an underwriter on a negotiated
basis.
In answer to questions by Council, Mr. Stradling advised that
the Officers of the Authority will be the same as the City
Council/Redevelopment Agency. The Authority will exist for
the duration of the bonds to 2014.
Mr. Stradling then reviewed the agreement with the Council.
RESOLUTION NO. 88-125
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA QUINTA,
CALIFORNIA, AUTHORIZING THE EXECUTION AND DELIVERY OF A JOINT
EXERCISE OF POWERS AGREEMENT BY AND BETWEEN THE CITY OF LA
QUINTA AND THE LA QUINTA REDEVELOPMENT AGENCY.
It was moved by Council Member Bohnenberger, seconded by
Council Member Cox that Resolution No. 88-125 be adopted.
Passed by the following vote:
AYES: Council Members Bohnenberger, Cox, Pena, Sniff,
Mayor Hoyle
NOES: None
ABSTAIN: None
ABSENT: None
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!Redevelopment Agency 2 November 3, 1988
Minutes
RESOLUTION NO. RDA 88-13
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY
AUTHORIZING THE EXECUTION AND DELIVERY OF A JOINT EXERCISE OF
POWERS AGREEMENT BY AND BETWEEN THE CITY OF LA QUINTA AND THE
LA QUINTA REDEVELOPMENT AGENCY.
It was moved by Mr. Bohnenberger, seconded by Mr. Pena that
Resolution No. 88-13 be adopted. Passed by the following
vote:
AYES: Mr. Bohnenberger, Mrs. Cox, Mr. Pena, Mr. Sniff,
Chairman Hoyle
NOES: None
ABSTAIN: None
ABSENT: None
Joint meeting of the La Quinta City Council/La Quinta
Redevelopment Agency was adjourned.
CITY COUNCIL MEETING
CONSENT CALENDAR
1. Approval of Final Tract Map 21846-3 Applicant, Sunrise
Company at PGA West.
MOTION It was moved by Council Member Bohnenberger,
seconded by Council Member Cox that Consent Item No. 1 be
approved as recommended. Motion carried unanimously. MINUTE
ORDER NO. 88-143 A.
Upon motion by Council Member Bohnenberger, seconded by Council
Member Cox, the meeting was adjourned to and until the hour of
11:00 A.M. on the 8th day of November, 1988.
submitted,
AUNDRA L.
City of La Quinta, California
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