1988 12 20 RDA Minutes LA QUINTA REDEVELOPMENT AGENCY
MINUTES
DECEMBER 20, 1988
Meeting of the La Quinta Redevelopment Agency was called to
order by Chairman Pena.
PRESENT: Mr. Bohnenberger, Mrs. Bosworth, Mr. Rushworth, Mr.
Sniff, Chairman Pena
ABSENT: None
PUBLIC HEARINGS- None
BUSINESS SESSION
1. ADOPTION OF RESOLUTION AND SUPPLEMENTAL RESOLUTION
AUTHORIZING THE ISSUANCE OF TAX ALLOCATION BONDS OF SAID
AGENCY IN A PRINCIPAL AMOUNT NOT TO EXCEED EIGHT MILLION
DOLLARS $8,000,000) TO FINANCE A PORTION OF THE COST OF A
REDEVELOPMENT PROJECT KNOWN AS THE LA QUINTA REDEVELOPMENT
PROJECT AND APPROVING CERTAIN DOCUMENTS AND TAKING CERTAIN
OTHER ACTIONS IN CONNECTION THEREWITH.
Mr. Stradling, Bond Counsel, Stradling, Yocca, Carlson &
Rauth, advised that there was an original bond issue in
the amount of $20,000,000 and this one will be on a parity
with the original issue. The underwriter, Painewebber,
has submitted a proposal and bond purchase contract. This
is a situation where the Agency will be selling the bond
to the Financing Authority and the Financing Authority
will be selling the bonds to the underwriter, Painewebber.
Mr. Fieldman, Financial Advisory from Fieldman, Rolapp, &
Assoc. advised that originally, the City was going to
refund the $20,000,000 issue and take advantage of the
lower interest rates, but the market moved away, thereby
removing any savings from such a transaction. We have
received a BAAl rating on the 1989 bonds of $8,000,000
from Moodys Investor Service which is an Investment Grade
Rating. He advised that they settled on a price resulting
in an average coupon rate of 7.92 on the $8,000,000
Bonds. Mr. Fieldman advised that the discount is 2 points.
Mr. Fritz Stradling advised that the Resolution the
Redevelopment Agency has authorizes the issuance of the
Bonds containing all of the terms, the maturity schedules,
the designation, the funds, technical procedures necessary
for this issue, and authorizes the execution of Bond
Purchase Contract with both the authority and Painewebber
at the rates stated by Mr. Fieldman in the City Council
minutes of December 20, 1988.
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La Quinta Redevelopment 2 December 20, 1988
Agency Minutes
In answer to Mr. Bohnenberger, Mr. Stradling advised that
the fund? will be received on January 11, 1989.
MOTION It was moved by Mr. Sniff, seconded by Mrs.
Bosworth to adopt Resolution No. RA 88-14. Motion carried
unanimously.
CONSENT CALENDAR
1. APPROVAL OF MINUTES OF DECEMBER 6, 1988.
2. APPROVAL OF DEMAND REGISTER.
3. ADOPTION OF RESOLUTION SETTING THE DATE AND TIME OF THE
JOINT PUBLIC HEARING WITH RESPECT TO THE REDEVELOPMENT AND
THE FINAL ENVIRONMENTAL IMPACT REPORT FOR THE
REDEVELOPMENT PROJECT AREA NO. 2.
MOTION It was moved by Mr. Bohnenberger, seconded by Mr.
Sniff that the Consent Calendar be approved as recommended
with Item No. 3 being amended to call a public
hearing for March 21, 1989; Items 2 and 3 being approved
by Resolution Nos. RA 88-15 and RA 88-16. Motion carried
unanimously. MINUTE ORDER NO. RDA 88-30.
Chairman Pena adjourned the meeting to the La Quinta Financing
Authority.
Respectively submitted,
WQLL/LC/?Clerk
SAUNDRA L. JUHOL
City of La Quinta, California
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