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1988 11 03 RDA Minutes JOINT MEETING LA QUINTA CITY/REDEVELOPMENT? AGENCY 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: Coun?il 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 Authority9' is for negotiating the sale of bonds. When this pro?ect started Ut, 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 two1 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. SB-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 BIB] 07-19-1996-U01 12:41:19PM-U01 RDAMIN-U02 11-U02 03-U02 1988-U02 R?development 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 3JOINT 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. 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. R pectively submitted, AUNDRA L. JUH City Clerk City of La Quinta, California BIB] 07-19-1996-U01 12:41:19PM-U01 RDAMIN-U02 11-U02 03-U02 1988-U02