1985 08 27 RDA Minutes MINES
LA QUINTA REDEVELOPMENT AGENCY
A special meeting of the La Quinta
Redevelopment Agency held at City
Hall, 78-105 Calle Estado. La
Quinta, California.
August 27, 1985 8:00 a.m.
I. CALL TO ORDER
Chairman Cox called a special meeting of the La Quinta Redevelopment Agency to
order at aproiately D6 a.m.
2. ROLL CALL
Present: Agency Members Allen, Wolff and Chairman Cox.
Absent: Agency Members Bohnenberger and Pena.
also resent executive Director Usher and Administrative Secretary Wright.
Frank Soriano. Paine Webber, Inc.; Larry Arceneaux and Keith
Breskin, Katz Hollis.
Moved by Agency Member wolff, seconded by Agency Member Allen, to excuse Agency
Members Bohnenber9er and Pena. Unanimously adopted.
3. HEARINGS
4. CONSENT CALENDAR
5. BUSINESS SESSION
A. The Executive Director presented a report regarding flood control bonds and
approval cf the official statement, and Introduced Mr. Frank Soriano, Paine
Webber. Inc.. and asked to Mr. Soriano to present a report from Paine Webber
regarding issuance of flood control bonds.
Mr. Usher explained that the Agency would be asked to approve two actions:
a resolution of the Agency amending Resolution No. RA-85-5. authorizing issuance
of the tax allocation bonds. which would Include some additional changes in the
previous resolution, and to adopt a resolution making these changes, along with
a third resolution approving the Official Statement of the Redevelopment Agency.
Mr. Soriano explained the proposed amending resolution. and reviewed the
suggested changes with the Agency members. Changes to the resolution
were described in depth. with both Mr. Usher. Executive Director. and Frank
Soriano describing changes to be made by bond counsel. Bond counsel will
forward the completed Resolution following preparation.
Executive Director Usher recommended adoption of the following proposed
Resolution-.
RESOLUTION NO. RA-85-1l. A RESOLUTION OF THE QUINTA REDEVELOPMENT
AGENCY. AMENDING RESOLUTION NO. RA-85-5,
AUTHORIZING THE ISSUANCE O TAX ALLOCATION BONDS OF SAID AGENCY IN A PRINCIPAL
AMOUNT NOT TO EXCEED TWENTY MILLION DOLLARS $20,000,000) TO FINANCE PORTION
OF THE COST OF A REDEVELOPMENT PRO3ECT KNOWN AS ThE LA QUINTA REDEVELOPMENT
PROJECT.
Moved by Agency Member Wolff. seconded by Agency Member Allen, to adopt
Resolution No. RA-85-11 amending Resolution No. RA-8S-S, with the understanding
that this Resolution, when completed in final written form. will include both
sections present plus additional changes as described verbally by Mr. Soriano
and Executive Director Usher. Unanimously adopted, with Agency members
Bohnenberger and Pena absent.
B. The Executive Director presented a report regarding a proposed Resolution
amendin9 Resolution No. RA-85-1O, declaring its intention to sell bonds of
said Agency In the amount of $20,000,000, fixing time and place for taking bids
and directing publication of Notice Inviting bids.
RESOLUTION NO. RA-85-12. A RESOLUTION OF THE QUINTA REDEVELOPMENT
AGENCY. AMENDING RESOLUTION NO. RA-85-10.
DECLARING ITS INTENTION TO SELL BONDS OF SAID AGENCY IN THE AMOUNT OF $20,000,000,
FIXING TIME AND PLACE FOR TAKING BIDS AND DIRECTING PUBLICATION OF NOTICE
INVITING I0S.
The Executive Director explained that amendments contained In the Proposed
Resolution would provide for an Increased bid bond from $100,000 to $500,000,
which would ensure good faith bidding by all parties. It was further noted
that unsuccessful bidders would have their bid bonds returned to them upon
award of bid.
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MINUTES La Quinta Redevelopment Agency
August 27, 1985
Page Two.
moved by Agency Member Allen, seconded by Agency Member Wolff, to adopt
Resolution No. RA-85-12, amending Resolution No. RA-85-10, relating to
increased bid bonding from $100,000 to $500,000. Unanimously adopted,
with Agency members Bohnenberger and Pena absent.
C. The Executive Director presented a report regarding a proposed Resolution
relative to adoption Cf the Official Statement of the La Quinta Redevelopment
Agency. Mr. Soriano reviewed changes to the Official Statement as noted by
Staff. The executive Director recoended adoption of the following proed
Resolution:
RESOLUTION NO. RA-85-13. A RESOLUTION or THE LA QUINTA REDEVELOPment
AGENCY APPROVING THE OFFICIAL STATEMENT FOR
THE LA QUINTA REDEVELOPMENT PROJECT TAX ALLOCATION bonds. SERIES 1g85.
Fo1loing discussion regarding changes and revisions relative to the Official
statement. Agency Member Wolff reested the Agency adjourn for a five r.ite
recess. Chairman Cox adjourned the meeting at 9.20 a.m.. and reconvened the
Agency meeting at 9.30 a.m.
Discussion resumed regarding changes to the Official Statement. after which
it was moved by Agency Member Allen. seconded by Agency Member Wolff, to
adopt Resolution No. RA-85-13. subject to changes as described by Mr. Soriano.
Unanimously adopted. with Agency Members Bohnenberger and Pena absent.
6. ADJOURNMENT
Moved by Agency Member Allen. seconded by Agency Member Wolff, to adjourn. Unan. adopted.
The special meeting of the La Quinta Redevelopment Agency held on August 27. 1985.
was adjourned at 9:52 a.m., at City Hall, 78-105 Calle Estado, La Quinta,
California.
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