1988 12 20 FA Minutesd_ LA QUINTA FINANCING AUTHORITY
MINUTES
DECEMBER 20, 1988
Meeting of the La Quinta Financing Authority of December 20,
1988 was called to order by Chairman Pena.
PRESENT: Mr. Bohnenberger, Mrs. Bosworth, Mr. Rushworth, Mr.
Sniff, Chairman Pena
ABSENT: None
BUSINESS SESSION
1. ADOPTION OF RESOLUTION CONFIRMING THE ELECTION OF THE
CHAIR AND VICE-CHAIR OF THE GOVERNING BOARD OF THE LA
QUINTA FINANCING AUTHORITY; ESTABLISHING THE TIME AND
PLACE OF REGULAR MEETINGS OF THE AUTHORITY; APPOINTING THE
SECRETARY, TREASURER AND CONTROLLER, RESPECTIVELY, OF THE
AUTHORITY; ADOPTING THE BYLAWS OF THE AUTHORITY; ADOPTING
A CONFLICT OF INTEREST CODE; AND RETAINING COUNSEL FOR THE
AUTHORITY.
Mr. Fritz Stradling, Bond Counsel, Stradling, Yocca,
Carison & Rauth, Newport Beach, CA advised that because the
Financing Authority is an independent public entity, this
Resolution encompassing the above matters must be adopted.
MOTION It was moved by Mr. Sniff, seconded by Mrs.
Bosworth to adopt Resolution No. FA 88-1. Motion carried
unanimously.
2. ADOPTION OF RESOLUTION AUTHORIZING THE EXECUTION AND
DELIVERY OF BOND PURCHASE CONTRACTS BY AND AMONG THE LA
QUINTA REDEVELOPMENT AGENCY, LA QUINTA FINANCING
AUTHORITY, AND PAINEWEBBER INCORPORATED.
Mr. Stradling, advised this Resolution authorizes the
execution by the authority of the purchase agreement with
the Agency and Painewebber for the sale of the bonds
purchased from the Agency to the underwriter,
Painewebber. He also 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 bonds to the Financing Authority and the
Financing Authority will be selling the bonds to the
underwriter, Painewebber.
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d_La Quinta Financing 2 December 20, 1988
Authority Minutes
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 BAA1 rating on the 1989 bonds of $8,000,000
Bonds. Mr. Fieldman advised that the discount is 2 points.
MOTION It was moved by Mr. Sniff, seconded by Mrs.
Bosworth to adopt Resolution No. FA 88-2. Motion carried
unanimously.
CONSENT CALENDAR
1. APPROVAL OF MINUTES OF DECEMBER 6, 1988.
MOTION It was moved by Mr. Bohnenberger, seconded by Mr.
Sniff that the Consent Calendar be approved as
recommended. Motion carried unanimously. MINUTE ORDER
NO. FA 88-3.
Upon motion by Mr. Bohnenberger, seconded by Mr. Sniff, the
meeting was adjourned.
submitted,
JU&;r?
La Quinta Financing Authority
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