1991 11 19 FA Minutesd_ LA QUINTA FINANCING AUTHORITY
MINUTES
NOVEMBER 19, 1991
Regular meeting of the La Quinta Financing Authority was called to
order at the 3:00 P.M., Vice Chairman Rushworth presiding.
PRESENT: Mr. Bohnenberger, Mrs. Franklin, Mr. Sniff, Vice Chairman
Rushworth
ABSENT: Chairman Pena
MOTION It was moved by Mrs. Franklin, seconded by Mr. Sniff that
Chairman Pena be excused. Motion carried unanimously.
BUSINESS SESSION
1. ADOPTION OF RESOLUTION AUTHORIZING THE SALE, EXECUTION AND
DELIVERY OF $8,515,000 PRINCIPAL AMOUNT OF ITS 1991 BONDS
CITY HALL PROJECT) AND APPROVING CERTAIN DOCUMENTS AND
AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH.
Mr. Bohnenberger advised that he would be abstaining from this
issue due to a possible conflict of interest.
Mr. Fieldman, Bond Counsel with Fieldman Rolapp, advised that
the financing was accomplished at a net cost of 6.54%, which
he felt is impressive. The debt service has been kept down on
an annual basis of about $700,000. The average coupon on the
issue was 6.57%. It's a 25-year issue. The pre-close will
take place on December 4th with the actual closing on December
5th.
In response to Council Member Franklin, Mr. Fieldman advised
that there is a premium of 2% of the par value for early
retirement.
RESOLUTION NO. FA 91-2
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE LA QUINTA
FINANCING AUTHORITY AUTHORIZING THE SALE, EXECUTION AND
DELIVERY OF $8,515,000 PRINCIPAL AMOUNT OF ITS 1991 BONDS
CITY HALL PROJECT) AND APPROVING CERTAIN DOCUMENTS AND
AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH.
It was moved by Mr. Sniff, seconded by Mrs. Franklin that
Resolution No. FA 91-2 be adopted. Motion carried with Mr.
Bohnenberger abstaining.
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d_City Council Minutes 2 November 19, 1991
APPROVAL OF AGREEMENT WITH STRADLING YOCCA, CARLSON & RAUTH
FOR BOND COUNSEL SERVICES FOR CIVIC CENTER BONDS.
MOTION It was moved by Mr. Sniff, seconded by Mrs. Franklin
that the agreement with Stradling, Yocca, Carlson & Rauth for
bond counsel services be approved. Motion carried with Mr.
Bohnenberger abstaining.
CONSENT CALENDAR
1. APPROVAL OF MINUTES OF NOVEMBER 5, 1991.
MOTION It was moved by Mr. Sniff, seconded by Mrs. Franklin
that the Consent Calendar be approved. Motion carried with
Mr. Bohnenberger abstaining.
There being no further business, the meeting was adjourned.
R pectfully submitted,
SAUNDRA L. JUHOLA, Secretary
La Quinta Financing Authority
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