MuniFinancial/Info Reports 96MuniFinancial
September 13, 1996
Mr. John Falconer
Finance Director
City of La Quinta
P.O. Box 1504
La Quinta, CA 92253
Corporate Office
28765 Single Oak Drive, Suite 200
Temecula, CA 92590-3661
Phone: (909) 699-3990
Fax: (909) 699-3460
-Temecula
*San Francisco Bay Area
-Seattle
-Chicago
-Boca Raton
RE. AGREEMENT TO PROVIDE FINANCING DISTRICT INFORMATION SHEETS
Dear Mr. Falconer:
MuniFinancial is pleased to submit this Letter Agreement to provide Financing
District Information Sheets to the City of La Quinta.
SCOPE OF SERVICES TO BE PROVIDED
1. MuniFinancial will prepare an annual report, to be part of the levy or special tax
report, that contains financial information pertaining to the land -based financing
districts administered by MuniFinancial. The report shall include the following
information: bond status, district status, background summary information,
parcel status, fund balance information, historical information, top ten land
owners representing 5% or more of the total tax or assessment, call provisions,
underwriter information, and value -to -lien ratio data.
2. The information will be prepared for each land -based financing administered by
MuniFinancial that was issued prior to the amendment of Securities and Exchange
Commission (SEC) Rule 15c2-12 effective date of July 3, 1995; and for financings
issued on and after July 3, 1995, that are exempt from the SEC requirements.
SERVICE FEE
Annual Report per Bond Issue: $250/year
City of La Quinta
Page 2
PURPOSE
The purpose of the preparation service is to improve the consistency of financial
information required by or requested of the City of La Quinta, by nature of our role as
administrators of the financing districts. The sole intent of the service is to provide
financial information pertaining to the district and is expressly not intended to provide
disclosure of all material information. The information pertaining to the district and
its underlying security has been obtained by MuniFinancial from sources believed to
be reliable, however, the release of this information is not intended by MuniFinancial
to be and should not construed as, an endorsement of such security, a recommendation
to purchase, sell or hold such security. MuniFinancial reserves the right to sell or
distribute the data to third parties. Such sale or distribution shall not be as an agent or
fiduciary of the City of La Quinta.
TERM OF AGREEMENT
The term of this Agreement is continuous, not to exceed thirty (30) years, or until the
final maturity of the bond issue.
This service may be abandoned at any time by the City of La Quinta. MuniFinancial
may cancel its obligation under this Agreement by providing thirty days (30) notice in
writing to the City of La Quinta.
PAYMENT
Payment for services rendered pursuant to this Agreement shall be made within thirty
(30) days of the submittal of an invoice by MuniFinancial. Invoices for services will be
submitted to the City of La Quinta annually.
AMENDMENT OF SCOPE
This Agreement may be amended from time -to -time by the City of La Quinta, as may
be required or advisable due to changes in Federal Law, or to provide these same
services to additional bond issues. All other amendments must be in writing and
approved by MuniFinancial and an authorized representative of the City of La Quinta.
City of La Quinta
Page 3
ABANDONMENT AND ARBITRATION
In the event that this project is abandoned prior to its completion, the City of La
Quinta will pay MuniFinancial a fee equal to the reasonable value of services provided,
but not to exceed charges otherwise payable under "SERVICE FEE" above.
Reasonable value shall be determined based on our then current hourly consulting
rates. In the event of litigation or arbitration between the parties over the terms or
performance of this Agreement, the prevailing party shall be entitled to reasonable
attorney's fees and costs.
ACCEPTED BY:
MuniFinancial
Harry Clark
CEO
City of La Quinta
Mr. John Falconer
Finance Director
Dat
Dated: September 13, 1996
g:\proposa1\sec\701.mge
zzjj".�v ;
Mr. Thomas; Pf., Genovese
Finance Director
Date