1995 06 20 FAing -> 10- 1
a Qainta nancin? atkoP?t?
CITY COUNCIL CRAMBER
78495 CalIe Tampico
La Quinta, California 92253
Regular Meeting
June 20, 1995 3:00 P.M.
CALL TO ORDER Beginning Res. No. FA 954)1
a Roll Call
CONFI?ON OF AGENDA
APPROVAL OF MIN'm?:S
a. Approval of Minutes of August 2, 1994
PUBLIC COMMENT
BUSINESS SESSION
1. CONSIDERATION OF A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF
A BOND PURCHASE CONTRACT BY AND AMONG THE LA QUINTA REDEVELOPMENT
AGENCY, LA QUINTA FINANCING AUTHORITY, AND ThE UNDERWRITERS NAMED
THEREIN.
A) RESOLUTION ACTION.
CONSENT CALENDAR None
DEPARTMENT REPORTS None
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PUBLIC HEARINGS None
ADJOURNMENT
DECLARATION OF POSTING
I, SAUNDRA L. JUHOLA, Secretary of the La Quinta Financing Authority, do hereby declare that the foregoing
agenda for the La Quinta Financing Authority meeting of June 20, 1995 was posted on the outside entry to the
Council Chatuber, 78-495 Calle Tatnpico and on the bulletin board at the La Quinta Chatnber of Corurnerce on
Friday, June 16, 1995.
AUNDRA L. JUHO A, Secretary
La Quinta Financing Authority
000002
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AGENDA CATEGORY:
BUSINESS SESSION:
COUNCILIRDA MEETING DATE: June 20,1995 CONSENT CALENDAR:
ITEM TIILE: STUDY SESSION:
Consideration of a La Quinta Financing Authority resolution PUBLIC HEARING:
authorizing the execution and delivery of a Bond Purchase Contract by
and among the La Quinta Redevelopment Agency, La Quinta
Financing Authority, and the Underwriters named therein Stone &
Youngberg)
RECOMMENDATION:
Move to adopt the attached resolution that authorizes the execution and delivery of a bond purchase contract to
facilitate the sale of the 1995 Housing Tax Allocation Bonds in a principal amount not to exceed $28,000,000. The
purchase contract will involve the Financing Authority, the La Quinta Redevelopment Agency, and the underwriters
of Stone & Youngberg.
FISCAL IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
To date, the La Quinta Financing Authority has four outstanding bond issues: the La Quinta Redevelopment Project
No.1 Series 1991 and the Series 1994 issues, with outstanding principal amounts of $8,135,000 and $26,665,000,
respectively; La Quinta Redevelopment Project No.2 Series 1992 bonds with an outstanding principal balance of
$5,730,000; and the Local Agency Revenue Bonds City Hall Project), Series 1991. Of these three bond issues, only
the Project No.1 Series 1994 pledges the Redevelopment Agency's low and moderate housing set-aside revenue.
In June, 1994, the City Council adopted a comprehensive financial management plan to address short- and long-term
resource needs. One component of this plan was the proposed issuance of bonds secured by available housing fluid
revenues; bond proceeds would be used to facilitate the development of affordable housing as required by the Agency's
Housing Affordability Compliance Plan, stimulate economic development activities, and address needed infrastructure
improvement. In January, 1995, Agency Board authorized staff to pursue the issuance of bonds to fund these activities.
000003
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ing -> 10- The La Quinta Financing Authority has been involved in the sale of prior Redevelopment Agency and City financings.
The Authority is used when bonds and other financing instruments can be sold in a cost effective way through a
negotiated sale with bond underwriters. The alternative would be to sell bonds through a competitive bid process. Past
experience with Agency and City Hall bonds, which were all sold through negotiated sale, proved that this approach
was most cost effective. Also, Agency will be using a pricing consultant who will insure the bid received by the
underwriter is the lowest and most cost effective as compared to current market prices for like bond issues.
Stone & Youngberg was selected to purchase the Agency's 1995 Housing Tax Mlocation Bonds due to their favorable
pricing structure, their relationships with both bond insurance companies and rating agencies, and their prior
performance on similar financings.
FINDINGS AND ALTERNATIVES:
The 1995 Housing Tax Allocation Bonds will fund a variety of land acquisition design arid development costs for
ongoing and proposed affordable housing projects throughout the City. The 1995 Bonds will be funded with available
housing fund revenues from Project Nos. 1 and 2.
The alternatives available to the Financing Authority are as follows:
1. Authorize execution of the Bond Purchase Contract.
2. Abandon the Bond Purchase Contract, and instead sell the Bonds on a competitive basis. However, this
alternative would ultimately increase the costs of issuance that would exceed any savings in interest rates.
J He
Co unity Development Director
Attachments:
1. Bond Purchase Contract
CCJH.007
2
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