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2001 12 18 FAH �J,WO .TED� M ti5 OF T19 Financing Authority Agenda City Council Chamber 78-495 Calle Tampico La Quinta, California 92253 Tuesday, December 18, 2001 3:00 PM CALL TO ORDER Beginning Res. No. FA 2001-03 ROLL CALL Board Members: Adolph, Henderson, Perkins, Sniff, Chairman Pena PUBLIC COMMENT At this time, members of the public may address the Finance Authority on any matter not listed on the agenda or scheduled for public hearing. Please complete a "request to speak" form and limit your comments to three minutes. For all Public Hearings on the agenda, a completed "request to speak" form must be filed with the City Clerk prior to the Council beginning consideration of that item. Please watch the timing device on the podium. CONFIRMATION OF AGENDA APPROVAL OF MINUTES 1. APPROVAL OF THE MINUTES OF NOVEMBER 20, 2001. CONSENT CALENDAR 1. TRANSMITTAL OF THE TREASURER'S REPORT DATED OCTOBER 31, 2001. 2. TRANSMITTAL OF THE REVENUE AND EXPENDITURES REPORT DATED OCTOBER 31, 2001. 3. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA FINANCING AUTHORITY 1996 LEASE REVENUE REFUNDING BONDS FOR FISCAL YEAR END JUNE 30, 2001. BUSINESS SESSION DEPARTMENT REPORTS - None CHAIR AND BOARD MEMBERS' ITEMS - None PUBLIC HEARINGS - None ADJOURNMENT -Adjourn to a Regular Meeting of the Financing Authority to be held on January 15, 2002, in the City Council Chambers, 78-495 Calle Tampico, CA 92253. DECLARATION OF POSTING I, June S. Greek, Secretary of the La Quinta Financing Authority, do hereby declare that the foregoing agenda for the La Quinta Financing Authority meeting of December 18, 2001, was posted on the outside entry to the Council Chamber, 78-495 Calle Tampico and on the bulletin board at the La Quinta Chamber of Commerce and at Stater Bros., 78-630 Highway 111, on Wednesday, December 14, 2001. DATED: December 14, 2001 JUN SOS. CMC Secretary, La Quinta Financing Authority PUBLIC NOTICE The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk's Office at 777-7025, 24-hours in advance of the meeting and accommodations will be made. Finance Authority Agenda Page 2 November 20, 2001 V `� T 0 0 ity, 4 4 a" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: CONSENT CALENDAR: December 18, 2001 ITEM TITLE: Transmittal of Treasurer's Report as of October 31, 2001 RECOMMENDATION: Receive and file. BACKGROUND AND OVERVIEW: STUDY SESSION: PUBLIC HEARING: Transmittal of Treasurer's Report dated October 31, 2001 for the La Quinta Financing Authority. FINDINGS AND ALTERNATIVES: I certify that this report accurately reflects all pooled investments and is in compliance with California Government Code Section 53645 as amended 1 /1 /86; and is in conformity with City Code 3.08.010 to 3.08.070 Investment of Money and Funds. I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet next month's estimated expenditures. Respectfully submitted: hn M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, City Manager Attachment: Treasurer's Report, La Quinta Financing Authority 005 T 0 444f 4 4 Qum& MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for October 31, 2001 DATE: November 27, 2001 Attached is the Treasurer's Report for the month ending October 31, 2001. The report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept. The following table summarizes the changes in investment types for the month: Investment Beginning Purchased Notes Sold/Matured Other Ending Change Cash $3,302,949 (1) ($1,359,496) $1,943,453 ($1,359,496) LAW $20,027,030 166,491 0 20,193,521 166,491 US Treasuries (2) $51,927,792 5,000,000 (4,000,000) (93,514) 52,834,278 906,486 US Gov't Agencies (2) $15,931,595 39,955 15,971,550 39,955 Commercial Paper (2) $0 0 0 Mutual Funds $10,963,902 35,432 (1) 10,999,334 35,432 Total $102 153 268 $5 201 923 $5 359 496) ($53,5§9L $101 942 136 $211 132 I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in conformity with the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. the City of La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. 12, Zc o) Joh M. Falconer at Fi nce Director/Treasurer Footnote (1) The amount reported represents the net increase (decrease) of deposits and withdrawals from the previous month. (2) The amount reported in the other column represents the amortization of premium/discount for the month on US Treasury, Commercial Paper and Agency investments. 006 U63 E E m E O U N U) N c a) N c w 0 N C C N 4 E LU rz LD C y y d N N C O � O � M V L " �E O � •U C a N U m � rn U o N I toi O z O z O z O z O z �O ! j z O z O z x W i i { se 5. 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VV9 CITY OF LA QUINTA CITY CITY RDA RDA FA BALANCE SHEET 10/31/01 FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH 9,494,757.46 11,723,756.20 101,745.35 21,320,259.01 LQRP INVESTMENT IN POOLED CASH 785,000.00 785,000.00 INVESTMENT T-BILUNOTES & OTHER 34,480,000.00 34,480,000.00 AUTO MALL CASH LQRP CASH 30,715.45 30,715.45 BOND REDEMPTION CASH 192,904.97 1,884.28 194,789.25 BOND RESERVE CASH BOND PROJECT CASH 44,567,814.80 547,728.64 45,115,543.44 BOND ESCROW CASH PETTY CASH 1,000.00 1.000.00 CASH & INVESTMENT TOTAL 43,975,757.46 57,300,191.42 651,358.27 101,927,307.15 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE 41,026.85 60,900.00 101,926.85 PREMIUM/DISCOUNT ON INVESTMENT (54,730.69) 69,560.30 14,829.61 LQRP-ACCOUNTS RECEIVABLE 96,831.01 96,831.01 INTEREST RECEIVABLE (35,069.02) 457,128.00 422,058.98 LOAN/NOTES RECEIVABLE 13,489,653.69 13,489,653.69 DUE FROM OTHER AGENCIES 259,634.01 259,634.01 DUE FROM OTHER AGENCIES - CVAG 2,299,096.69 2,299,096.69 CVAG ALLOWANCE (2,299,096.69) (2,299,096.69) DUE FROM OTHER GOVERNMENTS 0.37 0.37 DUE FROM OTHER FUNDS 1,040,973.94 651,038.04 1,692,011.98 DUE FROM RDA 8,497,550.20 8,497,550.20 INTEREST ADVANCE -DUE FROM RDA 3,265,434.38 3,265,434.38 ADVANCES TO OTHER FUNDS 56,483.22 56,483.22 NSF CHECKS RECEIVABLE 3,569.61 3,569.61 ACCRUED REVENUE 833.40 833.40 FIXED ASSETS 20,711,742.00 20,711,742.00 ACCUMULATED DEPRECIATION 711,534.48 711,534.48 TRAVEL ADVANCES 3,607.29 3,607.29 EMPLOYEE ADVANCES PREPAID EXPENSES RECEIVABLE TOTAL 13,790,014.64 20,711,742.00 14,825,944.44 49,327,701.08 WORKER COMPENSATION DEPOSIT RENT DEPOSITS UTILITY DEPOSITS 75.00 75.00 MISC. DEPOSITS 2,100.00 2,100.00 DEPOSITS TOTAL 2,175.00 2,175.00 GENERAL FIXED ASSETS 9,988,279.05 9,988,279.05 ACCUMULATED DEPRECIATION AMOUNT AVAILABLE TO RETIRE L/T DEBT 3,395,117.03 3,395,117.03 AMOUNT TO BE PROVIDED FOR L/T DEBT 951 847.65 80 866 860.97 7,750 000.00 89 568 708.62 TOTAL OTHER ASSETS 951,847.65 9,988,279.05 84,261,978.00 7,750,000.00 102,952,104.70 TOTAL ASSETS 57,767,947.10 20,711,742.00 951,847.65 72,126,135.86 9,988,279.05 84,261,978.00 651,358.27 7,750,00000 254,209,28793 LIABILITIES: ACCOUNTS PAYABLE DUE TO OTHER AGENCIES DUE TO OTHER FUNDS INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES PAYROLL LIABILITIES STRONG MOTION INSTRUMENTS FRINGE TOED LIZARD FEES SUSPENSE DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL ENGINEERING TRUST DEPOSITS SO. COAST AIR QUALITY DEPOSITS 13,741.33 641,650.69 730,884.56 273,804.01 1,797,658.97 11,383,537.00 16,468.50 7,890.64 1,182.34 78,981.50 1,017,250.51 13,928,549.03 13.741.33 1,372,535.25 2,071,462.98 11,383,537.00 16.468.50 7,890.64 1,182.34 78,981.50 14,945,799.54 LQRP DEPOSITS 14,499.00 14,499.00 DEVELOPER DEPOSITS 877,923.34 877,923.34 MISC. DEPOSITS 439,448.65 439,448.65 AGENCY FUND DEPOSITS 1,413,794.79 1,413,794.79 TOTAL DEPOSITS 2,731,166.78 14,499.00 2,745,665.78 DEFERRED REVENUE 387,604.00 11,378,904.00 11,766,508.00 OTHER LIABILITIES TOTAL 387,604.00 11,378,904.00 11,766,508.00 COMPENSATED ABSENCES PAYABLE 373,536.65 373,536.65 DUE TO THE CITY OF LA QUINTA 578,311.00 189,725.50 768,036.50 DUE TO COUNTY OF RIVERSIDE 10,989,847.00 10,989,847.00 DUE TO C.V. UNIFIED SCHOOL DIST. 8,747,405.50 8,747,405.50 DUE TO DESERT SANDS SCHOOL DIST. BONDS PAYABLE 64,335,000.00 7,750,000.00 72,085,000.00 TOTAL LONG TERM DEBT 951,847.65 84,261,978.00 7,750,000.00 92,963,825.65 TOTAL LIABILITIES 4,136,021.29 951,847.65 25,321,952.03 84,261,978.00 7,750,000.00 122,421,798.97 EQUITY -FUND BALANCE 53,631,925.80 20,711,742.00 46,804,183.83 9,988,279.05 651,358.27 131,787,488.95 TOTAL LIABILITY & EQUITY 57,767,947.09 20,711,742.00 951,847.65 72,126,135.86 9,988,279.05 84,261,978.00 651,358.27 7,750,000.00 254,209,287.92 CASH & INVESTMENT TOTAL' 101,927,307.15 PREMIUMIDISCOUNT ON INVESTMENT 14,829.61 TOTAL 101,942,136.76 0 1 o V l o T a 0 4hf 4 QuiK& AGENDA CATEGORY: BUSINESS SESSION: COUNCIL,/RDA MEETING DATE: CONSENT CALENDAR: v� December 18, 2001 ITEM TITLE: Transmittal of Revenue and Expenditure Report October 31, 2001 RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: STUDY SESSION: PUBLIC HEARING: Transmittal of the October 31, 2001 Statement of Revenue and Expenditures for the La Quinta Financing Authority. Respectfully submitted: Jilin M. Falcondr, Finance Director Approved for Submission by: Thomas P. Genovese City Manager Attachments: 1. Revenue and Expenditures Report, October 31, 2001 014 LA QUINTA FINANCING AUTHORITY REVENUE DETAIL DEBT SERVICE REVENUE: Contractual Services Fees Non Allocated Interest Rental Income Transfer In TOTAL DEBT SERVICE CAPITAL IMPROVEMENT REVENUE: Pooled Cash Allocated Interest Non Allocated Interest TOTAL CIP REVENUE BUDGET RECEIVE[ 9,175.00 0.00 338.57 678,955.00 481,682.50 0.00 REMAINING % BUDGET RECEIVED 9,175.00 0.000% (338.57) 0.000% 197,272.50 70.940% 0.00 0.000% 688,130.00 482,021.07 206,108.93 70.050% 672.89 5,728.42 (672.89) 0.000% (5,728.42) 0.000% 0.00 6,401.31 (6,401.31) 0.000% TOTAL FINANCING AUTHORITY 688,130.00 488,422.38 199,707.62 70.980% LA QUINTA FINANCING AUTHORITY 07/01/2001-10/31/2001 REMAINING % EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED DEBT SERVICE EXPENDITURES SERVICES 9,589.00 1,500.00 0.00 8,089.00 15.6% BOND PRINCIPAL 275,000.00 275,000.00 0.00 0.00 100.0% BOND INTEREST 407,178.00 206,682.50 0.00 200,495.50 50.8% TRANSFER OUT 0.00 0.00 0.00 0.0% TOTAL DEBT SERVICE 691,767.00 483,182.50 0.00 208,584.50 69.8% CAPITAL IMPROVEMENT EXPENDITURES TRANSFER OUT 517,731.78 0.00 0.00 517,731.78 0.0% TOTAL CAPITAL IMPROVEMENT 517,731.78 0.00 0.00 517,731.78 0.0% TOTAL FINANCING AUTHORITY 1,209,498.78 483 182.50 0.00 726,316.28 39 95% 01G :� 4 T a 0 4t!t 4 4v a" AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: ITEM TITLE: BUSINESS SESSION: December 18, 2001 CONSENT CALENDAR: Approval of Annual Continuing Disclosure for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End June 30, 2001 RECOMMENDATION: STUDY SESSION: PUBLIC HEARING: Approve, receive and file the Annual Continuing Disclosure for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End June 30, 2001. FISCAL IMPLICATIONS: None. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: On November 10, 1994, the Securities and Exchange Commission adopted amendments to existing federal regulations (Rule 15c2-12) for bonds issued after July 3, 1995, requiring issuers of municipal securities (Bond issues) to do the following annually for each bond issue: 1. Prepare official statements meeting the content requirement of Rule 15c2-12. 2. File certain financial information and operating data with national and state repositories each year. 3. Prepare announcements of the significant events including payment defaults, defeasances and draws on a reserve fund as the events occur. 017 Attachment 1 is the 2000/01 Annual Continuing Disclosure Statement for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds prepared in accordance with the three aforementioned requirements. Additionally, no announcement of significant events was necessary for Fiscal Year 2000/01. FINDINGS AND ALTERNATIVES: The alternatives available to the City Council include: 1. Approve, receive and file the Annual Continuing Disclosure for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End June 30, 2001; or 2. Do not approve, receive and file the Annual Continuing Disclosure for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End June 30, 2001; or 3. Provide staff with alternative direction. Respectfully submitted, ohn M. Paldoner, Finance Director Approved for submission by: Thomas P. Genovese, City Manager Attachment: 1. 2000/01 Annual Continuing Disclosure Statement for the La Quinta Financing Authority 018 ATTACHMENT 1 MuniFinancial Attn: Municipal Disclosure 28765 Single Oak Drive, Suite 200 Temecula, California 92590 (909) 699-3460 Fax (909) 699-3990 Bus. RE. ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDING 2001 FOR: Assessment District No. 2000-1 Limited Obligation Improvement Bonds TaxAllocationRefunding Bands Issue of1998ProjectArea No. Two Tax Alloca tion R efunding Bonds Issue of 1998 Project Area Na One 1995 Housing Tax Alloca tion Bonds, Project Areas No. One and Two ---�� 1996 Lease Revenue Refunding Bonds (City, Hall) Tax Alloca tion R efunding Bonds Project Area No. One Series 2001 The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are deemed material. I have investigated each of these items and have no knowledge that any of the events listed below have occurred or have been not been previously reported. 1. Principal and interest payment delinquencies on the Bonds. 2. Non-payment related defaults. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions or events affecting the tax-exempt status of the security. 7. Modifications to rights of security holders. 8. Contingent or unscheduled bond calls. 9. Defeasances. 10. Release, substitution, or sale of property securing repayments of the securities. 11. Rating changes. In addition, I certify that the Annual Information Statement does not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading. CITY OF LA QU)J4TA Signatur Date: 2- r h 1/2- 0 a 1 VJoFalc(o/ne1r, Firlance Director 010 0�� ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDED JUNE 309 2001 1996 LEASE REVENUE REFUNDING BONDS (LA QUINTA CITY HALL PROJECT) LA QUINTA FINANCING AUTHORITY CITY OF LA QUINTA RIVERSIDE COUNTY, CALIFORNIA 02�) 060 LIST OF PARTICIPANTS CITY OF LA Q UINTA www.1a7quinta.o.rg John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92253 (619) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT MuniFinancial* Temecula, California 92590 (909) 699-3990 Report available for viewing a� www.muni.com UNDERWRITER Miller & Schroeder Financial, Inc. BOND COUNSEL Rutan & Tucker, LLP Costa Mesa, California FISCAL AGENT Brad Scarborough U.S. Bank Trust, N.A. 550 South Hope Street, Suite 500 Los Angeles, California 90071 (213) 533-8741 * In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. 0 2'r 1 t1�� I. INTRODUCTION Pursuant to an Official Statement dated November 13, 1996 the La Quinta Financing Authority (the "Authority") issued $8,790,000 1996 Lease Revenue Refunding Bonds (La Quinta City Hall Project), (the `Bonds") to refinance the Authority's previously issued Local Agency Revenue Bonds, Series 1991 (City Hall Project). The City of La Quinta, (the "City") which comprises approximately 31.18 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. The Bonds are payable solely from the lease payments relating to the La Quinta City Hall Project, and amounts held in certain funds and accounts established under a trust agreement. The City has covenanted to provide for the lease payments in its annual budget and to make the necessary appropriation for such payments. However, the Bonds and the obligation of the City to make lease payments does not constitute an obligation for which the City is obligated to levy or pledge any form of taxation. Neither the Bonds nor the obligation of the City to make lease payments constitutes an indebtedness of the City, the State of California or any political subdivisions thereof within the meaning of any constitutional or statutory debt limit or restriction. This Annual Information Statement is being provided pursuant to a covenant made by the City and the Authority for the benefit of the holders of the Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the City, the Authority and the Bonds, reference is made to the Official Statement. II. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds 1996 Lease Revenue Bonds B. FUND BALANCES As of December '04, 2000 $7,750,000 Fund As of December 10, 2001 Reserve Fund (1) N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the MBIA Insurance Corporation. III. FINANCIAL INFORMATION The audited financial statements for the City for the Fiscal Year Ended June 30, 2001 will be separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Information Statement. IV. OPERATING INFORMATION A. GENERAL FUND EXPENDITURES BY FUNCTION Fiscal Year Fading General Public Public Community Planning & Capital June 30 Government Safety Works Service Development Projects Total 1992 $1,921,155 $2,155,813 $$618,612 $157,897 $904,171 $11,813 $5,769,461 1993 1,807,205 2,393,202 600,253 146,686 884,537 0 5,831,883 1994 2,359,673 2,786,575 673,144 119,265 511,416 0 6,450,073 1995 1,565,265 3,143,697 576,304 199,115 538,610 282,113 6,305,104 1996 1,793,301 3,227,438 813,352 413,142 453,656 201,475 6,902,364 1997 2,376,935 3,442,056 889,694 469,110 455,563 170,000 7,803,358 1998 2,229,389 4,099,523 1,159,372 494,402 345,054 0 8,327,740 1999 2,473,241 4,468,294 1,546,650 732,741 626,074 0 9,847,000 2000 2,814,604 4,992,811 1,704,996 768,528 748,949 0 11,029,888 2001 3,063,641 5,636,154 1,417,528 817,460 733,579 0 11,668,362 2 O20 0�,8 B. GENERAL FUND REVENUE BY SOURCE Fiscal Year licenses Charges litigation Fading and Inter- for Settlement June 30 Taxes Permits Governmental Services Proceeds Interest Miscellaneous Total 1992 $3,135,044 $576,293 $930,503 $488,015 (1) $261,380 $120,867 $5,512,102 1993 3,581,830 622,107 1,157,587 384,000 (1) 238,321 219,641 6,203,486 1994 4,212,604 777,241 1,600,032 469,695 (1) 585,264 1,042,872 8,687,708 1995 4,946,304 902,914 747,784 551,727 $477,872 718,310 137,028 8,481,939 1996 5,393,456 998,030 815,980 610,873 12,386 905,420 230,705 8,966,850 1997 5,942,698 793,689 1,072,803 976,897 40,593 941,327 22,712 9,790,719 1998 6,764,355 1,144,562 1,110,553 1,228,269 281,382 1,164,145 114,969 11,808,235 1999 8,101,191 1,951,981 1,466,788 1,965,219 740,985 1,569,796 74,529 15,870,489 2000 8,888,825 2,493,360 2,388,749 1,922,097 0 1,868,073 106,371 17,667,475 2001 10,331,970 2,057,423 2,164,891 1,998,589 0 2,513,789 43,545 19,110,207 (1) 1995 was the first year Litigation Settlement Proceeds was identified as a revenue source C. PROPERTY TAX LEVIES AND COLLECTIONS Fiscal Year Total Current Percent Delinquent Total Fading Tax Tax of Levy Tax Collections June 30 Levy Collection Collected Collections to Tax Levy 1992 $282,201 $260,365 92.3% $25,703 101.4% 1993 282,630 244,731 86.6% 14,824 91.8% 1994 288,407 275,752 95.6% 900 95.9% 1995 549,273 487,043 88.7% 786 88.8% 1996 670,398 643,309 96.0% 2,312 96.3% 1997 824,073 760,350 92.3% 0 92.3% 1998 886,175 980,838 110.7% 0 110.7% 1999 991,1001 1,148,040 115.8% 0 115.8% 2000 1,001,074 1,005,983 100.5% 0 100.5% 2001 1,071,723 1,091,128 101.8% 0 101.8% Note 1. Proposition 13 limits cities to levying a tax rate for bonded indebtedness only after 1978. 2. Levies and collections are for General Fund only excluding no -low and supplemental property taxes. Source: County of Riverside D. SCHEDULE OF NET TAXABLE VALUE Fiscal Year Assessed Less Less Net Ending Secured Unsecured Property Property Homeowner's Taxable June 30 Property Property Value Exemptions Exemptions Value 1992 $1,594,767,374 $6,396,816 $1,601,164,190 $3,605,829 (1) $1,597,558,361 1993 1,773,323,102 6,943,559 1,780,266,661 3,814,434 (1) 1,776,452,227 1994 1,872,768,156 8,119,527 1,880,887,683 3,946,378 $18,901,202 1,858,040,103 1995 1,927,834,908 22,822,285 1,950,657,193 4,357,954 20,518,400 1,925,780,839 1996 2,043,276,054 23,801,872 2,067,077,926 6,936,774 22,399,068 2,037,742,048 1997 2,164,204,951 22,511,720 2,186,716,671 6,919,376 22,407,418 2,157,389,877 1998 2,305,593,987 18,844,880 2,324,438,867 9,676,787 24,877,018 2,289,885,062 1999 2,674,887,437 18,756,736 2,693,644,173 10,998,340 27,581,722 2,655,064,111 2000 2,665,520,656 18,712,736 2,684,233,392 11,655,584 28,259,200 2,644,318,608 2001 3,162,945,116 30,599,753 3,193,544,869 19,757,668 30,391,400 3,143,395,801 (1) Homeowner's exemption not available Source: County of Riverside 09,4 3 1.14 E. PROPERTY TAX RATE -DIRECT AND OVERLAPPING GOVERNMENTS (Per $100 of Assessed Value) 1995 1996 1997 8 1998 1999 00 2000 01 General 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 Desert Sands Unified 0.09750 0.09750 0.09750 0.09750 0.09750 0.09750 College of the Desert 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 Coachella Valley Water District 0.02080 0.02080 0.02080 0.02080 0.02080 0.02080 Total Tax Rate 1.11830 1.11830 1.11830 1.11830 1.11830 1.11830 Source: County of Riverside F. SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS Year Faded Special Assessment Special Assessment Ratio of Collections June 30 Billings Collections 0) to Billings 1992 $557,574 $552,249 99.0% 1993 559,029 548,291 98.8% 1994 766,011 734,560 95.9% 1995 836,502 737,700 88.2% 1996 729,647 699,351 95.8% 1997 791,012 757,256 95.7% 1998 791,012 761,109 96.2% 1999 790,532 770,164 97.4% 2000 833,630 800,825 96.0% 2001 835,577 803,756 96.2% (1) Includes Prepayments and Foreclosures Source: Riverside County Assessor's Office as compiled by Muni Financial. G. SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT Percent June 30, 2001 Direct and Overlapping Bonded Debt Applicable Bonded Debt Riverside County General Fund Obligations 0.986% $6,190,196 Riverside County Board of Education Certificates of Participation 0.986 156,400 Desert Community College District Certificates of Participation 3.949 17,889 Desert Sands Unified School District Certificates of Participation 8.727 2,218,485 Desert Sands Unified School District Lease Tax Obligation 8.727 4,228,184 Desert Sands Unified School District Community Facilities District No. 1 100.000 2,285,000 Coachella Valley County Water District, I.D. #71 Storm Water Unit Certificates 6.484 850,052 of Participation Coachella Valley County Water District, I.D. #55 69.480 7,361,406 Coachella Valley County Water District, I.D. #58 2.576 185,343 Coachella Valley Unified School District 6.212 1,203,530 City of La Quinta General Fund Obligation (Finance Authority) 100.000 7,750,000 City of La Quinta 1915 Act Bonds 100.000 8,235,000 Total Direct and Overlapping Bonded Debt $40,681,485 n) (1) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and nonbonded capital lease obligations. Source: California Municipal Statistics, Inc. 4 010 H. COMPUTATION OF LEGAL DEBT MARGIN (JUNE 302 2001) Net Assessed Valuation $3,143,395,801 Debt Limit - 15 % of Assessed Valuation 471,509,370 Amount of Debt Applicable to Debt Limit 0 Legal Debt Margin 471,509,370 Notes: Section 43605 of the Government Code of the State of California limits the amount of indebtedness for public improvements to 15% of the assessed valuation of all real and personal property of the City. The City of La Quinta has no general bonded indebtedness. I. REVENUE BOND COVERAGE Local Agency Revenue Bonds (City Hall Project) Fiscal Year Debt Service Requirements Fading Revenue Available June 30 for Debt Service PrincivW Interest Total Coverage 1992 $182,784 $0 $182,784 $182,784 1.00 1993 548,352 0 548,352 548,352 1.00 1994 548,352 0 548,352 548,352 1.00 1995 699,477 155,000 544,477 699,477 1.00 1996 696,402 160,000 536,402 696,402 1.00 1997 607,950 170,000 437,950 607,950 1.00 1998 734,623 285,000 449,623 734,623 1.00 1999 684,573 245,000 439,573 684,573 1.00 2000 679,670 250,000 429,670 679,670 1.00 2001 678,955 260,000 418,955 678,955 1.00 Note: Revenue available consists of lease payments made by the City of La Quinta to the La Quinta Financing Authority. J. DEMOGRAPHIC STATISTICS Total Population Fiscal Year Square Percent Wing Miles Population Chan 1992 28.0 14,727 12.7% 1993 28.2 15,589 5.9% 1994 28.2 16,680 7.0% 1995 31.2 17,591 5.5% 1996 31.2 18,050 2.6% 1997 31.2 18,931 4.9% 1998 31.2 20,444 8.0% 1999 31.2 21,763 6.5% 2000 31.2 24,240 10.77% 2001 31.2 26,321 8.58% Source: (1) State of California Department of Finance Riverside County City Population Population Percent of County 1,281,000 1.1% 1,323,500 1.2% 1,357,400 1.2% 1,393,500 1.3% 1,381,879 1.3% 1,379,956 1.4% 1,441,237 1.4% 1,473,307 2.2% 1,522,900 1.6% 1,545,387 1.7% 5 Oil L. PROPERTY VALUEAND CONSTRUCTION ACTIVITIES Fiscal Year Fading Property June 30 Value (1) 1992 $1,594,767,374 1993 1,773,323,102 1994 1,872,768,156 1995 1,927,834,908 1996 2,043,276,054 1997 2,164,204,951 1998 2,305,593,987 1999 2,674,887,437 2000 2,684,277,392 2001 3,162,945,116 Commercial Construction Units Value 12 $7,334,871 7 2,441,392 13 6,081,796 4 1,100,119 8 1,018,940 11 1,876,747 14 2,689,642 19 8,894,767 40 13,071,684 39 15,289,134 (1) From Schedule of Net Taxable Value PRINCIPAL TAXPAYERS (UNE 302 2001) Taxpayer KSL La Quinta Hotel Corp. KSL PGA West Corporation Sunrise Desert Partners KSL Landmark Corporation KSL Land Corporation KSL La Quinta Corporation TD Desert Development La Quinta Golf Properties, Inc. M & H Realty Partnership Washington Adams Partnership Tradition Club Associates Residential Construction Units Value 320 $35,744,443 324 39,145,539 531 79,318,969 238 29,163,494 336 53,973,239 322 36,971,047 461 70,403,691 770 132,521,054 1,590 292,524,629 1,069 195,774,186 Type of Activity Hotel Residences Condominiums Vacant Land Recreational Land Golf Courses Residential Land Golf Courses Shopping Centers Commercial Recreational, Vacant Land M. MAJOR EMPLOYERS QUNE30, 2001) Employer La Quinta Hotel and Golf Resort PGA West Desert Sands Unified School District Wal-Mart Home Depot Lowes Home Improvement Stater Brothers Vons Ralphs City of La Quinta Employees Activity 1,500 Resort Hotel 1,100 Golf Resort 550 School District Administration 250 Retailer 180 Retailer 150 Retailer 126 Groceries 103 Groceries 100 Groceries 6 73 Municipal Government N. SCHEDULE OF INSURANCE IN FORCE (JUNE 30, 2001) Company Policy Name Number Coverage Limits Term Premium Hartford PEBA07068 Employee Dishonesty, $1,000,000 12/03/00 — 01 $2,500 Forgery, Computer Fraud General Star IAG371825A All Risk Property Insurance 25,139,000 07/01/01 — 02 Indemnity & FPL388464 Including Auto Physical Damage Westchester Fire (Excluding Quake & Flood) Agricultural Insurance CCP5629789 Earthquake & Flood, Real & 4,500,000 02/07/01 —02 Company Personal Property Including Part of California Joint Powers Insurance Authority California Joint Powers Insurance Authority Greenwich Ins. Co. Chubbs Custom Insurance Contingent Tax Interruption $7,500,000 Certificate #5 Comprehensive General Liability $0 Deductible 12/03/00 — 01 Retention $50 Million Certificate Worker's Compensation $5,000,000 12/03/00 — 01 #5009-056 AC63329789 Earthquake & Flood, Real & $3,000,000 Personal Property Including Part of Contingent Tax Interruption $7 500 000 Special Events $1,000,000 16,505 15,780 60,300 37,637 02/07/01 - 02 9,970 N/A N/C O. MISCELLANEOUS STATISTICAL DATA (JUNE 302 2001) Date of Incorporation May 2, 1982 Type of City Charter City Form of Government Council / Manager City Employees 72.75 City Land Area (square miles). 31.2 Population 26,321 Number of Parks 9 Total Acreage 40 Miles of Streets 170.0 Miles of Bike Paths 9.7 Number of Major Intersections 45 Number of Traffic Signals and Safety Lighting 32 Number of Traffic Signs 2,605 Number of Street Lights g Public Schools 4 Private Schools 1 Churches 3 Banks / Savings and Loan 3 Number of Single Family Units - Detached 10,252 Number of Single Family Units - Attached 2,326 Number of Multiple Family Units 697 Number of Mobile Homes 247 � .. 2 7 V. SIGNATURE The information set forth herein has been furnished by the Authority and the City and by sources which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Authority and the City or any other parties described herein. IA QUINTA FINANCING AUTHORITY CITY OF LA QUINTA John Falconer Finance Director December 11 , 2001 ()�i'}9 8 U14