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2002 12 17 FA� T•Q/ 0 o Financing Authority Agenda CITY COUNCIL CHAMBER 78-495 Calle Tampico La Quinta, California 92253 Tuesday, December 17, 2002 - 3:00 p.m. Beginning Res. No. FA 2002-04 CALL TO ORDER ROLL CALL: Board Members: Henderson, Perkins, Sniff, Chairman Adolph 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 MINUTES OF NOVEMBER 19, 2002 CONSENT CALENDAR 1. TRANSMITTAL OF TREASURER'S REPORT DATED OCT063ER 31, 2002. 2. TRANSMITTAL OF REVENUE AND EXPENDITURES REPORT DATED OCTOBER 31, 2002. 3. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA FINANCING AUTHORITY 1996 LEASE REVENUE REFUNDING BONDS FOR FISCAL YEAR END JUNE 30, 2002. BUSINESS SESSION - None 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 21, 2003, in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, June S. Greek, Authority Secretary of the City of La Quinta Financing Authority, do hereby declare that the foregoing agenda for the La Quinta Financing Authority meeting of Tuesday, December 17, 2002, was posted on the outside entry to the Council Chambers, 78-495 Calle Tampico and on the bulletin board at the La Quinta Chamber of Commerce, 78-371 Highway 111, and at Stater Bros., 78-630 Highway 111, on Friday, December 13, 2002. DATED: December 13, 2002 tJUNE S. dREEK, CIVIC, Authority Secretary City of La Quinta, California PUBLIC NOTICES 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 Financing Authority Agenda Page 2 December 17, 2002 c&ty/ 4 s4� Q" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: December 17, 2002 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: Transmittal of Treasurer's Report PUBLIC HEARING: as of October 31, 2002 RECOMMENDATION: It is recommended the La Quinta Financing Authority: Receive and file. PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA TO c v �5 t{' S cF►t of9w AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: Transmittal of Revenue and Expenditure Report for October 31, 2002 RECOMMENDATION: Receive and File. BUSINESS SESSION: December 17, 2002 CONSENT CALENDAR: BACKGROUND AND OVERVIEW: STUDY SESSION: PUBLIC HEARING: Transmittal of the October 31, 2002 Statement of Revenue and Expenditures for the La Quinta Financing Authority. Respectfully submitted: uv� M. Falcon4r, Finance Director Approved for Submission by: Thomas P. Genovese, Executive Director Director Attachments 1 : Revenue and Expenditures Report, October 31, 2002 R ATTACHMENT 1 LA QUINTA FINANCING AUTHORITY REVENUE DETAIL REMAINING % BUDGET RECEIVED BUDGET RECEIVED DEBT SERVICE REVENUE: Contractual Services Fees 9,175.00 0.00 9,175.00 0.000% Non Allocated Interest (141.62) 141.62 0.000% Rental Income 678,955.00 485,492.56 193,462.44 71.510% Transfer In 0.00 0.00 0.000% TOTAL DEBT SERVICE 688,130.00 485,350.94 202,779.06 70.530% CAPITAL IMPROVEMENT REVENUE: Pooled Cash Allocated Interest (1.56) 1.56 0.000% Non Allocated Interest 114.57 (114.57) 0.000% TOTAL CIP REVENUE 0.00 113.01 (113.01) 0.000% TOTAL FINANCING AUTHORITY 688,130.00 485,463.95 202,666.05 70.550% LA QUINTA FINANCING AUTHORITY EXPENDITURE SUMMARY DEBT SERVICE EXPENDITURES SERVICES BOND PRINCIPAL BONDINTEREST TRANSFER OUT CAPITAL IMPROVEMENT EXPENDITURES TRANSFER OUT 07/01/2002-10131/02 REMAINING % BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED 9,686.00 1,622.49 0.00 8,063.51 16.8% 285,000.00 285,000.00 0.00 0.00 100.0 % 394,435.00 200,495.00 0.00 193,940.00 50.8% 0.00 0.00 0.00 0.0% TOTAL DEBT SERVICE 689,121.00 487,117.49 0.00 202.003.51 70.7% (131792.42) 0.00 0.00 (131,792.42) 0.0% TOTAL CAPITAL IMPROVEMENT (131 792.42) 0.00 0.00 (131,792.42) 0.0% TOTAL FINANCING AUTHORITY 557,328.58 487,117.49 0.00 70,211.09 87.40% OQ6� Tily 4 atP Q" COUNCIL/RDA MEETING DATE: December 17, 2002 Approval of Annual Continuing Disclosure for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End June 30, 2002 RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: 3 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, 2002. 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. -n 7 Attachment 1 is the 2001 /02 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 2001 /02. 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, 2002; 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, 2002; or 3. Provide staff with alternative direction. Respectfully submitted, hn M. FalconeF, Finance Director Approved for submission by: T omas P. Genovese, City Manager Attachment 1 : 2001 /02 Annual Continuing Disclosure Statement for the La Quinta Financing Authority 11,�L -*� ATTACHMENT 1 ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDED JUNE 309 2002 1996 LEASE REVENUE REFUNDING BONDS (LA QUINTA CITY HALL PROJECT) LA QUINTA FINANCING AUTHORITY CITY OF LA QUINTA RIVERSIDE COUNTY, CALIFORNIA 009 DISCI LIST OF PARTICIPANTS CITY QF LA QUINTA www.la-guinte.org John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92253 (619) 777-7150 MuniFinancial Temecula, California 92590 (909) 699-3990 Report available for viewing www.muni.com 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. 1< era 5 1. 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. 01.1 s 2001102 — 1996 Lease Rev City of La Quinta It. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds 1996 Lease Revenue Bonds B. FUND BALANCES Fund Reserve Fund (1) As of October 2, 2002 $7,750,000 As of December 2, 2002 N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the MBIA Insurance Corporation. 111. FINANCIAL INFORMATION The audited financial statements for the City for the Fiscal Year Ended June 30, 2002 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 Ending 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 2002 2,960,339 7,609,121 1,536,033 1,014,474 726,589 0 13,846,556 01.2 I.. U (". �7 2001102 - 1996 Lease Rev City of La Quinta 2 B. GENERAL FUND REVENUE BY SOURCE Fiscal Year Ending June 30 Taxes Licenses and Permits Inter- Governmental Charges for Services Litigation Settlement 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 2002 10,443,436 1,857,691 3,683,490 1,757,744 0 2,030,346 529,190 20,301,897 (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 Ending 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% 2002 1,218,823 1,409,828 115.7% 0 115.7% 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 2002 3,789,678,041 32,607,713 3,822,285,754 20,732,503 33,993,800 3,767,559,451 (1) Homeowner's exemption not available Source: County of Riverside 2001102 - 1996 Lease Rev City of La Quinta E. PROPERTY TAX RATE - DIRECT AND OVERLAPPING GOVERNMENTS (Per $100 of Assessed Value) 1996/97 1997/98 1998/99 1999/00 2000101 2001/02 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 Ended Special Assessment Special Assessment Ratio of Collections June 30 Billings Collections (') 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% 2002 1,068,994 992,226 92.8% (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, 2002 Direct and Overlapping Bonded Debt Applicable Bonded Debt Riverside County General Fund Obligations 0.985% $6,315,737 Riverside County Board of Education Certificates of Participation 0.985% 147,377 Desert Sands Unified School District Certificates of Participation 8.340% 2,072,151 Desert Sands Unified School District Lease Tax Obligation 8.340% 3,350,595 Desert Sands Unified School District Community Facilities District No. 1 100.000% 2,245,000 Coachella Valley County Water District, I.D. #71 Storm Water 6.190% 759,823 Unit Certificates of Participation Coachella Valley County Water District, I.D. #55 64.580% 6,280,405 Coachella Valley County Water District, I.D. #58 2.821% 181,390 Coachella Valley Unified School District 5.022% 958,161 City of La Quinta General Fund Obligation (Finance Authority) 100.000% 7,475,000 City of La Quinta 1915 Act Bonds 100.000% 5,450,000 Total Direct and Overlapping Bonded Debt $40,681,485 (1) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and nonbonded capital lease obligations. Source California Municipal Statistics, Inc. n14 . C�9 2001102 - 1996 Lease Rev City of La Quinta 4 H. COMPUTATION OF LEGAL DEBT MARGIN (JUNE 30, 2002) Net Assessed Valuation Debt Limit - 15 % of Assessed Valuation Amount of Debt Applicable to Debt Limit Legal Debt Margin $3,767,559,451 565,133,918 0 565,133,918 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. REVENUE BOND COVERAGE Local Agency Revenue Bonds (City Hall Project) Fiscal Year Ending June 30 Revenue Available for Debt Service Debt Service Requirements Principal 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 2002 682,178 275,000 407,178 682,178 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 Fiscal Population Riverside Year Square Percent County City Population Ending Miles Population (') Change Population (') Percent of County 1992 28.0 14,727 12.7% 1,281,000 1.1 % 1993 28.2 15,589 5.9% 1,323,500 1.2% 1994 28.2 16,680 7.0% 1,357,400 1.2% 1995 31.2 17,591 5.5% 1,393,500 1.3% 1996 31.2 18,050 2.6% 1,381,879 1.3% 1997 31.2 18,931 4.9% 1,379,956 1.4% 1998 31.2 20,444 8.0% 1,441,237 1.4% 1999 31.2 21,763 6.5% 1,473,307 2.2% 2000 31.2 24,240 10.8% 1,522,900 1.6% 2001 31.2 26,321 8.6% 1,545,387 1.7% 2002 31.8 28,715 9.1 % 1,545,387 1.9% Source (1) State of California Department of Finance 2001102 - 1996 Lease Rev City of La Quinta nt t;10 5 K. PROPERTY VALUE AND CONSTRUCTION ACTIVITIES Fiscal Year Commercial Construction Residential Construction Ending Property June 30 Value 1�1 Units Value Units Value 1992 $1,594,767,374 12 $7,334,871 320 $35,744,443 1993 1,773,323,102 7 2,441,392 324 39,145,539 1994 1,872,768,156 13 6,081,796 531 79,318,969 1995 1,927,834,908 4 1,100,119 238 29,163,494 1996 2,043,276,054 8 1,018,940 336 53,973,239 1997 2,164,204,951 11 1,876,747 322 36,971,047 1998 2,305,593,987 14 2,689,642 461 70,403,691 1999 2,674,887,437 19 8,894,767 770 132,521,054 2000 2,684,277,392 40 13,071,684 1,590 292,524,629 2001 3,162,945,116 39 15,289,134 1,069 195,774,186 2002 3,789,678,041 66 6,739,720 858 171,189,651 (1) From Schedule of Net Taxable Value L. PRINCIPAL TAXPAYERS (JUNE 30, 2002) Taxpayer Type of Activity KSL La Quinta Hotel Corp. Hotel KSL PGA West Corporation Residences Sunrise Desert Partners Condominiums KSL Landmark Corporation Vacant Land KSL Land Corporation Recreational Land KSL La Quinta Corporation Golf Courses TD Desert Development Residential Land La Quinta Golf Properties, Inc. Golf Courses M & H Realty Partnership Shopping Centers Washington Adams Partnership Commercial M. MAJOR EMPLOYERS (JUNE 30, 2002) Employer Employees Activity La Quinta Hotel and Golf Resort 1,500 Resort Hotel PGA West 1,100 Golf Resort Desert Sands Unified School District 550 School District Administration Wal-Mart 250 Retailer Home Depot 180 Retailer Lowes Home Improvement 150 Retailer Stater Brothers 126 Groceries Vons 103 Groceries Ralphs 100 Groceries City of La Quinta 76 Municipal Government file 2001102 — 1996 Lease Rev City of La Quinta 6 N. SCHEDULE OF INSURANCE IN FORCE (JUNE 30, 2002) Company Policy Name Number Coverage Limits Term Premium Hartford PEBA07068 Employee Dishonesty, $1,000,000 12/03/01 — 02 $2,500 Forgery, Computer Fraud General Star IAG371825A Indemnity & FPL388464 Westchester Fire Agricultural CCP5629789 Insurance Company California Certificate #5 Joint Powers Insurance Authority All Risk Property Insurance Including Auto Physical Damage (Excluding Quake & Flood) Earthquake & Flood, Real & Personal Property Including Contingent Tax Interruption Comprehensive General Liability California Certificate Worker's Compensation Joint Powers #5009-056 Insurance Authority 25,139,000 07/01/02 — 03 16,505 4,500,000 02/07/02 —03 15,780 Part of $7,500,000 $0 Deductible 12/03/01 — 02 60,300 Retention $50 Million $5,000,000 12/03/01 — 02 37,637 Greenwich Ins. Co. AC63329789 Earthquake & Flood, Real & $3,000,000 02/07/02 - 03 9,970 Personal Property Including Part of Contingent Tax Interruption $7,500,000 Chubbs Special Events $1,000,000 02/01/02 - 03 N/C Custom Insurance O. MISCELLANEOUS STATISTICAL DATA (JUNE 30, 2002) Date of Incorporation May 2, 1982 Type of City Charter City Form of Government Council / Manager City Employees 76 City Land Area (square miles). 31.8 Population 28,715 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 40 Number of Traffic Signs 2,630 Number of Street Lights 56 Public Schools 4 Private Schools 1 Churches 3 Banks / Savings and Loan 7 Number of Single Family Units - Detached 12,228 Number of Single Family Units - Attached 2,360 Number of Multiple Family Units 897 Number of Mobile Homes 247 (II 012 2001102 — 1996 Lease Rev City of La Quinta 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. LA QUINTA FINANCING AUTHORITY CITY OF LA QUINTA John Falconer' Finance Director December 17, 2002 In l s 013 2001102 — 1996 Lease Rev City of La Quinta 8