2003 12 16 FA000
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OF
FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
Tuesday, December 16, 2003 - 3:00 P.M.
Beginning Resolution No. FA 2003-04
CALL TO ORDER
Roll Call:
Board Members: Henderson, Osborne, Perkins, Sniff, and Chairman Adolph
PUBLIC COMMENT
At this time members of the public may address the Financing Authority on items that
appear within the Consent Calendar or matters that are not listed on the agenda. Please
complete a "request to speak" form and limit your comments to three minutes. When you
are called to speak, please come forward and state your name for the record. Please
watch the timing device on the podium.
For all Business Session matters or Public Hearings on the agenda, a completed "request to
speak" form should be filed with the City Clerk prior to beginning consideration of that
item.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES. OF NOVEMBER 18, 2003
Financing Authority Agenda 1 December 16, 2003
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. TRANSMITTAL OF TREASURER'S REPORT DATED OCTOBER 31, 2003.
2. TRANSMITTAL OF REVENUE & EXPENDITURES REPORT DATED OCTOBER 31,
2003.
3. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA
FINANCING AUTHORITY 1996 LEASE REVENUE REFUNDING BONDS FOR FISCAL
YEAR ENDING JUNE 30, 2003.
BUSINESS SESSION — NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
Adjourn to a regularly scheduled meeting of the Financing Authority to be held on January
20, 2004, at 3:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta,
CA 92253.
DECLARATION OF POSTING
I, Phyllis Manley, Deputy City Clerk of the City of La Quinta, do hereby declare that the
foregoing agenda for the La Quinta Financing Authority meeting of Tuesday, December 16,
2003, 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 1 1 1, on Friday, December 12, 2003.
DATED: DECEMBER 12, 2003
PHYLLIS MANLEY, Deputy City Clerk
City of La Quinta, California
Financing Authority Agenda 2 December 16, 2003
COUNCIL/RDA MEETING DATE: December 16, 2003
ITEM TITLE:
Transmittal of Treasurer's Report
as of October 31, 2003
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
Receive and file.
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR.
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
3
T a
4t V 4 44"
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: December 16, 2003 CONSENT CALENDAR:
ITEM TITLE: STUDY SESSION:
Transmittal of Revenue and PUBLIC HEARING:
Expenditure Report for
October 31, 2003
RECOMMENDATION:
Receive and File.
BACKGROUND AND OVERVIEW:
Transmittal of the October 31, 2003 Statement of Revenue and Expenditures for the
La Quinta Financing Authority.
Respectfully submitted:
John M. Falco er, Finance Director
Approved for Submission by:
Mark Weiss, Acting Executive Director
Attachments 1: Revenue and Expenditures Report, October 31, 2003
ATTACHMENT 1
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
REMAINING
BUDGET
RECEIVED
BUDGET
9,500.00
0.00
9,500.00
0.00
0.07
(0.07)
680,830.00
493,882.32
186,947.68
0.00
0.00
690,330.00
493,882.39
196,447.61
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
TOTAL FINANCING AUTHORITY 690,330.00 493,882.39 196,447.61
5
2
LA QUINTA FINANCING AUTHORITY
07/01/2003-10*1103
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
DEBT SERVICE EXPENDITURES
SERVICES
9,686.00
1,394.00
0.00
8,292.00
BOND PRINCIPAL
300,000.00
300,000.00
0.00
0.00
BOND INTEREST
380,830.00
193,940.00
0.00
186,890.00
TRANSFER OUT
0.00
0.00
0.00
0.00
TOTAL DEBT SERVICE 690,516.00
495,334.00
0.00
195,182.00
CAPITAL IMPROVEMENT EXPENDITURES
TRANSFER OUT
(131 792.42)
0.00
0.00
(131,792.42)
TOTAL CAPITAL IMPROVEMENT (131,792.42)
0.00
0.00
(131,792.42)
TOTAL FINANCING AUTHORITY om,723.58
X
3
T4tit 4a:F�Qu�c1w
COUNCIL/RDA MEETING DATE: December 16, 2 0 0 3
ITEM TITLE: Approval of Annual Continuing Disclosure
for the La Quinta Financing Authority 1996 Lease
Revenue Refunding Bonds for Fiscal Year End June 30,
2003
RECOM M ENDATIQN:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
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, 2003.
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.
Attachment 1 is the 2002/03 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 2002/03.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Financing Authority 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, 2003; 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, 2003; or
3. ' Provide staff with alternative direction.
Respectfully submitted,
Approved for submission by:
Mark Weiss, Acting Executive Director
Attachment: 1. 2002/03 Annual Continuing Disclosure Statement for the La
Quinta Financing Authority
n
2
ATTACHMENT 1
ANNUAL INFORMATION STATEMENT
FOR
FISCAL YEAR ENDED JUNE 30, 2003
1996 LEASE REVENUE REFUNDING BONDS
(LA QUINTA CITY HALL PROJECT)
LA QUINTA FINANCING AUTHORITY
CITY OF LA QUINTA
RIVERSIDE COUNTY, CALIFORNIA
9
3
LIST OF PARTICIPANTS
CITY OF LA QUINTA
www.la-quinta.org
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) 587-3500
Report available for viewinsi
www.muni.com
UNDERWRITER
Miller & Schroeder Financial, Inc.
BOND COUNSEL
Rutan & Tucker, LLP
Costa Mesa, California
FISCAL AGENT
Brad Scarbrough
U.S. Bank Trust, N.A.
633 West 5th Street, 24th Floor
Los Angeles, California 90071
(213) 615-6047
* In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy,
completeness or fairness of the statements contained herein.
10
L 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 34.8 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.
2002103 — 1996 Lease Rev City of La Quinta 1 I I
5
ll. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds As of November 1, 2003
1996 Lease Revenue Bonds $7,750,000
B. FUND BALANCES
Fund As of November 12, 2003
Reserve Fund (1) N/A
(1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the MBIA Insurance Corporation.
/it. FINANCIAL INFORMATION
The audited financial statements for the City for the Fiscal Year Ended June 30, 2003
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
2,954,060
7,609,121
1,536,033
1,014,474
726,589
0
13,840,277
2003
3,140,576
8,202,407
2,311,436
991,558
674,450
0
15,320,427
1,
2002103 - 1996 Lease Rev City of La Quinta 2 4
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
2003
11,572,985
1,982,127
4,394,045
2,302,759
0
1,894,03
87,240
22,233,459
(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%
2003
1,432,528
1,437,908
100.4%
0
100.4%
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
2002103 - 1996 Lease Rev City of La Quinta
3 13
7
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
2003
5,412,382,710
40,940,877
5,453,323,587
50,878,475
44,541,600
5,357,903,512
(1) Homeowner's exemption not available
Source: County of Riverside
E. PROPERTY TAX RATE - DIRECT AND OVERLAPPING GOVERNMENTS
(Per $100 of Assessed Value)
1996/97 1997/98 1998/99 1999100 2000/01 2001102 2002103
General 1.00000
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
0.09750
Coachella Valley Water District 0.02080
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
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 (1) 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%
2003
860,684
790,555
91.9%
(1) Includes Prepayments and Foreclosures
Source: Riverside County Assessor's Office as compiled by Muni Financial.
2002103 - 1996 Lease Rev City of La Quinta 4 14
0
G. SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
Percent June 30, 2003
Direct and Overlapping Bonded Debt Applicable Bonded Debt
Riverside County General Fund Obligations
0.938%
$5,969,143
Riverside County Board of Education Certificates of Participation
0.938%
135,640
Desert Sands Unified School District Certificates of Participation
8.175%
1,344,788
Desert Sands Unified School District Lease Tax Obligation
8.175%
3,492,360
Desert Sands Unified School District Community Facilities District No. 1
100.000%
2,200,000
Desert Sands Unified School District
8.175%
5,068,500
Coachella Valley County Water District, I.D. #71 Storm Water Unit
6.338%
722,532
Certificates of Participation
Coachella Valley County Water District, I.D. #55
63.718%
4,861,683
Coachella Valley County Water District, I.D. #58
4.163%
189,000
Coachella Valley Unified School District Certificates of Participation
6.845%
1,060,975
Coachella Valley Unified School District
6.845%
1,248,479
Coachella Valley Water District, AD #68
86.247%
2,207,903
Coachella Valley Recreation and Park District Certificates of Participation
7.856%
212,898
City of La Quinta General Fund Obligation (Finance Authority)
100.000%
7,190,000
City of La Quinta 1915 Act Bonds
100.000%
4,180,000
Total Direct and Overlapping Bonded Debt
$40,083,901
(1) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and non -
bonded capital lease obligations.
Source: California Municipal Statistics, Inc.
H. COMPUTATION OF LEGAL DEBT MARGIN (JUNE 309 2003)
Net Assessed Valuation $5,357,903,512
Debt Limit - 15 % of Assessed Valuation 803,685,527
Amount of Debt Applicable to Debt Limit 0
Legal Debt Margin $803,685,527
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.
2002103 — 1996 Lease Rev City of La Quinta 5 15
I. REVENUE BOND COVERAGE
Local Agency Revenue Bonds (City Hall Project)
Fiscal Year
Debt Service Requirements
Ending
Revenue Available
June 30
for Debt Service
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
7341623
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
2003
679,435
285,000
394,435
679,435
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 Riverside
Fiscal 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%
2003
34.8
30,452
6.0%
1,653,564
1.8%
Source: (1) State of California Department of Finance
2002103 - 1996 Lease Rev City of La Quinta 6 16
10
K. PROPERTY VALUE AND CONSTRUCTION ACTIVITIES
Fiscal Year
Ending
June 30
Property
Value 4
Commercial Construction
Units Value
Residential Construction
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
2003
5,412,382,710
69
27,184,625
831
176,514,682
(1) From Schedule of Net Taxable Value
L. PRINCIPAL TAXPAYERS (JUNE 30, 2003)
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 309 2003)
Emglover Emulovees Activi
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
Rancho La Quinta
200
Golf Resort
Home Depot
180
Retailer
Lowes Home Improvement
150
Retailer
Stater Brothers
126
Groceries
Vons
103
Groceries
Ralphs
100
Groceries
Tradition
97
Golf Resort
City of La Quinta
76
Municipal Government
Cliff House
75
Restaurant
2002103 — 1996 Lease Rev City of La Quinta 7 17
11
N. SCHEDULE OF INSURANCE IN FORCE (JUNE 309 2003)
Company Policy
Name Number Coverage Limits Term Premium
Hartford PEBA07068 Employee Dishonesty, $1,000,000 12/03/02 — 03 $2,750
Forgery, Computer Fraud
General Star
Indemnity &
Westchester Fire
Royal Indemnity
California
Joint Powers
Insurance Authority
California
Joint Powers
Insurance Authority
IAG371828C
All Risk Property Insurance
29,307,900 07/01/03 — 04
D35925612
Including Auto Physical Damage
(Excluding Earthquake)
K2HQ407478
Earthquake & Flood, Real &
7,500,000 02/07/02 —03
Personal Property Including
Contingent Tax Interruption
Certificate #5
Comprehensive General Liability
$0 Deductible 07/01/03 — 04
Retention
$50 Million
Certificate
Worker's Compensation
5,000,000 07/01/03 — 04
#5009-056
O. MISCELLANEOUS STATISTICAL DATA (JUNE 30, 2003)
Date of Incorporation
May 2, 1982
Type of City
Charter City
Form of Government
Council / Manager
City Employees
76
City Land Area (square miles).
34.8
Population
30,450
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
41
Number of Traffic Signs
2,672
Number of Street Lights
69
Public Schools
4
Private Schools
1
Churches
3
Banks / Savings and Loan
7
Number of Single Family Units - Detached
12,368
Number of Single Family Units - Attached
2,360
Number of Multiple Family Units
953
Number of Mobile Homes
259
2002103 — 1996 Lease Rev City of La Quinta
27,524
15,780
260,611
175,328
8
12
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
Decemberf , 2003
2002103 — 1996 Lease Rev City of La Quinta 9
1g 13
Page 1 of 1
Vianka Orrantia
From: Terry Deeringer
Sent: Tuesday, December 09, 2003 2:54 PM
To: Kim Fischer; Vianka Orrantia
Subject: FW: C12, C13, C18, C19 reviewed by legal and MW; ready for final 12-16-03
-----Original Message -----
From: Jenson, Kathy [mailto:kjenson@rutan.com]
Sent: Tuesday, December 09, 2003 2:42 PM
To: Terry Deeringer
Subject: FW: C12, C131 C181 C19 to legal and MW for review 12-16-03
-----Original Message -----
From: Jenson, Kathy
Sent: Tuesday, December 09, 2003 2:02 PM
To: Terry Deeringer'
Cc: 'jfalcone@la-quinta.org'
Subject: RE: C12, C131 C181 C19 to legal and MW for review 12-16-03
Bill Marticorena looked at these reports and said they were fine. He assumed that the documents will be
attached. Obviously, we have not seen the attached documents, and we normally do not review them. Their
preparation is left up to Muni -Financial.
-----Original Message -----
From: Terry Deeringer [mailto:tdeering@la-quinta.org]
Sent: Tuesday, December 09, 2003 11:19 AM
To: Kathy Jenson (E-mail)
Cc: Kim Fischer
Subject: C12, C131 C181 C19 to legal and MW for review 12-16-03
-----Original Message -----
From: Vianka Orrantia
Sent: Tuesday, December 09, 2003 9:52 AM
To: Terry Deeringer
Subject: C11, C12, C131 C141 C181 C19 and C20 ready for review 12-16-03
Terry:
The following Staff Reports are ready for your review; C11, C12, C13, C14, C18, C19 and C20.
Thank you.
Vianka
14
12/9/2003