2005 06 21 FA�a�Q•c
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FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
Tuesday, June 21, 2005 - 3:00 PM
Beginning Resolution No. FA 2005-001
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 MAY 17, 2005.
Financing Authority Agenda 1 June 21, 2005
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 FOR THE PERIOD ENDING APRIL 30,
2005.
2. TRANSMITTAL OF REVENUE & EXPENDITURES REPORT FOR THE PERIOD ENDING
APRIL 30, 2005.
BUSINESS SESSION
1. CONSIDERATION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF
THE CITY OF LA QUINTA FOR FISCAL YEAR 2005/2006.
A. RESOLUTION ACTION
CHAIR AND BOARD MEMBERS' ITEMS - NONE
PUBLIC HEARINGS - NONE
ADJOURNMENT
Adjourn to a regularly scheduled meeting of the Financing Authority to be held on July 19,
2005 at 3:00 PM in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA
92253.
DECLARATION OF POSTING
I, June S. Greek, City Clerk of the City of La Quinta, do hereby declare that the foregoing
agenda for the La Quinta Financing Authority meeting of June 21, 2005, was posted on
the outside entry to the Council Chamber at 78-495 Calle Tampico and on the bulletin
boards at 51-321 Avenida Bermudas and 78-630 Highway 1 1 1, on June 17, 2005.
DATED: June 17, 2005
JUNE S. GREEK, CMC, City Clerk
City of La Quinta, California
Financing Authority Agenda 2 June 21, 2005
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COUNCIL/RDA MEETING DATE: ,June 21, 2005
Transmittal of Treasurer's Report
as of April 30, 2005
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
Receive and file.
AGENDA CATEGORY:
BUSINESS SESSION: j
CONSENT CALENDAR: /
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
U � �
5
G� OF L194 AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: ,June 21, 2005
ITEM TITLE:
Transmittal of Revenue and Expenditure Report for
April 30, 2005
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the Statement of Revenue and Expenditures for April 30, 2005 for the
La Quinta Financing Authority.
espectfully submitted,
WVL�
hn M. Falconer, Finance Director
rov d for submission by•
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures for April 30, 2005
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
TOTAL FINANCING AUTHORITY
REMAINING
BUDGET RECEIVED BUDGET
10,000.00
0.00
10,000.00
0.00
(3,677.09)
3,677.09
681,200.00
681,220.00
(20.00)
2,990,049.00
2,990,049.00
0.00
3,681,249.00
3,667,591.91
13,657.09
0.00 0.00 0.00
0.00 73.98 (73.98)
0.00 73.98 (73.98)
3,681,249.00 3,667,665.89 13,583.11
2
LA QUINTA FINANCING AUTHORITY
07/01/2004 - 04130105
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
DEBT SERVICE EXPENDITURES
SERVICES
9,686.00
3,481.00
0.00
6,205.00
BOND PRINCIPAL - 1996
315,000.00
315,000.00
0.00
0.00
BOND PRINCIPAL - 2004
0.00
0.00
0.00
0.00
BOND INTEREST -1996
366,220.00
366,220.00
0.00
0.00
BOND INTEREST - 2004
2,990,049.00
2,990,048.66
0.00
0.34
TRANSFER OUT
0.00
0.00
0.00
0.00
TOTAL DEBT SERVICE
3,680,955.00
3,674,749.66
0.00
6,205.34
CAPITAL IMPROVEMENT EXPENDITURES
BOND ISSUANCE COSTS
55,000.00
48,075.73
0.00
6,924.27
TRANSFER OUT
0.00
0.00
0.00
0.00
TOTAL CAPITAL IMPROVEMENT
55,000.00
48,075.73
0.00
6,924.27
TOTAL FINANCING AUTHORITY 3,735,955.00 3,722,825.39 0.00 13,129.61
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AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: June 21, 2 0 0 5
BUSINESS SESSION:
ITEM TITLE: Consideration of a Resolution Adopting the
Investment Policy of the Financing Authority CONSENT CALENDAR:
for Fiscal Year 2005/2006
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
FA
Adopt a Resolution of the Financing Authority approving the Investment Policy of the
City of La Quinta for Fiscal Year 2005/2006.
SEE CITY COUNCIL STAFF REPORT
RESOLUTION NO. FA 2005
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY OF THE CITY OF LA QUINTA APPROVING
AND ADOPTING THE AMENDED INVESTMENT POLICY
FOR FISCAL YEAR 2005/2006
WHEREAS, the general purpose of the Investment Policy is to provide the rules
and standards users must follow in investing funds of the City of La Quinta; and
WHEREAS, the primary objectives, in order of priority, of the City of La
Quinta's investment activity shall be:
Safety of principal is the foremost objective of the investment program.
Investments of the City of La Quinta shall be undertaken in a manner that seeks
to ensure the preservation of capital in the overall portfolio.
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated.
The investment portfolio shall be designed with the objective of attaining a
market rate of return or iy eld throughout budgetary and economic cycles, taking
into account the investment risk constraints and liquidity needs.
WHEREAS, authority to manage the City of La Quinta's investment portfolio is
derived from the City Ordinance. Management responsibility for the investment
program is delegated to the City Treasurer, who shall establish and implement written
procedures for the operation of the City's investment program consistent with the
Investment Policy; and
WHEREAS, the Investment Policy will be adopted before the end of June of
each year and amended as considered necessary; and
NOW, THEREFORE, BE IT RESOLVED by the Financing Authority of the City of
La Quinta to adopt the 2005/2006 Fiscal Year Investment Policy (Exhibit A).
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Financing Authority, held on this day of , 2005 by
the following vote, to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
DON ADOLPH, Chairman
La Quinta Financing Authority
ATTEST:
JUNE S. GREEK, Secretary
La Quinta Financing Authority
APPROVED AS TO FORM:
KATHY JENSON, City Attorney
La Quinta Financing Authority