2006 06 20 FAFINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, JUNE 20, 2006 - 3:00 PM
Beginning Resolution No. FA 2006-01
CALL TO ORDER
Roll Call:
Board Members: Henderson, Kirk, Osborne, 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 16, 2006.
Financing Authority Agenda 1 June 20, 2006
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1 . RECEIVE AND FILE TREASURER'S REPORT DATED APRIL 30, 2006.
2. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED APRIL 30, 2006.
3. ADOPTION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF THE
CITY OF LA QUINTA FOR FISCAL YEAR 2006/2007.
BUSINESS SESSION - NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
Adjourn to a special meeting to be held at 6:00 p.m. on June 21, 2006 for consideration
of the 2006/2007 budget, 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 20, 2006, 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 Friday, June 16, 2006.
DATED: June 16, 2006
JUNE S. GREEK, MMC, City Clerk
City of La Quinta, California
Financing Authority Agenda 2 June 20, 2006
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10
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: June 20, 2006 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of CONSENT CALENDAR:
Treasurer's Report as of April 30, 2006
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
Receive and file.
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
Sep
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AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: June 20, 2006 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of Revenue CONSENT CALENDAR:
and Expenditure Report for April 30, 2006
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
BACKGROUND AND OVERVIEW:
Receive and File Transmittal of the Statement of Revenue and Expenditures for April 30,
2006 La Quinta Financing Authority.
Respectfully submitted,
4i f
�141
ohn M. Falconer, Finance Director
Approved for Submission by:
-y
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures Report, January 31, 2006
C: 4
Attachment 1
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
DEBT SERVICE REVENUE:
Contractual Services Fees
Non Allocated Interest
Rental Income
Transfer In
TOTAL DEBT SERVICE
REMAINING
BUDGET
RECEIVED
BUDGET
15,000.00
0.00
15,000.00
0.00
(205.63)
205.63
680,575.00
680,575.00
0.00
5,171,981.00
5,171,981.13
(0.13)
5,867,556.00
5,852,350.50
15,205.50
CAPITAL IMPROVEMENT REVENUE:
Pooled Cash Allocated Interest 0.00 0.00 0.00
Non Allocated Interest 0.00 254.83 (254.83)
TOTAL CIP REVENUE 0.00 254.83 (254.83)
TOTAL FINANCING AUTHORITY 5,867,556.00 5,852,605.33 14,950.67
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t
2
LA QUINTA FINANCING AUTHORITY
07/01/2005 - 04/30/06
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
DEBT SERVICE EXPENDITURES
SERVICES
15,000.00
10,715.00
0.00
4,285.00
BOND PRINCIPAL - 1996
330,000.00
330,000.00
0.00
0.00
BOND PRINCIPAL - 2004
735,000.00
735,000.00
0.00
0.00
BOND INTEREST - 1996
350,575.00
350,575.00
0.00
0.00
BOND INTEREST - 2004
4,436,981.00
4,436,981.26
0.00
(0.26)
TRANSFER OUT
0.00
0.00
0.00
0.00
TOTAL DEBT SERVICE
5,867,556.00
5,863,271.26
0.00
4,284.74
CAPITAL IMPROVEMENT EXPENDITURES
BOND ISSUANCE COSTS
0.00
0.00
0.00
0.00
TRANSFER OUT
0.00
0.00
0.00
0.00
TOTAL CAPITAL IMPROVEMENT
0.00
0.00
0.00
0.00
TOTAL FINANCING AUTHORITY 5,867,556.00 5,863,271.26 0.00 4,284.74
3
OF TKO
COUNCIL/RDA MEETING DATE: June 20, 2006 AGENDA CATEGORY:
ITEM TITLE: Consideration of a Resolution Adopting the BUSINESS SESSION:
Investment Policy of the Financing Authority CONSENT CALENDAR:
for Fiscal Year 2006/2007
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Adopt a Resolution of the Financing Authority approving the Investment Policy of the City
of La Quinta for Fiscal Year 2006/2007.
SEE CITY COUNCIL STAFF REPORT
RESOLUTION NO. FA 2006
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY OF THE CITY OF LA QUINTA APPROVING
AND ADOPTING THE AMENDED INVESTMENT POLICY
FOR FISCAL YEAR 2006/2007
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 li uid 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 yield 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 2006/2007 Fiscal Year Investment Policy (Exhibit A).
PASSED, APPROVED and ADOPTED at a
Financing Authority, held on this day of _
the following vote, to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
ATTEST:
JUNE S. GREEK, Secretary
La Quinta Financing Authority
APPROVED AS TO FORM:
KATHY JENSON, City Attorney
La Quinta Financing Authority
regular meeting of the La Quinta
, 2005 by
DON ADOLPH, Chairman
La Quinta Financing Authority