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FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY. SEPTEMBER 19, 2006 -7:30 P.M.
Beginning Resolution No. FA 2006-003
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 any matter not
listed on the agenda. Please complete a "request to speak" form and limit your comments
to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
APPROVAL OF MINUTES OF JULY 18, 2006
Financing Authority Agenda 1 September 19, 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 TRANSMITTAL OF TREASURER'S REPORTS DATED JUNE 30
AND JULY 31, 2006.
2. RECEIVE AND FILE TRANSMITTAL OF REVENUES AND EXPENDITURES REPORTS
DATED JUNE 30 AND JULY 31, 2006.
3. ADOPTION OF A RESOLUTION AMENDING THE BYLAWS OF THE LA QUINTA
FINANCING AUTHORITY.
BUSINESS SESSION - NONE
CHAIR AND BOARD MEMBERS' ITEMS - NONE
PUBLIC HEARINGS - NONE
For all Public Hearings on the agenda, a completed "request to speak" form must be filed
with the City Clerk prior to consideration of that item.
ADJOURNMENT
Adjourn to a regularly scheduled meeting of the Financing Authority to be held on October
17, 2006 in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, Deborah H. Powell, Interim City Clerk of the City of La Quinta, do hereby declare that the
foregoing agenda for the La Quinta Financing Authority meeting of September 19, 2006,
was posted on the outside entry to the Council Chamber at 78-495 Calle Tampico and on
the bulletin boards at 5 1 -321 Avenida Bermudas and 78-630 Highway 1 1 1, on September
15, 2006.
DATED: September 15, 2006
DEBORAH H. POWELL, Interim City Clerk
City of La Quinta, California
Financing Authority Agenda 2 September 19, 2006
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AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: September 19, 2006 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of Treasurer's CONSENT CALENDAR:
Reports as of June 30, 2005 and July 31, 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
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AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: September 19, 2006 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of Revenue CONSENT CALENDAR:
-
and Expenditure Report dated June 30, 2006 and July 31,
2006 STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Receive and File
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Receive and File Transmittal of the June 30, 2006 and July 31, 2006 Statement of
Revenue and Expenditures for the La Quinta Financing Authority.
Respectfully submitted,
ohn M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures Report for June 30, 2006
2. Revenue and Expenditures Report for July 31, 2006
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
07/01/2005 - 06130/06 REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
DEBT SERVICE REVENUE:
Contractual Services Fees
Non Allocated Interest
Rental Income
Transferin
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT REVENUE:
Pooled Cash Allocated Interest
Non Allocated Interest
TOTAL CIP REVENUE
15,000.00
11,015.00
3,985.00
73.430%
0.00
229.81
(229.81)
0.000%
680,575.00
680,575.00
0.00
100.000%
5171981.00
5171,981.13
(0.13)
100.000%
5,867,556.00
5,863,800.94
3,755.06
99.940%
0.00 0.00
0.00 0.000%
0.00 256.54 (256.54) 0.000%
0.00 256.54 (256.54) 0.000%
TOTAL FINANCING AUTHORITY 5,867,556.00 5,864,057.48 3,498.52 99.940%
LA QUINTA FINANCING AUTHORITY
07/01/2005 - 06/30/06
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
DEBT SERVICE EXPENDITURES
SERVICES
15.000.00
11,015.00
0.00
3,985.00
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
5,863,571.26
0.00
3,984.74
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 5,86 56.00 5,863,571.26 0.00 3,984.74
LA OUINTA 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
07101/2006 - 07131/06 REMAINING
BUDGET RECEIVED BUDGET
15,000.00
0.00
15,000.00
0.00
1.05
(1.05)
678,865.00
0.00
678,865.00
5,923,157.00
0.00
5,923,157.00
6,617,022.00
1.05
6,617,020.95
0.00 0.00 0.00
0.00 0.88 (0.88)
0.00 0.88 (0.88)
TOTAL FINANCING AUTHORITY 6,617,022.00 1.93 6,617,020.07
4
LA QUINTA FINANCING AUTHORITY
07/01/2006 - 07/31/06
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
DEBT SERVICE EXPENDITURES
15,125.00
246.74
0.00
14,878.26
SERVICES
BOND PRINCIPAL - 1996
345,000.00
0.00
0.00
345.000.00
BOND PRINCIPAL-2004
1,520,000.00
0.00
0.00
0.00
0.00
1,520,000.00
333,865.00
BOND INTEREST -1996
333,865.00
4,403,156.00
0.00
0.00
4,403,156.00
BOND INTEREST -2004
0.00
0.00
0.00
0.00
TRANSFER OUT
TOTAL DEBT SERVICE
6,617,146.00
246.74
0.00
6,618,899.26
CAPITAL IMPROVEMENT EXPENDITURES
0.00
0.00
BOND ISSUANCE COSTS
0.00
0.00
0.00
0.00
0.00
0.00
TRANSFER OUT
TOTAL CAPITAL IMPROVEMENT
0.00
0.00
0.00
0.00
TOTAL FINANCING AUTHORITY
COUNCIL/RDA MEETING DATE: September 19, 2006
ITEM TITLE: Adoption of a Resolution Amending the
Bylaws of the La Quinta Financing Authority
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: 13
STUDY SESSION:
PUBLIC HEARING:
Adopt a Resolution of the La Quinta Financing Authority approving the amended
and restated bylaws of the La Quinta Redevelopment Agency.
FISCAL IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
On September 5, 2006, the City Council adopted Resolution 2006-102, which
changed the regular commencement time of City Council meetings from 2:00 p.m. to
3:30 p.m. The La Quinta Financing Authority Bylaws are contained with Financing
Authority Resolution 88-1, which specifies a commencement time of 7:30 p.m.
Accordingly, the Financing Authority resolution must be amended. Rather than specify
a time specific within the Financing Authority resolution, Section 2 of the amended
resolution references the commencement time contained within City Council Resolution
2006-102.
In addition, the amended Financing Authority resolution contains several "clean up"
items, such as location, Governing Board members, meeting days, etc.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Financing Authority include:
1 . Adopt a Resolution of the La Quinta Financing Authority approving the amended
and restated bylaws of the La Quinta Redevelopment Agency; or
2. Do not adopt a Resolution of the La Quinta Financing Authority approving the
amended and restated bylaws of the La Quinta Redevelopment Agency; or
3. Provide staff with alternative direction.
Respectfully submitted,
l
Thomas P. Genovese, City Manager
RESOLUTION NO. FA 2006-
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY OF THE CITY OF LA QUINTA, CALIFORNIA,
AMENDING BYLAWS FOR THE LA QUINTA FINANCING
AUTHORITY
WHEREAS, the City of La Quinta (the "City") and the La Quinta
Redevelopment Agency (the "Agency") executed a Joint of Powers Agreement
dated November 3, 1998 by and between the City and the Agency which created
the La Quinta Financing Authority; and,
WHEREAS, the Board Members of the Authority have established bylaws to
conduct its business; and,
WHEREAS, it is necessary for the Authority to amend the bylaws.
NOW, THEREFORE, BE IT RESOLVED, by the La Quinta Financing Authority
of the City of La Quinta, as follows:
The "Bylaws" of the La Quinta Financing Authority are hereby amended as
follows:
Section 4(C)(1) The regular meetings of the Authority shall be held on the
third Tuesday of each month, at the time designated by La Quinta City Council
Resolution No. 2006-102, as it currently exists or as it is amended in the future, in
the Chambers of the City Council, 78-195 Calle Tampico, La Quinta, California.
PASSED, APPROVED, and ADOPTED at a regular meeting of the La Quinta
Financing Authority held on this 19t' day of September, 2006,.by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Resolution No. FA 20006-
Amending Bylaws
Financing Authority
Adopted: September 19, 2006
Page 2
DON ADOLPH, Authority Chair
La Quinta• Financing Authority
ATTEST:
DEBORAH H. POWELL, Interim Secretary
La Quinta Financing Authority
(SEAL)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Authority Counsel
La Quinta Financing Authority