2006 12 05 FANOTICE AND CALL OF SPECIAL MEETING
OF THE LA QUINTA FINANCING AUTHORITY
TO THE MEMBERS OF THE FINANCING AUTHORITY OF THE CITY OF LA QUINTA
AND TO THE CITY CLERK:
NOTICE IS HEREBY GIVEN that a special meeting of the Financing Authority
of the City of La Quinta is hereby called to be held on December 5, 2006, at 4:00
p.m., at the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA
Dated: November 30, 2006
Attest:
VERONICA 4ANTECINO, CMC
City Clerk
Q -
DON A LPH
Chairman
DECLARATION OF POSTING
I, Veronica J. Montecino, City Clerk of the City of La Quinta, do hereby declare
that the foregoing agenda for the Special La Quinta Financing Authority meeting of
December 5, 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 December 1, 2006.
DAT/=Vec'ino,
camber 1, 2006
VeronCity Clerk
City of La Quinta, California
December 5, 2006
Financing Authority Agenda
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Of
FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Special Meeting
TUESDAY, DECEMBER 5, 2006 - 4:00 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
1. APPROVAL OF MINUTES OF NOVEMBER 21, 2006.
,-
U11
Financing Authority Agenda 1 December 5, 2006
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be
approved by one motion.
1. APPROVAL. OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA
FINANCING AUTHORITY 1996 LEASE REVENUE REFUNDING BONDS AND
2004 LOCAL AGENCY REVENUE BONDS FOR FISCAL YEAR END JUNE 30,
2006.
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
December 19, 2006, at 4:00 p.m. in the City Council Chambers, 78-495 Calle
Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the Special La Quinta Financing Authority meeting of
December 5, 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 December 1, 2006.
DATED: December 1, 2006
VERONICA NTECINO, CMC, City Clerk
City of La Quinta, California
Financing Authority Agenda 2 December 5, 2006
s
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F, of T AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: December 5,
2006
/
CONSENT CALENDAR:
ITEM TITLE:
Approval of Annual
Continuing
Disclosure for
the La Quinta Financing
Authority
STUDY SESSION:
1996 Lease Revenue
Refunding Bonds
and 2004
Local Agency
Revenue Bonds for Fiscal
Year End
PUBLIC HEARING:
June 30, 2006
RECOMMENDATION:
Approve, receive and file the Annual Continuing Disclosure for the La Quinta
Financing Authority 1996 Lease Revenue Refunding Bonds and 2004 Local Agency
Revenue Bonds for Fiscal Year End June 30, 2006.
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.
U �i 1
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 2005/06 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 2005/06.
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, 2006; 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, 2006; or
3. Provide staff with alternative direction.
Respectfully submitted,
OC,v.L-I Wta� 9A, M. �al�M+ti—
John M. Falconer, Finance Director
Approved for submission by:
46e'�
Thomas P. Genovese, Executive Director
Attachment: 1. 2005/06 Annual Continuing Disclosure Statement for the La
Quinta Financing Authority
v�.�J
A I 1 AUHIVItF
LA QUINTA FINANCING AUTHORITY
$8,790,000
1996 LEASE REVENUE REFUNDING BONDS
(LA QUINTA CITY HALL PROJECT)
Riverside County, California
Dated: November 15, 1996
CUSIP: 50419R
2006 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of November 28, 2006
Also available at:
MuniFinancial
www.muni.com
LIST OF PARTICIPANTS
CITY OF LA QUINTA
www.la-guinta.org
John Falconer
Finance Director
P.O. Box 1504
78-495 Calle Tampico
La Quinta, California 92247
(619) 777-7150
DISCLOSURE CONSULTANT & DISSEMINATION AGENT
MuniFinancial
Temecula, California 92590
(951) 587-3500
Resort available for viewino tt
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.
tlw
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 35.1 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 Continuing Disclosure 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.
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 Continuing Disclosure
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 Continuing Disclosure 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.
2005106 — 1996 Lease Rev City of La Quinta
It. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
_ Bonds As of November 17, 2006
1996 Lease Revenue Bonds $5,900,000.00
B. FUND BALANCES
_ Fund As of November 17, 2006
Reserve Fund t'I N/A
(1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the MBIA Insurance Corporation.
►II_ FINANCIAL INFORMATION
The audited financial statements for the City for the Fiscal Year Ended June 30, 2006
have been separately filed with the Nationally Recognized Municipal Securities
Information Repositories and are hereby incorporated by reference into this Annual
Continuing Disclosure Information Statement.
IV. OPERATING INFORMATION
A. GENERAL FUND EXPENDITURES BY FUNCTION
Fiscal
Year
?nding
rune 30
General
Government
Public
Safety
Public
Works
Community
Service
Planning &
Development
Capital
Projects
Total
1995
$1,565,265
$3,143,697
$576,304
$199,115
$538,610
453,656
$282,113
201,475
$6,305.104
6,902,364
1996
1,793,301
2.376,935
3,227,438
3,442,056
813,352
889,694
413,142
469,110
455,563
170,000
7,803,358
1997
1998
2,229,389
4,099,523
1.159,372
494,402
345,054
0
0
8,327,740
9,847,000
1999
2,473,241
2,814,604
4,468.294
4,992,811
1,546,650
1,704,996
732,741
768,528
626,074
748,949
0
11,029,888
2000
2001
3,063,641
5,636,154
1,417,528
817,460
733,579
0
0
11,668,362
13,840,277
2002
2,954,060
7,609.121
8,202,407
1,536,033
2,311,436
1,014,474
991,558
726,589
674,450
0
15,320,427
2003
2004
3,140,576
3,892,220
9,672,180
3,130,794
1,025,397
750,444
0
0
18,444,035
22,892,178
2005
3,765,511
12,364,583
4,794,685
5,044,896
1,104,509
1,248,308
862,890
955,569
0
24,704,444
2006
4,426,484
13,029,187
2005106 — 1996 Lease Rev City of La Quinta
B. GENERAL FUND REVENUE BY SOURCE
Fiscal Year
Licenses
Charges
Ending
and
Inter-
for
Rental
June 30
Taxes
Permits
Governmental
Services
Interest
Income
Miscellaneous
Total
2001
$10,331,970
$2,057,423
$2,164,891
$1,998,589
$2,613,789
$0
$43,545
$19.110,207
2002
10,443,436
1,857,691
3,683,490
1,757,744
2,030.346
0
529,190
20,301,897
2003
11,572,985
1,982,127
4,394,045
2,302,759
1,894,03
0
87,240
22,233,459
2004
13,184,050
3,096,145
4,895,986
2,619,578
2,335,154
0
109,338
26,240,301
2005
16,762,028
3,226,167
7,552,035
3,402,602
3,238,808
0
513,030
34,694,670
2006
19,259,829
5,145,430
6,530.777
2,180.058
4,115,872
123,500
315.812
37,671,278
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
2006 "'
$60,716,047
$73,097,360
120.39%
$0
123.84%
Itl The amounts represented include City property taxes and Redevelopment Agency tax increment. 2006 also Includes
amounts collected by the City and Redevelopment Agency that were passed -through to other agencies.
Source: County of Riverside Auditor Controller's Office
D. SCHEDULE OF NET TAXABLE VALUE
Fiscal
Year
Assessed
Net
Ending
Secured
Unsecured
Property
Less
Taxable
June 30
Property
Property
Value
Exemptions
Value
2001
$3,162,945,116
$30,599,753
$3,193,544,869
($50,149,068)
$3,143,395,801
2002
3,789,678,041
32.607,713
3,822,285,754
(54,726,303)
3,767,559,451
2003
5,412,382,710
40,940,877
5,453,323,587
(95,420,075)
5,357,903,512
2004
6,289,493,552
44,014,548
6,333,508,100
(113,037,003)
6,220,471,097
2005
7,856,3B3,375
72,554,357
7,928,937,732
(115,071,146)
7,813,866.586
2006
9,986,151,525
88,740,840
10,074,892.365
(99,245.721)
9,975,646,644
Source: County of Riverside Auditor -Controller
U I +�
2005106 — 1996 Lease Rev City of La Quints
E. SCHEDULE OF DIRECT AND OVERLAPPING DEBT
ty Assessed Valuation $ 4,178,848,597
edevelopment Agency Incremental Valuation 5,796,798,047
Total Assessed Valuation $ 9,975,646,644
Percent Outstanding Estimated Share of
verlapping Debt Repaid with Property Taxes and Assessments Applicable t'1 Debt 6130106 Overlapping Debt
esert Community College District 5.620% $69,111,886
23.195% 67,092,458
$3,884,088
15,562,096
oachella Valley Unified School District
esert Sands Unified School District (DSUSD) 7.573% 257,268,984
19,482,980
SUSD Lease Tax Obligations 7.573% 19,545,000
80.456% 5,380,000
1,480,143
533
4,165,362
oachella Valley County Water District I.D. No 55
oachella Valley County Water District I.D. No 58 6.549% 2,525,000
,
SUSD Community Facilities District 100.000% 2,055,000
100.000% 2,445,000
00
2,055,000
2,445,000
ity, of La Quinta 1915 Act Bonds
'.oachella Valley Water District Assessment District No. 68 86.247% 2,385,000
2,056,991
Total overlapping debt repaid with property taxes 427,808,328
51,460,193
Iverlapping debt including Certificates of Participation (COP) 1.136% $630,525,566
7,162,770
riverside County General Fund Obligations
1.136% 396,845,000
4,508,159
tiverside County Pension Obligations
tiverside County Board of Education COP 1.136% 11,240,000
127,686
:oachella Valley Unified School District COP 23.195% 32,155,000
7.573% 14.005,000
7,458,352
1,060,599
)SUSD COP
:oachella Valley County Water District I.D. No. 71 COP 8.299% 8,530,000
707,905
257,708
;oachella Valley Recreation and Park District COP 9.855% 2,615,000
Total overlapping other debt 1,095,915,566
21,283,179
Total overlapping other debt $1,095,915,566
72,743,372
247,412,376
City direct debt
Total direct and overlapping debt
$320,155,748
For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values.
unit's taxable assessed value that is within the
Applicable percentages were estimated by determining the portion of another governmental
city s boundaries and dividing it by each unit's total taxable assessed value.
Source: California Municipal Statistics, Inc for overlapping debt and the City of La Quints for the City's direct debt.
F. COMPUTATION OF LEGAL DEBT MARGIN (JUNE 30, 2006)
Net Assessed Valuation $9,975,646,644
Debt Limit - 15 % of Assessed Valuation 1,496,346,997
Amount of Debt Applicable to Debt Limit 0
Legal Debt Margin $1,496,346,997
Note: Section 43605 of the Government Code of the State of California limits the amount of
15% the assessed valuation of all real and personal
r.
U
indebtedness for public improvements to of
property of the City. The City of La Quinta has no general bonded indebtedness.
2005106 — 1996 Lease Rev City of La Quinta
G. 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
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
2004
680,830
300,000
380,830
680,830
1.00
2005
681,220
315,000
366,220
681,220
1.00
2006
680,575
330,000
350,575
680,575
1.00
Note: Revenue available consists of payments from the City General Fund, Civic Center
Development Impact Fee Fund and the redevelopment Agency Capital Project Fund
H. DEMOGRAPHIC STATISTICS Calendar Year 2006
City Land (Sq. Miles) (3) 35.1
Population (1) 38,340
Median Household Income (in (4) $65,906
dollars)
Number of Dwelling Units (3) 18,762
Persons per Household (3) 2,855
Average Income per person per $23,084
household
Labor Force (2) 14,500
Employment (2) 14,100
Unemployment Rate (2) 2.76%
Median Age (3) 36
(1) State of California Dept. of Finance- January 1, 2006
(2) State of California Economic Dvlpmt Dept. website June 2006
(3) City of La Quinta Building 8 Safety and Community Dvlpmt Dept.
(4) Desert Wheeler's Newsletter City Overview 05106
2005106 - 1996 Lease Rev City of La Quinta
J.
PRINCIPAL TAXPAYERS (JUNE 30, 2006)
Percent of Total
Taxable Assessed City Taxable
Taxpayer Value Assessed Value
KSL Desert Resort Inc.
TD Desert Development
Wal Mart Real Estate Business Trust
Quarry Q La Quints
Aventine Development
Target Corporation
Aries Investment
CNL Desert Resort
Lowes Hardware
Miraflores
Total
$224,603,777
2.25%
44,944,922
0.45%
25,435,449
0.25%
24,939,778
0.25%
21,537,220
0.22%
18,226,228
0.18%
14,952,616
0.15%
14,263,447
0.14%
13,865,658
0.14%
13,436,929
0.13%
$416,206,024 4.17%
Note: The amounts shown above Include assessed value data for both the City and Redevelopment
Agency.
MAJOR EMPLOYERS (JUNE 30, 2006)
_Employer
Employees
Activity
La Quinta Resort & Club
1,600
Hotel and Gold Resort
Wal-Mart Super Center
800
Retail
Rancho La Quints
700
Golf Resort
PGA West
500
Golf Resort
Home Depot
240
Retailer
Imperial Irrigation District
200
Public Utility
Lowe's Home Improvement
150
Retailer
Stater Brother's
150
Grocery Store
Tradition Gold Club
100
Golf Resort
Ralph's
88
Grocery Store
Total Employment Listed
4,528
Total City Employment — July 1 14,100
ti- 613
2005106 — 1996 Lease Rev City of La Quinta 6
K. SCHEDULE OF INSURANCE IN FORCE (JUNE 30, 2006)
Company
Name
Policy
Number
Coverage
Limits
Term
Premium
Hartford
PEBA07068
Employee Dishonesty,
$1,000,000
12/03105-06
$2,976
Forgery, Computer Fraud
Lexington
111-5569
All Risk Property Insurance
40,900,000
07/01/06 — 07
39,428
Including Auto Physical Damage
(Excluding Earthquake)
Landmark Amer
I_HQ410782
Earthquake & Flood, Real &
7,500,000
02/07/06 —07
53,135
Personal Property Including
Contingent Tax Interruption
California
Certificate #5
Comprehensive General Liability
$0 Deductible
07/01/06 — 07
253,672
Joint Powers
Retention
Insurance Authority
$50 Million
California
Certificate
Workers Compensation
5,000,000
07/01/06-07
235,397
Joint Powers
#5009-056
Insurance Authority
P. REPORTING OF SIGNIFICANT EVENTS
The Continuing Disclosure Covenants outline the Significant Events that must be
reported if they are deemed material. None of the items below has occurred or
has been previously reported during the fiscal year ended June 30, 2006.
1. Principal and interest payment delinquencies on the Bonds.
2. Non-payment related defaults.
3. Unscheduled draws on debt service reserves reflecting financial
difficulties.
4. Unscheduled draws on credit enhancements reflecting financial difficulties.
5. Substitution of credit or liquidity providers, or their failure to perform.
6. Adverse tax opinions or events affecting the tax-exempt status of the
security.
7. Modifications to rights of security holders.
8. Contingent or unscheduled bond calls.
9. Defeasances.
10. Release, substitution, or sale of property securing repayments of the
securities.
11. Rating changes.
2005106 — 1996 Lease Rev City of La Quinta
LA QUINTA FINANCING AUTHORITY
$90,000,000
LOCAL AGENCY REVENUE BONDS
2004 SERIES A
Riverside County, California
Dated: June 29, 2004
CUSIP: 50420A
2006 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of November 28, 2006
Also available at:
MuniFinancial
www.muni.com
LIST OF PARTICIPANTS
CITY OF LA QUINTA
www.la-guinta.org
John Falconer
Finance Director
P.O. Box 1504
78-495 Calle Tampico
La Quinta, California 92247
(760) 777-7150
DISCLOSURE CONSULTANT & DISSEMINATION AGENT
MuniFinancial
Temecula, CA 92590
(951) 587-3500
Report available for viewing (&
www.muni.com
UNDERWRITER
Stone & Youngberg
BOND COUNSEL
Stradling, Yocca, Carlson & Rauth
Newport Beach, California
FISCAL AGENT
Brad Scarbrough
U.S. Bank Trust, N.A.
633 West 5th Street, 24th Floor
Los Angeles, California 90071
(213)613-6047
In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy,
completeness or fairness of the statements contained herein. rr
L INTRODUCTION
Pursuant to an Official Statement dated June 21, 2004, the La Quinta Financing Authority (the
"Authority") issued $90,000,000 Local Agency Revenue Bonds, 2004 Series A (the 'Bonds") to
provide a loan to the La Quinta Redevelopment Agency (the "Agency") to finance affordable low
and moderate housing in or of benefit to the Community Redevelopment Project Areas No. 1
and 2 (collectively the 'Redevelopment Projects") and to advance refund the Agency's
Redevelopment Project Areas No. 1 and No. 2, 1995 Housing Tax Allocation Bonds of which
$19,955,000 are currently outstanding (the "1995 Bonds").
The City of La Quinta, (the "City") which comprises approximately 35.1 square miles, is located
in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles.
Redevelopment Project Area No. 1, (the 'Project Area No. 1") encompasses an area of
approximately 11,200 acres, which includes approximately 50.3% of the current area of the City.
Redevelopment Project Area No. 2 (the "Project Area No. 2") encompasses an area of
approximately 3,116 acres north of Project Area No. 1. The objective of the Agency is to
eliminate or reduce the many instances of economic, physical or social blight presently existing
within the boundaries of the Redevelopment Projects. The Bonds were sold by the Agency for
the purpose of increasing, improving and/or preserving the supply of low and moderate income
housing within the Redevelopment Projects.
The Bonds are special obligations of the Agency and are secured by a pledge of Housing Set -
Aside Tax Revenues, as defined in the Official Statement. The Agency also has outstanding
Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"), a portion of the debt service
on which is payable prior to the Bonds from Tax Revenues required to be deposited in the
Project Area No. 1 Low and Moderate Income Housing Fund. The Bonds are not a debt of the
City, the State of California, or any of its political subdivisions and neither the City, the State of
California, nor any of its political subdivisions is liable. The Bonds do not constitute
indebtedness within the meaning of any constitutional or statutory debt limit or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to a
covenant made by the Agency 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 Agency and the Bonds, reference is made to the Official Statement.
The information set forth herein has been furnished by the Agency 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 Continuing Disclosure 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 Continuing Disclosure Information Statement will not, under any
circumstances, create any implication that there has been no change in the affairs of the
Agency or any other parties described herein.
2005106, 2004 Revenue City of La Quinta
it. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds As of November 17, 2006
Local Agency Revenue Bonds, 2004 Series A $87,745,000.00
B. FUND BALANCES
_ Fund As of November 17, 2006
Reserve Fund nl N/A
(1) The Reserve Fund is funded by a Reserve Account Surety Bond.
111. FINANCIAL INFORMATION
The audited financial statements for the Agency for the fiscal year ended June 30, 2006
have been separately filed with the Nationally Recognized Municipal Securities
Information Repositories and are hereby incorporated by reference into this Annual
Continuing Disclosure Information Statement.
IV. OPERATING INFORMATION
A. ASSESSED VALUATIONS
The following table set forth the Taxable Values and the Gross Tax
Increment for the Redevelopment Project Areas.
Protect Area No. 1
Fiscal
Secured
Unsecured
Utility
Total Taxable
Taxable Value
(1)
Gross Tax
Year
Value
Value
Value
Value
Above Base
Increment
1996/97
$1,297,020,107
$13,821,291
$0
$1,310,841,398
$1,111,443,165
$11,344,856
1997/98
1,383,340,327
13,157,051
0
1,396,497,378
1,197,099,145
12,161,894
1998/99
1,436,942,643
8,594,039
0
1,445,536,682
1,246,138,449
12,877,280
15,659,371
1999/00
1,627,578,717
1,927,812,440
8.034,814
14,948,366
0
0
1,635,613,531
1,942,760,806
1,436,215,298
1,743,362,573
18,685,564
2000/01
2001/02
2,287,724,601
14,486,563
0
2,302,211,164
2,102,812,931
20,929,840
2002103
2,688,732,575
13,980,069
0
0
2,702,712,644
3,076,455,591
2,503,314,411
2,877,057,358
26,357,623
29,958,693
2003/04
2004/05
3,062,917,787
3,411,082,100
13,537,804
13,813,852
0
3,424,895,952
3,225,497,719
33,867,116
2005/06
3,956,642,179
29,248.534
0
3,985,890,713
3,786,492,480
45,632,751
2006/07
4,779,973,573
34,084,343
0
4,814,057,916
4,614,659,683
N/A
(1) The Base Value for the Project Area No. 1 is $199,398,233.
Source: Riverside County and Audited Financial Statements of the La Quints Redevelopment Agency.
2005106, 2004 Revenue City of La Quinta
PROJECT AREA NO.2
Fiscal
Secured
Unsecured
Utility
Total Taxable
Taxable Value
Gross Tax
Year
Value
Value
Value
Value
Above Base (1)
Increment
1996/97
$419,135,799
$3,521,574
$0
$422,657,373
$327,474,618
$3,510,820
1997/98
485,513,978
4,484,841
0
487,998,819
392,816,064
4,107,340
1998/99
557,362,624
6,306,603
0
563,669,127
468,486,372
5,085,079
1999/00
653,544,147
5,472,923
0
659,017,070
563,834,315
6,127,144
2000/01
790,754,123
9,600,421
0
800,354,544
705,171,789
7,587,996
2001/02
1,003,653,582
12,084,137
0
1,015,737,719
920,554,964
9,004,474
2002/03
1,260,121,204
14,535,754
0
1,274,656,958
1,179,474,203
12,396,203
2003/04
1,510,073,642
20,167,571
0
1.530,241,213
1,435,058,458
15,158,339
2004/05
1,745,868,028
21,504,380
0
1,767,372,408
1,672,189,653
17,546,203
2005/06
2,080,975,290
32,295,383
0
2,113,270,673
2,018,087,918
24,812,367
2006/07
2,420,689,543
42,208,337
0
2,462,897,880
2,367,715,125
N/A
(1) The Base Value for the Project Area No. 2 is $95.182,755.
Source: Riverside County and Audited Financial Statements of the La Quinta Redevelopment Agency.
B. HOUSING SET -ASIDE REVENUE
The following table sets forth the Housing Set -Aside revenue for the
Redevelopment Project Areas.
PROJECT AREA NO. 1
Total Taxable
Gross Tax
Housing
Year
Value
Increment
Set Aside
_Fiscal
1996/97
$1,311.330,288
$11,344,856
$2,268,971
1997/98
1,396,497,378
12,161,894
2,432,379
1998/99
1,445,536,682
12,877,280
2,575,456
1999/00
1,635,613,531
15,659,371
3,131,874
2000/01
1,942,760,806
18,685,564
3,737,113
2001/02
2,302,211,164
20,929,840
4,488,487
2002103
2,702,712,644
26,357,623
5,271,524
2003/04
3,076,455,591
29,958,693
5,991,739
2004105
3,985,890,713
33,867,116
6,773,423
2005/06
4,814,057,916
45,632,751
9.126,550
Source: Audited Financial Statements of the
La Quints Redevelopment Agency and the
Statement of Indebtedness fled with the
Riverside County Auditor -Controller's office.
PROJECT AREA NO.2
Total Taxable
Gross Tax
Housing
Fiscal Year
Value
Increment
Set Aside
1996/97
$422,657,373
$3,510,820
$702,164
1997/98
487,998,819
4,107,340
821,468
1998/99
563,669,127
5,085,079
1,017,016
1999/00
659,017,070
6,127.144
1,225,429
2000/01
800,354,544
7,587,996
1,517,600
2001/02
1,015,737,719
9,004,474
2,025,212
2002/03
1,274,656,958
12,396,203
2,479,241
2003/04
1,530,241,213
15,158,339
3.031.668
2004/05
2,113,270,673
17,546,203
3,509,241
2005/06
2,462,897,880
24,812,367
4,962,474 r r
Source: Audited Financial Statements of the La Quinta Redevelopment Agency and the
Statement of Indebtedness filed with the Riverside County Auditor -Controller's
Office.
2005106, 2004 Revenue City of La Quints
C.
LAND USE
PROJECT AREA NO.
2006107 Total Percent
Land Use Secured Value of Total
Residential
$4,050,259,291
82.62%
Commercial
554,831,241
11.32%
Vacant
192,407,783
3.92%
Miscellaneous/Unknown
104,965,819
2.14%
Total Project Area No. 1 $4,902,464,134 100.00%
PROJECT AREA NO.2
2006107 Total Percent
Land Use Secured Value of Total
Residential
$1,962,949,898
80.08%
Commercial
453,464,798
18.50%
Vacant
19,883,115
0.81%
Miscellaneous/Unknown
14,976,921
0.61%
Total Project Area No. 2 $2,451,274,732 100.00%
Source: County of Riverside 2006/07 Secured Property Roll, as compiled by MuniFinancial.
DEBT SERVICE COVERAGE
The following table sets forth the debt service for the Bonds and the portion of
debt service on the 1994 Bonds payable from Housing Set -Aside revenue.
1994 Bonds Total Debt
Debt Service Payable
Fiscal Debt Service Service From Housing Housing Debt Service
Year Payment Payment I'1 Set -Aside Set -Aside (2) Coverage
2003/04 $1,352,853 $490,521 $1,843,374 $9,023,407 4.89
2004/05 5,183,006 490,771 5,673,777 10.282,664 1.81
2005/06 5,945,956 490,728 6,225,306 14,086,024 2.18
(1) Represents the 18.5% portion of annual debt service on the 1994 Bonds to which the Agency has allocated Housing
Set -Aside revenue derived from Project Area No. 1.
(2) Housing Set -Aside includes revenue from Project Area No. 1 and Project Area No. 2.
2005106, 2004 Revenue City of La Quinta
E. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the Bonds and the
portion of debt service for 1994 Bonds payable from the Housing Set -Aside
revenue. Information contained in the table below was gathered and verified from
the corresponding Official Statements.
Maturity Date 1994 Bonds Annual Total
September 1, Debt Service Itl Principal Interest Debt Service Combined
2006
$490,728.23
$1,520,000
$2,212,978.13
$5,945,956.25
$6,436,684.48
2007
491,050.13
1,570,000
2,190,178.13
5,950,356.25
6,441,406.38
2008
490,676.43
1,615,000
2,166,628.13
5,948,256.25
6,438,932.68
2009
490,464.60
1,670,000
2,138,365.63
5,946,731.25
6,437,195.85
2010
490,279.60
1,740,000
2,104,965.63
5,949,931.25
6,440,210.85
2011
490,911.38
1,805,000
2,070,165.63
5,945,331.25
6,436,242.63
2012
490,307.35
1,890,000
2,029,553.13
5,949,106.25
6,439,413.60
2013
1,975,000
1,987,028.13
5,949,056.25
5,949,056.25
2014
2,075,000
1,937,653.13
5,950,306.25
5,950,306.25
2015
2,175.000
1,885,778.13
5,946,556.25
5,946,556.25
2016
2,290,000
1,828,684.38
5,947,368.75
5,947,368.75
2017
2,410,000
1,768,571.88
5,947,143.75
5,947,143.75
2018
2,535,000
1,705,309.38
5,945,618.75
5,945,618.75
2019
2.670,000
1,638,765.63
5,947,531.25
5,947,531.25
2020
2,810,000
1,568,678.13
5,947,356.25
5,947,356.25
2021
2,960,000
1,494,915.63
5,949,831.25
5,949,831.25
2022
3,115,000
1,417,215.63
5,949,431.25
5,949,431.25
2023
3,275,000
1,335,446.88
5,945,893.75
5,945,893.75
2024
3,450,000
1,249,478.13
5,948,956.25
5,948,956.25
2025
3,630,000
1,158,915.63
5,947,831.25
5,947,831.25
2026
3,810,000
1,068,165.63
5,946,331.25
5,946,331.25
2027
4,000,000
972,915.63
5,945,831.25
5,945,831.25
2028
4,200,000
872,915.63
5,945,831.25
5,945,831.25
2029
4,410,000
767,915.63
5,945,831.25
5,945,831.25
2030
4,635,000
657,665.63
5,950,331.25
5,950,331.25
2031
4,870,000
538,893.75
5,947,787.50
5,947,787.50
2032
5,120,000
414,100.00
5,948,200.00
5,948,200.00
2033
5,380,000
282,900.00
5,945,800.00
5,945,800.00
(1) Represents the 18.5% of annual debt service on the 1994 Bonds to which the Agency has allocated Housing Set -Aside
revenue derived from Project Area No. 1.
r n
U f~
2005106, 2004 Revenue City of La Quints
F. REPORTING OF SIGNIFICANT EVENTS
The Continuing Disclosure Covenants outline the Significant Events that must be
reported if they are deemed material. None of the items below has occurred or
has been previously reported during the fiscal year ended June 30, 2006.
1. Principal and interest payment delinquencies on the Bonds.
2. Non-payment related defaults.
3. Unscheduled draws on debt service reserves reflecting financial difficulties.
4. Unscheduled draws on credit enhancements reflecting financial difficulties.
5. Substitution of credit or liquidity providers, or their failure to perform.
6. Adverse tax opinions or events affecting the tax-exempt status of the
security.
7. Modifications to rights of security holders.
8. Contingent or unscheduled bond calls.
9. Defeasances.
10. Release, substitution, or sale of property securing repayments of the
securities.
11. Rating changes.
2005106, 2004 Revenue City of Le Quinte