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1999 12 21 FA� T V jyyy��� S OF iNtiO La Quinta Financing Authority Agenda CITY COUNCIL CHAMBER 78-495 Calle Tampico La Quinta, California 92253 December 21, 1999 - 2:00 P.M. CALL TO ORDER Beginning Res. No. FA 99-03 a. Roll Call Board Members: Adolph, Henderson, Perkins, Sniff, Chairperson Pena PUBLIC COMMENT CONFIRMATION OF AGENDA APPROVAL OF MINUTES a. Approval of Minutes of August 3, 1999 CONSENT CALENDAR 1. TRANSMITTAL OF THE TREASURER'S REPORT DATED OCTOBER 31, 1999. 2. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA FINANCING AUTHORITY 1996 LEASE REVENUE REFUNDING BONDS FOR FISCAL YEAR END JUNE 30, 1999. BUSINESS SESSION - None DEPARTMENT REPORTS TRANSMITTAL OF REVENUE AND EXPENDITURES REPORT DATED OCTOBER 31, 1999. CHAIR AND BOARD MEMBERS' ITEMS PUBLIC HEARINGS - NONE ADJOURNMENT DECLARATION OF POSTING I, June S. Greek, Secretary of the La Quinta Financing Authority, do hereby declare that the foregoing agenda for the La Quinta Financing Authority meeting of December 21, 1999 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 on Friday, December 17, 1999 Dated: December 17, 1999 June S. Greek, Secretary La Quinta Financing Authority Page 2 T4ht 4 4 Q" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: December 21, 1999 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: Transmittal of Treasurer's Report PUBLIC HEARING: as of October 31, 1999 RECOMMENDATION: Receive and file. BACKGROUND AND OVERVIEW: Transmittal of Treasurer's Report dated October 31, 1999 for the La Quinta Financing Authority. FINDINGS AND ALTERNATIVES: I certify that this report accurately reflects all pooled investments and is in compliance with California Government Code Section 53645 as amended 1 /1 /86; and is in conformity with City Code 3.08.010 to 3.08.070 Investment of Money and Funds. I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet next month's estimated expenditures. espe fully submitted: hn M. Falco er, Finance Director Approved for submission by: Thomas P. Genovese, City Manager Attachment: Treasurer's Report, La Quinta Financing Authority T4ht 4 4 Q" MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for October 31, 1999 DATE: December 1, 1999 Attached is the Treasurer's Report for the month ending October 31, 1999. The report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept. The following table summarizes the changes in investment types for the month: lInvestment Beginning Purchased i Sold/Matured i Other Ending Change (Cash (1) 1 $200,960 $940,458 1,141,418 $940,458 LAIF 11,348,346 691,653 850,000 11,189,999 i (158,347) IUS Treasuries (2) ! 14,066,046 0 0 (13,354) 14,052,692 (13,354) JUS Gov't Agencies (2) 17,584,905 0 0 43,543 17,628,448 43,543 (Commercial Paper 0 0 0 0 f 0 (Mutual Funds 9,454,386 0 433,688 9,020,698 (433,688) Total $52,654,643 $691,653 $1,283,688 $970,647 ' $53,033,255 i $378 612 I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and ins in conformity with the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. the City of La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. Falconerl Director/Treasurer D to Footnote (1) The amount reported in the other column represents the net increase (decrease) of deposits and withdrawals from the previous month. (2) The amount reported in the other column represents the amortization of premium/discount for the month on US Treasury and Agency investments. �! i FQ- z J LL O F U c I i O I Gl', : N. I O I I p. I (D IOC'. '',Z. w c su p i d d N c c IZ IZ'. 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Q of y lL c7 ILA I R I r N IUD R L) V 0 IC' IA 0 cz ayi t d U c c O R > N W x �W OOj CITY OF LA QUINTA CRY CITY RDA RDA FA BALANCE SHEET 16I3l M FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH 4,051,921.93 6,432,281.32 (994.24) 10.483.218.91 LORP INVESTMENT IN POOLED CASH 705.000.00 705,000.00 INVESTMENT T-BILLMOTES4:OTHER 25.000.000.00 26,000,000.00 AUTO MALL CASH 1,097,691.01 1.097.591.01 LORP CASH 44.507.0E 44.507.0E BOND REDEMPTION CASH 367,454.19 28.73 367.492.92 BOND RESERVE CASH BOND PROJECT CASH 14,064,990.78 566.224.89 14,653,215.47 BOND ESCROW CASH PETTY CASH 1,000.00 1,000.00 CASH i INVESTMENT TOTAL 31,150,812.54 21.614.243.38 567,259.18 53.352.115.40 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE PREMIUMIDISCOUNT ON INVESTMENT LORP-ACCOUNTS RECEIVABLE INTEREST RECEIVABLE LOAWNOTES RECEIVABLE DUE FROM OTHER AGENCIES DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS DUE FROM RDA INTEREST ADVANCE -DUE FROM RDA ADVANCES TO OTHER FUNDS NSF CHECKS RECEIVABLE ACCRUED REVENUE TRAVELADVANCES EMPLOYEE ADVANCES PREPAID EXPENSES 60,300.00 60 300 00 RECEIVABLE TOTAL 9,854,631.22 3.702.573.90 5,260,000.00 21.817.405.12 47.154.46 60.900.00 8,250,000.00 8.368.054.46 (322.664.78) 3.804.88 (318,959.92) 50.130.38 50.130.38 200,495.61 175,397.W 376.893,37 25.841.74 2,668,11M.80 2.694.692.54 127.984.00 127.984.00 795.357.14 741.656.90 1,527,014.04 6.8901277.20 6.890.277.20 1,317,980.34 1,317,980.34 719.105.62 719.1 W.82 2.021.49 2.021.49 SWA0 1133.40 978.00 978.00 WORKER COMPENSATION DEPOSIT 37,637.00 RENT DEPOSITS UTILITY DEPOSITS 75.00 MISC. DEPOSITS 2.100.00 DEPOSITS TOTAL 39,812.00 37.637, 00 75.00 _ 2.1_00.00 39.812.00 GENERAL FIXED ASSETS 1.289.894.28 15,148,522.00 10,233,505.05 26,669,722.33 ACCUMULATED DEPRECIATION (585,380.27) (585,360.27) AMOUNT AVAILABLE TO RETIRE L/T DEBT 3,395,117.03 3.395.117.03 AMOUNT TO BE PROVIDED FOR L/T DEBT 1,677,482.02 94,762,526.08 8,260,000.00 _ _ 104,_700.008.08 TOTAL OTHER ASSETS 704,334.01 15,146,522.00 1,677,482.02 10,233,506.05 98,157,643.09 8,250,000.00 134,179,487.17 TOTAL ASSETS 41.749.590.07 15,146,522.00 1,877,482.02 25,315,817.28 10.233.WS.05 96 157 643 09 8 847 259 18 8 260 000 00 20".388.819.8E LIABILITY ACCOUNTS PAYABLE 21,251.93 11.999.44 17.195.00 50.446.37 DUE TO OTHER AGENCIES W5,873.88 $05.873.88 DUE TO OTHER FUNDS 575.00 1,517,134.04 9,306.00 1.527.014.04 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES PAYROLL LIABILITIES 43.388.02 43,386.02 STRONG MOTION INSTRUMENTS 2,820.48 2,111WAS FRINGE TOED LIZARD FEES 19,640.00 19.640.00 SUSPENSE 129,128.81 129,128.81 DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 1,022,876.12 11,999.44 1,534,329.04 9,305.00 2,578,309.60 ENGINEERING TRUST DEPOSITS 198.00 196.00 SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 496,551.06 496.551.06 LORP DEPOSITS 15.064.00 15.004.00 DEVELOPER DEPOSITS 1,274,852.33 1,276,532.33 MISC. DEPOSITS 329.780.95 329,760.95 AGENCY FUND DEPOSITS 790,078.33 790,078.33 TOTAL DEPOSITS 2.393.440.67 15.054.00 2,906,504.67 DEFERRED REVENUE 5,270.67 8,250,0000.00 _ 8.268_270.67 OTHER LIABILITIES TOTAL 8,270.67 8,250,000.00 6.268.270.67 COMPENSATED ABSENCES PAYABLE 337.680.36 337,680.86 DUE TO THE CITY OF LA QUINTA 1,327,601.72 9,200,257.34 9.S35,859.05 DUE TO COUNTY OF RIVERSIDE 12,466,237.00 12,466,237.00 DUE TO C.V. UNIFIED SCHOOL DIST. 10,058,148.75 10,086,148.75 DUE TO DESERT SANDS SCHOOL DIST. BONDS PAYABLE 67,415,000.00 (504.08) 8,250,000.00 _ 75-674.495.92 TOTAL LONG TERM DEBT 1,865,492.58 98,157,643.09 (504.06) 8.260.000.00 108,082,621.59 TOTAL LIABILITY EQUITY -FUND BALANCE TOTAL LIABILITY i EQUITY 3,924,387.46 37,825,202.61 15.146.522.00 CASH i INVESTMENT TOTAL $3,352,11GAO PREMIUMIDISCOUNT ON INVESTMENT I318.6M.921 TOTAL 63,033,256.48 1,677,482.02 1.649.393.04 98,157,643.09 8,255,800.92 8.260.000.00 121,837,706.63 23,787,424.24 10,233,506.05 578,468.25 87.561.113.16 ZW,31I8 M.09 ---(0.00) 0lv. T4ht 4 4 Q" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: December 21, 1999 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: Approval of Annual Continuing Disclosure PUBLIC HEARING: for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End June 30, 1999 RECOMMENDATION: 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, 1999. 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 1998/99 Annual Continuing Disclosure Statement for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds Allocation Bonds prepared in accordance with the three aforementioned requirements. Additionally, no announcement of significant events was necessary for Fiscal Year 1998/99. FINDINGS AND ALTERNATIVES: The alternatives available to the City Council 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, 1999; 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, 1999; or 3. Provide staff with alternative direction. Respectfully submitted, NO Jahn M. Falcon&, Finance Director Approved for submission by: Thomas P. Genovese, City Manager Attachment: 1. 1998/99 Annual Continuing Disclosure Statement for the La Quinta Financing Authority ATTACHMENT NO. 1 ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDED JUNE 30, 1999 1996 LEASE REVENUE REFUNDING BONDS (LA QUINTA CITY HALL PROJECT) LA QUINTA FINANCING AUTHORITY CITY OF LA QUINTA RIVERSIDE COUNTY, CALIFORNIA 004 LIST OF PARTICIPANTS CITY OF LA QUINTA * In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. 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 31.18 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. 00 II. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds Balance as of October 30. 1999 1996 Lease Revenue Bonds $8,010,000 B. FUND BALANCES Account Balance as of November 24. 1999 Reserve Fund (') N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the MBIA Insurance Corporation. III. FINANCIAL INFORMATION The audited financial statements for the City for the Fiscal Year Ended June 30, 1999 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 1990 $1,514,110 $1,883,105 (1) $928,798 (1) s0 $4,326,012 1991 1,968,275 2,501,105 (1) 777,366 (1) 0 5,246,745 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 9,847,000 (1) Prior to fiscal year 1992 Public Works and Planning & Development expenditures were included with Community Service. Source: City of La Quinta Audited Financial Statements 2 007 B. GENERAL FUND REVENUE BY SOURCE Fiscal Year Licenses Charges Litigation Ending and Inter- for Settlement June 30 Taxes Permits Governmental Services Proceeds Interest Miscellaneous Total 1990 $3,154,942 $3,286,872 $630,791 (1) (2) $155,530 $114,686 $7,342,821 1991 3,288,565 785,381 790,880 $602,600 (2) 642,813 101,411 6,211,650 1992 3,135,044 576,293 930,503 488,015 (2) 261,380 120,867 5,512,102 1993 3,581,830 622,107 1,157,587 384,000 (2) 238,321 219,641 6,203,486 r 1994 4,212,604 777,241 1,600,032 469,695 (2) 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 _. 1999 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 (1) Previously included in Licenses and Permits r (2) 1995 was the first year Litigation Settlement Proceeds was identified as a revenue source Source City of La Quinta Audited Financial Statements C. PROPERTY TAX LEVIES AND COLLECTIONS Fiscal Year Total Current Percent Delinquent Total Ending Tax Tax of Levy Tax Collections June 30 Jay Collection Collected Collections to Tax Lew 1991 $280,339 $256,297 91.4% $21,921 99.2% 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 549,273 497,043 98.7% 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% 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. 3. Detail prior to fiscal year 1991 not available. Source: City of La Quinta and County of Riverside D. SCHEDULE OF NET TAXABLE VALUE _ Fiscal Year Assessed Less Less Net Ending Secured Unsecured Property Property Homeowner's Taxable June 30 Progeny Prop y Value Exemptions Exemptions Value 1991 $1,278,307,230 $7,156,844 $1,285,464,074 $3,474,595 (1) $1,281,989,479 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 Note: Detail prior to fiscal year 1991 not available (1) Homeowner's exemption not available Source: County of Riverside 3 008 E. PROPERTY TAX RATE - DIRECT AND OVERLAPPING GOVERNMENTS (Per $100 of Assessed Value) y 1998/99 General 1.00000 1997/98 1.00000 1996/97 1.00000 1995/96 1994/9 1.00000 1.00000 Desert Sands Unified 0.09750 0.09750 0.09750 0.09750 0.09750 College of the Desert 0.00000 0.00000 0.00000 0.00000 0.00000 Coachella Valley Water District 0 02080 0.02080 0.020800 02080 0.02080 Total Tax Rate 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 0) to Billines - 1991 $355,924 $335,177 99.8 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 (1) Includes Prepayments and Foreclosures Source: Riverside County Assessor's Office as compiled by Muni Financial. G. SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT _ (JUNE 30, 1999) Percent June 30, 1999 _ Direct and Overlapping Bonded Debt Applicable Bonded Debt Riverside County General Fund Obligations 1.022 $5,901,318 Riverside County Board of Education Certificates of Participation 1.022 202,633 Desert Community College District Certificates of Participation 3.866 93,403 - Desert Sands Unified School District Certificates of Participation 9.176 2,478,983 Desert Sands Unified School District Lease Tax Obligation 9.176 7,995,457 Coachella Valley County Water District, I.D. #55 69.767 8,281,343 Coachella Valley County Water District, I.D. #58 1.939 175,867 - Coachella Valley County Water District, I.D. #71 Storm 6.410 990,025 Water Unit Certificates of Participation Coachella Valley Unified School District 4.827 482,700 City of Ia Quinta Certificates of Participation 100.000 8,505,000 City of La Quinta 1915 Act Bonds 100.000 4,525.000 Total Direct and Overlapping Bonded Debt $39,631,729 (3) (1) Based on 1996/97 ratios. (2) Excludes tax allocation bonds to be sold - (3) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and nonbonded capital lease obligations. Source: California Municipal Statistics, Inc. 4 0 0 a E. PROPERTY TAX RATE - DIRECT AND OVERLAPPING GOVERNMENTS (Per $100 of Assessed Value) r. 1998/99 1997/98 1996/9 9 9 1994/95 General 1.00000 1.00000 1.00000 1.00000 1.00000 Desert Sands Unified 0.09750 0.09750 0.09750 0.09750 0.09750 College of the Desert 0.00000 0.00000 0.00000 0.00000 0.00000 Coachella Valley Water District 0.02080 0.02080 0.02080 0,02080 0.02080 Total Tax Rate 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 June 30 Billings Collections (I) Ratio of Collections to Billings 1991 $355,924 $335,177 99.8 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 (1) Includes Prepayments and Foreclosures Source: Riverside County Assessor's Office as compiled by Muni Financial. G. SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT (DUNE 30, 1999) Percent June 30, 1999 Direct and Overlapping Bonded Debt Qpnlicable 0) Bonded Debt _ Riverside County General Fund Obligations 1.022 $5,901,318 Riverside County Board of Education Certificates of Participation 1.022 202,633 Desert Community College District Certificates of Participation 3.866 93,403 Desert Sands Unified School District Certificates of Participation 9.176 2,478,983 _ Desert Sands Unified School District Lease Tax Obligation 9.176 7,995,457 Coachella Valley County Water District, I.D. #55 69.767 8,281,343 Coachella Valley County Water District, I.D. #58 1.939 175,867 Coachella Valley County Water District, I.D. #71 Storm 6.410 990,025 Water Unit Certificates of Participation Coachella Valley Unified School District 4.827 482,700 City of La Quinta Certificates of Participation 100.000 8,505,000 to City of La Quinta 1915 Act Bonds 100.000 4,525.000 Total Direct and Overlapping Bonded Debt $39,631,729 (3) (1) Based on 1996/97 ratios. (2) Excludes tax allocation bonds to be sold (3) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and nonbonded capital lease obligations. Source: California Municipal Statistics, Inc. 4 010 H. COMPUTATION OF LEGAL DEBT MARGIN (TUNE 30, 1999) -- Assessed Valuation $2,693,644,173 Debt Limit -15 % of Assessed Valuation 404,046,626 Amount of Debt Applicable to Debt Limit 0 Legal Debt Margin 404,046,626 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. Source: City of I.a Quinta -- 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 0 548:352 549,352 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 734,623 285,000 449,623 734,623 1.00 1999 684,573 245,000 439,573 684,573 1.00 r Note: Revenue available consists of lease payments made by the City of La Quinta to the La Quinta Financing Authority. Source: City of La Quinta J. DEMOGRAPHIC STATISTICS Total Population Riverside Fiscal Year Square Percent County City Population Endi1ne MikLo) Population (_) Chanee Ponulation ui Percent of County 1988 23.2 9,274 13.3% 983,800 0.9% 1989 23.2 10,267 10.7% 1,057,200 1.0% 1990 23.3 10,587 3.1% 1,144,400 0.9% 1991 23.8 13,070 23.5% 1,225,800 1.1% 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% Source: (1) City of La Quinta (2) State of California Department of Finance 5 Oil K. PROPERTY VALUE AND CONSTRUCTION ACTIVITIES Fiscal Year Commercial Construction Rcsidcntial Construction Ending Property r June 30 Value (l) IhDiu Value Units Value 1991 $1,278,307,230 3 $7,299,000 304 $38,320,527 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 Note:: Detail prior to fiscal year 1991 not available r (1) From Schedule of Net Taxable Value Source: City of La Quinta L. PRINCIPAL TAXPAYERS (DUNE 30, 1999) -' Taxpus KSL Desert Resorts Inc. Tng of Activity Recreational, Residential Land Michael T. and Lynn C. Goodlett Vacant Land r TD Desert Development Vacant Land, Residential KSL Land Corporation Vacant Land, Residential La Quinta Golf Properties Corporation Recreational, Commercial Land .-. Wal Mart Stores Inc. Commercial KSL Hotel Land Vacant Miscellaneous GMS Realty Commercial Capital Pacific Holdings Vacant Residential — Eagle Hardware and Garden Inc. Retailer Source: City of La Quinta M. MAJOR EMPLOYERS (JUNE 30, 1999) — Employer La Quinta Hotel and Golf Resort Employees 1,500 Activity Hotel and Golf Resorts Desert Sands Unified School District 525 School District — Wal-Mart 280 Retailer Home Depot 185 Retailer Rancho La Quinta 150 Golf and Tennis Resort ., Stater Brothers 150 Groceries Eagle Hardware 125 Retailer Vons 75 Groceries City of La Quinta 72 Municipal Government — Ralphs 65 Groceries Source: City of La Quinta -- N. SCHEDULE OF INSURANCE IN FORCE (DUNE 30, 1999) Company Policy ... Name Numbe Coverag Limits Term Premium Employee Dishonesty, Hartford PEBA07068 Forgery, Computer Fraud $1,000,000 12/03/98 - 99 $2,500 All Risk Property Insurance Reliance Including Auto Physical Damage Insurance Company NZB1500917 (Excluding Quake & Flood) 25,621,400 07/01/99-00 15,902 Earthquake & Flood Real & Reliance Personal Property Including -- Insurance Company IMF 026349 Contingent Tax Interruption 5,000,000 02/07/99-00 20,200 California $0 Deductible Joint Powers Retention Insurance Authority Certificate #5 Comprehensive General Liability $50 Million 12/03/98 - 99 60,300 California -- Joint Powers Certificate Insurance Authority #5009-056 Worker's Compensation 5,000,000 12/03/98 - 99 37,637 Earthquake & Flood Real & Personal Property Including American National IMP9880468 Contingent Tax Interruption 2,500,000 02/07/99-00 5,000 Chubbs Custom Insurance Special Events $1,000,000 N/A .. Source: City of La Quinta O. MISCELLANEOUS STATISTICAL DATA DUNE 30, 1999) Date of Incorporation May 2, 1982 Type of City Charter City Form of Government Council / Manager City Employees 72 City Land Area (square miles). 31.2 Population 21,763 -.. Number of Parks 5 Total Acreage 26 Miles of Streets 170.0 Miles of Bike Paths 3.0 —' Number of Major Intersections 45 Number of Traffic Signals and Safety Lighting 32 Number of Traffic Signs 2,605 Number of Street Lights 7 —' Public Schools 4 Private Schools 1 Churches 3 _ Banks / Savings and Loan 2 Number of Single Family Units - Detached 10,295 Number of Single Family Units - Attached 2,260 Number of Multiple Family Units 697 Number of Mobile Homes 247 7 013 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 John Falconer ' Finance Director December 9, 1999 8 014 DEPARTMENT REPORT: T4'!t Qamt COUNCIL/RDA MEETING DATE: December 21, 1999 ITEM TITLE: Transmittal of Revenue and Expenditure Reports dated October 31, 1999 RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Transmittal of the October 31, 1999 Statement of Revenue and Expenditures for the La Quinta Financing Authority. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. The City of La Quinta used the Bureau of the Public Dept, U.S. Bank Monthly Statement and Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. espe?Tully submitte : �'qru-"-M ""'tzL'- J hn M. Falcon r, Finance Director A proved for Submission b � J Thomas P. Genovese, City Manager Attachments: 1. Revenue and Expenditures Report, October 31, 1999 LA QUINTA FINANCING AUTHORITY REVENUE DETAIL 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 07/01/1999-10/3111999 REMAINING % BUDGET RECEIVED BUDGET RECEIVED 5,600.00 0.00 5,600.00 0.00% 12,400.00 0.00 12,400.00 0.00% 679,670.00 467,397.50 212,272.50 68.77% 0.00 0.00 0.00 N/A 697.670.00 467.397.50 230.272.50 66.99% 0.00 5.84 (5.84) N/A 0.00 6,968.90 (6,968.90) N/A 0.00 6.974.74 (6,974,74) N/A TOTAL FINANCING AUTHORITY 697,670.00 474 372.24 223 297.76 67.99% 003 LA QUINTA FINANCING AUTHORITY 07/01/1999-10/31/1999 REMAINING EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED DEBT SERVICE EXPENDITURES SERVICES 9,020.00 1,000.00 0.00 8,020.00 11.09% BOND PRINCIPAL 250,000.00 250,000.00 0.00 0.00 100.00% BOND INTEREST 429,670.00 217,397.00 0.00 212,273.00 50.60% TRANSFER OUT 0.00 0.00 0.00 0.00 N/A TOTAL DEBT SERVICE 688,690.00 468,397.00 0.00 220,293.00 68.01 % CAPITAL IMPROVEMENT EXPENDITURES TRANSFER OUT 517,731.78 0.00 0.00 517,731.78 0.00% TOTAL CAPITAL IMPROVEMENT 517,731.78 0.00 0.00 517,731.78 0.00% TOTAL FINANCING AUTHORITY 1,206,421.78 468,397.00 0.00 738,024.78 38.83% 004