2012 06 05 FAFINANCING AUTHORITY AGENDA
CITY COUNCIL CHAMBERS
78 -495 Calle Tampico I La Quinta, California
SPEC /AL MEETING
TUESDAY, JUNE 5, 2012 AT 4:00 P.M.
Beginning Resolution No. FA 2012 - 001
CALL TO ORDER
Roll Call:
Board Members: Evans, Franklin, Henderson, Osborne 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 MEETING MINUTES OF MAY 15, 2012
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one motion.
1. ADOPTION OF FISCAL YEAR 2012/2013 PRELIMINARY BUDGET
BUSINESS SESSION — NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
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FINANCING AUTHORITY AGENDA 1 SPECIAL MEETING JUNE 5, 2012
ADJOURNMENT
The next regular meeting of the Financing Authority will be held on June 19, 2012
at 4:00 p.m. in the City Council Chambers, 78 -495 Calle Tampico, La Quinta, CA
92253.
DECLARATION OF POSTING
I, Susan Maysels, Interim City Clerk of the City of La Quinta, do hereby declare
that the foregoing agenda for the La Quinta Financing Authority meeting 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 1, 2012.
DATED: May 31, 2012
. A*�
SUSAN MAYSELS, Int rim City Clerk
City of La Quinta, California
Public Notice
Any writings or documents provided to a majority of the Financing Authority regarding any
item on this agenda will be made available for public inspection at the City Clerk counter at
City Hall located at 78 -495 Calle Tampico, La Quinta, California, 92253, during normal
business hours.
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FINANCING AUTHORITY AGENDA 2 SPECIAL MEETING JUNE 5, 2012
NOTICE 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 June 5, 2012 at 4:00 p.m.,
at La Quinta City Hall, City Council Chamber, 78495 Calle Tampico, La Quinta, CA
92253 for the following purpose:
ADOPTION OF FISCAL YEAR 2012/2012 PRELIMINARY BUDGET
Dated: May 31, 2012
Don Adol h, Chair son
Attest:
Susan Maysels
Interim Financing Authority Secretary
DECLARATION OF POSTING
I, Susan Maysels, Interim Secretary of the Housing Authority, do hereby declare
that the foregoing agenda for the Special La Quinta Housing Authority meeting of
June 5, 2012, 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 111 on June 1, 2012.
DATED: May 31, 2012
Susan Maysels, Interim Secretary
La Quinta Housing Authority, California
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Housing Authority Agenda 1 June 5, 2012
CITY/SA/HA/FA MEETING DATE: June 5, 2012
ITEM TITLE Adoption of Year 2012/2013 Preliminary
Budget
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: 1
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION
Adopt the Fiscal Year 2012/2013 La Quinta Financing Authority Budget and direct
staff to prepare a Fiscal Year 2012/2013 Final Budget for the July 17, 2012 La Quinta
Financing Authority Meeting.
FISCAL IMPLICATIONS
All Fiscal Year 2012/2013 revenues, operational appropriations and debt service
funding are included in this Budget.
CHARTER CITY IMPLICATIONS
None.
BACKGROUND AND OVERVIEW
Introduction
The purpose of the La Quinta Financing Authority is to pay the debt service on the
1996 Civic Center Bonds and the 2004 and 2011 Local Agency Revenue Bonds. With
the dissolution of the La Quinta Redevelopment Agency in January 2012, the financial
activities of the 2004 and 2011 Local Agency Revenue Bonds have been moved to the
Successor Agency to the La Quinta Redevelopment Agency for Fiscal Year
2012/2013.
The debt service for Fiscal Year 2012/2013 on the 1996 Civic Center Bonds is
$673,130. Additional debt service costs such as trustee fees and audit fees are
$5,000 for a total budget of $678,130.
Funding to pay the Civic Center bonds is paid through rent charges from the General
Fund, the Successor Agency to the La Quinta Redevelopment Agency, and the Civic
Center Development Impact Fees. The debt service payments are made every six
months and are due October 1 and April 1. The final payment is scheduled for Fiscal
Year 2019.
FINDINGS AND ALTERNATIVES:
Staff is requesting:
1. Approve the La Quinta Financing Authority Fiscal Year 2012/2013 Budget and
provide direction regarding any proposed changes to the document; or
2. Approval of the Fiscal Year 2012/2013 La Quinta Financing Authority Preliminary
Budget as amended at the June 5, 2012, La Quinta Financing Authority Meeting.
(Any approved changes by the Authority will be incorporated into the Final Budget
for adoption on July 17, 2012.); or
3. Provide staff with alternative direction.
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
ILVJ A.�
Mark Weiss, Interim Executive Director
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