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2012 06 19 SACITY AS SUCCESSOR ACANCY TO THE LAQUINTA REDEVELOPMENT ACIENCY Agendas and staff reports are available on the City's web page: www.la-quinta.org AGENDA CITY COUNCIL CHAMBERS 78-495 Calls Tampico I La Quints, California Regular Meeting TUESDAY, JUNE 19, 2012 AT 4:bO P.M. Beginning Resolution No. SA 2012-008 CALL TO ORDER ROLL CALL Successor Agency Members: Evans, Franklin, Henderson, Osborne and Chairperson Adolph CLOSED SESSION - NONE PUBLIC COMMENT At this time members of the public may address the City Council acting as the legislative body for the City as Successor Agency to the La Quinta Redevelopment Agency 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 JUNE 5, 2012 CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. 1 APPROVAL OF DEMAND REGISTER DATED JUNE 19, 2012 . it 001 CITY AS SUCCESSOR AGENCY TO RDA 1 JUNE 19, 2012 2. RECEIVE AND FILE TREASURER'S REPORT DATED APRIL 30, 2012 3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED APRIL 30,2012 4. ADOPTION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF THE CITY OF LA QUINTA FOR FISCAL YEAR 2012/2013 BUSINESS SESSION - NONE STUDY SESSION - NONE REPORTS AND INFORMATION 1 . OVERSIGHT BOARD MINUTES OF MAY 2, 2012 ADJOURNMENT The next regular meeting of the City as Successor Agency to the La Ouinta Redevelopment Agency will be held on July 3, 2012 commencing with closed session at 3:00 p.m. and open session at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING 1, Susan Maysels, Interim City Clerk of the City as Successor Agency to the La Quinta Redevelopment Agency, do hereby declare that the foregoing agenda 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 15, 2012. DATED: June 14, 2012 SU44-1� h 6 ---7 SUSAN MAYSELS, InVtenCtytCIefr1 City of La Quinta, California Public Notices The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk's Office at 777-7103, twenty- four (24) hours in advance of the meeting and accommodations will be made. CITY AS SUCCESSOR AGENCY TO RDA 2 JUNE 19, 2011 002 If special electronic equipment is needed to make presentations to the City Council, arrangement should be made in advance by contacting the City Clerk's Office at 777-7103. A one (1) week notice is required. If background material is to be presented to the City Council during a City Council meeting, please be advised that eight (8) copies of all documents, exhibits, etc., must be supplied to the City Clerk for distribution. It is requested that this take place prior to the beginning of the meeting. Any writings or documents provided to a majority of the City Council 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. CITY AS SUCCESSOR AGENCY TO RDA 3 JUNE 19, 2612 003 Tdf 4 44" CITYRMEETING DATE: June 19, 2012 ITEM TITLE: Approval of Demand Register Dated June 19, 2012 AGENDA CATEGORY: BUSINESS SESSION - CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: It is recommended the Successor Agency of the La Quinta Redevelopment Agency: Receive and File the Demand Register Dated June 19, 2012 of which $48,224.47 Represents Successor Agency Expenditures as detailed below: Vendor: Account #: Amount: Purpose: Rutan & Tucker 231-9001-702.32-01 $1,920.00 Retainer Rutan & Tucker 231-9001-702.32-01 $989.00 SA -Habitat Humanity Rutan & Tucker 231-9001-702.32-01 $144.00 SA -Foreclosure Rutan & Tucker 232-9002-702.32-01 $960.00 Retainer Rutan & Tucker 232-9002-702.32-01 $8,396.63 SA -Coral Mt DDA Rutan & Tucker 232-9002-702.32-01 $168.00 SA -Washington St Rutan & Tucker 232-9002-702.32-01 $445.00 SA -Torre Nissan Rutan & Tucker 232-9002-702.32-01 $1.445.50 Miles/Washington Rutan & Tucker 237-9001-702.32-01 $960.00 Retainer Rutan & Tucker 237-9001-702.32-01 $27,467.84 SA-AB26 Implementation Rutan & Tucker 238-9002-702.32-01 $1,920.00 Retainer Rutan & Tucker 238-9002-702.32-01 $2,544.00 The Ranch/SRR 004 Rutan & Tucker 238-9002-702.32-01 $64.50 Centre @ LQ RBF Consulting Inc 231-9001-702.32-07 $800.00 Silverrock Canal Torre Nissan 417-9002-702.80-05 $111,172.00 Disbursement Req By adoption of Resolution No. 2012-002, the City of La Quinta has affirmatively elected to be the Successor Agency of the La Quinta Redevelopment Agency. Pursuant to Health and Safety Code Section 34177(a), the Successor Agency of the La Quinta Redevelopment Agency shall continue to make payments required pursuant to an adopted enforceable obligations payment schedule. The payments above are required pursuant to the enforceable obligations payments schedule adopted by the La Quinta Redevelopment Agency on January 17, 2012. Pursuant to Health and Safety Code Seciton 34173(e), the liability of the Successor Agency of the La Quinta Redevelopment Agency, when acting pursuant to the powers granted under ABX126, are limited to the extent of the total sum of property tax revenues it receives pursuant to part 1.85 of ABX126 (e.g., Health and Safety Code Sections 34170 — 374190) and the value of assets transferred to it as Successor Agency for the dissolved La Quinta Redevelopment Agency. Respectfully submitted, John M. Falconer, T Finance Director for submission Executive Director 005 Tihf 4 4 a" MEETINGDATE: June 19, 2012 AGENDA CATEGORY: ITEM TITLE: Receive and File Treasurer's Report dated BUSINESS SESSION: April 30, 2012 11 CONSENT CALENDAR: 2-:, STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: It is recommended the. Successor Agency to the La Quinta Redevelopment Agency: Receive and File. PLEASE SEE RELATED CONSENT SESSION ITEM ON CITY COUNCL AGENDA 006 Toluf 4 4 a" AGENDA CATEGORY: MEETING DATE: June 19, 2012 BUSINESS SESSION: ITEM TITLE: Receive and File Revenue and Expenditure CONSENT CALENDAR: 3 Report dated April 30, 2012 STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: Receive and File. FISCAL IMPLICATIONS: None. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: Receive and File the April 30, 2012 Statement of Revenue and Expenditures for the Successor Agency to the La Quinta Redevelopment Agency. R Jo Approved for submission by: 4,an'kJ. 0eactk, :Execkutive Director Attachment: 1 . Revenue and Expenditures Report, April 30, 2012 Is 007 A I I AGHIVILIM I I 07101/2011 .0413012012 SUCCESSOR AGENCY ADJUSTED REMAINING % REVENUE SUMMARY BUDGET RECIEWED BUDGET RECEIVED PROJECT AREA NO. I AdmIn (237) County of Riveneele, 286,540.00 000 286,540,00 0 DOD% Pooled Cash Allocated Interest 0�00 (62.09) 62,09 )�% Non Allocated Interest 0,00 0�00 O,W 0,000% Transfers In 0.m 0.00 000 0.000% TOTAL PA I 2W.540 W (62.09)- 2W�IK2.09 ­0 020% PROJECT AREA NO. 2 Admin (2381 County of Rivverside 141.131,00 0 (k 141.13100 0 OW% PooIW Cash Allocated Interest O,W 0,00 0 w 0 000% Non Allocated Interest 0,00 (14,87) 1487 OW0% Transfers In 0,03 o'm 0 m 00(v% TOTAL PA 2 141,131 W J14.87]i 141,14587 �.010% TOTAL SUCCESSOR AGENCY - ADMIN 427&71 00 (76m) 427747,96 � 020% PROJECT AREA NO. I Program (231) County of Roverside 39,110 W (I'm 39,11000 0.000% Pooled Cash Allocated Interest 0 w 1,13W�55 (1,8w.55) 0.000% Non Allocated Interest 0,00 0 w 0,00 0.000% Transfers In 8,976,264 00 5,961,520 25 3.014,74175 66.410% TOTAL PA 1 9 �01 5 374 00 5 �W3 _376,W 3.051.997 20 %.150% PROJECT AREA NO. 2 Programn (232) County of Riverside "'090 GO 0,00 K(W,w 0000% Pooled Cash Allocated Interest o.W 6520 (65,20) 0�000% Non Allocated Interest O,W O.W 000 0000% Transfers In 555,17$.W 68,2W.40 496,88960 10,500% TOTAL PA 2 639,M.00 58, � 60 58091440 9.lW% TOTAL SUCCESSOR AGENCY - PROGRAM 9&54,"2 W 6tO2i,730 40 3&32,911.60 62,370% TOTAL SUCCESSOR AGENCY 10,002,313 W 6,021,653 � 4,M,659�56 59720% mm Pi SUCCESSOR AGENCY ADJUSTED ON30/12 REMAINING EXPENDITURESUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET 237 PROJECTAREANO.1- 238 PROJECT AREA NO. 2- SERVICES 32,627.08 om 67,256A2 REIMBURSEMENT TO GEN FUN[ 186SM.W 578.784.00 0.00 (392.128,M) TRANSFERS OUT 0�w 0A0 0.00 0,00 TOTAL PA I - Acl� 283,WLIX 1163 000 SERVICES 49.196.W 9.315 W 0.00 39,880.91 REIMBURSEMENT TO GEN FUN[ 91,935.W 138.WD,W om TRANSFERS OUT O.W O.W O'N 000 TOTAL PA 2 - AcIWn 141,131.00 1 TOTAL SUCCESSOR AGENCY - Acimin 231 PROJECT AREA NO. 1 1 SERVICES W,400.W 28.916.W ow 7,48164 BOND PRINCIPAL O.W 0.00 0 w O,W BOND INTEREST aoo 0�00 000 O,W REIMBURSEMENT TO GEN FUN[ 2,710,W 000 000 2.71000 TRANSFERS OUT (Loo 000 000 O.W TOTAL PA I - P�.. 39,110,00 16M 000 10193,U 232 PROJECT AREA NO, 2- SERVICES 51.� Im 9.91662 000 41683 38 MIND PRINCIPAL 3OND INTEREST 000 0 m G.W 000 REIMBURSEMENT TO GEN FUN[ 32,4W 00 0 w 0�w 32.49000 TRANSFERS OUT 0,00 0,00 a w 000 TOTAL PA 2 - Pmgram ",ow 00 9,916B2 0,00 TOTAL SUCCESSOR AGENCY - P�.. TOTAL SUCCESSOR AGENCY 5�.utl.w 7 8,159.95 0.0 ME SUCCESSOR AGENCY TO THE 07101/2011 - 04113W2012 LA QUWTA REDEVELOPMENT AGENCY ADJUSTED REMAINING % REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEIVED PROJECT AREA NO. 1- LOW/MODERATE TAX FUND: Tau Increment 41,123,224�00 4.123,224 39 (039) 100 DDO% Allocated Interest ",600.00 7,226.M 37,37352 16.21)0% Non Allocated Interest 0 w 1.07278 (1,07278) 0,000% Miscellaneous revenue 0 w 1,22622 (1,22612) 0.w0% Non Allocated Interest 000 0 0) 0,00 0�000% Home Sales Proceeds 0�00 0,w 0�00 0 "% Sale of Land 0.00 0.00 0 w 0,000% Sewer Subsidy Reimbursemenn, 0�00 1,467.0 (1,,467,84) O,OOD% Rehabilitation Loan Rejoamments 000 0,00 0.w 0000% 2nd Trust Dead ReIPayment 0 w 000 0.w 0 OW% Williams Note Payment 0,100 0�00 000 0.000% Transfer In 2 707,7114 On 2,707,784,37 (0,37) 100,1:00% TOTAL LOWIMOu T� 99,510% DEBT SERVICE FUND: Tax ln�xement 16,5D5,087 W 16,505.087 35 (0,35) lw�000% Alloc;ated Interest 3,000,00 (13,12295) 16.12295 437,430% Non Aill Interest 000 0 w 000 0000% Interest - County Loan 0�00 000 000 0000% Interest Advanoe Proceeds 0,00 0�00 0.w 0'(xK% Thing.. In 8,487,612 DO 8 762J83 10 (274,571 10) IM 23M TOTAL DEBT SERviCe i,25,1,147 50 (258,448.50) 101,030% APROVEMENTFUND Pooled Cash Allocated! Interest 25,700 W (8,285.78) 33 985,78 -32,240% Non Allc�oated Interest 18,800 w 7,375,45 11,42455 39,2W% Developer Agreemews Funding 000 0 DO 0,00 0=% Sale of Land Prooeeds 0.00 0,w 000 0 w0% Rental 1.. 0,00 0,00 0,0 0,000% Litigation Proceeds 0.00 0�00 000 0,0w% Transfiusln 5,fflo�000,w 0,00 5�0)0,".W 0,000% TOTAL CAPITAL IMPROVEMENT 5.w5w1w (gluz 5,M.410,33 -0020% 2011 TAXABLE HOUSING BOND FUND: (249) Pooled! Cash Allocated Interest 0�1)0 0,00 0,00 0.w0% Non A110Cated Interest 5.00000 7.13706 (2,137,06) 1427,10% Dewloper Agreement Funding 0.00 0,w 0= 0 w0% Sale of Land Proceeds 0.00 D.w 000 0,0IX)% Rental Income 000 000 0.00 0.000% Litigation Proceeds 0.(X) 000 0.w 0,000% Transfers In 0.w 0.w 0,00 0.000% TOTAL M11 TAXABLE HOUSING BOND 5.".M —7 137,W (2.137 W) 142,7�96 ...1& 010 SUCCESSOR AGENCY TO THE ADJUSTED 4/=2012 REMAINING LA QUINTA REDEVELOPMENT AGENCY BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDITURE SUMMARY I!89JECT AREA NO, I - DEBT SERVICE FUND: SERVICES 522.050 W 275.166,51 0 N 247,683A9 BOND PRINCIPAL 1 635.775,W 1.635,775.W o,w 0,0 BONDINTEREST 3SWS70b) 3,850,627 49 D�w . 42,51 2.d TRUST DEED PROGRAM 520,0W 00 al ow 00 000 439,DX),M HABITAT FOR HUMANITY wo,iw,w 5 lw 00 000 295,060 W LAND ACQUISITION 0,01) 000 000 0.130 LOW MOD HOUSING PROJECTS o,w o.w D 00 Dw FORECLOSURE 8w.aw,w o.w 0 w 800.0m 00 REIMBURSEMENT TO GEN PUNIC �l 741,00 413,550,W 0.0) 48,190 � TRANSFERS OUT 6.171188 W 3 � 921 U O'N 2 537.265 W TOTAL LOWINIOD TAX SERVICES 429,212,W 428,524,30 000 687.70 BOND PRINCIPAL 3,113.575.W 3.113,575.M 0.00 0 w BOND INTEREST 6,675,3811.00 6,675.386,76 0�w 124 PASS THROUGH PAYMENTS 9,820 486,00 9,820,4M.57 0,00 143 ERAF SHIFT 000 0,00 0 w 000 TRANSFERS OUT TOTAL DEBT SERVICE 1397626400 596152035 0,00 801474365 CAPITAL IMPROVEMENT FUND: SERVICES GEN FUNE 0,00 000 2011 TAXABLE HOUSING BOND(Mg) 271N5 SERVICES li'mom 8,678,22 o.w 2.321 78 TRANSFERS OUT 25 526 567 0 1 TOTAL 2011 TAXABLE HOUSING BOND 25:53,!Wl Mo 02!?g 517 00100 255 514.3�1 463 g a 2 5 1 a 23 T oll SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY REVENUE SUMMARY PROJECT ARM NO. 21 LOINUMODERATE TAX FUND: Tax Increment Allocated Interest Non Allooated Interest Developer funding 2nd Trust Dead Repayment Sate of I -and Transfer In TOTAL LOWIMOD TAX 2004 LOWAMODERATE BOND FUND: Allocated Interest Home sale Proceeds Non Alki Interest Transfer In TOTAL LOWIMOD BOND DEBT SERVICE FUND: Tax Increment Allocated Interest Non Allocated Interest Interest Aftance Proceeds Transfer In TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: Alk,calec! Interest Non Alkicated Interest Misc R..nue Sale of land Transfers In TOTAL CAPITAL IMPROVEMENT 07/0112011 - 0413012D12 ADJUSTED REMAINING % BUDGET RECEIVED BUDGET RECEIVED 2,341 182.00 ZU1,432 34 to Suit 1w,000% 60800.00 1 23,98973 36,810,27 39 460% 000 0,00 0,00 0.000% 0 w 000 000 0�000% 0 X) 8,744,99 (8.74499) O,Ow% O,w O.W 000 0 Oli 0 X) 0 w 0 Do 0.000% )2,28200 2,374,217.05 28 064194 ga.a3O% 0,00 0 w Oda 0�000% 0.00 0,00 0,00 0 No% 500,00 725.91 (225,91) 145,180% 0.00 OAO 0,00 (Occl 500,00 9,365,929 00 9,385,929.37 (037) 100 OW% 2W,00 (15,788.12) 16988,12 -7894,NO% 0 w 35885 (3M,85) O,NO% 000 ON 0�00 O.wO% 2,�O.00 21WO 00 (0,00) 100,000% 9 �W8789�00 9 353, iw.10 15,628,90 6-9 -MO% 0,00 2,008,27 (2,00827) OW0% 76,80200 65,07681 11 72519 841N% 000 000 O'N 0000% 0 N 0 w 000 0.000% 1 6N00O 00 230 1�1 � I A10 7� nn 13960% 1,726,802 00 29737708 1 42942492 17,220% 20il TAXABLE NONMOUSING BONO FUND: (417) Pooled Cash Allocated Interest O,w 000 000 0.000% Non Allocated! Interest 000 314 N (314 00) 0 Ow% De,heloper Agreement Funding 000 0,00 0 w ODDO% Sets of Land Proceeds 0,00 O.w 0,00 O.wO% Rental Income 0 DO 0,00 O.w O,OW% Liffgabon proceeds 0 w 0 00 0,00 0.000% Transfers In 0.00 0.00 0 00 0 1 TOTAL 2011 TAXABLE NON -HOUSING BOND 0,00 314.00 (314.W) 0,0)0% 012 SUCCESSOR AGENCY TO TKE ADJUSTED V�12 REMAINING LA QUINTA REDEVELOPMENT AGENCY BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDITURE SUMMARY PROJECT AREA NO, 2- LOWIMODERATE TAX FUND: SERVICES BOND PRINCIPAL 325,39000 595,65000 157,392 64 595,650,N) OM 0,00 167,997 36 BONDINTEREST 1,872.502,01) 1.872.�,5,1 0,00 000 (4Z54) 2ND TRUST DEEM 0 w o.w 0 w a w LOW MOD HOUSING PROJECTS 3=W OBO 0 D) 3,M.00 FORECLOSURE ACQUISITION 450:0(4,00 000 000 45),M 00 REIMeURSEMENT TO GEN FUN[ 261.620,00 234.5�14,62 0,00 27 075,38 TRANSFERS OUT —JuNN�--- 12 101 584 W 1 N2 786 36 0 w I IR4 TOTAL LOVINOD TAX ol:;05g':;� 2004 LONIMODERATE BOND FUND HOUSING PROGRAMS 0 00 0 D) Bm 0 w LAND OBD 000 000 0,00 TRANSFERS OUT TOTAL LOWIMOO BOND —�—S=TWW 3,307,155,01) 3 1 512200 511 9' ff 10101 0 1! OMI55 1142 a 63442 DEST SERVICE FUND: SERVICES 246,068 00 241,542 80 0,00 4,52520 BOND PRINCIPAL 380.000,00 lw,mm 0,00 250,000 00 BONDINTEREST 633,843.00 633.843.95 Bw (0.95) PASS THROUGH PAYMENTS 8.215,U100 8,019.=,65 0 DO 196.01035 ERAFSHIF7 0,00 000 o.D) 0 X, TRANSFERS OUT 2.205,178, w S 58121 000 1916 596,79 TOTAL DEW SERVICE —.ffmM2.00 S2 CAPITAL IMPROVEMENT FUND: SERVICES 99 MBO KAMM abo 39,17912 CAPITAL 0,00 0 00 BOB 000 REIMBURSEMENT TO GEN FUN[ 91,592.00 63.074,11 0.00 28S17 89 2011 RDA 2 TAXABLE BOND FUND:(4117) SERVICES 013 MEETINGDATE: June 19, 2012 ITEM TITLE: Adoption of a Resolution Adopting the Investment Policy of the City of La Quinta for Fiscal Year 2012/2013 RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Adopt a Resolution of the City Council approving the Investment Policy for the Successor Agency to the La Quinta Redevelopment Agency for Fiscal Year 2012/2013. PLEASE SEE CONSENT SESSION ITEM ON CITY COUNCIL AGENDA of 014 RESOLUTION NO. SA 2012- A RESOLUTION OF THE CITY OF LA QUINTA ACTING AS THE SUCESSOR AGENCY TO THE DISSOLVED LA QUINTA REDEVELOPMENT AGENCY OF THE CITY OF LA QUINTA APPROVING AND ADOPTING THE AMENDED INVESTMENT POLICY FOR FISCAL YEAR 2012-2013 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 t�q� 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 yjq!d throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs; and 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 for Fiscal Year 2012-2013; and WHEREAS, the Investment Policy will be adopted before the end of June of each year and amended as considered necessary. NOW, THEREFORE, BE IT RESOLVED by the City of La Quinta Acting as the Successor Agency to the Dissolved Redevelopment Agency of the City of La Quinta to adopt the Fiscal Year Investment Policy (Exhibit A). a 015 Resolution No. SA 2012- Investment Poney Adopted: June 19,2012 Page 2 of 3 PASSED, APPROVED and ADOPTED at a regular meeting of the City f of La Quinta Acting as the Successor Agency to the Dissolved La Quinta Redevelopment Agency, held on this 119" day of June, 2012 by the following vote, to wit: AYES: NOES: ABSTAIN: ABSENT: DON ADOLPH, Chair City of La Quinta Acting as Successor Agency to the Dissolved La Quinta Redevelopment Agency ATTEST: SUSAN MAYSELS, Interim Secretary City of La Quinta Acting as Successor Agency to the Dissolved La Quinta Redevelopment Agency (SEAL) APPROVED AS TO FORM: M. KATHERINE JENSON, Agency Counsel La Quinta Redevelopment Agency it 016 Resolution No. SA 2012- Investment Policy Adopted: June 19,2012 Page 3 of 3 Exhibit A (TO BE ATTACHED) 017 Reports/informational Item No. I OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT AGENCY MINUTES Regular Meeting WEDNESDAY. MAY 2. 2012 at 2:00 ROLL CALL - Present Absent PUBLIC COMMENT - None Board Members Marshall, Maysels, McDaniel, Nelson, Osborne and Chairperson Pefia Board Member Ellis CONFIRMATION OF AGENDA - Confirmed PRESENTATIONS - None APPROVAL OF MINUTES 1 Board Member Marshall indicated that corrections should be made to the Minutes on page 5 and 6 as follows: Board Member McDaniel's name was referenced as making the motions and should be corrected to read Board Member Marshall made the motion. MOTION: A motion was made by Marshall/Maysels to approve the minutes from the April 18, 2012 Oversight Board meeting as amended. Motion carried 5 ayes, 0 nays, 1 absent, 1 abstain. (Board Member McDaniel abstained due to absence at April 18, 2012 meeting.) WRITTEN COMMUNICATIONS 1 Correspondence dated April 19, 2012 from Chairperson Pefia to the Department of Finance Vice -Chairperson Osborne indicated that this correspondence was written pursuant to Motion carried by the Board at the April 4, 2012 Oversight Board meeting. CONSENT ITEMS - None ., W, 018 BUSINESS ITEMS 1 Consideration of a Resolution Approving Amended Recognized Obligation Payment Schedules of the Former La Quinta Redevelopment Agency for the periods of January 2012 through June 2012 and July 2012 through December 2012 with the Revisions Requested by the Department of Finance Staff presented staff report. MOTION: A motion was made by Maysels/Marshall to adopt Resolution No. OB 2012-011 approving the Amended Recognized Obligation Payment Schedules of the Former La Quinta Redevelopment Agency for the periods of January 2012 through June 2012 and July 2012 through December 2012 with the revisions requested by the Department of Finance RESOLUTION NO. OB 2012-011 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT AGENCY ADOPTING REVISED RECOGNIZED OBLIGATION PAYMENT SCHEDULES FOR THE PERIODS OF JANUARY 2012 THROUGH JUNE 2012 AND JULY 2012 THROUGH DECEMBER 2012 Motion carried 6 ayes, 0 nays, 1 absent. 2. Consideration of Revised Successor Agency Administrative Budget for the periods of January 2012 through June 2012 and July 2012 through December 2012 to Comply with Directions from Department of Finance Staff presented staff report. MOTION: A motion was made by McDaniel/Nelson to approve the Revised Successor Agency Administrative Budgets for the periods of January 2012 through June 2012 and July 2012 through December 2012 to comply with directions from Department of Finance. Motion carried by a vote of 6 ayes, 0 nays, 1 absent. 3. Consideration of a Resolution Making Certain Acknowledgements to with Respect to Housing Assets of the Successor Agency to La Quinta Redevelopment Agency Specifically Related to Property Located Within the Watercolors Development Staff presented staff report. . OVERSIGHT BOARD MINUTES 2 MAY 2, 2012 " 019 Chairperson Pefia asked staff when the 45 year period begins. Staff indicated that the 45 year period begins at the original date of sale. Vice Chairperson Osborne commented that the silent second program has worked very well for our low-income housing in La Quinta and has done well to help people into homes and still maintain some manner of financial stability. MOTION: A motion was made by Osborne/Maysels to adopt Resolution No. OB 2012-012 making certain acknowledgments with respect to Housing Assets of the Successor Agency to La Quinta Redevelopment Agency specifically related to property located within the Watercolors Development RESOLUTION NO. OB 2012-012 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT AGENCY MAKING CERTAIN ACKNOWLEDGMENTS WITH RESPECT TO HOUSING ASSETS OF THE SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT AGENCY Motion carried by a vote of 6 ayes, 0 nays, 1 absent. STUDY SESSION — None REPORTS AND INFORMATIONAL ITEMS 1 . List of Successor Agency Assets Chairperson Pefia stated that this list was requested by the Board at the previous meeting. 2. Update on Department of Finance Review of Oversight Board Actions DEPARTMENT REPORTS — None CHAIR AND BOARD MEMBERS' ITEMS — None 1. is OVERSIGHT BOARD MINUTES 3 MAY 2, 2012 020 ADJOURNMENT — 2:15 p.m. A motion was made by Nelson/Osborne to adjourn. Motion carried unanimously. Respectfully submitted, Vori \Lrafond' Oversight Board JSetary OVERSIGHT BOARD MINUTES 4 MAY 2, 2012 021