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2014 03 18 SASUCCESSOR AGENCY To The La Quinta Redevelopment Agency AGENDA CITY HALL COUNCIL CHAMBERS 78 -495 Calle Tampico, La Quinta REGULAR MEETING ON TUESDAY, MARCH 18, 2014 AT 4:00 P.M. CALL TO ORDER ROLL CALL: Agency Members: Evans, Franklin, Henderson, Osborne, Chairperson Adolph CLOSED SESSION - NONE PUBLIC COMMENT At this time, members of the public may address the Successor Agency on any matter not listed on the agenda. Please complete a "request to speak" form and limit your comments to three minutes. The Successor Agency values your comments; however in accordance with State law, no action shall be taken on any item not appearing on the agenda unless it is an emergency item authorized by GC 54954.2(b). CONFIRMATION OF AGENDA PRESENTATIONS — NONE WRITTEN COMMUNICATIONS — NONE APPROVAL OF MINUTES MINUTES OF MARCH 4, 2014 SUCCESSOR AGENCY TO RDA AGENDA MARCH 18, 2014 PAGE 4 PAGE CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. 1 . APPROVE DEMAND REGISTER DATED MARCH 18, 2014 6 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS 8 DATED DECEMBER 31, 2013 3. RECEIVE AND FILE TREASURER'S REPORT DATED DECEMBER 16 31, 2013 4. ADOPT RESOLUTION FOR EXTENSION OF THE JOINT EXERCISE 18 OF POWERS AGREEMENT THAT ESTABLISHED THE FINANCING AUTHORITY [RESOLUTION SA 2014 -0031 DEPARTMENT REPORTS 1. OVERSIGHT BOARD REPORT / VERBAL BUSINESS SESSION 1. ADOPT RESOLUTION APPROVING ISSUANCE AND SALE OF 42 SUBORDINATE TAX ALLOCATION REFUNDING BONDS [RESOLUTION SA 2014 -0041 STUDY SESSION ADJOURNMENT The next regular meeting of the City as Successor Agency to the La Quinta Redevelopment Agency will be held on April 1, 2014 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. SUCCESSOR AGENCY TO RDA AGENDA 2 MARCH 18, 2014 DECLARATION OF POSTING I, Susan Maysels, Agency Secretary of the City as Successor Agency to the La Quinta Redevelopment Agency, do hereby declare that the foregoing agenda was posted near the entrance to the Council Chambers at 78 -495 Calle Tampico and on the bulletin boards at the La Quinta Cove Post Office at 51 -321 Avenida Bermudas and at the Stater Brothers Supermarket at 78 -630 Highway 1 1 1, on March 14, 2014. DATED: March 14, 2014 SUSAN MAYSELS, Agency Secretary Successor Agency to the La Quinta Redevelopment Agency 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. • If special electronic equipment is needed to make presentations to the Successor Agency, 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 Successor Agency during a 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 Successor Agency 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. SUCCESSOR AGENCY TO RDA AGENDA 3 MARCH 18, 2014 SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY MINUTES TUESDAY, MARCH 4, 2014 A regular meeting of the La Quinta City Council in their capacity as Successor Agency to the La Quinta Redevelopment Agency ( "SA ") was called to order at 6:29 p.m. by Chairperson Adolph. PRESENT: Agency Members Evans, Franklin, Henderson, Osborne, Chair Adolph ABSENT: None CLOSED SESSION — None PUBLIC COMMENT — None CONFIRMATION OF AGENDA — Confirmed PRESENTATIONS — None WRITTEN COMMUNICATIONS — None APPROVAL OF MINUTES MOTION — A motion was made and seconded by Agency Members Evans /Henderson to approve the minutes of February 18, 2014 as submitted. Motion passed unanimously. CONSENT CALENDAR — None DEPARTMENT REPORTS — None BUSINESS SESSION — None STUDY SESSION — None ADJOURNMENT There being no further business, it was moved and seconded by Agency Members Franklin /Evans to adjourn at 6:31 p.m. Motion passed unanimously. Respectfully submitted, SUSAN MAYSELS, Agency Secretary Successor Agency to the dissolved La Quinta Redevelopment Agency CITY AS SUCCESSOR AGENCY TO RDA 1 MARCH 4, 2014 4 ë SA MEETING DATE: March 18, 2014 ITEM TITLE: APPROVE DEMAND REGISTER DATED MARCH 18, 2014 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 1 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Receive and file the itemized portion of the demand register dated March 18, 2014, of which $600 represents Successor Agency expenditures as detailed below: Vendor: Account No.: Amount: Purpose: Willdan Financial Consultants $600 Event Notices Regarding Bonds BACKGROUND /ANALYSIS: The referenced Demand Register is part of the City's Demand Register. The City is the Successor Agency of the La Quinta Redevelopment Agency. The Successor Agency shall continue to make payments required pursuant to an adopted enforceable obligations payment schedule. The payments included on this Demand Register represent the prior month's expenditures. ALTERNATIVES: None. Report prepared by: Sandra Mancilla, Account Technician Report approved for submission by: Patrick Griffin, Interim Finance Director é SA MEETING DATE: March 18, 2014 ITEM TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED DECEMBER 31, 2013 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 2 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Receive and file. EXECUTIVE SUMMARY: • Revenue and expenditure reports are submitted monthly to the Successor Agency to the La Quinta Redevelopment Agency for review. • The reports summarize year -to -date revenues and expenditures of the Successor Agency. FISCAL IMPACT: None. BACKGROUND /ANALYSIS: Revenue and expenditure reports are submitted to the Successor Agency Board monthly to review, receive, and file. The December 31, 2013 Statements of Revenues and Expenditures for the Successor Agency to the La Quinta Redevelopment Agency are attached (Attachments 1 and 2). Actual revenues and expenditures at December 31, 2013 are $19,314 and $7,459,322, respectively. The funds budgeted are based on estimates listed on the Recognized Obligation Payment Schedule and revenues are received in January and June of each year. The expenditures represent the bond interest payments made in September, which was $6.6 million. Since the expenditures exceed revenues for this period, the expenditures are funded through Successor Agency fund balances, which are derived from revenue received from the prior period. 8 ALTERNATIVES: None. Report prepared by: Patrick Griffin, Interim Finance Director Report approved for submission by: Frank J. Spevacek, City Manager Attachments: 1 . Revenue Reports for December 31, 2013 2. Expenditure Reports for December 31, 2013 SUCCESSOR AGENCYREMAINING% REVENUE SUMMARYBUDGETRECEIVEDBUDGETRECEIVED PROJECT AREA NO. 1 Admin (237) County of Riverside579,200.000.00579,200.000.000% Pooled Cash Allocated Interest2,000.000.002,000.000.000% Non Allocated Interest0.000.000.000.000% Transfers In 0.000.000.000.000% TOTAL PA 1581,200.000.00581,200.000.000% TOTAL SUCCESSOR AGENCY - ADMIN581,200.000.00581,200.000.000% PROJECT AREA NO. 1 Project (231) County of Riverside19,308,200.000.0019,308,200.000.000% Pooled Cash Allocated Interest13,200.00(659.22)13,859.22-4.990% Non Allocated Interest0.0019,972.76(19,972.76)0.000% Transfers In 0.000.000.000.000% TOTAL PA 119,321,400.0019,313.5419,302,086.460.100% TOTAL SUCCESSOR AGENCY - PROGRAM19,321,400.0019,313.5419,302,086.460.100% TOTAL SUCCESSOR AGENCY 19,902,600.0019,313.5419,883,286.460.100% ïð SUCCESSOR AGENCY TO THE07/01/2013 - 12/31/2013 LA QUINTA REDEVELOPMENT AGENCYREMAINING% REVENUE SUMMARYBUDGETRECEIVEDBUDGETRECEIVED PROJECT AREA NO. 1: LOW/MODERATE TAX FUND: County of Riverside0.000.000.000.000% Allocated Interest0.00(1.14)1.140.000% Non Allocated Interest0.001,730.24(1,730.24)0.000% Miscellaneous revenue0.000.000.000.000% Non Allocated Interest0.000.000.000.000% Transfer In0.000.000.000.000% TOTAL LOW/MOD TAX0.001,729.10(1,729.10)0.000% DEBT SERVICE FUND: County of Riverside0.000.000.000.000% Allocated Interest0.00(0.04)0.040.000% Non Allocated Interest0.000.000.000.000% Transfers In0.000.000.000.000% TOTAL DEBT SERVICE0.00(0.04)0.040.000% CAPITAL IMPROVEMENT FUND Pooled Cash Allocated Interest0.000.000.000.000% Non Allocated Interest0.002,155.65(2,155.65)0.000% Developer Agreement Funding0.000.000.000.000% Sale of Land Proceeds0.000.000.000.000% Rental Income0.000.000.000.000% Litigation Proceeds0.000.000.000.000% Transfers In 0.000.000.000.000% TOTAL CAPITAL IMPROVEMENT0.002,155.65(2,155.65)0.000% 2011 TAXABLE HOUSING BOND FUND: (249) Pooled Cash Allocated Interest0.000.000.000.000% Non Allocated Interest0.005,957.93(5,957.93)0.000% Developer Agreement Funding0.000.000.000.000% Sale of Land Proceeds0.000.000.000.000% Rental Income0.000.000.000.000% Litigation Proceeds0.000.000.000.000% Transfers In 0.000.000.000.000% TOTAL 2011 TAXABLE HOUSING BOND0.005,957.93(5,957.93)0.000% TOTAL SUCCESSOR AGENCY - PA 10.009,842.64(9,842.64)0.000% ïï SUCCESSOR AGENCY TO THE07/01/2013 - 12/31/2013 LA QUINTA REDEVELOPMENT AGENCYREMAINING% REVENUE SUMMARYBUDGETRECEIVEDBUDGETRECEIVED PROJECT AREA NO. 2: LOW/MODERATE TAX FUND: County of Riverside0.000.000.000.000% Allocated Interest0.00(2.33)2.330.000% Non Allocated Interest0.000.000.000.000% Transfer In0.000.000.000.000% TOTAL LOW/MOD TAX0.00(2.33)2.330.000% 2004 LOW/MODERATE BOND FUND: Allocated Interest0.000.000.000.000% Home Sale Proceeds0.000.000.000.000% Non Allocated Interest0.00559.28(559.28)0.000% Transfer In0.000.000.000.000% TOTAL LOW/MOD BOND0.00559.28(559.28)0.000% DEBT SERVICE FUND: County of Riverside0.000.000.000.000% Allocated Interest0.000.000.000.000% Non Allocated Interest0.00397.09(397.09)0.000% Interest Advance Proceeds0.000.000.000.000% Transfer In0.000.000.000.000% TOTAL DEBT SERVICE0.00397.09(397.09)0.000% 2011 TAXABLE NON-HOUSING BOND FUND: (417) Pooled Cash Allocated Interest0.000.000.000.000% Non Allocated Interest0.00543.11(543.11)0.000% Developer Agreement Funding0.000.000.000.000% Sale of Land Proceeds0.000.000.000.000% Rental Income0.000.000.000.000% Litigation Proceeds0.000.000.000.000% Transfers In 0.000.000.000.000% TOTAL 2011 TAXABLE NON-HOUSING BOND0.00543.11(543.11)0.000% TOTAL SUCCESSOR AGENCY - PA 20.001,497.15(1,497.15)0.000% TOTAL SUCCESSOR AGENCY 30,653.3319,871,946.670.154% ïî SUCCESSOR AGENCYADJUSTED12/31/13REMAINING EXPENDITURE SUMMARYBUDGETEXPENDITURESENCUMBEREDBUDGET ADMIN SERVICES195,000.0065,629.430.00129,370.57 REIMBURSEMENT TO GEN FUND387,100.00193,515.830.00193,584.17 TRANSFERS OUT0.000.000.000.00 582,100.00259,145.260.00322,954.74 TOTAL PA 1 - Admin 582,100.00259,145.260.00322,954.74 TOTAL SUCCESSOR AGENCY - Admin RPTTF SERVICES0.000.000.000.00 BOND PRINCIPAL6,190,000.000.000.006,190,000.00 BOND INTEREST13,118,200.006,635,348.650.006,482,851.35 REIMBURSEMENT TO GEN FUND0.000.000.000.00 TRANSFERS OUT0.000.000.000.00 19,308,200.006,635,348.650.0012,672,851.35 TOTAL PA 1 - Program 19,308,200.006,635,348.650.0012,672,851.35 TOTAL SUCCESSOR AGENCY - Program ïí SUCCESSOR AGENCY TO THEADJUSTED12/31/2013REMAINING LA QUINTA REDEVELOPMENT AGENCYBUDGETEXPENDITURESENCUMBEREDBUDGET EXPENDITURE SUMMARY PROJECT AREA NO. 1: CAPITAL IMPROVEMENT FUND: SERVICES0.000.000.000.00 REIMBURSEMENT TO GEN FUND0.000.000.000.00 TRANSFERS OUT13,208,161.00536,691.820.0012,671,469.18 13,208,161.00536,691.820.0012,671,469.18 TOTAL CAPITAL IMPROVEMENT 2011 TAXABLE HOUSING BOND(249) SERVICES0.000.000.000.00 TRANSFERS OUT25,514,502.000.000.0025,514,502.00 25,514,502.000.000.0025,514,502.00 TOTAL 2011 TAXABLE HOUSING BOND 38,722,663.00536,691.820.0038,185,971.18 TOTAL SUCCESSOR AGENCY - PA 1 SUCCESSOR AGENCY TO THEADJUSTED12/31/2013REMAINING LA QUINTA REDEVELOPMENT AGENCYBUDGETEXPENDITURESENCUMBEREDBUDGET EXPENDITURE SUMMARY PROJECT AREA NO. 2: 2004 LOW/MODERATE BOND FUND HOUSING PROGRAMS0.000.000.000.00 LAND0.000.000.000.00 TRANSFERS OUT2,564,204.0028,136.580.002,536,067.42 2,564,204.0028,136.580.002,536,067.42 TOTAL LOW/MOD BOND 2011 RDA 2 TAXABLE BOND FUND:(417) SERVICES0.000.000.000.00 ECONOMIC DEVELOPMENT0.000.000.000.00 TRANSFERS OUT2,399,786.000.000.002,399,786.00 2,399,786.000.000.002,399,786.00 TOTAL RDA NO. 2 TAXABLE BOND 4,963,990.0028,136.580.004,935,853.42 TOTAL SUCCESSOR AGENCY - PA 2 63,576,953.007,459,322.310.0056,117,630.69 TOTAL SUCCESSOR AGENCY ïì ïë SA MEETING DATE: March 18, 2014 ITEM TITLE: RECEIVE AND FILE TREASURER'S REPORT DATED DECEMBER 31, 2013 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Receive and file. FISCAL IMPACT: None. BACKGROUND /ANALYSIS: Per City Investment Policy, the Treasurer's Report is presented on a monthly basis and reflects monthly cash balances, investment activities, and the portfolio performance. The City pools all cash and investments. Therefore, a separate report for each reporting entity is not issued. The combined report for all entities is presented in the City Council's consent item staff report. ALTERNATIVES: None. Report prepared by: Patrick Griffin, Interim Finance Director Report approved for submission by: Frank J. Spevacek, City Manager ill ïé SA MEETING DATE: March 18, 2014 ITEM TITLE: ADOPT RESOLUTION APPROVING AN EXTENSION OF THE JOINT EXERCISE OF POWERS AGREEMENT THAT CREATED THE LA QUINTA FINANCING AUTHORITY AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 4 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Adopt Resolution No. SA 2014- approving an Extension of the Joint Exercise of Powers Agreement between the City and the Successor Agency for the continuation of the Financing Authority. EXECUTIVE SUMMARY: • A Joint Exercise of Powers Agreement (JEPA) was entered into by the City and the former Redevelopment Agency in order to create a Financing Authority (Authority). • The Authority is a public entity separate from the City and the Redevelopment Agency and was created to issue bonds to finance and refinance redevelopment activities. • The continued existence of the Authority is necessary during the life of bonds it has issued. • The initial 25 -year term of the JEPA expired January 1 , 2014. • The extension of the JEPA will not only extend the term of the original agreement but will reflect that the Successor Agency is now a party to the agreement, replacing the dissolved Redevelopment Agency. FISCAL IMPACT: None. 18 BACKGROUND /ANALYSIS: In late 1988, the City and the Redevelopment Agency entered into the JEPA (Attachment 1) whereby the Authority was created. The Authority's purpose is to assist the financing and refinancing of redevelopment activities by empowering it to purchase, sell, and /or refund Redevelopment Agency bonds. The benefit of creating a financing authority, which is a separate public entity, is that the debts, liabilities, and obligations of the Authority do not constitute debts, liabilities, or obligation of the City or the Redevelopment Agency. By operation of law, enacted in 2012 by Assembly Bill ABx1 26, the Successor Agency is the successor -in- interest to the former Redevelopment Agency and as such, replaces the Redevelopment Agency in the agreement. Government Code states that as long as any bonds are outstanding and unpaid, the JEPA shall be irrevocable. Although the JEPA contained an expiration date of January 1, 2014, it could not technically expire because the following Authority bonds are outstanding: 1. 2004 Local Agency Revenue Bonds 2. 2011 Subordinate Taxable Revenue Bonds Series A The extension formalizes the Successor Agency as a party to the agreement and acknowledges the necessity for the continued existence of the Authority by extending the term. The extension term will end when the Successor Agency ceases to exist, or earlier if the City and Successor Agency agree to terminate. If the City or Housing Authority or any other City government entity finds the use of a financing authority would be beneficial, a separate and distinct agreement between those entities would likely be required and is advised. In accordance with State code, the City Clerk shall file the JEPA and the extension with the Secretary of State and the State Controller. ALTERNATIVES: No alternative is recommended since the sole purpose of the extension is to bring the agreement into compliance with State law. Report prepared by: Susan Maysels, Agency Secretary Report approved for submission by: Frank J. Spevacek, Agency Executive Director Attachments: 1. Joint Exercise of Powers Agreement dated Nov. 3, 1988 W1 RESOLUTION NO. SA 2014 - A RESOLUTION OF THE SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY EXTENDING THE TERM OF THE JOINT EXERCISE OF POWERS AGREEMENT FOR THE LA QUINTA FINANCING AUTHORITY WHEREAS ,the La Quinta Financing Authority was formed on November 3, 1988, pursuant to a Joint Exercise of Powers Agreement ÝÔ¿ Ï«·²¬¿ Agreement ÎÜß ÉØÛÎÛßÍ ô ¬¸» Ú·²¿²½·²¹ ß«¬¸±®·¬§ ©¿ º±®³»¼ °«®«¿²¬ ¬± ¬¸» Ö±·²¬ Û¨»®½·» ±º Ð±©»® ß½¬ô Ù±ª»®²³»²¬ Ý±¼» »½¬·±² êëðð [[1752,1176,1961,1237][12][,I,][Z@R3151.tmp]]ÙÊËÙÍ [[1927,1176,1977,1237][12][,,][Z@R30EF.tmp]] [[2233,1176,2300,1237][12][,,][Z@R30EF.tmp]]ô ©¸·½¸ô ¿³±²¹ ±¬¸»® °®±ª··±²ô ¿«¬¸±®·¦» ´±½¿´ ¿¹»²½·»ô «½¸ ¿ ¬¸» Ý·¬§ ¿²¼ º±®³»® ÎÜßô ¬± º±®³ ¿ ¶±·²¬ »¨»®½·» ±º °±©»® ¿«¬¸±®·¬§ô «½¸ ¿ ¬¸» Ú·²¿²½·²¹ ß«¬¸±®·¬§ô º±® ¬¸» °«®°±» ±º ·«·²¹ ¾±²¼å ¿²¼ ÉØÛÎÛßÍ ô ¬¸» ß½¬ô ·² Ù±ª»®²³»²¬ Ý±¼» »½¬·±² êëéíô °®±ª·¼» ·² °»®¬·²»²¬ °¿®¬ ¬¸¿¬ô ± ´±²¹ ¿ ¿²§ ¾±²¼ ¿®» ±«¬¬¿²¼·²¹ ¿²¼ «²°¿·¼ô ¬¸» ¶±·²¬ °±©»® ¿¹®»»³»²¬ ¸¿´´ ¾» ·®®»ª±½¿¾´»å ¿²¼ ÉØÛÎÛßÍ ô ¿ °¿®¬ ±º ¬¸» îðïïóïî Í¬¿¬» 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Í«½½»±® ß¹»²½§ Í»½®»¬¿®§ ¸¿´´ ½»®¬·º§ ¬± ¬¸» ¿¼±°¬·±² ±º ¬¸· Î»±´«¬·±²ò ÐßÍÍÛÜô ßÐÐÎÑÊÛÜô ßÒÜ ßÜÑÐÌÛÜ ¿¬ ¬¸» ³»»¬·²¹ ±º ¬¸» Í«½½»±® ß¹»²½§ ¬± ¬¸» Ô¿ Ï«·²¬¿ Î»¼»ª»´±°³»²¬ ß¹»²½§ ¸»´¼ ¬¸· ÁÁÁÁ ±º ÁÁÁÁÁÁÁ îðïìô ¾§ ¬¸» º±´´±©·²¹ ª±¬»æ ßÇÛÍæ ÒÑÛÍæ ßÞÍÛÒÌæ ßÞÍÌß×Òæ ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ ÜÑÒ ßÜÑÔÐØô Ý¸¿·®°»®±² Í«½½»±® ß¹»²½§ ¬± ¬¸» Ô¿ Ï«·²¬¿ Î»¼»ª»´±°³»²¬ ß¹»²½§ ßÌÌÛÍÌæ ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ ÍËÍßÒ ÓßÇÍÛÔÍô Í»½®»¬¿®§ Í«½½»±® ß¹»²½§ ¬± ¬¸» Ô¿ Ï«·²¬¿ Î»¼»ª»´±°³»²¬ ß¹»²½§ øßÙÛÒÝÇ ÍÛßÔ÷ 2671/015610-0002 -3- 6750822.2a03/12/14 îî Resolution No. SA 2014- Extension to JPA Creating the FA Adopted: Page ßÐÐÎÑÊÛÜ ßÍ ÌÑ ÚÑÎÓæ ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ Óò ÕßÌØÛÎ×ÒÛ ÖÛÒÍÑÒô ß¹»²½§ Ý±«²»´ Í«½½»±® ß¹»²½§ ¬± ¬¸» Ô¿ Ï«·²¬¿ Î»¼»ª»´±°³»²¬ ß¹»²½§ 2671/015610-0002 -4- 6750822.2a03/12/14 îí EXTENSION OF JOINT EXERCISE OF POWERS AGREEMENT This Extension of Joint Exercise of Powers Agreement ( is entered into this 18th day of March, 2014, by and between the City of La Quinta, a California charter city , and the Successor Agency to the La Quinta Redevelopment Agency, a public agency, corporate and politic, and successor-in-interest to the former La Quinta Redevelopment Agency pursuant to Health and Safety Code section 34173 WITNESSETH: WHEREAS formed on November 3, 1988, pursuant to that certain Joint Exercise of Powers Agreement of the same date City and the former La Quinta WHEREAS , the Financing Authority was formed pursuant to the Joint Exercise of Powers Act, Government Code section 6500 [[1346,1297,1541,1354][12][,I,][Arial]]et seq. provisions, authorized the City and former RDA to form the Financing Authority for the purposes of issuing bonds; and WHEREAS , the Act, in Government Code section 6573, provides in pertinent part that, so long as any bonds issued by the Financing Authority are outstanding and unpaid, the Agreement shall be irrevocable; and WHEREAS , as part of the 2011-12 State budget bill, the California Legislature enacted, and the Governor signed, Assembly Bill 26 from the 2011-12 First ired each redevelopment agency to be dissolved, and Assembly Bill 27 from the 2011- payments were made; and WHEREAS, an action challenging the constitutionality of ABx1 26 and ABx1 27 was filed in the California Supreme Court; and WHEREAS, on December 29, 2011, the California Supreme Court upheld ABx1 26 and struck down ABx1 27 as unconstitutional; and WHEREAS, pursuant to Health and Safety Code section 34173(a), enacted by ABx1 26, the Successor Agency by operation of law was designated as the successor entity/successor-in-interest to the former ; and WHEREAS , on January 2, 2012, the City Council adopted City Council Resolution No. 2012- RDA; and 2671/015610-0002 6750867.2a03/11/14 îì WHEREAS, on June 27, 2012, the California Legislature enacted, and the Governor signed, Assembly Bill 1484 from the 2011- which, among other provisions, amended Health and Safety Code section 34173 by adding subdivision (g), which clarified that a successor agency is a separate public entity from the public agency that provides for its governance and the two entities shall not merge; and WHEREAS , AB 1484 also amended Health and Safety Code section 34187 by adding subdivision (b), which provides in pertinent part that, when all of the debt of a redevelopment agency has been retired or paid off, the successor agency must dispose of all remaining assets and terminate its existence within one year of the final debt payment; and WHEREAS , AB 1484 also added Health and Safety Code section 34177.5, which provides, among other provisions, that a successor agency has the authority, rights, and powers of redevelopment agencies for the purpose of issuing bonds or incurring other indebtedness for specified purposes, including but not limited to refunding existing bonds or other indebtedness of the former redevelopment agency; and WHEREAS effective as of the date hereof and shall continue in full force and effect until January 1, 2014, unless extended or earlier terminated by a supplemental agreement [of] the Agency WHEREAS , to clarify that the Agreement complies with, and will continue to comply with, the requirements of the Act (including Government Code section 6573), that the Agreement continues to be in full force and effect in furtherance of the authority, rights, and powers set forth in Health and Safety Code section 34177.5, and that the Agreement remains in full force and effect in furtherance of any other applicable laws, the City and Successor Agency mutually agree to extend and confirm the extension of the term of the Agreement, as more particularly set forth herein. NOW THEREFORE ,based upon the foregoing Recitals, which are incorporated herein by this reference, the City and Successor Agency agree as follows: SECTION 1. The Term of the Agreement set forth in Section 3 of the Agreement is hereby extended and confirmed to be extended so that the Agreement shall continue in full force and effect until one day after the date that the Successor Agency is terminated by operation of law pursuant to Health and Safety Code Section 34187(b), as may be amended and/or pursuant to such successor statute or regulation, unless the Agreement is earlier terminated by a supplemental agreement of the Successor Agency and the City. SECTION 2. All other provisions of the Agreement shall remain and continue in full force and effect, subject to the terms of this Extension. 2671/015610-0002 -2- 6750867.2a03/11/14 îë IN WITNESS THEREOF, the parties hereto have caused this Extension of Joint Exercise of Powers Agreement to be executed by and through their respective officers duly authorized on the date first written above. CITY: SUCCESSOR AGENCY: By: _______________________By: _______________________ DON ADOLPH, Mayor DON ADOLPH, Chairperson City of La Quinta Successor Agency to the La Quinta Redevelopment Agency ATTEST: ATTEST: ____________________________________________________________ SUSAN MAYSELS, City Clerk SUSAN MAYSELS, Agency Secretary (CITY SEAL) (AGENCY SEAL) APPROVED AS TO FORM: APPROVED AS TO FORM: ____________________________________________________________ M. KATHERINE JENSON,City Attorney M. KATHERINE JENSON, Agency Counsel 2671/015610-0002 -3- 6750867.2a03/11/14 îê îé ßÌÌßÝØÓÛÒÌ ï îè îç íð íï íî íí íì íë íê íé íè íç ìð ìï SA MEETING DATE: March 18, 2014 ITEM TITLE: RESOLUTION APPROVING ISSUANCE AND SALE OF SUBORDINATE TAX ALLOCATION REFUNDING BONDS AGENDA CATEGORY: BUSINESS SESSION: 1 CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Adopt a Resolution authorizing the issuance of Tax Allocation Refunding Bonds by the Successor Agency to the La Quinta Redevelopment Agency in the approximate amount of $72,375,000 to be issued as 2014 Series A Bonds and authorizing certain actions in connection therewith. EXECUTIVE SUMMARY: • The Financing Authority previously issued $90,000,000 in Local Agency Revenue Bonds, 2004 Series A (the "2004 Bonds "). The 2004 Bonds are currently outstanding in the amount of $75,480,000 and were not included in the 2013 refunding bond program due to Federal Tax Law considerations. • The 2004 Bonds are not subject to optional call and redemption until September 1, 2014; therefore, under the Federal Tax Law, the 2004 Bonds cannot be refinanced before June 2, 2014 (a current refunding). • Refinancing the 2004 Bonds will require State Department of Finance approval and must allow up to 60 days for their review process. • Current market conditions, although not back to May 2013 levels, have steadily improved over the past 8 months. FISCAL IMPACT: The overall estimated debt service savings of approximately $386,000 annually or $8.1 million over the 21 -year remaining life is calculated after all costs associated with the issuance of the refunding bonds have been paid. These costs have been EPA conservatively estimated at $947,638, which includes underwriter's discount, bond insurance, reserve surety bond fee, and legal and consultant costs. BACKGROUND /ANALYSIS: Starting in 1985, the former La Quinta Redevelopment Agency (RDA) issued tax allocation bonds to raise capital to invest in infrastructure, public facility, economic development and affordable housing initiatives. Bond debt service payments are funded by property tax revenue. When the RDA was eliminated in February 2012, the Successor Agency to the RDA assumed responsibility to ensure these debt service payments are made. These payments are classified as enforceable obligations and are tracked on the Recognized Obligation Payment Schedule (BOPS), with payments authorized twice annually. The California Health and Safety Code authorizes the Successor Agency tc refinance outstanding bonds and other obligations of the RDA. Additionally, the costs related to refunding proceedings can be recovered. Upon review, it has beer determined that refinancing is in the best interest of the Successor Agency and that the statutory prerequisites can be met if the refinancing is approved. Final approval authority resides with the Oversight Board and the Department of Finance. On December 23, 2013, the Successor Agency successfully issued La Quinta Redevelopment Project Area (PA) Nos. 1 and 2, Subordinate Tax Allocation Refunding Bonds consisting of $97,190,000 2013 Series A and $23,055,000 2013 Taxable Series B. These two series of bonds refinanced the RDA's 1998 PA 1 Bonds, 1998 PA 2 Bonds, 2001 Bonds, 2002 Bonds and 2003 Bonds. The 2013 refunding bond program resulted in annual debt service savings of more than $555,000 per year with overall savings of $10,650,000 after paying all costs associated with the refunding bond program. The current economic environment provides the Successor Agency with an opportunity to lower the costs of annual debt service again by refinancing the 2004 Bonds, which would result in an increase in property tax revenue allocations to all taxing agencies. Interest rates on the 2014 refunding bonds are estimated to range from 3% to 5% with resulting yields ranging from 0.35% to 4.50 %. Current interest rates on the 2004 Bonds being refunded range from 5% to 5.25 %. In summary, refinancing the 2004 Bonds will create a surplus that would bring the City some relief in repayment of recognized obligations, if needed. The $8.1 million projected savings over 21 years, if unencumbered by recognized obligations, will benefit the taxing agencies with approximately $5.05 million going to schools, 43 $1.8 million to Riverside County, $580,000 to the Coachella Valley Water District, $425,000 to the City, and $225,000 to recreation and parks. ALTERNATIVES: As not refinancing the 2004 Bonds would result in not reducing annual debt service costs, staff does not recommend an alternative. Report prepared by: Amy McCormick, Business Analyst Report approved for submission by: Frank J. Spevacek, Executive Director Attachments: Please see the Council report on this same matter. 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