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2014 03 18 FAFINANCING AUTHORITY 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: Authority Members: Evans, Franklin, Henderson, Osborne, Chairperson 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. The Financing Authority 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 APPROVAL OF MINUTES PAGE 1 . MINUTES OF FEBRUARY 18, 2014 3 CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. 1. RECEIVE AND FILE TREASURER'S REPORT DATED DECEMBER 5 31, 2013 2. RECEIVE AND FILE REVENUE AND EXPENDITURES REPORT 7 DATED DECEMBER 31, 2013 FINANCING AUTHORITY AGENDA 1 MARCH 18, 2014 BUSINESS SESSION 1. RESOLUTION APPROVING ISSUANCE AND SALE OF SUBORDINATE TAX ALLOCATION REFUNDING BONDS [RESOLUTION FA 2014 -0011 CHAIR AND BOARD MEMBERS' ITEMS - NONE PUBLIC HEARINGS - NONE ADJOURNMENT 11 The next regular meeting of the Financing Authority will be held on April 15, 2014 at 4:00 p.m. in the City Council Chambers, 78 -495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, Susan Maysels, Authority Secretary of thf hereby declare that the foregoing agenda fo meeting was posted near the entrance to the Tampico and on the bulletin boards at the La Avenida Bermudas and at the Stater Brothers on March 14, 2014. DATED: March 14, 2014 SUSAN MAYSELS, Authority Secretary La Quinta Financing Authority La Quinta Financing Authority, do the La Quinta Financing Authority Council Chambers at 78 -495 Calle Quinta Cove Post Office at 51 -321 Supermarket 78 -630 Highway 1 1 1, Public Notices • 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. FINANCING AUTHORITY AGENDA 2 MARCH 18, 2014 FINANCING AUTHORITY MINUTES TUESDAY, FEBRUARY 18, 2014 A regular meeting of the La Quinta Financing Authority was called to order at 5:04 p.m. by Chairperson Adolph. PRESENT: Authority Members Evans, Franklin, Henderson, Osborne, Chair Adolph ABSENT: None PUBLIC COMMENT — None CONFIRMATION OF AGENDA — Confirmed APPROVAL OF MINUTES MOTION — A motion was made and seconded by Authority Members Evans/ Franklin to approve the minutes of January 21, 2014, as submitted. Motion passed unanimously. CONSENT CALENDAR — None BUSINESS SESSION — None CHAIR AND BOARD MEMBERS' ITEMS — None PUBLIC HEARINGS — None ADJOURNMENT There being no further business, it was moved and seconded by Authority Members Evans /Franklin to adjourn at 5:08 p.m. Motion passed unanimously. Respectfully submitted, SUSAN MAYSELS, Authority Secretary La Quinta Financing Authority FINANCING AUTHORITY MINUTES 1 FEBRUARY 18, 2014 3 ì FA MEETING DATE: March 18, 2014 ITEM TITLE: RECEIVE AND FILE TREASURER'S REPORT DATED DECEMBER 31, 2013 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 1 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 ê FA 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. EXECUTIVES SUMMARY: • Revenue and expenditure reports are submitted to the Financing Authority for review. • The reports summarize year -to -date revenues and expenditures of the Financing Authority. FISCAL IMPACT: None. BACKGROUND /ANAYLSIS: Revenue and expenditure reports are submitted to the La Quinta Financing Authority monthly to review, receive, and file. Attached are the December 31, 2013 Statements of Revenues and Expenditures for the Financing Authority (Attachments 1 and 2, respectively). The La Quinta Financing Authority has collected 87.0% of its projected revenues through December 31, 2013. Expenditures are at 87.3% of the budgeted amounts. The revenue and expenditure difference is funded from Financing Authority reserves. Revenues received are transferred from the General Fund to pay for the interest and principal payments for the Civic Center bonds. 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 8 ßÌÌßÝØÓÛÒÌ ï LA QUINTA FINANCING AUTHORITY07/01/2013 - 12/31/2013 REVENUE DETAILREMAINING% BUDGETRECEIVEDBUDGETRECEIVED DEBT SERVICE REVENUE: Contractual Services Fees5,000.000.005,000.000.000% Non Allocated Interest0.001.46(1.46)0.000% Rental Income673,400.00590,043.7583,356.2587.620% Transfer In0.000.000.000% TOTAL DEBT SERVICE678,400.00590,045.2188,354.7986.980% TOTAL FINANCING AUTHORITY678,400.00590,045.2188,354.7986.980% ç ßÌÌßÝØÓÛÒÌ î LA QUINTA FINANCING AUTHORITYADJUSTED12/31/2013REMAINING EXPENDITURE SUMMARYBUDGETEXPENDITURESENCUMBEREDBUDGET DEBT SERVICE EXPENDITURES SERVICES6,000.001,371.000.004,629.00 BOND PRINCIPAL - 1996495,000.00495,000.000.000.00 BOND INTEREST - 1996176,400.0095,043.750.0081,356.25 TRANSFER OUT0.000.000.000.00 677,400.00591,414.750.0085,985.25 TOTAL DEBT SERVICE 677,400.00591,414.750.0085,985.25 TOTAL FINANCING AUTHORITY ïð FA 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 is 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, Ida $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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