1990 04 25 RDA Minutes LA QUINTA CITY COUNCIL
LA QUINTA REDEVELOPMENT AGENCY
SPECIAL MEETING
APRIL 25, 1990
At 5:00 P.M., Mayor/Chairman Pena called the Special meeting of
the La Quinta City Council/La Quinta Redevelopment Agency to
order.
CITY COUNCIL ROLL CALL
PRESENT: Council embers Bohnenberger, Rushworth, Sniff, Mayor
Pena
ABSENT: Council Member Bosworth
REDEVELOPMENT AGENCY ROLL CALL
PRESENT: Mr. Bohnenberger, Mr. Rushworth, Mr. Sniff, Chairman
Pena
A?SENT: Mrs. Bosworth,
CITY COUNCIL MEETING
1. APPROVAL OF PERSONNEL ADDITIONS/CHANGES FOR 1989/90 FISCAL
YEAR.
Mr. Kiedrowski advised that there are three recommended
changes; name change from Community Services Specialist to
Senior Center Coordinator; addition of a Department Secretary
in the City Managers Office and the addition of an
Engineering Aid in the Engineering Department. He
recommended that $4,600 be transferred from the Contingency
Account to 01-4120-101-000 and $4,600 from the Contingency
Account to 01-4311-101-000.
MOTION It was moved by Council Members Sniff/Bohnenberger
that the recommendation of the City Manager be approved.
Motion carried unanimously. MINUTE ORDER NO. 90-46.
REDEVELOPMENT AGENCY MEETING
1. ADOPTION OF RESOLUTION OF THE BOARD OF DIRECTORS OF THE LA
QUINTA REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF TAX
ALLOCATION REFUNDING BONDS CF THE AGENCY IN A PRINCIPAL
AMOUNT NOT TO EXCEED TWENTY MILLION DOLLARS $20,000,000) TO
REFUND CERTAIN obLIGATIONS OF THE AGENCY AND APPROVING AN
ESCROW AGREEMENT.
Mr. Fieldman, Fieldman and Rolapp? Bond Consultant, advised
that this is a result of two years of trying to structure
some financing to save the Agency money. While the
resolution calls for a not to exceed $20,000?000, the actual
issue is $19,695,000. The result is a gross savings on the
transaction of over $1,100,000. In percentages, this
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ity Council/ 2 April 25, 1990
Redevelopment Agency
represents a savings af about 5.75%. The Agency will have an
additional $140,000- $145,000 per year for allocation and it
slightly increases the bonding capacity. The effective rate is
7.679%.
Frank Soriano, Painewebber, expressed appreciation to
everyone involved in putting together this issue.
RESOLUTION NO. RA 90-4
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE LA QUINTA
REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF TAX
ALLOCATION REFUNDING BONDS OF THE AGENCY IN A PRINCIPAL
AMOUNT OF NINETEEN MILLION SIX HUNDRED AND NINETY-FIVE
THOUSAND $19,695,000) TO REFUND CERTAIN OBLIGATIONS OF THE
AGENCY AND APPROVING AN ESCROW AGREEMENT.
It was moved by Mr. Sniff, seconded by Mr. Rushworth that
Resolution No. 90-4 be adopted. Motion carried by the
following vote:
AYES: Mr. Bohnenberger, Mr. Rushworth, Mr. Sniff,
Chairman Pena
NOES: None
ABSTAIN: None
ABSENT: Mrs. Bosworth
Mr. Kiedrowski advised the Council that the public hearing for
Phase III of the Cove Improvement Project is scheduled for May
29th at the Community Center. However, that center was not
available for the public information meeting and asked if the
Council wishes to hold such a meeting for this phase.
Council concurred on holding two information meeting in the
Council Chambers.
There being no further business, the Council/Board adjourned.
Re?ectfully submitted,
SAUNDRA L. JUHOLA, City Clerk
City of La Quinta, California
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