HomeMy WebLinkAbout2004 - MINUTES - 4/21/2004 - FINANCING AUTHORITYCITY OF PALM SPRINGS
FINANCING AUTHORITY MINUTES
APRIL 21, 2004
A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was
called to order by Chairman Oden, in the Council Chamber, 3200 Tahquitz Canyon Way, on
Wednesday, April 16, 2004, at 5:00 p.m., at which time, the Authority Counsel announced
items to be discussed in Closed Session, and at 7:00 p.m., the meeting was convened in open
session.
ROLL CALL: Present: Members Foat, McCulloch, Mills, Pougnet and Chairman Oden
Absent: None
The meeting was opened with the Salute to the Flag, and an invocation by Dr. Jim Tom –
United Methodist Church
REPORT OF POSTING OF AGENDA: Acting Authority Secretary reported the agenda was
posted in accordance with established procedures on April 16, 2004.
PUBLIC COMMENTS: None
PUBLIC HEARINGS: None
LEGISLATIVE ITEM:
Member Mills declared Conflict of Interest due to personal reasons and exited the Chamber.
FA1. REFINANCE 1994 BONDS BY ISSUANCE OF BONDS BY COMMUNITY
REDEVELOPMENT AGENCY
Recommendation: That the Authority approve the execution and delivery of Merged
Project No. 1 Tax Allocation Bonds, 2004 Series A in principal amount not to exceed
$16,000,000 and Merged Project No. 2 Tax Allocation Bonds, 2004 Series B in
principal amount not to exceed $10,000,000 for the purpose of prepaying seven
loans of the Agency which will be used to redeem the Authority’s 1994 Local Agency
Revenue Bonds, Series A & B and raising approximately $5,000,000 for new
projects. Bond documents on file in the Office of the City Clerk.
Director of Community & Economic Development reviewed the staff report.
Resolution FA 30 as recommended was presented; after which, it was moved by
Pougnet, seconded by Foat, and carried by the following vote that FA30 be adopted.
AYES: Members Foat, McCulloch, Pougnet, and Chairman Oden
NO: None
ABSENT: Member Mills
Member Mills reentered the Chamber.
CPS Fin Auth Minutes
4-21-04, Page 2
ADJOURNMENT:
There being no further business, Chairman declared the meeting adjourned.
KATHIE HART
Acting Authority Secretary
PATRICIA A. SANDERS
Authority Secretary