HomeMy WebLinkAbout2002 - MINUTES - 7/17/2002 FINANCING AUTHORITYMINUTES OF
CITY OF PALM SPRINGS
FINANCING AUTHORITY
July 17, 2002
A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was
called to order by Mayor Kleindienst, in the Council Chamber, 3200 Tahquitz Canyon
Way, on Wednesday, July 17, 2002, at 5:30 p.m., at which time, the City Attorney
announced items to be discussed in Closed Session, and at 7:00 p.m., the meeting was
convened in open session.
ROLL CALL: Present: Board Members Hodges, Mills, Oden, Reller-Spurgin, and
Chairman Kleindienst
Absent: None
The meeting was opened with the Salute to the Flag, and an invocation by Dr. Ernest
Phillips-Palm Springs Church of Religious Science.
REPORT OF POSTING OF AGENDA: City Clerk reported that the agenda was posted in
accordance with Council procedures on July 12, 2002.
REPORT OF CITY ATTORNEY ON MATTERS DISCUSSED IN CLOSED SESSION (All
Entities) - See items on Page 10 of agenda this date.
PUBLIC COMMENTS: None
APPROVAL OF MINUTES: It was moved by Reller-Spurgin, seconded by Hodges, and
unanimously carried, Mills abstaining, that the Financing Authority Minutes of April 21,
1999 and July 25, 2001 be approved.
CITY COUNCIL HEARING and FINANCING AUTHORITY LEGISLATIVE-Joint Action
FA1. DOWNTOWN PARKING STRUCTURE BONDS
Recommendation: That the Council conduct a public hearing regarding the sale
of taxable variable rate demand Certificates of Participation 2002 Series A, not to
exceed $8,000,000 for the purpose of constructing the downtown parking
structure and other parking lot improvements; authorize the execution of related
agreements and the delivery of preliminary and final Official Statements; and
authorize the Board of Directors to execute and deliver certain agreements,
Official Statements regarding the sale of said Bonds.
Director of Finance & Treasurer reviewed the staff report; stated that this has
been in process for 1 ½ years; that the project is under construction; that there is
a 25-year term bond; and that variable taxable rate financing is not eligible for
tax-exempt bonds due to donated private land.
Chairman declared the Hearing open; there being no appearances, the Hearing
was closed.
Resolution FA25 as recommended were presented; after which, it was moved by
Oden, seconded by Reller-Spurgin, and carried unanimously, that FA25 be
adopted.
CPS Fin Auth Minutes
7-17-02, Page 2
ADJOURNMENT
There being no further business, Chairman declared the meeting adjourned.
PATRICIA A. SANDERS
Authority Secretary