HomeMy WebLinkAbout7/18/2007 - STAFF REPORTS - FA.1. CITY OF PALM SPRINGS
FINANCING AUTHORITY
MINUTES
WEDNESDAY, DECEMBER 7, 2005
CITY COUNCIL CHAMBER
CALL TO ORDER: Chair Oden called the order at 8:34 P.M.
ROLL CALL:
PRESENT: Boardmember Foat, Boardmember McCulloch, Boardmember Mills,
Boardmember Pougnet, Chair Oden.
ABSENT: None,
JOINT PUBLIC HEARING OF THE PALM SPRINGS CITY COUNCIL AND THE PALM
SPRINGS FINANCING AUTHORITY:
FA1. APPROVING THE ISSUANCE, SALE AND DELIVERY OF NOT TO EXCEED
$13,000,000 AGGREGATE PRINCIPAL AMOUNT OF THE CITY OF PALM
SPRINGS 2006 AIRPORT PASSENGER FACILITY CHARGE SUBORDINATE
REFUNDING REVENUE BONDS (PALM SPRINGS INTERNATIONAL
AIRPORT) AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS
AND THE TAKING OF CERTAIN ACTIONS IN CONNECTION THEREWITH:
City Treasurer Craig Graves and Richard Walsh, Director of Aviation provided
background information as outlined in the staff report dated December 7, 2005.
Chair Oden opened the public hearing; no speakers coming forward the public
hearing was closed.
The Boardmembers discussed and/or commented on the following with respect
to the Bond Issue: years remaining on the existing bond to 2022, other Airports
financing in this manner, total cost of refinancing the bonds of approximately
$600,000, funding the repayment of bonds by facility income charges.
ACTION: 1) Adopt Resolution No. 33, "A RESOLUTION OF THE BOARD OF
DIRECTORS OF THE CITY OF PALM SPRINGS FINANCING AUTHORITY,
CALIFORNIA, APPROVING AN ESCROW AGREEMENT IN CONNECTION
WITH THE REFUNDING OF THE CITY OF PALM SPRINGS FINANCING
AUTHORITY (PALM SPRINGS REGIONAL AIRPORT) AIRPORT REVENUE
BONDS, 1992 SERIES AND AUTHORIZING CERTAIN ACTIONS IN
CONNECTION THEREWITH; 2) Authorize the Chair, Executive Director, and
Treasurer to execute all documents necessary. Motion Boardmember Mills,
seconded by Boardmember McCulloch and unanimously carried on a roll
call vote.
City of Palm Springs
Financing Authority Minutes
December 7, 2005
Page 2
NEW BUSINESS:
FA2. APPROVAL OF MINUTES:
ACTION: Approve the City of Palm Springs Financing Authority Minutes of
February 16, 2005. Motion Boardmember Mills, seconded by Boardmember
Foat and unanimously carried.
ADJOURNMENT: The Palm Springs Financing Authority adjourned at 8:43 P.M.
APPROVED BY A MOTION OF THE PALM SPRINGS FINANCING
AUTHORITY THIS 18t' DAY OF JULY, 2007.
CHAIR
ATTEST:
Secretary
000002
CITY OF PALM SPRINGS
FINANCING AUTHORITY
MINUTES
WEDNESDAY, JUNE 20, 2007
CITY COUNCIL CHAMBER
CALL TO ORDER: Chair Oden called the order at 10:23 P.M.
ROLL CALL:
PRESENT: Boardmember Foat, Boardmember McCulloch, Boardmember Mills,
Boardmember Pougnet, Chair Oden,
ABSENT: None.
JOINT ITEM OF THE PALM SPRINGS CITY COUNCIL AND THE PALM SPRINGS
FINANCING AUTHORITY:
FA1. APPROVING THE ISSUANCE AND SALE OF 2007 REFUNDING LEASE
REVENUE BONDS (PUBLIC CAPITAL IMPROVEMENTS) IN AN AMOUNT
NOT TO EXCEED $24,000,000 AND APPROVAL OF FINANCING
DOCUMENTS SITES AND FACILITIES LEASE, LEASE AGREEMENT, 1996
CERTIFICATES ESCROW DEPOSIT AND TRUST AGREEMENT, 1998
CERTIFICATES ESCROW DEPOSIT AND TRUST AGREEMENT AND
APPOINTING THE FINANCIAL ADVISOR, BOND COUNSEL AND
DISCLOSURE COUNSEL AND RELATED ACTIONS AND DOCUMENTS:
ACTION: 1)Adopt Resolution No. 34, "A RESOLUTION OF THE PALM
SPRINGS FINANCING AUTHORITY AUTHORIZING THE ISSUANCE AND
SALE OF 2007 REFUNDING LEASE REVENUE BONDS (PUBLIC CAPITAL
IMPROVEMENTS) AND APPROVING RELATED DOCUMENTS AND
ACTIONS;" and 2) Authorize the City Manager and Director of Finance and
Treasurer to execute all necessary documents. Trust Indenture A5499.
Assignment Agreement A5500. Sites and Facilities Lease A5501. Lease
Agreement A5502. 1996 Certificates Escrow Deposit and Trust Agreement
A5503. 1998 Certificates Escrow Deposit and Trust Agreement A5504.
Continuing Disclosure Agreement A5505, Bond Purchase Agreement A5506.
Motion Board Member McCulloch, seconded by Board Member Pougnet
and unanimously carried on a roll call vote.
ADJOURNMENT: The Palm Springs Financing Authority adjourned at 10:31 P.M.
APPROVED BY A MOTION OF THE PALM SPRINGS FINANCING
AUTHORITY THIS 181h DAY OF JULY, 2007.
CHAIR
ATTEST:
Secretary