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HomeMy WebLinkAbout1/1/1991 - FA MINUTES MINUTES OF CITY OF PALM SPRINGS FINANCING AUTHORITY MARCH 6, 1991 A Regular Meeting of the City of Palm Springs Financing Authority, was called to order by Chairman Bono in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, March 6, 1991, at 7:30 p.m. ROLL CALL: Present: Board Members Broich, Hodges, Murawski Neel and Chairman Bono Absent: None PUBLIC COMMENTS: None LEGISLATIVE ACTION: 1. OFFICERS & PROCEDURES Recommendation: That the Board designate officers, and certain procedures for the Authority. Director of Aviation reviewed the proposed resolution, providing that the Mayor and Mayor pro tem shall ex-officio be the Chairman and Vice-Chairman for the Authority; that the City Treasurer shall be the Treasurer for the Authority; (15 and that the City Clerk shall be the Secretary of the 001) Authority; the seal of the Authority; and regular and special meeting provisions. Resolution 001, as recommended, was presented; after which, it was moved by Broich, seconded by Murawski , and unanimously carried, that R001 be adopted. 2. AIRPORT TERMINAL FINANCING NOTE ISSUANCE Recommendation: That the Board adopt actions to provide for the issuance, sale and delivery of $12,975,000 principal amount of notes; including purchase, trust, assignment, and installment sale agreements, and the preliminary official statement. Director of Aviation stated that the purchase agreement was revised, per discussion with City Attorney, and provides (155- for an issue of $12,805 million; that 18-month, short term 003) notes will finance the $11,733,328 necessary to complete the Airport Terminal Expansion, and after construction, will be refinanced into long-term financing; and that the Authority opinion will be issued by Fritz Stradling, as legal counsel . Resolution 002 approving actions as recommended, were presented; after which, it was moved by Broich, seconded by Murawski , and unanimously carried, that R002 be adopted. ADJOURNMENT There being no further business, Chairman declared the meeting adjourned to March 12, 1991, at 3 p.m. , in Large Conference Room, City Hall . = � '(:1_ %JJDITH SUMICH Secretary fy MINUTES OF CITY OF PALM SPRINGS CITY COUNCIL AND CITY OF PALM SPRINGS FINANCING AUTHORITY MARCH 12, 1991 An Adjourned Regular Meeting of the City Council , of the City of Palm Springs, California, and of the City of Palm Springs Financing Authority, were called to order by Mayor/Chairman Bono in the Council Chamber, 3200 Tahquitz Canyon Way, on Tuesday, March 12, 1991, at 3 p.m. ROLL CALL: Present: Council/Board Members Broich, Hodges, Murawski Neel and Mayor/Chairman Bono Absent: None REPORT OF POSTING OF AGENDA: Report of City Clerk: Agenda posted in accordance with Council procedures on March 8, 1991. PUBLIC COMMENTS: None LEGISLATIVE ACTION: 1. CONVENTION CENTER FINANCING Recommendation: That the Council and P.S. Financing Authority adopt specific actions concerning matters related to refinancing the existing Convention Center debt, and financing the expansion. City Treasurer noted that there are several documents which do not contain exact figures, including bond insurance and interest rate; that in one instance the maximum rate will be 7.5%; and that of the $50 million issue, $12 million represents the Convention Center Expansion, and the balance (155- is a refinancing of the existing debt; that the decision 005) to refinance the existing debt simplified the expansion financing without a lot of legal problems because of the way in which the leases were originally structured; that the recent low rate for the Airport issue was because it was a short-term issue of 18 months; that if the proposed issue were done at this time, the rate would be 7% or less; and the window for completing the transaction closes about April 4, 1991. Mayor/Chairman stated that the trepidations he previously stated still stand regarding a deadline requirement predicated on IBM coming through for the next seven years; that he was hopeful it would happen, but recognized the heavy responsibility on SENCA to make that delivery; that without the seven year package, the City will have an expanded facility and nothing supporting it; that he is also concerned about the construction deadline, and based on his experience, it rarely comes in on time, and IBM has said that future commitment is based on completing the project on schedule. CPS Fin Auth Minutes 3-12-91 Page 2 1. CONVENTION CENTER FINANCING (Continued) City Clerk read title of Ordinance, as follows: AN ORDINANCE OF THE CITY OF PALM SPRINGS APPROVING A SITE AND FACILITIES LEASE AGREEMENT AND A LEASE AGREEMENT BETWEEN THE CITY OF PALM SPRINGS AND THE CITY OF PALM SPRINGS FINANCING AUTHORITY. Resolution 17449 (Council ) , authorizing execution of trust agreement, lease agreement and other documents relating to the convention center facilities and with respect to the City of Palm Springs Financing Authority Revenue Bonds, 1991 Series A; Resolution 003 (Authority) authorizing the said revenue bonds, and the preliminary official statement (including distribution, execution, and delivery thereof) , trust and other agreements, discharge of sublease and of site and facilities sublease, authorizing sale of the bonds on certain terms and conditions, and other official actions relating thereto; were presented; after which, it was moved by Broich, seconded , by Murawski , and unanimously carried, that further reading of the ordinance be waived, and the ordinance introduced for first reading; that Resolution 17449 be adopted by the Council ; and that Resolution 003 be adopted by the Authority. ADJOURNMENT There being no further business, Chairman declared the meeting adjourned. Secretary MINUTES OF CITY OF PALM SPRINGS FINANCING AUTHORITY APRIL 9, 1991 An Adjourned Regular Meeting of the City Council , and of the City of Palm Springs Financing Authority, City of Palm Springs, California, was called to order by Mayor pro tem/Vice-Chairman Broich, in the Council Chamber, 3200 Tahguitz Canyon Way, on Tuesday, April 9, 1991 at 3 p.m. ROLL CALL: Present: Council/Authority Members Broich, Hodges, Murawski and Neel Absent: Mayor/Chairman Bono REPORT OF POSTING OF AGENDA: Report of City Clerk: Agenda posted in accordance with Council procedures on April 5, 1991. PUBLIC COMMENTS: None 1. CONVENTION CENTER FINANCING - LEASE Recommendation: That the Council and the Financing Authority approve Supplemental Lease Amendment No. 1, between the City and the Financing Authority, in order to complete documents for financing the expansion of the Convention Center. City Manager stated that when the various documents for the refinancing were approved, it was thought that there would be one lease between the City and the Financing Authority (155- covering both the leasehold and fee parcels; however, the 005) Bureau of Indian Affairs expressed concern about its approval of a document which contained both fee and leasehold interests, therefore, the amendment deletes the fee land which will be addressed in a separate lease. Resolution 17479 (Council ) and Resolution 004 (Authority) as recommended, were presented; after which, it was moved by Hodges, seconded by Neel , and unanimously carried, Bono absent, that Resolutions 17479 and 004 be adopted. ADJOURNMENT There being no further business, Vice-Chairman declared the meeting adjourned. ( � � '�- JUDITH SUMICH Secretary MINUTES OF CITY COUNCIL AND COMMUNITY REDEVELOPMENT AGENCY AND PALM SPRINGS FINANCING AUTHORITY CITY OF PALM SPRINGS JULY 31, 1991 An Adjourned Regular Meeting of the City Council of the City of Palm Springs, and of the Community Redevelopment Agency of the City of Palm Springs, and of the Palm Springs Financing Authority, was called to order by Mayor pro tem/Vice-Chairman Broich, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, July 31, 1991, at 7:30 p.m. ROLL CALL: Present: Council/Agency/Authority Members Broich, Hodges, Murawski , and Neel Absent: Mayor/Chairman Bono (entered following the opening of the meeting) (Note: The minutes are prepared in the order of the agenda for the meeting; although items were taken out of order at the request of the Mayor, in order to permit him to leave earlier because of his work with the bus accident victims. ) The meeting was opened with the Flag Salute and a moment of silence, particularly, in respect to the victims of a bus accident which occurred earlier in Palm Springs on this date REPORT OF POSTING OF AGENDA: City Clerk reported that the agenda was posted in accordance with Council procedures on July 26, 1991. JOINT MEETING OF CITY COUNCIL, COMMUNITY REDEVELOPMENT AGENCY; AND PALM SPRINGS FINANCING AUTHORITY. Convened in session as said entities: APPROVAL OF FINANCING AUTHORITY MINUTES: It was moved by Hodges, seconded by Murawski , and unanimously carried, Bono absent, that the minutes of March 6 and 12 and April 9, 1991 be approved. APPROVAL OF AGENCY MINUTES: It was moved by Hodges, seconded by Neel , and unanimously carried, Bono absent, that the Minutes of May 15 and July 9, 1991 be approved. PUBLIC COMMENTS: (3-minute limit per person on this, or other matters related to the Redevelopment Agency, or Financing Authority) A. BOND FINANCING - TAX ALLOCATION (REDEVELOPMENT) AND GOLF COURSE EXPANSION. Recommendation: That the Council , Redevelopment Agency, and Financing Authority, as appropriate, approve actions related to the issuance of the not to exceed $20 million 1991 Tax Allocation issue, and not to exceed $20 million 1991 Golf Course Expansion Project; and an Agency action to name Rod Gunn Associates as financial advisor on the 1991 Tax Allocation issue. Director of Economic Development reported that the tax allocation bond issue would result in approximately $16 million to finance project that will be determined by the Agency in September; that the current tax increment to the project areas is small , and by combining resources, and having the Authority purchase the bonds, thereby creating a pool of funds which could be used in more significant ways in the different project areas; that the proposal will allow repayment of the loans the Agency has outstanding. (Note: Mayor/Chairman entered during this presentation). CRA7CC7FA Minutes 7-31-91 Page 2 A. BOND FINANCING (Continued) City Attorney stated that the second issue relates to the financing for expansion of the golf course; noting that the final size of the issue will be determined by the financial consultant; and that the proposed agreement with the consultant needs minor language changes, and he recommended approval subject to his approval of language changes, i .e. , Series B, instead of Series A. Member Hodges stated that her questions were answered at the study session, however, regarding the tax allocation bonds, her concern remains that the same, i .e. , proceeds from the sale of the bonds may be used for short term projects, within any project area, and repaid over a short term; that the city's repayment record is not very good; that she did not have a problem with paying back the loans the Agency has outstanding; that funds to be set aside for housing, should be for that purpose, and not for anything else; and stated that she would favor one-half of the issue, on that basis. City Attorney reviewed the various actions to be taken, which are shown herein by each entity; Financing Authority: Res 5 and 6, concerning the notice of sale, inviting bids, preliminary statements; and concerning indenture (155- of trust, loan agreement, sale, and other matters, 004) respectively; both related to the Tax Allocation Bonds Series B, were presented; after which, it ' was moved by Broich, seconded by Neel , and carried, Hodges voting No, that Resolutions 5 and 6 be adopted. Res 7 concerning Certificates of Participation, 1991 (155- for golf course expansion, was presented; after which, 002) it was moved by Murawski , seconded by Broich, and unanimously carried, that Resolution 7 be adopted. City Council : Res 17604 concerning the Tax Allocation bonds, was presented; after which, it was moved by Murawski , seconded by Broich, and carried, Hodges Voting No, that R17604 be adopted. Res 17605 concerning the Golf Course expansion Certificates of Participation, was presented; after which, it was moved by Broich, seconded by Hodges, and unanimously carried, that R17605 be adopted. Community Redevelopment Agency: Res 800 authorizing borrowing funds from the Authority, and other matters related thereto; and Res 801 relating to the tax allocation bonds and appointing Rod Gunn Associates as financial consultant (A274) were presented; after which, it was moved by Bono, seconded by Murawski , and carried, Hodges voting No, that Resolutions 800 and 801 be adopted. ADJOURNMENT OF THE FINANCING AUTHORITY AND REDEVELOPMENT AGENCY ,iydlO a CRA Minutes - 7-31-91 Page 3 ADJOURNMENT There being no further business, Chairman declared the meeting adjourned. UDITH SUMICH Assistant Secretary MINUTES OF THE CITY COUNCIL COMMUNITY REDEVELOPMENT AGENCY HOUSING AUTHORITY FINANCING AUTHORITY OF THE CITY OF PALM SPRINGS OCTOBER 2, 1991 A Regular Meeting of the City Council , and of the Community Redevelopment Agency, and of the Housing Authority, and of the Financing Authority of the City of Palm Springs, was called to order by Mayor pro tem/Vice-Chairman Broich in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, October 2, 1991, at7:30 p.m. ROLL CALL: Present: Council/Agency/Authority/ Members Broich, Hodges, Murawski , and Neel Absent: Mayor/Chairman Bono The meeting was opened with the Flag Salute and an invocation by Rev. David Jenkins, Community Church of Palm Springs. REPORT OF POSTING OF AGENDA: Report of City Clerk: Agenda posted in accordance with Council procedures on September 27, 1991. PRESENTATIONS: a) Mayor pro tem presented plaque of appreciation to former commissioner David Cantwell , HSPB. COMMUNITY REDEVELOPMENT AGENCY, PALM SPRINGS FINANCING AUTHORITY, AND HOUSING AUTHORITY OF THE CITY OF PALM SPRINGS: Mayor pro tem/ Vice-Chairman convened the meeting in joint session as all entities. APPROVAL OF MINUTES: It was moved by Hodges, seconded by Neel , and unanimously carried, that the following minutes be approved: Housing Authority: June 5, 1991 Financing Authority: July 31, 1991 CRA: Sept. 4, & 18, 1991 Council : Sept 4, 10 & 18, 1991 PUBLIC COMMENTS: (3-minute limit per person on matters related to the Housing or Finance Authority, or the Community Redevelopment Agency, or the City Council regarding Item 2 - a separate Public Comments portion is provided for other matters related to the City Council ). Note: Although no one spoke at this time, public comments were permitted as noted. LEGISLATIVE ACTION: 1. INVESTMENT OF BOND PROCEEDS & ARBITRAGE TRACKING Recommendation: That the legislative bodies of each entity approve participation in the California Arbitrage Management (155- Program (CAMP,) for the investment and tracking of proceeds 006) from the issuance of bonds. City Manager highlighted the memorandum of Director of Finance. Council/PSFA/HA/CRA Minutes 10-2-91 Page 2 1. INVESTMENT OF BOND PROCEEDS (Continued) Housing Authority Res 22, Financing Authority Res 8, and Community Redevelopment Agency Res 816, each authorizing joining with other public agencies as a participant of the California Arbitrage Management Trust and to invest in shares of the Trust and in individual portfolios, were presented; after which, it was moved by Hodges, seconded by Neel , and unanimously carried, that R22, 8 and 816, respectively, be adopted. ADJOURNMENT There being no further business, Vice-Chairman declared the meeting adjourned. - 'JUDITH SUMICH Secretary 1 MINUTES OF CITY OF PALM SPRINGS FINANCING AUTHORITY JULY 15, 1992 A Regular Meeting of the City of Palm Springs Financing Authority was called to order by Chairman Maryanov, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, July 15, 1992, at 7:30 p.m. ROLL CALL: Present: Authority Members Hodges, Lyons, Reller, Schlendorf, and Chairman Maryanov Absent: None APPROVAL OF MINUTES: It was moved by Reller, seconded by Lyons, and unanimously carried, that the Minutes of October 18, 1991 be approved PUBLIC COMMENTS: None LEGISLATIVE ACTION: 1. AIRPORT REVENUE BONDS Recommendation: That the Authority authorize the sale and delivery of Airport Revenue bonds, estimated to not exceed $18 million, and actions associated therewith. (TEFRA Hearing conducted by the City Council on this date, companion Resolutions 17904 and 17905) Director of Aviation reviewed his report, and noted that (155- the maximum interest rate will be 7.25%; that the maximum 003) principal will be $16.5 million; and that the maximum underwriter discount will be 2%. Resolution 009 as recommended was presented; after which, it was moved by Schlendorf, seconded by Lyons, and unanimously carried, that the Resolution 009 be adopted. ADJOURNMENT There being no further business, Mayor declared the meeting adjourned. JUDITH SUMICH Secretary MINUTES OF FINANCING AUTHORITY CITY OF PALM SPRINGS MAY 4, 1994 A Regular Meeting of the Financing Authority of the City of Palm Springs, was called to order by Chairman Maryanov, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, May 4, 1994, at 6:30 p.m. ' ROLL CALL: Present: Authority Members Hodges,Lyons,Reller-Spurgin,Schlendorf and Chairman Maryanov Absent: None (Note: The Public Continents and Item 1. portions of the minutes of the Redevelopment Agency are duplicated here for clarification as part of the Financing Authority record). APPROVAL OF MINUTES: . It was moved by Schlendorf, seconded by Hodges, and unanimously carried, that the minutes of July 15, 1992, be approved. PUBLIC COMMENTS: a) Patricia Cyrus, representing Desert Rail Authority, opposed inclusion of the Prairie Schooner site in the plat; that a number of letters have been sent regarding the apparent predetermined decision about the property without competitive bidding or public hearing on the city-owned site; that the action conveys the site without a fair and unbiased hearing; that she objected to giving the proceeds to the gaining project, and that the proceeds, which she estimated at $1.2 - $1.5 million should come back to the City of Palm Springs; that DRA is interested in purchasing the lot for a station which would directly benefit the residents and business and she urged a no vote on this matter. ' LEGISLATIVE ACTION: 1. REFINANCING OF 1987 CBD BOND ISSUE; OF PORTION OF 1991 SERIES B ISSUES; AND NEW ISSUANCE IN PA2 (TAHQUITZ-ANDREAS)OF A NEW DEBT Recommendation: That the Agency authorize the refunding of the 1987 CBD Tax Allocation Bonds and the 1991 Series B Tax Allocation Bonds, excluding the Housing Fund portion, and the issuance of new debt for the Tahquitz Andreas Project area, for a total authorization not to exceed $26 million, at an interest rate not to exceed 8%, (1994 Series A Tax Allocation Bonds), and approve a Fiscal Agent Agreement, Escrow Agreements, Official Statements, and (155- a Cotmnitment Agreement and Purchase Contract, authorizing the Executive Director to set 004) the final terms of the sale of the bonds, approving the payment of costs of issuing the bonds and making certain determinations related thereto: In answer to question by the Chair, City Attorney stated that regaling the statement by Ms. Cyrus, he has had letters from her regarding Desert Rail Authority's plat, and has indicated that the Prairie Schooner site is under discussion in terms of gaining and critical to the Tribe to make it happen, and without the site, gaining probably would not go forward; that there is no determination being made this date by any of the agencies to a commitment of that property to the project; that negotiations are in progress with the Tribe on a development agreement, which cannot be final until after a public hearing thereon by the Agency; at which time, the Agency may consider all testimony and decide whether to go ahead; and that the proposed actions are distinct from that consideration. In answer to question by the Agency, Director of Finance reported that the site is already encumbered relative to the convention center bond issue, and the new issue would provide funds to relieve that encumbrance. He reviewed his memorandum, explaining that future tax increment from the Tahquitz-Andreas Project area would be pledged to secure the bond issue; that the overall reduced savings should be about $1.8 million, contingent on the interest rate at the time of sale, which will be used for land acquisition and other expenses related to the gaming casino; and that there is no general fund obligation involved, and the issue is similar to a home refinancing. FA Minutes 5-4-94, Page 2 1. REFINANCING (Continued) In answer to question by the Agency, he explained how insurance of the issue is related; and stated that the actions of the various agencies would authorize the sale, however, until the Council holds a TEFRA hearing, such actions are not final, but allow the staff to do the preliminary work to move forward quickly on interest rates. Assistant City Attorney Marticorena amplified on the same question, noting that during the interim, staff will be dealing with the rating companies and the insurance companies, from the assurance that the Council generally is supportive and recognizing the limitation on the action. Agency Member Hodges stated that she would vote against the recommendation, because she did not think it proper to act prior to the public hearing, and it appears the Agency is not paying attention to the public input. Chair stated he disagreed since the process is only being stated, and the Council will weigh all information as part of the hearing. Resolution 929(Agency) and Res 10 (Financing Authority) as recommended, were presented; after which, it was moved by Lyons, seconded by Schlendorf (Agency), and moved by Schlendorf seconded by Lyons (Authority) and carried by the following vote, that R929 and R10 be adopted: AYES: Lyons, Reller-Spurgin, Schlendorf, & Maryanov NO: Hodges ABSENT: None ADJOURNMENT There being no further business, Chairman declared the meeting adjourned. _iL1�DITH SUMICH Secretary W W G{` MINUTES OF FINANCING AUTHORITY CITY OF PALM SPRINGS AUGUST 3, 1994 A Regular Meeting of the Financing Authority, of the City of Palm Springs, California, was called to order by Chairman Maryanov, in the Council Chamber, 3200 Talhquitz Canyon Way, on Wednesday, August 3, 1994, at 6:00 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: Authority Members Hodges, Kleindienst, Lyons and Chairman Maryanov Absent: Authority Member Reller Spurgin REPORT OF POSTING OF AGENDA: City Clerk reported that the agenda was posted in accordance with Council procedures on July 29, 1994. REPORT OF CITY ATTORNEY ON MATTERS DISCUSSED IN CLOSED SESSION(All Entities)- See items on Page 6 of agenda this date. APPROVAL OF MINUTES: It was moved by Hodges, seconded by Lyons,and unanimously carried, Reller-Spurgin absent, Kleindienst abstaining, that the Minutes of May 4, 1994, be approved. PUBLIC COMMENTS: None LEGISLATIVE ITEMS: I. REFINANCING OF BOND ISSUES Recommendation: That the Authority amend RIO, to add PA9 as additional security to refinance the bond issues, and amending related documents approved therein. (155- Resolution 11 as recommended, was presented; after which,it was moved by Lyons,seconded 007) by Kleindienst, and carried by the following vote, that Rl I be adopted: AYES: Kleindienst, Lyons & Maryanov NO: Hodges ABSENT: Reller-Spurgin ADJOURNMENT There being no further business, Chairman declared the meeting adjourned. JUDITH SUMICH Secretary 1 0014 CITY OF PALM SPRINGS FINANCING AUTHORITY JANUARY 17, 1996 A Regular Meeting of the City of Palm Springs Financing Authority, was called to order by Chairman Kleindienst, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, January 17, 1996 at 7:00 p.m. ROLL CALL: Present: Members Barnes, Hodges, Oden, Spurgin, and Chairman Kleindienst Absent: None REPORT OF POSTING OF AGENDA: City Clerk reported that the agenda was posted in accordance with Council procedures on January 12, 1996. APPROVAL OF MINUTES: It was moved by Hodges, seconded by Barnes, and unanimously carried, that the Minutes of August 3, 1994, be approved; Oden and Spurgin abstaining. PUBLIC COMMENTS: None LEGISLATIVE ACTION: L PSFA 1991 SERIES B HOUSING FUND ISSUE Recommendation: That the Agency approve amendments to the bond documents to allow pledge of housing set aside revenue from the Tahquitz-Andreas, Oasis, Highland Gateway and City-wide Project Areas (PA2, 5, 7 & 9) as additional security of the above bond series debt service. Director of Finance reviewed details of his report, noting that pledge of the housing set aside funds to this bond issue will forestall added costs because of the potential change in the bond rating as a result of the series being placed on credit watch by Standard & Poor's. He stated that without any action on dre part of the Authority and Agency, the rating will be lowered, possibly to a speculative grade category; that the down side of 155- pledging the remainder of housing funds which are not already pledged is that could 004) become more difficult to bond against future housing funds; and that there will not be additional out of pocket costs for the City as a result of the proposed action. In answer to questions by the Authority, he stated that the discussion with S&P included whether there would be any guarantee not to reduce the rating if the action is taken, and that there was no such guarantee, although such reduction would occur if no action is taken, and he thought the worse case would be a reduction from A to A-, but that was not an absolute certainty or guarantee; that future bonding may be possible if future tax increment revenues increase, but not against existing housing funds; and that the action could be reversed in the future, however, it would require approval of the trustee and proof that there was sufficient money to cover the cost. Resolution 12, as recommended, was presented; after which, it was moved by Barnes, seconded by Spurgin, and carried by the following vote, that R12 be adopted: IAYES: Barnes, Oden, Spurgin, Kleindienst NOES: Hodges ABSENT: None ' ADJOURNMENT There being no further business, Chairman declared the meeting adjourned. -JJUDITH SUMICH Secretary 0015 MINUTES OF FINANCING AUTHORITY CITY OF PALM SPRINGS OCTOBER 2, 1996 A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was called to order by Chairman Kleindienst, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, October 2, 1996 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 converted in open session. ROLL CALL: Present: Members Barocs, Hodges, Oden, Spurgin, and Mayor Kleindienst Absent: None The meeting was opened with the Salute to the Flag, led by Boy Scout Troop 199, and an invocation by Rev. James Griffes, P.S. Presbyterian Church. REPORT OF POSTING OF AGENDA: City Clerk reported that the agenda was posted in accordance with Council procedures on September 27, 1996. REPORT OF CITY ATTORNEY ON MATTERS DISCUSSED IN CLOSED SESSION (Ali Entities) - See items on Page 5 of agenda this date. APPROVAL OF FINANCING AUTHORITY MINUTES: It was moved by Oden, seconded by Spurgin, and unanimously carried, that the minutes of the Financing Authority of January 17, 1996, be approved. (Note: See also City Council Minutes of this date, both bodies cottvened in joint session) PUBLIC HEARING: ' 1. REFINANCING 1987 (POLICE/COGENERATION) AND 1991 (MUNICIPAL GOLF COURSE) BOND ISSUES Recommendation: That the Council conduct required TEFRA hearing to consider possible issuance by the Financing Authority of 1996 Refunding Certificates of Participation, in an aggregate principal amount not to exceed $27 million; to be used, in part, to refinance prior Certificates of Participation for the above issues. It is recommended that the Financing Authority adopt appropriate actions related thereto. Director of Finance & Treasurer reported that the action is to refinancing two issues, ie., the Police Building/Cogeneration Plant issue and the 1991 Golf course issue, by combining both issues into a single issue, which together will receive a Triple A rating and be insured; that it will reduce significant cash flow immediately, and over the life of the issue. Suzanne Harrell, Rod Gunn &. Associates, stated that the expected reduction in interest on the 1991 issue is from 7.6% to 5.9%; that there should be a $200,000 cash flow benefit, or 4000 rounds of golf less than that needed to currently break even; that Stone & Youngberg expect to price the bonds, and close the sale before the end of the month. Chairman/Mayor declared the hearing open. Dick Sroda, resident, stated that the 1987 issue was refinanced once, and there is $9 million owing on it, and it should be paid in 2006; that the golf course has not paid $1 million, and still owes $13 million; that combined they equal $22 million; that there is no disclosure as to how much the refinancing will cost; that he questioned why the action is needed; that the debt will encumber future generations for 30 years; that the action is not consistent with campaign promises made by Councilmembers; and that he questioned if the money was to be used for other purposes. 0016. Council Minutes 10-2-96, Page 2 1. REFINANCING 1987 (POLICE/COGENERATION) AND 1991 (MUNICIPAL GOLF COURSE) BOND ISSUES (Continued) consistent with campaign promises made by Councilmembers; and that the questioned if the money was to be used for other purposes. Fred Ebeling, resident, questioned if the City was one of special interest, or of people who pay the bills; that he feels isolated; that spending is occurring with reckless abandon; and that he did not think the Council was interested in hearing from the public, and only did so as a legal requirement. Darrell Meeks, resident, stated that the action places a burden on future Councils, and questioned how much the issue will cost; that such information should be made public, with time for the public to review it; that there will not be an increase in the interest rate before the Presidential election in November; and that he questioned whose idea the refinancing was. Steve Vericker, resident, spoke in favor of the action, concluding that it is the only viable action the Council can take; that there is $5 million unsecured loans against the golf course, from other City funds, which it cannot repay; that there should be a task force set up to determine how this situation happened, and to make certain it never recurs; and that there is no savings in the issue, only a deferral of payment. Bette Tmninello, resident, suggested that the Council look at the subject from the perspective of a mortgage loan, and reminded the Council that a 6% interest doubles the debt in 12 years. There were no further appearances, and the hearing was closed. In answer to question by Council, Ms. Harold stated that the cost of the issue is $430,000, the insurance is $400,000, and the underwriter fee is $200,000; that the pre- payment premium is $180,000 for the 1987 issue and $300,000 on the 1991 issue, and there is some cost associated with interest differential limits on how much can be made; that the golf course could not qualify for the insurance, but with the other facilities, it takes on the character of a more substantial municipal facility; that there would be no savings without the insurance; that cash flow is the most significant benefit for doing the refinancing, i.e., in the first year, the debt payment will be reduced $600,000-700,000, and annually it might be as high as $800,000 for the next nine years; that after the ninth year, it will be a larger debt service than there would have been without the refinancing. She explained "net present value savings," and that after 30 years, the savings will be about$260,560;that after re-turning the calculations this date, she felt the savings would be about$400,000 higher than that shown in the report- the NPVS about$600,000. She stated that changes in laws were taken into account; that the Palmer management contract is not affected by the refinancing, and does not require re-negotiation; and that she expected the actual issue will be about $24.5 million. City Attorney explained that the idea for the refinancing stemmed from a suggestion by the bond underwriter for A.D. 155, which has a problem with cancellation of leases and some financial problems regarding the assessment district, with the idea to apply the savings from the refinancing to the assessment district; that when the City looked at losing a substantial amount on the golf course, and the projected revenues were not being met, it was thought that the savings could apply to the golf course which would bring it close to breaking even; and that while it initially was conceived for a different purpose, it was very creative, and it became clear how to use the funds. Mayor summarized that the debt would be stabilized after the first year, and existing costs reduced; that there will be an overall savings of $1 million; that the first year will be $600,000-700,000, and$800,000 for the following, through the ninth year; the issue will be insured; the rating at Triple A; and a much lower interest rate. Financing Authority 10-2-96, Page 3 1. REFINANCING 1987 (POLICE/COGENERATION) AND 1991 (MUNICIPAL GOLF COURSE) BOND ISSUES (Continued) Councilmember Hodges stated that she has not liked the idea since it was originally presented, and still does not like it; that the City has the possibility of retiring a debt in ten years, which would free revenue to do something with it; that there will not be any more in thirty years; that she agreed there are some savings in the first nine years, but after that, a larger debt will be assumed, at a time when the 1987 issue would have been paid; that in the short term, it may make sense, but not in the long term, and definitely not 30 years from now; and that the only gain will be more debt, for a longer time. Council Resolutions 18905 and 18906, as recommended, and Financing Authority Resolution 13, as recommended, were presented; after which, it was moved by Barnes, seconded by Spurgin, and carried by the following vote, that Resolutions 18905, 18906, and 13 be adopted: AYES: Barnes, Oden, Spurgin & Kleindieust NO: Hodges ABSENT: None r ADJOURNMENT There being no further business, Chairman declared the meeting adjourned. �=JUDITH SUMICH Secretary MINUTES OF FINANCING AUTHORITY CITY OF PALM SPRINGS SEPTEMBER 3, 1997 A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was called to order by Chairman Kleindienst, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, September 3, t997, 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:Members Barnes, Hodges, Oden, Spurgin and Mayor Kleindieust Absent: None The Meeting was opened with the Salute to the Flag, and invocation by Reverend LaVeta Dilluian, Chapel on the Way. APPROVAL OF FINANCING AUTHORITY MINUTES: It was moved by Barnes, seconded by Hodges, and unanimously carried, that the Minutes of October 2, 1996 be approved. PUBLIC COMMENTS: Dick Sroda, resident, stated that the bonds have already been financed too many times in the past; that another refunding does place the City in a financial liability; that the IRS is investigating "yield burning" along with the Security Economics Commission at thousands of cities; that if the Council does choose to proceed, the City Attorney should be asked for an opinion; and that without independent counsel the City may find itself in deep trouble. Darrell Meeks, resident, stated that the report states that to refund the bonds will save $500,000 the first year; that there are no records of the last meeting of the Finance Committee; that there was an article in the Wall Street Journal regarding "yield burning"; that the Council should read the article; and that the matter should be addressed with an unbiased source. AUTHORITY COMMENTS: None LEGISLATIVE ACTION: 1. REFINANCING OF PORTION OF CONVENTION CENTER BONDS Recommendation: That the Authority authorize and direct the not to exceed $13,500,000 principal amount lease revenue refunding bonds, 1997 Series A (Convention Center Project); approve preliminary Official Statement and distribution of Preliminary Official Statements; author execution and delivery of Official Statement, Supplemental Trust Agreement, Supplemental Lease Agreement No. 2, Bond Purchase Agreement, and Escrow Deposit Agreement, authorize [lie sale of the bonds on certain terms and conditions, authorize certain other official actions and providing for other matters properly relating thereto. Director of Finance and Treasurer reviewed the staff report and added that the over the term of the issue a savings of$750,000 would be realized; and in answer to questions by Authority added that the term of the bonds would remain the same; that the amount of the refinance was increased due to the inclusion of all present bonds; that rates are lower; that the end result is that the City will be paying less to pay off the bonds over the life of the issue; that the bonds can be called early, to allow selling of the Convention Center; and that the issue of yield burning can be addressed by Bill Mortecorena, Assistant City Attorney. Assistant City Attorney stated that there has been a practice of underwriters to provide a guarantee investment contract; that this guarantees payment over time; that the IRS prohibits Cities from making money, and that certain underwriters would sell the bonds at below market rate; that would then allow a "pocketing" of the difference between the bonding and the selling price; Financing Authority Minutes y 9-3-97, Page 2 1. REFINANCING OF PORTION OF BONDS (cont'd) that this practice is not an issue in the City of Palm Springs; that the City does employ an independent financial advisor, and that the bonds are competitively bid. Authority Member Hodges stated that under normal circumstances she does not approve of ' refinancing of bonds; but that in this case, there is no downside. Resolution 14 as recommended, was presented; after which, it was moved by Hodges, seconded by Oden, and unanimously carried, that R14 be adopted. ADJOURNMENT There being no further business, Chairman declared die meeting adjourned. JUDITH SUMICH Secretary n PATRICIA A. SANDERS Assistant Secretary p MINUTES OF FINANCING AUTHORITY CITY OF PALM SPRINGS JANUARY 21, 1998 A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was called to order by Chairman Kleindiensl, in the Council Chamber, 3200 Taliquitz Canyon Way, on Wednesday, January 21, 1998 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: Members Barnes, Hodges, Oden and Chairman Kleindienst Absent: Member Reller-Spurgin The meeting was opened with the Salute to the Flag, and invocation by Dr, Jim Tom, United Methodist Church of Palm Springs. APPROVAL OF MINUTES: It was moved by Barnes, seconded by Hodges, and unanimously carried, Reller-Spurgin absent that the Minutes of September 3, 1997 be approved. PUBLIC COMMENTS: a) Don Frank, Palm Springs, stated that the bond issue to build the rail station was a waste; that phone booth windows are broken at the rail station; that there are searchlights going on that are based at the casino; that the casino was supposed to bring alot of money in town; that the only thing that has been brought is more crime; that district representation is needed; that the level of corruption on the City level is equal to that of Chicago; and that hopefully it won't last forever. b) Darrell Meeks, Palm Springs, stated that there is a point where the Council must say no more borrowing; that there is not an instance where the Council has refused to fund a bond issue; that there is no guarantee that the land will be leased; that the only incentive is financial, and that results in no taxes; and that to approve the bond issue is to jeopardize more property. c) Dick Sroda, Palm Springs, stated that usually the Council refinances a bond issue due to lower interest rates; that this is for new bonds, not related to interest; that the end result is that the City is threatened by lawsuits by All State; that this is not a better deal for the citizens; that the risk factors involved will not result in the City coming out ahead; and that it may be better for the Council to take a chance and let the issue be resolved in court. AUTHORITY MEMBER COMMENTS: None LEGISLATIVE ACTION: 1. ASSESSMENT DISTRICT 155 Recommendation: That the Authority approve the appropriate resolution to allow the refinancing of the Assessment District No. 155 bond issue, replacing part of the existing issue with two new issues, with a total financing amount not to exceed $5.1 million. Director of Finance and Treasurer reviewed the staff report and added that the City could be held liable for $360,000 per year, for 11 years; that the recommended action will lessen the potential liability; that the City will have no additional obligation; that the Series B for $1.1 million will be held by All State, with the City obligated to make the debt service; that if the settlement agreement is not reached; the bond issue will not be put through; that the current bond rate is 7 - 7.4%; that this rate will be 5 - 6.25% or lower; and will result in significant savings. li� L'3 J-y Lr Council Minutes W 1-21-98, Page 2 1. ASSESSMENT DISTRICT 155 (Cont'd) Authority Member Hodges stated that staff has been working with a bad situation and there is not alot that could be done; that this is the best solution; that site does not like to refinance bonds, but in this case, the interest rate and the payments can be lowered which is in the best interest for the citizens, now and in the future. Authority Member Oden stated that it is appropriate for Councilmember Hodges to address the issue; that out of all the Council, she is the most familiar with the situation; that the City must be responsible, and that the recommendation is the best solution. Authority Member Barnes stated concurrence with Hodges and Oden. City Attorney stated that there may be some follow-up Resolutions at the next meeting; and that the settlement agreement with All State should be forthcoming by the second meeting of February, 1998. Resolutions 15 (Classl) and 16 (Class 2) to allow refinancing Assessment District No. 155 bond issue, replacing part of the existing issue with two new issues, with a total financing amount not to exceed $5.1 million were presented; after which, it was moved by Hodges, seconded by Oden, and unanimously carried, Reller-Spurgin absent, that Resolutions 15 and 16 be adopted. ADJOURNMENT There being no further business, Chairman declared the meeting adjourned. JUDITH SUMICH Secretary By: PATRICIA A. SANDERS Deputy Secretary I MINUTES OF FINANCING AUTHORITY CITY OF PALM SPRINGS APRIL 1, 1998 A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was called to order by Chairman Kleindienst, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, April 1, 1998, 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: Members Barnes, Hodges, Oden, Reller-Spurgin and Chairman Kleindienst Absent: None The meeting opened with a Salute to the Flag, and invocation by Reverend LaVita Dillman, Chapel on the Way. APPROVAL OF MINUTES: It was moved by Oden, seconded by Barnes, and unanimously carried, Reller-Spurgin abstaining, that the minutes of January 21, 1998 be approved. PUBLIC COMMENTS: None AUTHORITY COMMENTS: None PUBLIC HEARINGS: 1. AIRPORT REVENUE BONDS Recommendation: That the Authority consider public input whether to approve the issuance of revenue bonds in the maximum aggregate face amount of$25,000,000. The proceeds of sale of such bonds are intended to be used to construct improvements to the Palm Springs Regional Airport, to include a two-level terminal expansion with a second level boarding area and eight boarding bridges, expanded ticket wing, baggage claim and concession areas and office space for airline operations. Chairman Kleindienst abstained due to FPPC ruling concerning the Airport Master Plan. City Manager requested that the hearing be opened and continued to April 15, 1998. Vice-Chairman declared the hearing opened. There were no appearances. It was moved by Reller-Spurgin, seconded by Barnes, and unanimously carried, Kleindienst abstain due to Airport Master Plan, that the hearing be continued to April 15, 1998. ADJOURNMENT There being no further business, Chairman declared the meeting adjourned. JUDITH SUMICH Secretary z By: PATRICIA A. SANDERS Assistant Secretary :1 CITY OF PALM SPRINGS FINANCING AUTHORITY MINUTES APRIL 15, 1998 A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was called to order by Chairman Kleindienst, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, April 15, 1998, 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: Directors Barnes, Hodges, Oden, Spurgin and Chairman Kleindienst Absent: None The Meeting was opened with a Salute to the Flag, and invocation by Father Ceja, Our Lady of Solitude. PRESENTATIONS: REPORT POSTING OF AGENDA: Assistant City Clerk reported that the agenda was posted in accordance with Council procedures on April 10, 1998. REPORT OF CITY ATTORNEY ON MATTERS DISCUSSED IN CLOSED SESSION (All Entities) - See items page 6 of agenda this date. HOUSING AUTHORITY: INDUSTRIAL DEVELOPMENT AUTHORITY: No business PUBLIC HEARING: 1. TEFRA - AIRPORT TERMINAL EXPANSION BOND ISSUES Recommendation: That the Authority conduct a Tax Equity and Financial Responsibility Act hearing and approve various resolutions and documents associated with the issuance of Palm Springs Financing Authority Palm Springs Regional Airport Passenger Facility Charge Revenue and Airport Revenue Bonds, Series 1998 A & B. Chairman abstained due to Airport Master Plan and FPPC Ruling regarding such. Director of Finance & Treasurer reviewed the staff report and added that both issues are eligible for bond insurance; that the rating is Triple A; that the expansion was approved by the voters in 1996; and that no General Fund moneys were at risk. Director Barnes questioned if the Airlines were willing to up the passenger facility charge if there was a shortfall. Transportation Director stated yes. h Vice-Chairman declared the hearing open, there being no appearances, the hearing was closed. Transportation Director stated that 8 years of work has preceded the recommended action; and that this is the first airport to receive a grant due to having a the passenger facility charge. ' Susan Harrow, Bond Counsel, stated that the project is exciting; that it will in fact pave the way for other airports to use the passenger facility charge in a similar fashion. Director Hodges commended staff for the project. Resolutions 17 and 18 as recommended were presented; after which, it was moved by Reller-Spurgin, seconded by Barnes, and unanimously carried, Kleindienst abstain due to Airport Master Plan, that R17 & 18 be adopted. r Y r FA Minutes 4-15-98, Page 2 PUBLIC COMMENTS: None AUTHORITY MEMBER COMMENTS: None ADJOURNMENT _. There being no further business, Chairman declared the meeting adjourned. JUDITH SUMICH �Secretary n By: PATRICIA A. SANDERS Acting Secretary e a CITY OF PALM SPRINGS FINANCING AUTHORITY MINUTES JULY 29, 1998 A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was called to order by Vice-Chairman Oden, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, July 29, 1998, at 6:00 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: Directors Barnes, Hodges, Oden and Spurgin Absent: Chairman Kleindienst None REPORT POSTING OF AGENDA: City Clerk reported that the agenda was posted in accordance with Council procedures on July 24, 1998. The following is a combine minute entry for the Financing Authority, the Public Facilities Corporation, and the City Council. APPROVAL OF MINUTES: Financing Authority: April 1 & 15, 1998; Public Facilities Corp: October 16, 1996; it was moved by Barnes, seconded by Hodges, and unanimously carried, that the referenced minutes be approved. PUBLIC COMMENTS: (3-minute limit per person on matters within the jurisdiction of the two entities, and limited to the following matter as to the City Council). None LEGISLATIVE ACTION: 1. REFINANCING PORTION OF 1998 REFUNDING CERTIFICATES OF PARTICIPATION RE WASTEWATER TREATMENT PLANT/MASTER LEASE/CAPITAL PROJECTS) ' Consideration of actions to authorize a not to exceed $3.1 million 1998 Refunding Lease Revenue Bonds, Master Lease Project; and approve preliminary official statement, and related bond document actions. Director of Finance & Treasurer stated that the financing relates to the master lease project purchased from SENCA for the property underlying the convention center and the Wyndham Hotel, and which was originally part of the Wastewater Treatment Plant financing; that this refinancing relates only to the master lease, and that the WWTP portion remains in place; that the refinancing is projected at 3.6% to 5%, and extending the term to match other bonds, from 9-1-2014 to 4-1-2015, and a savings of$325,999 over the term of the bond is projected having a current value of $267,548. He reviewed other financial projections contained in his report. In response to questions, the Treasurer stated that the average savings is $22,000 per year, ranging from $13,000 to $26,000, although the first year is nominal r• Res 19, Res 98-01, and Res 19338 of the Financing Authority, the Public Facilities Corp., and the City Council, respectively, were presented; after which, it was moved by Reller- Spurgin seconded by Barnes, and unanimously carried, that R19, 98-01 and 19338 be adopted; Kleindienst absent. ADJOURNMENT There being no further business, the Mayor pro tem/Vice-Chairman declared the meeting adjourned. JUDITH SUMICH City Clerk r 4. MINUTES OF FINANCING AUTHORITY CITY OF PALM SPRINGS APRIL 21, 1999 A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was called to order by Chairman Kleindienst, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, April 21, 1999, 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: Members Barnes,Hodges,Oden,Reller-Spurgin and Chairman Kleindienst Absent: None The Meeting was opened with the Salute to the Flag, and invocation by Reverend Shauna Segundo, Baha'i Faith.. APPROVAL OF MINUTES: It was moved by Oden, seconded by Reller-Spurgin, and unanimously carried,that the Minutes of July 29, 1998,be approved. PUBLIC COMMENTS: None LEGISLATIVE ACTION: 1. SUPPLEMENT TO TRUST INDENTURE,PCF, SERIES 1998 Recommendation: That the Authority approve the Supplement to Trust Indenture for the 1998 Airport PFC Bonds to clarify that the total amount of PFC authorization, plus any remaining revenue in the Special Redemption Account, will always exceed the remaining debt service on the bonds. Executive Director stated that item 1 and 2 were housekeeping items and reviewed the staff reports. Resolution 20 approving Supplement to Trust Indenture for the 1998 Airport PFC Bonds as _ recommended was presented; after which, it was moved by Reller-Spurgin, seconded by Barnes, and unanimously carried,that R20 be adopted;and Resolution 21 approving amendment to the Supplemental Trust Agreement No. 1, 1998 Certificates of Participation ($3.065 million)to redefine the term "Reserve Requirement" to mean the maximum annual debt service was presented; after which, it was moved by Reller-Spurgin, seconded by Barnes, and unanimously carried,that R21 be adopted. ADJOURNMENT There being no further business, Chairman declared the meeting adjourned. JUDITH SUMICH ry BY: PATRICIA A. SANDERS Assistant Secretary MINUTES OF CITY OF PALM SPRINGS FINANCING AUTHORITY JUNE 20, 2001 A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was called to order by Chairman Kleindienst, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, June 20, 2001, 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 Jones, Hodges, Oden, Reller-Spurgin, and Chairman Kleindienst Absent: None The meeting was opened with the Salute to the Flag, and an invocation by Board Member Oden. ai. REPORT OF POSTING OF AGENDA: City Clerk reported that the agenda was posted in accordance with Council procedures on June 15, 2001. PUBLIC COMMENTS: None LEGISLATIVE ITEMS: CONVENTION CENTER BONDS 1. REFINANCING OF 1991 CONVENTION CENTER BONDS Recommendation: That the Authority approve the refinancing of the 1991 ' Convention Center Bonds, utilizing one of three options, none to exceed an issuance of$40,000,000. Board Member Jones stated that it is difficult to negotiate a private/public partnership when the City is already stating it has $6.7 million to fund the parking structure; that while not opposed to the refinancing, the savings should be used to offset the $2.3 million budget deficit for the coming year; that the refinancing may be time sensitive, but there will be another opportunity in December of this year or May of next year; that it is not clear where interest rates are headed; and that right now they are down, but this may not be the best opportunity that opens up. Board Member Hodges stated that Councilmember Jones may be correct in his analysis of the loan payments, but that the concern is, if nothing is done to address the major problem of parking downtown, the City will lose even more than the $300,000 it could save in the refinancing; that at this time one has to drive around to try to find a place to park; and that with parking at a premium, in order to protect the revenue an alternative must be found. M1 Board Member Jones stated that Councilmember Hodges is correct, but that the private portion should be set in place before the Council proceeds. i CPS Fin Auth Minutes 6-20-01, Page 2 Board Member Hodges stated that there is no disagreement, but that the players in this game should not be underestimated; that the merchants are willing to work with the City; that they want a structure; that it is their employees that need a place to park; and that this will be a cooperative effort. Board Member Oden stated that the Parking Think Tank has on going meetings with the Community; that he has been present at the meetings; that in addition to the refinancing there are in-lieu fees; and that the downtown businesses have to comply anyway. Resolution FA22 as recommended was presented; after which, it was moved by Oden, seconded by Reller-Spurgin and carried by the following vote that FA22 be adopted. AYES: Hodges, Oden, Reller-Spurgin and Kleindienst NO: Jones ABSENT: None. HOUSINGS BONDS 2. REFINANCING OF 1991 HOUSING TAX ALLOCATION BONDS Recommendation: That the Authority approve the refinancing of the 1991 Housing Tax Allocation Bonds, issuance, not to exceed $6,000,000. Director of Finance &Treasurer reviewed the staff report. Board Member Jones stated that this is what should be done likewise with the Convention Center Bonds. Resolution FA23 as recommended was presented; after which, it was moved by Hodges, seconded by Reller-Spurgin, and unanimously carried, that FA23 be adopted. ADJOURNMENT There being no further business,Chairman i4pcla yed t e)eeting adjourned. PATRICIA A. SANDERS `"— Authority Secretary MINUTES OF FINANCING AUTHORITY CITY OF PALM SPRINGS JULY 25, 2001 An Adjourned Regular Meeting of the Financing Authority of the City of Palm Springs, ' California, was called to order by Chairman Kleindienst, in the Large Conference Room, 3200 Tahquitz Canyon Way, on Wednesday, July 25, 2001, at 7:00 p.m. ROLL CALL: Present: Authority Members Jones, Hodges, Oden, Reller-Spurgin, and Chairman Kleindienst Absent: None The meeting was opened with the Salute to the Flag. REPORT OF POSTING OF AGENDA: City Clerk reported that the agenda was posted in accordance with Authority procedures on July 20, 2001. PUBLIC COMMENTS: None LEGISLATIVE ACTION: 1. 2001 SERIES A CONVENTION CENTER BONDS Recommendation: That the Authority amend Resolution FA-22 reducing the authorized principal amount of lease revenue refunding bonds, 2001 Series A (Convention Center Project) from $40,000,000 to an amount not to exceed $32,000,000. Director of Finance & Treasurer stated this is a companion action taken by the City Council on this date. Resolution 24 as recommended was presented; after which, it was moved by Reller-Spurgin, seconded by Jones, and carried by the following vote that R24 be adopted. AYES: Jones, Reller-Spurgin and Kleindienst NO: Hodges and Oden ABSENT: None ADJOURNMENT There being no further business,_Chairman declar Jd the meeting adjourned, PATRICIA A. SANDERS Secretary 1i y MINUTES 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 Y2 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;Gh i man declare the meeting adjourned. PATRICIA A. SANDERS Authority Secretary 1 MINUTES OF CITY'OF PALM SPRINGS FINANCING AUTHORITY JANUARY 2, 2003 A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was called to order by Chairman Kleindienst in the Council Chamber, 3200 Tahquitz Canyon Way on Wednesday, January 2, 2003, at 7 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 REPORT POSTING OF AGENDA: City Clerk reported that the agenda was posted in accordance with Council procedures on December 27, 2002. The following is a combined minute entry for the Financing Authority and the City Council. PUBLIC COMMENTS: None FA1. CONVENTION CENTER EXPANSION BOND ISSUE Recommendation: That the Financing Authority and the Council approve a resolution declaring its intent to reimburse expenditures from the proceeds of the Convention Center Expansion tax exempt bond issue. Director of Finance & Treasurer reviewed the staff report in detail, no further report was given. Resolution FA 26 as recommended was presented; after which, it was moved by Oden, seconded by Mills and unanimously carried, that FA26 be adopted. FA2. SERIES 1992 AIRPORT REVENUE BONDS Recommendation: That the Financing Authority and the Council approve a resolution declaring its intent to reimburse expenditures from the proceeds of the refinancing of the 1992 Airport Revenue Bonds. Director of Finance & Treasurer reviewed the staff report and in answer to questions by Council stated that there is an advantage in refinancing to eliminate the rate covenant. Resolution FA 27 as recommended was presented; after which, it was moved by Oden, seconded by Mills and unanimously carried, that FA27 be adopted. ADJOURNMENT There being no further busjness,- airman declar pd the meeting adjourned. 2K PATRICIA A. SANDERS Authority Secretary CITY OF PALM SPRINGS FINANCING AUTHORITY JUNE 18, 2003 A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was called to order by Chairman Kleindienst, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, June 18, 2003, 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: Authority Members Oden, Reller-Spurgin and Chairman Kleindienst Absent: Authority Members Hodges and Mills The meetinq� was opened with the Salute to the Flag, and an invocation by Dr. Chuck Mitchell — 7' Day Adventist REPORT OF POSTING OF AGENDA: City Clerk reported that the agenda was posted in accordance with Council procedures on June 13, 2003, PUBLIC COMMENTS: None LEGISLATIVE ITEM: FA-A. VISITORS INFORMATION CENTER ' Recommendation: That the Authority declare official intent to reimburse expenditures from the proceeds of tax-exempt obligations. Director of Finance & Treasurer reviewed the staff report and added that the Resolution would be revised to reflect the Convention Center as the Project. Resolution 28 as revised was presented; after which, it was moved by Reller- Spurgin, seconded by Oden and unanimously carried, Hodges and Mills absent, that R28 be adopted. ADJOURNMENT: There being no further business, Chairman declared the meeting adjourned. PATRICIA A. SANDERS Authority Secretary CITY OF PALM SPRINGS ' FINANCING AUTHORITY MINUTES APRIL 7, 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 7, 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 Shauna Segundo— Baha'i Faith. REPORT OF POSTING OF AGENDA: Authority Secretary reported the agenda was posted in accordance with established procedures on April 2, 2004. APPROVAL OF MINUTES: It was moved by Mills, seconded by Oden and unanimously carried that the Minutes of June 18, 2003 be approved. PUBLIC COMMENTS: None ' LEGISLATIVE ITEM: FA1. CONVENTION CENTER EXPANSION PHASE II 2004 SERIES A LEASE REVENUE BONDS Recommendation: That the Authority authorize and direct the issuance and sale of $65,000,000 aggregate principal of Lease Revenue Bonds, 2004 Series A; approve a Preliminary Official Statement; authorize execution and delivery of an Official Statement, Supplemental Trust Agreement 3, Supplemental Lease Agreement 4, Bond Purchase Agreement and Escrow Deposit Agreement. Director of Finance &Treasurer reviewed the staff report. Resolution 29 as recommended was presented; after which, it was moved by Mills, seconded by McCulloch and unanimously carried, that R29 be adopted. ADJOURNMENT: There being no further a iness, airman ICI a meeting adjourned. ATRICIA A. SANDERS ' Authority Secretary ' CITY 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 i+ 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. ADJOURNMENT: ' There being no further business, Chairman declared the meeting adjourned. KA HI HART 'ng Authority Sec etary PATRICIA A. SANDERS Authority Secretary t CITY OF PALM SPRINGS FINANCING AUTHORITY MINUTES MAY 5, 2004 A Regular Meeting of the Financing Authority of the City of Palm Springs, California was 9 9 9 tY Y called to order by Chairman Oden, in the Council Chamber, 3200 Tahquitz Canyon Way, on Wednesday, May 5, 2004, at 5:00 p.m., at which time, the Authority Counsel -- . — - P g announced_ifems to be in Close_d_Session, and-at -p.m., was---.----1 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 Pastor David Pelletier— Metropolitan Community Church REPORT OF POSTING OF AGENDA: City Clerk reported that the agenda was posted in accordance with Council procedures on April 30, 2004. PUBLIC COMMENTS: None LEGISLATIVE ITEM: FA1. CONVENTION CENTER BOND ISSUE ' Recommendation: That the Authority/Council pledge property located north of the Convention Center as part of the Convention Center Bond Issue. Director of Finance and Treasurer reviewed the staff report. Resolution 31 as recommended was presented; after which, it was moved by Mills, seconded by Foat and unanimously carried, that R31 be adopted. Resolution 20914 as recommended was presented; after which, it was moved by Mills, seconded by Foat and unanimously carried, R20914 be adopted. ADJOURNMENT: There being no furthe "manSiecl r re 'tare meeting adjourned. RICIA A. SANDERS Authority Secretary CITY OF PALM SPRINGS FINANCING AUTHORITY MINUTES WEDNESDAY, FEBRUARY 16, 2005 CITY COUNCIL CHAMBER CALL TO ORDER: Chair Oden called the order at 9:18 P.M. ROLL CALL: PRESENT: Boardmembers Foat, Mills, Pougnet, McCulloch, Chair Oden. ABSENT: None. CONSENT CALENDAR: ACTION: Approve Item FA1. Motion Boardmember Mills, seconded by Boardmember Pougnet and unanimously carried. FA1. APPROVAL OF MINUTES: ACTION: Approve the Financing Authority Minutes of April 7, 2004, April 21, 2004 and May 5, 2004. Approved as part of the Consent Calendar. JOINT ITEM OF THE PALM SPRINGS CITY COUNCIL AND THE PALM SPRINGS FINANCING AUTHORITY: FA2. REFINANCING OF THE 1992 AIRPORT BOND ISSUE AND AMENDING CERTAIN DOCUMENTS OF THE 1998 GENERAL AIRPORT REVENUE BONDS: City Treasurer Kanarr provided background information as outlined in the staff report dated February 16, 2005. ACTION: Adopt Resolution No. 32, "A RESOLUTION OF THE BOARD OF DIRECTORS OF THE CITY OF PALM SPRINGS FINANCING AUTHORITY, PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF NOT TO EXCEED $13,500,000. PRINCIPAL AMOUNT OF ITS BONDS AND APPROVING CERTAIN DOCUMENTS AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH." Motion Boardmember Mills, seconded by Boardmember McCulloch and unanimously carried. ADJOURNMENT: The Palm Springs Financing Authority adjourned at 9:22 P.M. APPROVED BY A MOTION OF THE PALM SPRINGS FINANCING AUTHORITY THIS 7th DAY OF DECEMBER, 2005. Chair Attest: � peretary 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 $500,000, 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 18TH DAY OF JULY, 2007. CHAIR ATTEST: ie etary 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 18T" DAY OF JULY, 2007, CHAIR ' ATTEST: 7etary CITY OF PALM SPRINGS FINANCING AUTHORITY MINUTES WEDNESDAY, JULY 18, 2007 CITY COUNCIL CHAMBER CALL TO ORDER: Chair Oden called the order at 6:16 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, COMMUNITY REDEVELOPMENT AGENCY AND THE PALM SPRINGS FINANCING AUTHORITY: Boardmember Mills stated he has a business related conflict with respect to Item 1.A., would not participate in the discussion or the vote, and left Council Chamber. 1.A. AUTHORIZING THE ISSUANCE OF COMMUNITY REDEVELOPMENT AGENCY TAX ALLOCATION BONDS IN THREE SERIES: ' City Manager Ready provided background information as outlined in the staff report dated July 18, 2007, Suzanne Harrell, Bond Counsel, provided the City Council the bonding capacity analysis. Boardmember Foat commented on the use of the Bond proceeds for facilities and projects, and requested proceeds fund a new animal shelter. Chair Oden requested staff address any time restrictions on the use of the bond proceeds. Chair Oden opened the public hearing, and no speakers coming forward the public hearing was closed. Boardmember McCulloch commented on assessed valuation and the use of the proceeds for deferred capital projects. ACTION: 1)Adopt Resolution No. 35, "A RESOLUTION OF THE FINANCING AUTHORITY OF THE CITY OF PALM SPRINGS, CALIFORNIA, AUTHORIZING THE PURCHASE AND SALE OF THREE SERIES OF BONDS OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, CALIFORNIA, NAMELY ITS MERGED PROJECT AREA NO. 1 TAX ALLOCATION BONDS, 2007 SERIES A, ITS MERGED PROJECT AREA NO. 1 City of Palm Springs Financing Authority Minutes July 18, 2007 Page 2 TAX ALLOCATION BONDS, 2007 SERIES B, AND ITS MERGED PROJECT AREA NO. 2 TAX ALLOCATION BONDS, 2007 SERIES C, UPON CERTAIN TERMS AND CONDITIONS, APPROVING DISTRIBUTION OF OFFICIAL STATEMENTS RELATING THERETO AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO;" and 2) Authorize the City Manager and Executive Director to execute all necessary documents. A5518. A5519. A5520. Motion Boardmember Foat, seconded by Vice Chair Pougnet and unanimously carried 4-0 on a roll call vote. AYES: Boardmember Foat, Boardmember McCulloch, Vice Chair Pougnet, and Chair Oden. NOES: None. ABSENT: Boardmember Mills. Boardmember Mills returned to the dais. The Financing Authority recessed at 6:32 P.M. The Financing Authority reconvened at 10:47 P.M. FA1. APPROVAL OF MINUTES: ACTION: Approve the Finance Authority Minutes of December 5, 2005, and June ' 20, 2007- Motion Boardmember Mills, seconded by Boardmember Foat and unanimously carried on a roll call vote. ADJOURNMENT: The Palm Springs Financing Authority adjourned at 10:48 P.M. APPROVED BY A MOTION OF THE PALM SPRINGS CITY COUNCIL THIS 251h DAY OF JULY, 2007. lQae,2--� CHAIR ATTEST: cretary 1 FINANCING AUTHORITY CITY OF PALM SPRINGS, CALIFORNIA € : MINUTES WEDNESDAY, APRIL 16, 2008 City Hall Council Chamber CALL TO ORDER: Chair Pougnet called the order at 8:14 P.M. ROLL CALL: PRESENT: Board Member Hutcheson, Board Member Mills, Board Member Weigel, Vice Chair Foat, and Chair Pougnet. ABSENT: None. JOINT ITEM OF THE PALM SPRINGS CITY COUNCIL, COMMUNITY REDEVELOPMENT AGENCY AND THE PALM SPRINGS FINANCING AUTHORITY: FA1. 2008 PASSENGER FACILITY CHARGE BOND RESTRUCTURING: Tom Nolan, Executive Director of Aviation, provided background information as outlined in the staff report dated April 16, 2008. ACTION: Adopt Resolution No. 36, "A RESOLUTION OF THE BOARD OF DIRECTORS OF THE CITY OF PALM SPRINGS FINANCING AUTHORITY APPROVING AN ESCROW AGREEMENT IN CONNECTION WITH THE REFUNDING OF THE CITY OF PALM SPRINGS FINANCING AUTHORITY AIRPORT REVENUE BONDS, SERIES 1998 (PALM SPRINGS INTERNATIONAL AIRPORT) AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH." Motion Vice Chair Foat, seconded by Board Member Hutcheson and unanimously carried on a roll call vote. ADJOURNMENT: The Palm Springs Financing Authority adjourned at 8:17 P.M. APPROVED BY A MOTION OF THE PALM SPRINGS CITY COUNCIL THIS 28TH DAY OF MAY, 2008. --------- STE EN P. POUG T, CHAIR A,--TEST: ZjAMES THOMPSON, SECRETARY