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Home My WebLink About1996-09-10; City Council; 13793; DISSOLUTION OF THE PARKING AUTHORITYC#Y OF CARLSBAD - AGWA BILL Q& 0 + I 4 AB # /3,’’?4 3 CITY MGR. DEPT. <1~ ,K CITY ATTY MTG. 7-10 p?c DEPT. Hb. TITLE: DISSOLUTION OF THE PARKING AUTHORITY I ra ull RECOMMENDED ACTION: Adopt Resolution No. ’% -$?qy, approving the final audit, dissolving the Parking Authority, and approving the transfer of the Authority’s assets to the City. ITEM EXPLANATION: On April 19, 1966, the City Council adopted Resolution No. 1264, declaring the need for, and establishing the Parking Authority, In 1969, the Parking Authority issued bonds to fUnd the wst of property acquisition and improvements for the parking lot at the Plaza Camino Real Shopping Center. In 1981, a second bond issue was sold to find the purchase of additional property and to pay for the expansion of the parking lot in conjunction with the expansion of ~ the shopping center. Mer analysis of all fiscal information, the 1981 bond issue was paid off in February, 1995. The 1969 bond issue matured, and the final payment was made in October, 1995. Redemption of all bonds completed the financial obligations of the Authority, and there is no other business to be conducted. Therefore, there is no longer a need for the Parking Authority, and it is recommended that the Authority be dissolved. Since the Authority owns the parking lot, they would need to dispose of that asset. According to the Streets and Highways Code, the Parking Authority may transfer its assets to the City. there would be no change in the operation and fbnctioning of the parking lot. Should there be a need for a Parking Authority to hnction in the city at some time in the hture, Council can once again declare the need, and create a Parking Authority by the adoption of a Resolution. FISCAL IMPACT: The existing Operating Agreement with Plaza Camino Real would remain in effect; therefore, > 0 tz The Parking Authority authorized two series of bonds. The first series (1969) was issued for a k total principal amount of $1,535,000 and was hlly retired in October of 1995. The second 4 series (198 1) was issued in a principal amount of $1,500,000, of which the remaining outstanding balance totaling $825,000 was called in February of 1995. All debts of the Authority have been extinguished and the remaining balances in the hnd totaling $56,705 have been transferred into the General Fund of the City as reimbursement for rentals previously paid z 0 to the Authority. a EXHIBIT: 5 d 1. Resolution No.56 $? y approving the final audit (on file in the City Clerk’s Office), o z dissolving the Parking Authority, and approving the transfer of the Parking Lot to the City. 3 0 0 F I1 .. , e 0 1 2 3 4 RESOLUTION NO. 96-294 A RESOLUTION OF THE CITY COUNCIL OF THE CITY PARKING AUTHORITY, AND APPROVING THE TRANSFER OF CARLSBAD, CALIFORNIA, DISSOLVING THE OF AUTHORITY ASSETS TO THE CITY, 5 WHEREAS, the City Council established the Parking 6 Authority on April 19, 1966, by Resolution No. 1264; and 7 WHEREAS, the Authority facilitated the provision of 8 g parking facilities at the Plaza Camino Real Shopping Center by selling bonds in 1969 and 1981 to fund the property acquisition 10 and improvements: and 11 WHEREAS, the bonds of the 1969 and 1981 issues have all 12 13 been redeemed; and WHEREAS, the City Council finds that there is no longer 17 Parking Authority may transfer its assets to the City; and 16 WHEREAS, the Streets and Highways Code provides that thc 15 Parking Authority; and 14 WHEREAS, a final audit has been completed for the 18 a need for the Parking Authority. 19 NOW THEREFORE, BE IT RESOLVED by the City Council of thc 20 City of Carlsbad, California, as follows: 21 1. That the above recitations are true and correct. 22 2 D That the final audit for the Parking Authority is 23 lot from the Parking Authority to the City. 26 appropriate documents to transfer the ownership of the parking 25 3. That staff is hereby authorized to process the 24 hereby approved. 27 ll 1 28 , 4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 0 e 4, That the City Council hereby designates the City Manager, or his designee, as the person responsible for the transferred asset. 5. That the Parking Authority is hereby dissolved once the transfer of the parking lot is complete. 6. That the City Council expresses their appreciation tc all present and former members of the Parking Authority. PASSED, APPROVED AND ADOPTED at a Regular Meeting of tht City Council of the City of Carlsbad on the loth day of September, 1996, by the following vote, to wit: AYES : Council Members Lewis, Nygaard, Kulchin and Hall NOES : None ABSENT : ATTEST: (SEAL) 2 I ~, .. f@- . ~ -+j ~ ~~. ~. . ~. ..~. ~ ~- . .. ~. ~. ~. 0qr .~ ~. ~. ~ - ~ LJG ~~ ~ .. .. i I ~~ . . ...- ~. ~ ~~ . ~~ . ~~ ~~ . . ~. ~.. ~ .~ . 3c ~ 6 .- ~~ Lt c ~~ ~~ . i i ~. . . ~. i~ &-. D* . ~~ -7. ~1 ~ . " .. ..~ 3. 14 . ~-~. ~i. ~~ .. .~ 1 f4 ~ ~- ~ . -~.. . ~ . ~ . . ~~. ~~ -w i . . c" .~ j A, ~ ~~ j 1 .i 1 I I~ . ~ ~ . ~~ ~. .~ I I .. ~~~ ."... . .. ~ ~. ~~ ~~. .+ - . . . .~~~~- ~ ~ . . . . ~ ~ ..~ ~. 4 ~- J" -~. ~~~. .. dQ- ~~ """~"~" ."""""""." .~-~~. ..~."~ ~". .. . . . . ~~. ~~ ~ ~~~ .~~~ .~. . ~, .~-~~~~ ~ ~ "." " . .~ ~. . . - . ~ ~ -~ ~ ~~ ~ ~ m .e-. -+: 6 .'I ." ......- ~ .." I l ~. eer ~ ~ ~. i~. . " ~~~~_~_ . .. .. . . .~ i 4 ~ ~~ 1 I i \ .~ ~~. . . . ~~ ~~~ - . .~ ~ ..~. . ~ .. t/ %. .~ ~~~ 1 +- . . ~..~~ -~ f@ /" ~"LP I /- L* ! I t .y4 L" D&j . .~ . .. . I.. .~ % 3 . ~~ : 313 " . . ~. I NOTICE OF SPECIAL MEETING QF THE CITY Of CARLSBAD PARKING AUTHORITY NOTICE IS HEREBY GIVEN that a Special Meeting of the Parking Authority of the City of Carlsbad will be held on Wednesday, August 14, 1.996 at 300 p.m. in the City Council Conference Room, I200 Carlsbad Village Drive, Carlsbad, for the purpose of approving minutes of the ]previous meeting, approving the audit for fiscal year 1994-96, approving the final audit, approvinghatifjmg payment of bills, and to consider the proposed dissolution of the Parking Authority. DATI1: July 29, 1996 &u - Carl Miller, Chairman Don Agatep, Vice-chairman CITY OF CARLSBAD PARKING AUTHORITY AGENDA AUGUST 14,1996 3:OO PM CITY COUNCIL CONFEWNCE ROOM I. IXOLL CALL: 2. APPROVAL OF MINUTES: Minutes of the Special Meeting held December 8, 1994. 3. PAYMENT OF BILLS: Ratifying the payment of bills. 4. .APPROVAL OF AUDITS: a. Update on financial status. b. Audit for FY 1994-95. c. Final Audit covering 7/1/95 to 2/29/96. 5. REVEW OF PARKING AUTHORITY FINANCING AND STATUS a. Report on proposed dissolution of Authority. b. Report on find activities. 6. ADJOURNMENT MINUTES MEETING OF: CARLSBAD PARKING AUTHORITY (Special Meeting) DATE OF MEETING: December 8, 1994 TIME OF MEETING: 3:OO PM PLACE OF MEETING: City Manager's Conference Room CALL TO ORDER: Chairman Aleshire called the meeting to order at 3:OO PM " ROLL. CALL: PRESENT: Frank Aleshire, Don Agatep, and Craig Arterburn ABSE:NT: Carl Miller and Ronald Aubel 2. 4PPROVAL OF MINUTES. The Minutes of the Special Meeting held March 14, 1994, were approved as presented. AYES: Members Aleshire and Agatep ABSTAIN: Member Arterburn 3, QVERVIEW OF PARKING AUTHORITY FINANCING AND STRUCTURE. Assistant Finance Director Cheryl Allen and Accountant Hilary Hogan, referenced the Parking Authority lnforrnation Sheet, and gave an overview of the history of the Parking Authority financing and structure. City Clerk Lee Rautenkranz displayed a blueprint of the parking lot which was approved as part of the Precise Plan approved for the development. 4. AUDIT. Acccuntant Hilary Hogan overviewed the contents of the audit. She also responded to questions concerning the safety of the Authority's investments. ACTION: The Authority approved the audit for fiscal year 1993-94 as submitted by Conrad & Associates. AYES: Members Aleshire, Agatep and Arterburn Carlsbad Parking Authority Page Two December 8, 1994 5, PAYMENT OF BILLS. ACTION: The Authority ratified payment of the following bills in connection with the 1969 and 1981 Bond Issues: Bill from Bank of America dated August 31, 1994 in the amount of $825.53 for Trustee, Registrar, Paying Agent services for the 1981 Bond Issue for the period of 8/1/94 through 1/31/95; and Bill from Bank of America dated October 31, 1994, in the amount of 337.93 for Paying and Fiscal Agent Services for the 1969 Bond Issue for the period of 10/1/93 through 9/30/94. AYES: Members Aleshire, Agatep, and Arterburn ACTION: The Authority ratified the payment of $344 to the City of Carlsbad via journal entry as payment for the audit for fiscal year 1992-93, AYES: Members Aleshire, Agatep, and Arterburn ACTION: The Authority authorized the City Clerk to continue to pay bills when received subject to review by the Finance Director, with the understanding that the payment of those bills will be ratified by the Authority at their annual meeting. AYES: Members Aleshire, Agatep, and Arterburn 6. 1981 BOND ISSUE. Assistant Finance Director Cheryl Allen and Accountant Hilary Hogan explained the proposal by the City to pay off the 1981 bond issue, as detailed in the memorandum dated November 30, 1994. It was also noted that the final payment on the 1969 bond issue would occur in October, 1995. Discussion by the Authority related to questions about the status of and/or need for the Authority once all the bonds are paid. They questioned whether the Authority could deed the parking lot to the City of Carlsbad and then disband, or whether the City would still need to have the Authority structure in place for a possible future parking lot. Staff indicated that those questions and options would be investigated prior to the next meeting, and options explained at that time. The Authority stated it would be an historic occasion when all of the bonds are paid off, and they felt it should be recognized by some type of celebration. They requested that staff include an item on the next agenda concerning plans to celebrate the occasion. ACTION: The Authority adopted Resolution No. 32, authorizing the call and redemption of the remaining outstanding bonds of the 1981 Parking Revenue Bond Issue. AYES: Members Aleshire, Agatep, and Arterburn Carlsbad Parking Authority Page Three December 8, 1994 7. ELECTION OF OFFICERS. The Authority agreed on the following slate of officers for calendar year 1995: Chairman: Carl Miller Vice-chairman: Don Agatep Secretaryflreasurer: Ronald Aubel ADJOURNMENT. The meeting of December 8, 1994, was adjourned at 4:lO pM Respectfully submitted, ALETHA -.B- L. RAUTENKRANZ Clerk of the Authority - * .I -“a - * - February 27, 1996 Ms. Jenni Minardi Bank of America Corporate Trust Division P. 0. Box 30299, Terminal Annex Los Angeles, CA 90051 RE: CARLSBAD PARKING AUTHORITY - 1969 BOND ISSUE Enclosed is City of Carlsbad Parking Authority check number 1304 in the amount of $41 1.98. This is payment of the final bill for the Authority (copy enclosed). 1 have also given a check to the Finance Department in the amount of $1,088.02, which will close out the Working Capital Account for the Authority. I understand you are working with our Finance Department as we conclude the matter, but if you have any questions, please feel free to call me. AL & TH TRA 4P T Ne City Clerk Ir Enc. 1 1200 Carlsbad Village Drive - Carlsbad, California 92008-1 989 - (61 9) 434-2808 '** t+' PLEASE REMIT TO: '. .L rrn Bank of America NTaSA CORPORATE.TRUST DIVISION PO. BOX 30299, TERMINAL ANNEX LOS ANGELES, CALIFORNIA 90051 FOR SERV'CES ASps'fi ng Ageni;, Fi scal Agar,t r Parking Auth. city af Calrshad c/o Cai-lsbad City Wall 2 2<t[I Elm Qi~enue L Carl shad, CA 92068 Attentisn: Lee Eautenkianr City C? el-!:: DATE (:t%/28/9-fs ACCOUNT NO-<;>c>l <~)-7-?<:>23~~1-~~ FDW GUEST1 i3NS PLEASE CALL: 203 Jenni Mi;>a.>-di 2L 3-345-6588 7 J Fi 23.1 E5,F 11 Fage: I I DESCRIPTION OF SERVICE OR CHARGE TOTAL CHARGE QUANTITY ?e: Parking Authari ty sf the City of $ $ Car1sba.d 39&9 Parking Revenue Borids "*"" """".."... """ """""" "."" Annual Administration Fee cove)-ing the pericd of IQ/C)1/94 through r:js/'30/95 PAY1 MG AGENT SERUI CES Payment u -f 1 nt s1-es.k per coupon paid ;3 $. 3t:, Payment 04 Principal pel- band matured ;ij $52. 9t:, 225. <:to _""""" 92 CCi JL- 225. F'7, &?". - t.' 156. 30 REGISTRAR SERVICES:: through 119/3G/95 Per tiandhol der account xaintained per annum 2ilL 50 Indirect Out Or' Pocket Expense 3 2 X on Adnj. ni str-at i on arid Act i vi ty Fees of $403. 9<:3 1 I TUTAL BiJE UPON RECEIPT "_"""" "".....""I 1 p- CpAb F.; ,4)0+ ~~~-9247 7-92 (Reprint 11-95) 8 fig'" I CUSTOl\nER COPY $2. 5tf """""- $, 78. 3. 05 8. ,.,' 41 is """ "" _."._ """. -. - - ..... - - '.. """""""I...". .... . ....... :., .......... :.*:' F g I- (qJ;)i 2." m (u 6- +Y 0) a) (J) 0 $a; mooomooalno 6 0 0 SEi 0 Ei 0 9999' oooo< 0 h C?999C?999c99 ?E: ... 5 (gx q5 y oooo< 8 Q)000cn000~0 2 z 8 8 2 8 Ey o! ....- : Q-w bQ- m t 0) Y 0 0 b.. 0 (u .r '1 R Y 0 *- ... Y 7 Y ....... ...... Y ............. ...... ....... ...... ...... ........ ~~ ~ I- a3 v) 2.a Ok i=$ 2!z $5 Ez LLW E5 %B 55 v)u, TU m.m IF oz 31 Ea ao is$ 8" 0% Fr 5 w E 87 2: ki-42 0"- ?% P4 -0 zg n : (d 0 L 2s W nfi z w3 ALL LL March 9, 1995 Sharon Wright Bank of America Carlsbad Village Branch 624 Carlsbad Village Drive Carlsbad, CA 92008-2306 Re: Parking Authority City of Carlsbad Working Capital, Fund 1980 Account #24711-03631 All outstanding bonds of the 1981 Parking Revenue Bond issue were redeemed on February 1, 1995. The above business checking account was opened when the bonds were issued, and was used for paying expenses related to the bonds, primarily fiscal agent fees. The balance has been maintained at $1,500.00, as required by the trust agreement. After check #1305 for $1,500.00 clears your bank, please close account number 2471 1- 03631. This will be the final payment from the account for trustee services. Sincerely, J %.- . - Lisa E. Hildabrand Finance Director w A+ Aletha L. Rautenkranz City Clerk ~~ ~~ 1200 Carlsbad Village Drive - Carlsbad, CA 92008-1 989 - (619) 434-2867 - FAX (619) 434-1 987 e 0 0 e e e 0 0 0 * PARKING AUTHORITY OF THE CITY OF CARLSBAD Financial Statements and Supplemental Data Year Ended June 30, 1995 (With Independent Auditor's Report Thereon) e 0 0 a 0 (1, e e a PARKING AUTHORITY OF THE CITY OF CARLSBAD Financial Statements and Supplemental Data Year Ended June 30, 1995 TABLE OF CONTENTS Pane Independent Auditors' Report Financial Statements: Combined Balance Sheet - All Governmental Fund Types and Account Group Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types Notes to Combined Financial Statements Supplemental Data: Combining Balance Sheet - Debt Service Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Debt Service Funds Schedule of Insurance Coverage 1 2 3 4 10 11 12 e e e 0 e 0 a e 0 * e CONRAD CERTIFIED PUBLIC ACCOUNTANTS @%ASSOCIATES 1100 MAIN STREET, SUITE C IRVINE, CALIFORNIA 92714 A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS (714) 474-2020 The Board of Directors Parking Authority of the City of Carlsbad Carlsbad, California IndeDendent Auditors' ReDort We have audited the accompanying component unit financial statements of the Parkin Authority of the City of Carlsbad (the Authority), as of and for the year ended June 3( 1995, as listed in the accompanying table of contents. These component unit financi: statements are the responsibility of the Authority's management. Our responsibility is t express an opinion on these component unit financial statements based on ow audit. We conducted our audit in accordance with generally accepted auditing standards. Thos standards require that we plan and perform the audit to obtain reasonable assurance abol whether the financial statements are free of material misstatement. An audit includc examining, on a test basis, evidence supporting the amounts and disclosures in the financi; statements. An audit also includes assessing the accounting principles used and significar estimates made by management, as well as evaluating the overall financial statemer presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the component unit financial statements referred to above present fairly, i all material respects, the financial position of the Parking Authority of the City of Carlsb; as of June 30, 1995, and the results of its operations for the year then ended in conformil with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion of the component unit financi: statements taken as a whole. The combining financial statements and schedule listed in tl accompanying table of contents are presented for purposes of additional analysis and are n a required part of the component unit financial statements of the Parking Authority of tl City of Carlsbad. Such information has been subjected to the auditing procedures applied the audit of the component unit financial statements and, in our opinion, is fairly stated all material respects in relation to the component unit financial statements taken as a who1 &#&v&&?+4 August 4, 1995 -1- MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION a 0 e 6 e e 0 0 * PARKING AUTHORITY OF THE CITY OF CARISBAD Combined Balance Sheet - All Governmental Fund Types and Account Group June 30, 1995 Governmental Fund TyDes Debt General Service Assets and Other Debits Cash and investments (note 2) $91,609 88,179 Net investment in direct financing leases (note 3) - 34,681 Accrued interest receivable 1,344 2,140 Due from other funds (note 5) - 4,816 Amount available in debt service funds - - Amount to be provided for retirement of general long-term debt - - Total assets and other debits %92.953129.816 Liabilities and Fund Balances Liabilities: Due to other funds (note 5) $- 4,816 Deferred revenue - 34,681 Revenue bonds payable (note 4) - - Total liabilities - 39,497 Fund balances : Reserved for debt service - 90,319 Unreserved - undesignated 92,953 - Total fund balances 92.953 90.319 Total liabilities and fund balances $92.953129.816 Account GrouD General Long-term Debt - - - 90,319 34.681 - 125.ooo - - 125.000 125.000 - - - 125.ooo Tot i (Memor; on 179 ,' 34 , 3, 4, 90 9 34. 2lL 4, 34 , 125. 164. 90 , 92 183 &EL - See accompanying notes to combined financial statements. -2- a e 0 e e e * e 0 0 PARKING AUTHORITY OF THE CITY OF CARLSBAD Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types Year Ended June 30, 1995 Revenues : Lease payments Interest income Totals General Debt Service (Memorandum Only $67 , 955 732? 398 800 , 353 23.701 14,076 37.777 Total revenues 91.656 Expenditures: Principal retirement - Principal redemption - Interest - Premium on redemption e Return of excess lease payment I Administrative 3,220 Total expenditures 3.220 Excess (deficiency) of revenues over (under) expenditures 88.436 Other financing sources (uses): Operating transfers in 1,517 Operating transfers out - Total other financing sources (uses) 1.517 Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses 89 , 953 Fund balances at beginning of year 3.000 Fund balances at end of year $92.953 746,474 225 , 000 725 , 000 78,000 6 , 750 944 - 1,035,694 (289.220) 166,294 (167.811) (1,517) (290 , 737) 381,056 90.319 838,130 225 , 000 725 ? 000 78 , 000 6 , 750 3,220 1.038.914 944 (200.784) 167 9 811 (167.811) - (200 , 784) 384.056 183.272 See accompanying notes to combined financial statements. -3- 0 e e a 0 0 I, 0 * PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements Year Ended June 30, 1995 (1) Organization and Summary of Simificant Accounting Policies The Parking Authority of the City of Carlsbad (the Authority) was created pursuant tc the Parking Law of 1949 and was authorized by the City Council on April 19, 1966 for the purpose of providing and expanding public parking facilities for the City ai Carlsbad (the City). A five-member commission appointed by the City Council govern! the Authority. The Authority is not subject to federal or state income taxes. The Authority is an integral part of the reporting entity of the City. The accounts 0: the Authority have been included within the scope of the general purpose financia statements of the City because the City Council has financial accountability over thc operations of the Authority. Only the accounts of the Authority are included herein therefore, these financial statements do not purport to represent the financial positiol or results of operations of the City of Carlsbad. The accounting policies of the Authority conform to generally accepted accountin1 principles as applicable to governmental units. The following is a summary of the mor1 significant policies: la) Basis of Presentation The accounts of the Authority are organized on the basis of funds and an accoun group, each of which is considered to be a separate accounting entity. Thc operations of each fund and account group are accounted for by providing ; separate set of self-balancing accounts that comprise its assets, liabilities, func balance, revenues, and expenditures. The various funds and the account grou] are summarized by type in'the financial statements. Fund types and the accoun group used by the Authority are as follows: GOVERNMENTAL FUND TYPES Governmental funds are used to account for the Authority's expendable financia resources and related liabilities. The measurement focus is upon determinatio fund types: General Fund The general fund is the general operating fund of the Authority. It is used t account for all financial resources except those required to be accounted for i another fund. Debt Service Funds Debt service funds are used to account for the accumulation of resources for, an payment of, general long-term debt principal, interest and related costs. of changes in financial position. The following are the Authority's government2 -4- 0 0 0 e 0 e e 0 0 PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements (Continued) /I) Orcanization and Summary of Significant Accounting Policies, (Continued) (a) Basis of Presentation. (Continued) GENERAL LONG-TERM DEBT ACCOUNT GROUP This account group is used to establish accounting control and accountability fc the Authority's general long-term debt. It is used to account for all long-ten obligations of the Authority. Ib) Measurement Focus and Basis for Accounting Governmental fund types are accounted for on a "spending" measurement focu Accordingly, only current assets and current liabilities generally are included c their balance sheets, and the reported fund balance provides an indication c available, spendable resources. Operating statements for governmental fun types report increases (revenues) and decreases (expenditures) in availabl spendable resources. Governmental fund types use the modified accrual basis of accounting. Revenut are recognized when susceptible to accrual (i.e., both measurable and available Available means collectible within the current period or soon enough thereaftc to be used to pay liabilities of the current period. Revenues that are accrue include interest income. Governmental fund expenditures are recognized when the liability is incurrec except for principal and interest on long-term debt, which is recognized whc due. (c) Budgets The Authority does not adopt an annual budget; thus, no budgetary comparisol are presented. ld) Investments Investments are stated at cost or amortized cost which approximates mark1 value. le) Total Columns Total columns on the combined statements are captioned "Totals (Memorandu Only)" to indicate that they are presented only to facilitate financial analysi Data in these columns do not present financial position, results of operations, changes in fund balance in conformity with generally accepted accounti~ principles. Such data is not comparable to a consolidation. Interful eliminations have not been made in the aggregation of this data. -5- rn 0 0 0 e e e e e PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements (Continued) (2) Cash and Investments Cash and investments held by the Authority at June 30, 1995 consisted of the following Depos its $ 91,609 Investments 88.179 $179.788 The Authority's investment policy and state statutes authorize the Authority to inve! in obligations of the U.S. Treasury, its agencies and instrumentalities, commercii paper rated A-1 by Standard and Poor's Corporation or P-1 by Moody's Commerci; Paper, banker's acceptances with a maximum maturity of 270 days, repurchase ar reverse repurchase agreements, certificates of deposit with national and state license or chartered banks or federal or state savings and loan associations, money market ar mutual funds whose portfolios consist of one or more of the foregoing investments, Sz Diego County investment pool and the State Treasurer's investment pool. Under the California Government Code, a financial institution is required to secul deposits made by state or local governmental units by pledging securities held in tl form of an undivided collateral pool. The market value of the pledged securities in t! collateral pool must equal at least 110% of the total amount deposited by the pub1 agencies. As of June 30, 1995, all of the Authority's deposits were classified as category 1. T bank balance equals the carrying amount. Classification of Investment bv Credit Risk As defined in Governmental Accounting Standards Board Statement No. 3, investmer in securities are categorized in the following manner: Category 1 - Investments that are insured or registered, which are held by t Authority or its agent in the Authority's name. Category 2 - Uninsured and unregistered investments, for which the securities a held by the counterparty's trust department or agent in t Authority's name. Category 3 - Uninsured and unregistered investments, for which the securities 2 held by the counterparty or by its trust department or agent, but I: in the Authority's name. -6- 0 e a e e a e e e PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements (Continued) /2) Cash and Investments, (Continued) Cat eaory Carrying Market TvPe of Investment 1 2 3 Amount Value U.S. Treasury notes $- 64.818 A 64.818 65,000 $ - 64.818 A 64,818 65,000 Investment in money Pacific Horizons market mutual funds - 23,361 23.361 Total investments $88.17988.361 (3) Lease Ameements Leases have been executed between the Authority and the City under which the Ci. agreed to make annual payments of $138,000 and $174,000 for the lease of a parkil facility and its subsequent expansion, respectively. The leases have been recorded I the Authority as direct financing leases. Lease payments are due quarterly and terminate on the date of retirement of tl related revenue bonds. Under the terms of the lease agreements and the bo1 resolutions, Debt Service Funds in excess of the next interest and principal paymen may be used as follows: First, to maintain a reserve of $68,000 and $156,00 respectively, for the 1969 and the 1981 Bonds. Next, to pay the General Fund for a1 expenses of the Authority and to maintain the fund balance at $3,000, and then credits to the City for rentals due under the leases. Due to the excess monies in tl 1969 Bond Service Fund during the fiscal year ending June 30, 1995, no lease paymen were required from the City under the parking facility lease. A lease payment I $800,353 was made during the fiscal year ending June 30, 1995 from the City under tl expansion lease for redemption of all the outstanding 1981 bonds. (4) Revenue Bonds Payable The following is a summary of changes in revenue bonds payable for the year endc June 30, 1995: -7- e 0 * 0 e * a e * e 0 PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements (Continued) (4) Revenue Bonds Pavable. (Continued) Series 1969 Series 1981 Totals Revenue bonds payab 1 e June 30, 1994 $250,000 825,000 1,075 , 000 Bonds ret ired/redeemed 125,000 825.000 950,000 Revenue bonds payable, June 30, 1995 $125.ooo - 125.ooo In February 1995, all the outstanding 1981 bonds were called. The remaining balanc of revenue bonds payable represents the 1969 bonds, with the final principal paymer of $125,000 due on October 1, 1995. Interest is payable on October 1 and April 1 2 6.4% per annum. At June 30, 1995, the Authority was in compliance with all significant debt covenants. (5) Due To and From Other Funds The following table shows amounts due from other funds within the Authority to otht funds within the Authority at June 30, 1995: Interfund Interfund Receivable Pavab 1 e Band Service Funds ! Series 1969 $4,816 - Reserve Funds : Series 1969 Totals e 4.816 $4.816 4.816 -8- 0 e e e 0 a * e 0 e SUPPLEMENTAL DATA -9- 8 0 0 0 a e 0 a a PARKING AWHORITY OF TEE CITY OF CARLSBAD Combining Balance Sheet - Debt Service Funds June 30, 1995 Assets Bond Service Funds Reserve Funds Series 1969 Series 1981 Series 1969 Series 1981 Totals Cash and investments $17,431 - 70,748 - 88,175 Net investment in direct financing lease 34,681 - - - 34,681 Accrued interest receivable 72 - 2,068 - 2,14( Due from other funds 4.816 - - - 4.81t Total assets $57.ooo - 22LiJuA -129.81( - Liabilities and Fund Balances Liabilities: Due to other funds Deferred revenue $- e 4,816 - 4,8U 34.681 - - - 34.68' Total liabilities 34.681 - 4.816 - 39.49' Fund balances - reserved for debt service 22.319 - 68.000 - 90.31' Total liabilities and fund balances $57,oM) - - 72.816 -129.81 - -10- 0 a 0 0 * 0 0 a e 0 PARKING AulTHoRITY OF TEE CITY OF CAIUSBAD Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Debt Service Funds Year Ended June 30, 1995 Bond Service Funds Series 1969 Series 1981 Revenues : Lease payments Interest income $- 732,398 2.740 635 Total revenues 2,740 733.033 Expenditures: Principal retirement Principal redemption Interest Premium on redemption Return of excess lease payment 125,OOo 100,000 - 725, OOO 12,OOO 66,000 - 6,750 - 537 Total expenditures 137, OOO 898,287 Excess (deficiency) of revenues over (under) expenditures 1 134.260) ( 165.254) Other financing sources (uses): Operating transfers in 5,744 160 , 550 Operating transfers out (338) ( 1.179) Total other financing sources (uses) 5.406 159.371 Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses (128,854) (5,883) Fund balances at beginning of year 151.173 5.883 Fund balances at end of year s- - Reserve Funds Series 1969 Series 1981 Totals - - 732,398 5.744 4.957 14.076 5.744 4,957 746.474 - - 225,000 - - 725 , 000 - - 78,000 - - 6,750 - 407 944 - 407 1.035.694 5.744 4.550 ( 289,220 - - 166,29' 15.744) (160.550) (167.811 15.744) (160.550) l1.51? - ( 156,000) (290,73: 68.000 156,000 381,056 68.ooo &90.31! -11- 0 e 0 e * e e a PARKING AUTHORITY OF THE CITY OF CARLSBAD Schedule of Insurance Coverage Year Ended June 30, 1995 Insurance coverage maintained by the Cily of Carlsbad with the Authority listed a2 additional insured at June 30, 1995 includes: TvDe of Coverage Amount of Coverage Term All risk including rental income $500,000,000 05/15/95 to 05/15/96 Mobile equipment 5,000,000 05/15/95 to 05/15/96 Honesty Blanket Bond 1,500,000 04/16/95 to 04/16/96 Valuable papers 10,000,000 05/15/95 to 05/15/96 Service interruption 5,000,000 05/15/95 to 05/15/96 Effective January 1, 1986, the Authority has not been covered under a liability insuranc policy but has been included under the City of Carlsbad's self-insurance program. -1 2- a a a a e a a 0 a a 0 PARKING AUTHORITY OF THE CITY OF CARLSBAD Financial Statements and Supplemental Data July 1, 1995 to Februaq 29, 1996 (With Independent Auditors' Report Thereon) e e 0 0 e D D D b I I PARKING AUTHORITY OF THE CITY OF CARLSBAD Financial Statements and Supplemental Data July 1, 1995 to February 29, 1996 TABLE OF CONTENTS Pane Independent Auditors' Report 1 Financial Statements: Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 2 Notes to Combined Financial Statements 3 Supplemental Data: Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Debt Service Funds 6 Schedule of Insurance Coverage 7 a a 0 D B D 1 CONW %SSOCIA-TES, L.L.p. 1 IRVINE, 100 MAIN CALIFORNIA STREET, SUITE 92714 C CERTIFIED PUBLIC ACCOUNTANTS A PARTNERSHIP INCLUDING PROFESSIONAL CORPORAT~ONS (71 4) 474-2020 The Board of Directors Parking Authority of the City of Carlsbad Carlsbad, California INDEPENDENT AUDITORS' REPORT We have audited the accompanying financial statements of the Parking Authority of the City of Carlsbad (the Authority), for the period from July 1 , 1995 to February 29, 1996, as listed in the accompanying table of contents. These financial statements are the responsibility of the Authority's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Parking Authority of the City of Carlsbad as of February 29, 1996, and the results of its operations for the period from July 1, 1995 to February 29, 1996 in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion of the financial statements taken as a whole. The combining financial statements and schedule listed in the accompanying table of contents are presented for purposes of additional analysis and are not a required part of the financial statements of the Parking Authority of the City of Carlsbad. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. &#J/&S&G4& /x/! March 14, 1996 -1- MEMBERS OF A1CP.A AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION a 0 a D P b 1 I PARKING AUTHORITY OF THE CITY OF CARLSBAD Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types July 1, 1995 to February 29, 1996 General Revenues : Lease payments Interest income $- 1.483 Tot a 1 revenues 1.483 Expenditures: Principal retirement - Principal redemption - Interest - Premium on redemption - Return of excess lease payment 56,705 Administrative 777 Total expenditures 57.482 Excess (deficiency) of revenues over (under) expenditures (55.999) Other financing sources (uses): Operating transfers in 442 Operating transfers out (37.396) Total other financing sources (uses) (36.954) Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses (92,953) Fund balances at beginning of year 92,953 Fund balances at end of year L Debt Service 1,727 1.727 - 125,000 4,000 - - - - 129,000 (127.273) 106,518 (69,564) 36,954 (90,319) 90,319 i Totals (Memorandum Onlv) 3.210 - 3.210 125,000 4,000 56,705 777 - - ,I. 186.482 (183.272) 106,960 (106.960) - (183,272) 183.272 - See accompanying notes to combined financial statements. -2- e a 0 a 0 e m D B B 1 PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements July 1, 1995 to February 29, 1996 (1) OrFanization and Summary of Significant Accounting Policies The Parking Authority of the City of Carlsbad (the Authority) was created pursuant tc the Parking Law of 1949 and was authorized by the City Csuncil on April 19, 1966 for the purpose of providing and expanding public parking facilities for the City oi Carlsbad (the City). A five-member commission appointed by the City Council governs the Authority. The Authority is not subject to federal or state income taxes. The Authority the Authority statements of is an integral part of the reporting entity of the City. The accounts of have been included within the scope of the general purpose financial the City because the City Council has financial accountability over the operations of the Authority. Only the accounts of the Authority are included herein; therefore, these financial statements do not purport to represent the financial position or results of operations of the City of Carlsbad. The accounting policies of the Authority conform to generally accepted accounting principles as applicable to governmental units. The following is a summary of the more significant policies: la) Basis of Presentation The accounts of the Authority are organized on the basis of funds and an account group, each of which is considered to be a separate accounting entity. The operations of each fund and account group are accounted for by providing a separate set of self-balancing accounts that comprise its assets, liabilities, fund balance, revenues, and expenditures. The various funds and the account group are summarized by type in the financial statements. Fund types and the account group used by the Authority are as follows: GOVERNMENTAL FUND TYPES Governmental funds are used to account for the Authority's expendable financial resources and related liabilities. The measurement focus is upon determination of changes in financial position. The following are the Authority's governmental fund types: General Fund The general fund is the general operating fund of the Authority. It is used to account for all financial resources except those required to be accounted for in another fund. Debt Service Funds Debt service funds are used to account for the accumulation of resources for, and payment of, general long-term debt principal, interest and related costs. - 3- a 0 e a e 0 D B B 1 1 PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements (Continued) /1) Organization and Summary of Simificant Accounting Policies. (Continued) (a) Basis of Presentation. (Continued) GENERAL LONG-TERM DEBT ACCOUNT GROUP This account group is used to establish accounting control and accountability for the Authority's general long-term debt, It is used to account for all long-term obligations of the Authority. fbl Measurement Focus and Basis for Accounting Governmental fund types are accounted for on the flow of current financial resources measurement focus. Accordingly, only current assets and current liabilities generally are included on their balance sheets, and the reported fund balance provides an indication of available, spendable resources. Operating statements for governmental fund types report increases (revenues) and decreases (expenditures) in available spendable resources. Governmental fund types use the modified accrual basis of accounting. Revenues are recognized when susceptible to accrual (i-e., both measurable and available). Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Revenues that are accrued include interest income. Governmental fund expenditures are recognized when the liability is incurred, except for principal and interest on long-term debt, which is recognized when due. IC) Budgets The Authority does not adopt an annual budget; thus, no budgetary comparisons are presented. /dl Investments Investments are stated at cost or amortized cost which approximates market value. [e) Total Columns Total columns on the combined statements are captioned "Totals (Memorandum Only)" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in fund balance in conformity with generally accepted accounting principles. Such data is not comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. -4 - e e e e 0 D B B I PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements (Continued) L2) Lease Am-eements Leases have been executed between the Authority and the City under which the City agreed to make annual payments of $138,000 and $174,000 for the lease of a parking facility and its subsequent expansion, respectively. The leases were recorded by the Authority as direct financing leases. Lease payments are due quarterly and terminate on the date of retirement of the related revenue bonds. Under the terms of the lease agreements and the bond resolutions, debt service funds in excess of the next interest and principal payments may be used as follows: First, to maintain a reserve of $68,000 and $156,000, respectively, for the 1969 and the 1981 Bonds. Next, to pay the General Fund for any expenses of the Authority and to maintain the fund balance at $3,000, and then as credits to the City for rentals due under the leases. (3) Revenue Bonds Pavable and DisDosition of RemaininP Funds In October 1995, all outstanding Series 1969 Revenue Bonds in the amount of $125,000 were retired. The Authority was in compliance with all significant debt covenants at the time of retirement. Remaining Authority funds in the amount of $56,705 representing excess lease payments were distributed to the City in January 1996. -5- (b 0 0 e a 0 D b b 1 SUPPLEMENTAL DATA 0 e e e 0 e 0 e PARKING AUT'€IORITY OF THE CITY OF CARLSBAD Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Debt Service Funds July 1, 1995 to February 29, 1996 Bond Service Funds Series 1969 Series 1981 Revenues : Lease payments Interest income $- - 275 - Total revenues 275 - Expenditures: Principal retirement Principal redemption Interest Premium on redemption Return of excess lease payment 125,000 - - - 4,000 - - - - - Total expenditures 129.000 - Excess (deficiency) of revenues over (under) expenditures j 128.725) - Other financing sources (uses): Operating transfers in 106,518 - Operating transfers out 1112) - - Total other financing sources (uses) 106,406 - Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses (22,319) - Fund balances at beginning of year 22.319 - Fund balances at end of year L- - Reserve Funds Series 1969 Series 1981 Totals - 1,452 1,452 - - - - - - - - - - - - - - - - 1,727 1 I 727 125,000 4 , 000 - - - 129.000 1.452 - ( 127.273) - - 106,518 (69,452) - 169,564) [ 69,452) - 36,954 (68,000) - (90,319) 68.000 - 90,319 - - - = " -6- (I b 1) a 0 0 e e e e a PARKING AUTHORITY OF THE CITY OF CARLSBAD Schedule of Insurance Coverage As of February 29, 1996 Insurance coverage maintained by the City of Carlsbad with the Authority listed a: additional insured at February 29, 1996 includes: Type of Coverage Amount of Coverage Term All risk including rental income $500,000,000 05/15/95 to 05/15/96 Mobile equipment 5,000,000 05/15/95 to 05/15/96 Honesty Blanket Bond 1,500,000 04/16/95 to 04/16/96 Valuable papers 10,000,000 05/15/95 to 05/15/96 Service interruption 5,000,000 05/15/95 to 05/15/96 Effective January 1, 1986, the Authority has not been covered under a liability insurancc policy but has been included under the City of Carlsbad's self-insurance program. -7- NOTICE OF SPECIAL MEETING OF THE CITY OF CARLSBAD PARKING AUTHORITY NOTICE IS HEREBY GIVEN that a Special Meeting of the Parking Authority of the City of Carlsbad will be held on Thursday, December 8, 1994 at 3:OO p.m. in the City Manager’s Conference Room, 1200 Carlsbad Village Drive, Carlsbad, for the purpose of approving minutes of the previous meeting, approving the audit for fiscal year 1993-94, approvinglratifying payment of bills, election of officers for calendar year 1995; and to consider approving the payment of the remaining bonds in the 1981 bond issue. DATE: December 2, 1994 r Frank Aleshire, Chairman CITY OF CARLSBAD PARKING AUTHORITY AGENDA DECEMBER 8, 1994 3:OO P.M. CITY MANAGER'S CONFERENCE ROOM 1. ROLL CALL 2. APPROVAL OF MINUTES: Minutes of the Special Meeting held March 14, 1994 3. OVERVIEW OF PARKING AUTHORITY FINANCING AND STRUCTURE 4. AUDIT FOR FISCAL YEAR 1993-94 To consider approving the audit for FY 1993-94 5. PAYMENT OF BILLS To consider ratifying/approving the payment of bills. 6. 1981 BOND ISSUE To consider approving the payment of the remaining bonds in the 1981 bond issue. 7. ELECTION OF OFFICERS FOR CALENDAR YEAR 1995 8 * ADJOURNMENT MINUTES MEETING OF: CARLSBAD PARKING AUTHORITY (Special Meeting) DATE OF MEETING: MARCH 14,1994 TIME OF MEETING: 400 P.M. PLACE OF MEETING: City Council Conference Room CALL TO ORDER: Vice-chairman Aleshire called the meeting to order at 4:OO p.m. ROLL CALL: PRESENT Frank Aleshire, Carl Miller, Ronald Aubel, and Don Agatep ABSENT: Richard Goodwin APPROVAL OF MINUTES: The Minutes of the Special Meeting held March 29, 1993, were unanimously approved as presented. AUDIT FOR FISCAL YEAR 1991 -92: Hilary Hogan of the Finance Department, responded to questions about the audit. The Authorii approved the audit for fiscal year 1992-93 as submitted by Conrad & Associates. AYES: Members Aleshire, Miller, Aubel, and Agatep PLAZA CAMINO REAL BUS TURNOUT REMODEL - PP-24(Q Chris DeCerbo, Senior Planner, explained North County Transit District’s proposal to remodel the existing bus transfer/pickup area located in an ingredegress to the shopping center off Marron Road, near Sears. He explained that the existing driveway currently accommodates automobile and truck traffic in addition Po serving as a bus transit center. The remodel would convert the multi-use driveway/five space transit center to an exclusive use bus driveway with eight bus loading bays and transit island. Mr. Thomas Lichterman, Manager of Operations, North County Transit District, responded to questions transfer site. In response to query, Mr. DeCerbo stated that many alternative designs had been considered, and the one currently proposed was the only design that was acceptable to all parties affected. of members of the Authori. He explained the features noting that area is currently the third busiest Carlsbad Parking Authority Page Two March 29,1993 Members of the Authority stated that the proposed design was better than the existing situation. They expressed concern, however, about the amount of cross-traffic that would result in that location without aid of a traffic signal, and wanted to make sure that sufficient signage would be placed at the entrance on Marron Road. The Authorii accepted the report, and requested that their comments be fowarded to the Planning Commission. AYES: Members Aleshire, Miller, Aubel, and Agatep PAYMENT OF BILLS: The Authority ratified and/or approved payment of the following bills in connection with the 1969 and 1981 Bond Issues: Bill from Bank of America dated August 31, 1993 in the amount of $766.08 for Trustee, Registrar, Baying Agent services for the 1981 Bond Issue for the period of 8/1/93 through 1 /31/94; and Bill from Bank of America dated October 31, 1993, in the amount of 363.00 for Paying and Fiscal Agent Services for the 1969 Bond Issue for the period of 10/1/92 through 9/30/93; and Bill from Bank of America dated February 28, 1994, in the amount of $766.08 for Trustee, Registrar, Baying Agent services for the 1981 Bond Issue for the period of 2/1/94 through 7/31 /94. AYES: Members Aleshire, Miller, Aubel, and Agatep The Authorii authorized the City Clerk to continue to pay bills when received upon approval by the Finance Department, with the understanding that the payment of those bills will be ratified by the Authorii at their annual meeting. AYES: Members Aleshire, Miller, Aubel, and Agatep ELECTION OF OFFICERS: The Authorii agreed on the following slate of officers for calendar year 1994: Chairman: Frank Aleshire Vice-chairman: Carl Miller Secretarynreasurer: Don Agatep ADDITIONAL BUSINESS: Members of the Authority requested a report at their next meeting which would overview the structure and financing of the Parking Authorii. It was also suggested that such a presentation be scheduled for each subsequent meeting when there is a new member. Carlsbad Parking Authority Page Three ADJOURNMENT: The meeting of March 29, 1993 was adjourned at 452 p.m. Respectfully submitted, L2lQzLR- ALETHA L. RAUTENKRANZ / Clerk of the Authority March 29, 1993 PARKING AUTHORITY INFORMATlON SHEET The Parking Authority consists of five members appointed by the Mayor with the approval of the City Council. Members serve 4-year terms and serve without compensation. City Council Resolution No. 1264'established the Parking Authority for the purpose of , providing parking facilities (a parking lot) at the Plaza Camino Real Shopping Center. This action was taken pursuant to the Parking Law of 1949 (Sections 32,500 et seq. of the Streets and Highways Code). In 1969, the Parking Authority issued $1,535,000 in bonds to fund the cost of the property acquisition and improvements. The last bonds for that 1969 issue will mature in 1995. As part of the bond issue, Security Pacific National Bank was appointed as the Fiscal Agent. Their agreement requires them to pay the principal and interest on any bonds presented for payment. It also specifies that. bonds can be presented for payment at Security Pacific's Office in Los Angeles or at any paying agency in .Chicago, Illinois or in New York, New York. To implement that requirement, arrangements had to be made with Bankers Trust Company in New York for their services as Paying Agent. After the initial parking lot construction, the "Plaza" expanded in 1981. In order to accommodate that expansion, the parking lot also needed to be expanded. Therefore, a second bond issue in the amount of $1,500,000 was issued by the Parking Authority in 1981. Those funds were used to fund the purchase of the additional property and pay for the construction of the parking lot expansion. The last bonds for the 1981 issue will mature in 2001. Security Pacific National Bank and Bankers Trust Company provide the same services for the 1981 bond issue as for the 1969 issue. v The income used to pay the bonds is derived from a lease between the City and the Parking Authority. The City leases the parking lot from the Parking Authority for an annual fee of $312,400 ($138,000 annually for the initial parking lot and $174,000 for provisions are made for their payment. Upon termination of the lease, the City surrenders the property to the Parking Authority. Though the Parking Authority owns the parking lot and the City leases the parking lot, neither of them are responsible for its operation. As Lessor, the City entered into an Operating Agreement with Plaza Camino Real. That agreement requires the "Plaza" to manage, operate and maintain the parking lot for a period of 50 years (the year 2031). In accordance with the provisions of that agreement, upon termination, if the Parking Authority does not want to assume the responsibility for operation of the parking lot, they are to solicit bids from the public for the operation. the expansion area. The lease terminates when all bonds are retired, or when X' 4 .b 2. Is the proposed modification to the Plaza Camino Real bus turnout consistent wit1 Precise Plan 24? i i "? .. r 3. Is this project in compliance with all applicable City parking and driveway desigI standards? 4. Will this proposed modification ensure the maintenance of adequate onsitc circulation and parking? DISCUSSION The Land Use Element of the General Plan includes the following applicable commercia guideline: b Each community should have easy access to a shopping center or centers. Consistent with this guideline, the proposed improvements to the Plaza Camino Real bu turnout will improve transit access to Plaza Camino Real for all neighborhoods serviced b: the North County Transit District. Accordingly, this project is consistent with the Genera Plan. The proposed modification to the North County Transit District bus transfer/pickup parkinl area at Plaza Camino Real is consistent with Precise Plan 24. Precise Plan 24 functions a: the site development plan for the Plaza Camino Real regional shopping center. The Precisc Plan as formerly amended, includes five major department stores (Robinsons-May Co. Sears, Broadway, Bullock's, and J. C. Penney), in excess of 130 other retail stores, movit theaters, restaurants, bank, office and automotive service center. A landscaped parking lot which provides eight access driveways, approximately 6450 customer parking spaces, an( the NCTD Lus transit center, comprises the Lalance of this Precise Plan. in that thc proposed prqject will improve the appearance and overall operation of the existing NCTC transit facility at Plaza Camino Real, staff concludes that the project is consistent wit1 Precise Plan 24.. The project also complies with all applicable City parking and drivewa) design standards. Implementation of the proposed project will also improve onsite circulation while havin) minimal effect on existing parking facilities. Specifically, even though the existing multi use driveway would be converted to a "Bus Only" driveway, onsite traffic studies (Barton Aschman Associates, 1989) indicate that the other seven available Plaza Camino Rea driveways are adequate to handle the existing and anticipated vehicular traffic. Thi: proposed modification will likely reduce potential onsite traffic conflicts because buses wil no longer have to travel through the parking lot to exit onto Marron Road and bus patror access into the customer parking lot will be more fully controlled. - *,e/ * g24(F) - PLAZA CAMt,i 8 REAL BUS TURNOUT ,j APRfL 20, 1994 PAGE 4 This project will eliminate a total of 34 onsite vehicle parking spaces. However, this reduction has been more than compensated for by the 750 additional parking spaces created at' Plaza Camino Real through the 1989 Plaza Camino Real parking lot restriping program. This parking lor restriping program was in fact coordinated with reference to this proposed NCTD transit center redesign. Even with this loss of 34 parking spaces, Plaza Camino Real parking ratios will be well within the Precise Plan's 1 space/200 SF parking standard. 1 Growth Management This project is located in Local Facilities Management Zone 1 in the northwest quadrant. Implementation of the proposed Precise Plan Amendment (PP 24(F)) will not increase the square footage of any residential or nonresidential uses. Accordingly, no facility impacts are anticipated. In summary, since the proposed project is consistent with the General Plan and Precise Plan 24, complies with all applicable City parking and driveway design standards, and ensures the maintenance of adequate onsite circulation-and parking, staff recommends approval of PP 24(F). w. ENVIRONMENTAL REVIEW The Planning Director has determined that this project will not have a significant effect on the environme,nt and, therefore, has issued a Negative Declaration on December 9, 1993. The environmental analysis, along with the field checks by staff identified that because: (1) the parking lot currently exists, (2) there are no sensitive environmental resources located upon, or in close proximity to it, and (3) the improved bus service will reduce automobile traffic and potential traffic conflicts, no project environmental impacts are ,anticipated. There were no public comments received in response to the notice for a Negative Declaration. ATTACHMENTS 1. Planning Commission Resolution No. 3640 2. Planning Commission Resolution No. 3641 3. Location Map 4. Background Data Sheet 5. Disclosure Form 6. Exhibit "If1, dated October 15, 1993 7. Exhibits "A' - "H", dared April 20, 1994. CDD:Ih Fel)ruary 23, 1994 if Y , a /' I PLAZA CAMINO .REAL Plaza Camino Real shopping center, in which May Centers, Inc., is the general part] is located on over 90 acres in the northeast corner of Carlsbad. May Centers is a : sidiary of The May Department Stores Company, a natiOnal retail organization The May Department Stores Company, headquartered in St. Louis, Missouri, is .on the largest general merchandise retailers in the United States. For the 52 weeks el November 1, 1980, the corporation reported sales of $3.1 billion and net income of million. In November and December of 1980, sales advanced over $50 million from p' year levels. The sales and earnings are generated by 133 department stores, 45 disc stores, 979 shoe stores, and 22 shopping centers located in 38 states. The Plaza opened in 1969 as a two-level, enclosed, 550,000-square-foot complex conta two large department stores, about 60 mall shops, and parking for over 3,100 cars. \ a few years after its opening, the developer planned an expansion of the Plaza. Cornp of Phase I1 in October 1979 brought the total retail area to 1,138,000 square feet and vided parking for a total of approximately 5,731 cars. The Plaza has convenient ex highway access in all directions, and is bound i 4- state 5 passes one mile to the west a Five leading retailers anchor the Plaza, with a The May Company and 'J. C. Penney opened dur and Sears were added in Phase 11. J I C. Penn square feet. .y i a portion of their leased areas. The insert foll 2 Tenant Square Feet The Broadway 152,000 Bullock's 115,000 J. C. Penney 156,927 May Company 148,159 Sears 148,958 The Plaza contains 135 mall shops. Woolworth is the largest, with 61,635 squarr leased space. Additionally, the mall has 13 tenants leasing over 5,000 square fee combined total of 80,108 square feet. Of the approximately 280,000 square leasable mall shop area, 6,000 are currently unleased but under negotiation, lea Plaza over 98 percent occupied. '"/Y f@? /4k ci >JP /* v7-0 /9d/ J 2$,-A-u 0 &cYy PARKING AUTHORITY INFORMATION SHEET The Par ng Authority consists of five members appointed by the Mayor with the approval of the City Council. Members serve +year terms and Serve without compensation. Jd City Council Resolution No. 1264 established the rking Authority for the purpose of providing parking facilities (a parking lot) at the NYU Plaza Camino /+- Real Shopping Center. This action was taken pursuant to ;he Parking Law of 1949 (Sections 32,500 et seq. of the Streets and Highways Code). [ 96 6 AA// P4- In 1969, the Parking Authority issued $1,535,000 in bonds to fund the cm property acquisition and improvements. The last bonds for that 1969 issue will mature in 1995. -+ 3/& u .c: /666^ 2" %-pees AS part of the bond Issue, Security Pacific National Bank was appointed as the Fiscal lid, Agent. Their agreement requires them to pay the principal and interest on any bonds / 4 ' - presented for payment. It also specifies that bonds can be presented for payment at 3 of' ' Security Pacific's Office in Los Angeles or at any paying agency in Chicago, Illinois or.in New York, New York. TYo be made with BankPrsLIiu&ces as paying I;* d~~~~~ /9Q+ After the initial parking lot construction, the "Plaza" expanded in IAWk In orc$5-ouoAur . accommodate that expansion, the parking lot also rwde&dx expanded.?&erefore, a second bond issue in the amount of $1,500,000 was issued by the Parking Authority in 1981. Those funds were used to fundkhe purchase of the additionzl propeqbnd pay for the construction of thega&mg lot expansion. The la t bondsjog the 198l,.ssye will mature in 2001. CuKleed 7 Lr yz. //adz e yA&;L/s G~+~"~A~~ Security Pacific National Bank and Bankers Trust Company provide the same serdces for the 1981 bond issue as for the 1969 issue. /47p 6 e Kegf rp,'JS $+ &" 4rJs/7ccv . The income used to pay the bonds is derived from a lease between the City and the Parking Authority. The City leases the parking lot from the Parking Authority for an annual fee of $312,400 ($138,000 annually for the initial parking lot and $174,000 for the expansion area. The lease terminates when all bonds are retired, or when provisions are made for their payment. Upon termination of the lease, the City surrenders the property to the Parking Authority. Though the Parking Authority owns the parking lot and the City leases the parking lot, neither of them are responsible for its operation. As Lessor, the City entered into an Operating Agreement with Plaza Camino Real. That agreement requires the "Plaza" to manage, operate and maintain the parking lot for a period of 50 years (the year 2031). In accordance with the provisions of that agreement, upon termination, if the Parking Authority does not want to assume the responsibility for operation of the parking lot, they are to solicit bids from the pub1ic for the operation. 2" /y ,y ../ r7k.ly /- i ~ #A k /77,.//,*dL ,, L JA/PJ Ax. - i 4 I .. ~.\ .i -, . A. ; ,?.. ' ~-, . ..- 7 PARKING AUTHORITY OF THE CITY OF CARLSBAD Financial Statements and Supplemental Data Year Ended June 30, 1994 (With Independent Auditor's Report Thereon) PARKING AUTHORITY OF THE CITY OF CARLSBAD Financial Statements and Supplemental Data Year Ended June 30, 1994 L TABLE OF CONTENTS Independent Auditors' Report Financial Statements: Combined Balance Sheet - All Governmental Fund Types and Account Group Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types Notes to Combined Financial Statements Supplemental Data: Combining Balance Sheet - Debt Service Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances. - Debt Service Funds Schedule of Insurance Coverage Ikm2 1 2 3 4 10 11 12 \r CONRAD %SSOCIATES CERTIFIED PUBLIC ACCOUNTAN' 1100 MAIN STREET, SUIT1 IRVINE, CALIFORNIA 927 A PARTNERSHIP INCLUDING PROfESSIONAL CORPORATIONS (714) 474-2 The Board of Directors Parking Authority of the City of Carlsbad Carlsbad, California IndeDendent Auditors' Report We have audited the accompanying component unit financial statements of the Parkin] Authority of the City of Carlsbad (the Authority), as of and for the year ended June 30 1994, as listed in the accompanying table of contents. These component unit financia statements are the responsibility of the Authority's management. Our responsibility is tc express an opinion on these component unit financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Thosc standards require that we plan and perform the audit to obtain reasonable assurance aboul whether the financial statements are free of material misstatement. An audit include: examining, on a test basis, evidence supporting the amounts and disclosures in the financia' statements. An audit also includes assessing the accounting principles used and significanl estimates made by management, as well as evaluating the overall financial statemen presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the component unit financial statements referred to above present fairly, ir all material respects, the financial position of the Parking Authority of the City of Carlsbac as of June 30, 1994, and the results of its operations for the year then ended in conformit4 with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion of the component unit financia: statements taken as a whole. The combining financial statements and schedule listed in thc accompanying table of contents are presented for purposes of additional analysis and are nor a required part of the component unit financial statements of the Parking Authority of the City of Carlsbad. Such information has been subjected to the auditing procedures applied in the audit of the component unit financial statements and, in our opinion, is fairly stated in all material respects in relation to the component unit financial statements taken as a whole. LiL-&h August 10, 1994 -1- MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION PARKING AUTHORITY OF THE CITY OF CARLSBAD Combined Balance Sheet - All Governmental Fund Types and Account Group June 30, 1994 Governmental 8 Fund TvDes Debt General Service Assets and Other Debits Cash and investments (note 2) $3,000 312,584 Net investment in direct financing leases (note 3) - 693,944 Accrued interest receivable - 8,472 Due from other funds (note 5) - 2,032 Amount available in debt service funds - e Amount to be provided for retirement of general long-term debt - - Total assets and other debits $3.ooo1.077.032 Account Grow Genera 1 Long- t e rm Totals Debt (Memorandun - 375, - 693, 8, - 2, 381,056 381, 693.944 693, - 1.075.000 2.155. Liabilities and Fund Balances Liabilities: Due to other funds (note 5) $- 2,032 Deferred revenue - 693,944 Revenue bonds payable (note 4) - - Total liabilities - 695.976 Fund balances : Reserved for debt service - 381,056 Unreserved - undesignated 3.000 e Total fund balances 3,000 381 .OS6 Total liabilities and fund ba 1 ances %3.ooo1.077.032 - 1.075.000 1.075.000 - - - - 1.075.000 2, 693, 1.075, 1,770, 381, 3. 384. UiU See accompanying notes to combined financial statements. -2- \ PARKING AUTHORITY OF THE CITY OF CARLSBAD Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types Year Ended June 30, 1994 Revenues : Lease payments Interest income Total revenues Expenditures: Principal retirement Interest Administrative Totals General Debt Service (Memorandum Only $- 46,955 46,955 - 32.287 32.287 %- 79.242 79.242 - - 2 - 239 Total expenditures 2,239 Excess (deficiency) of revenues over (under) expenditures (2.239) Other financing sources (uses): Operating transfers in 2,239 Operating transfers out - Total other financing sources (uses) 2.239 Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses - Fund balances at beginning of year 3.000 Fund balances at end of year $3.ooo 200,000 93,200 - 293,200 (213.958) 18,108 (20.347) (2.239) (216,197) 597.253 381.056 200,000 93 j 200 2.239 295.439 (216,197) 20,347 (20.347) - (216,197) 600.253 2tUu See accompanying notes to combined financial statements. -3- PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements Year Ended June 30, 1994 (1) Organization and Summary of Significant Accounting Policies The Parking Authority of the City of Carlsbad (the Authority) was created pursuant the Parking Law of 1949 and was authorized by the City Council on April 19, 1966 f the purpose of providing and expanding public parking facilities for the City Carlsbad (the City). A five-member commission appointed by the City Council gover the Authority. The Authority is not subject to federal or state income taxes. The Authority is an integral part of the reporting entity of the City. The accounts I the Authority have been included within the scope of the general purpose financi statements of the City because the City Council exercises oversight responsibility ov' the operations of the Authority. Only the accounts of the Authority are includc herein; therefore, these financial statements do not purport to represent the financi position or results of operations of the City of Carlsbad. The accounting policies of the Authority conform to generally accepted accountil principles as applicable to governmental units. The following is a summary of the mo significant policies: la) Basis of Presentation The accounts of the Authority are organized on the basis of funds and an accou group, each of which is considered to be a separate accounting entity. TI operations of each fund and account goup are accounted for by providing separate set of self-balancing accounts that comprise its assets, liabilities, fur balance, revenues, and expenditures. The various funds and the account gro~ are summarized by type in the financial statements. Fund types and the accow group used by the Authority are as follows: GOVERNMENTAL FUND TYPES Governmental funds are used to account for the Authority's expendable financi; resources and related liabilities. The measurement focus is upon determinatia of changes in financial .position. The following are the Authority's government; fund types: General Fund The general fund is the general operating fund of the Authority. It is used t account for all financial resources except those required to be accounted for i another fund. Debt Service Fun& Debt service funds are used to account for the accumulation of resources for, an payment of, general long-term debt principal, interest and related costs. -4- PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements (Continued) (1) Organization and Summaw of Significant Accountine: Policies. (Continued) fa) Basis of Presentation, (Continued) GENERAL LONG-TERM DEBT ACCOUNT GROUP This account group is used to establish accounting control and accountability the Authority's general long-term debt. It is used to account for all long-te obligations of the Authority. fbl Measurement Focus and Basis for Accounting Governmental fund types are accounted for on a "spending" measurement foc Accordingly, only current assets and current liabilities generally are included their balance sheets, and the reported fund balance provides an indication available, spendable resources. Operating statements for governmental f1 types report increases (revenues) and decreases (expenditures) in availa spendable resources. Governmental fund types use the modified accrual basis of accounting. Reven ' are recognized when susceptible to accrual (i.e., both measurable and availab Available means collectible within the current period or soon enough thereaf to be used to pay liabilities of the current period. Revenues that are acm include interest income. Governmental fund expenditures are recognized when the liability is incurr except for principal and interest on long-term debt, which is recognized wl due. lc) BudPets The Authority does not adopt an annual budget; thus, no budgetary cornparis1 are presented. /dl Investments Investments are stated at cost or amortized cost which approximates mar value. (el Total Columns Total columns on the combined statements are captioned "Totals (Memorand Only)" to indicate that they are presented only to facilitate financial analy! Data in these columns do not present financial position, results of operations, changes in fund balance in conformity with generally accepted account principles. Such data is not comparable to a consolidation. Interfl eliminations have not been made in the aggregation of this data. -5- PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements (Continued) (2) Cash and Investments Cash and investments held by the Authority at June 30, 1994 consisted of the followi Depos i t s $ 3,000 Investments 372.584 $375.584 The Authority's investment policy and state statutes authorize the Authority to invr in obligations of the U.S. Treasury, its agencies and instrumentalities, commerc paper rated A-1 by Standard and Poor's Corporation or P-1 by Moody's Commerc Paper, banker's acceptances with a maximum maturity of 270 days, repurchase 2 reverse repurchase agreements, certificates of deposit with national and state licen! or chartered banks or federal or state savings and loan associations, money market 2 mutual funds whose portfolios consist of one or more of the foregoing investments, 5 Diego County investment pool and the State Treasurer's investment pool. Under the California Government Code, a financial institution is required to sea deposits made by state or local governmental units by pledging securities held in t form of an undivided collateral pool. The market value of the pledged securities in t collateral pool must equal at least 110% of the total amount deposited. by the pub agencies. As of June 30, 1994, all of the Authority's deposits were classified as category 1. I bank balance equals the carrying amount. Classification of Investment by Credit Risk As defined in Governmental Accounting Standards Board Statement No. 3, investmer in securities are categorized in the following manner: Category 1 - Investments that are insured or registered, which are held by t Authority or its agent in the Authority's name. Category 2 - Uninsured and unregistered investments, for which the securities a held by the counterparty's trust department or agent in t: Authority's name. Category 3 - Uninsured and unregistered investments, for which the securities a held by the counterparty or by its trust department or agent, but n in the Authority's name. -6- PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements (Continued) /2) Cash and Investments. (Continued) Cat eporv Carrying Marke. Tvpe of Investment 1 2 "3 Amount Valul U.S. Treasury notes and bills $ - 109,705 - 109 , 705 110,001 Government agency ob 1 iga t ions .. 151.406 : 151,406 150.001 L261.111A 261,111 260,001 Investment in mutual funds - Pacific Horizons 111.473 111.47r Total investments $372.584- (3) Lease Agreements Leases have been executed between the Authority and the City under which the Ci agreed to make annual payments of $138,000 and $174,000 for the lease of a parki facility and its subsequent expansion, respectively. The leases have been recorded the Authority as direct financing leases. Lease payments are due quarterly and terminate on the date of retirement of t! related revenue bonds. Under the terms of the lease agreements and the tx~ resolutions, Debt Service Funds in excess of the next interest and principal paymer may be used as follows: First, to maintain a reserve of $68,000 and $156,0C respectively, for the 1969 and the 1981 Bonds. Next, to pay the General Fund for a expenses of the Authority and to maintain the fund balance at $3,000, and then credits to tihe City for rentals due under the leases. Due to the excess monies in t 1969 Bond Service Fund during the fiscal year ending June 30, 1994, no lease paymer were required from the City under the parking facility lease. A lease payment $46,955 wa:j required during the fiscal year ending June 30, 1994 from the City und the expansion lease to cover debt service payments during the year for the 1981 bo1 issue. (4) Revenue Bmds Payable The following is a summary of changes in revenue bonds payable for the year end1 June 30, 19'34: -7- PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements (Continued) (4) Revenue Bonds Payable. (Continued) Series 1969 Series 1981 Totals Revenue bonds payable June 30, 1993 $350 , 000 925,000 1,275,00[ Bonds retired 100.000 100.000 200.00( Revenue bonds payable, June 30, 1994 $2sL!&Q 825.ooo ld!uUU Revenue bonds payable at June 30, 1994 were comprised of the following individl issues: 1969 Parking Revenue Bonds: 1969 Carlsbad Parking Authority Revenue Bonds, remaining principal due in amounts $125,000 on October 1 of each year through 1995, interest payable on October 1 a April 1 at 16.4% per annum. The bonds are subject to call in whole or in part at 1 option of the Authority at prices ranging from 100.5% to 105% of the principal am01 of the bonds. 1981 Parking Revenue Bonds: 1981 Carlsbad Parking Authority Revenue Bonds, remaining principal due in amoul ranging from $100,000 to $150,000 on February 1 of each year through 2001, intert payable on August 1 and February 1 at 8.0% per annum. Bonds maturing on or afl February l., 1991 are subject to call in whole or in part at the option of the Authori at prices ranging from 100.25% to 102% of the principal amount of the bonds. Debt service requirements to maturity for the revenue bonds payable are as follows! Year Ending June 30, Series 1969 Series 1981 Totals 1995 $137,000 166,000 303,000 1996 129,000 158,000 287,000 1997 - 150,000 150,000 1998 - 167,000 167,000 1999 - 157,000 157,000 Thereafter - 309.000 309.000 266,000 1,107,000 1,373,000 Less amounts representing interest 16.000 282.000 298.000 Total revenue bonds payable $iuuBQ 825.ooo 1_c075.000 -8- PARKING AUTHORITY OF THE CITY OF CARLSBAD Notes to Combined Financial Statements (Continued) (4) Revenue Boa& Payable. (Continued) At June 30, 1994, the Authority was in compliance with all significant debt covenants I51 Due To and From Other Fun& The following table shows amounts due from other funds within the Authority to 0th funds within the Authority at June 30, 1994: Interfund Interfund Receivable Pavab 1 e Bond Service Funds: Series 1969 $1,893 Series 1981 139 - - Res e rve Funds : Series 1969 - 1,893 Series 1981 - 139 Tlotals %2.032 2.032 -9- SUPPLEMENTAL DATA PARKING AmRITY OF THE CITY OF WBAD Combining Balance Sheet - Debt Service Funds June 30, 1994 Assets Bond Service Funds Reserve Funds Series 1969 Series 1981 Series 1969 Series 1981 Tota Investments Net investment in direct financing lease Accrued interest receivable Due from other funds Total assets Liabilities and Fund Balances Liabilities: , Deferred revenue Due to other funds Total liabilities Fund balances - reserved for debt service Total liabilities and fund balances $147,591 5,730 67,842 151,421 372, 30,827 663,117 - - 693, 1,689 14 2.051 4,718 8, 1.893 139 - - 2, s182.ooo 669.ooo 69.693 li7iLu21.077. $- - 1,893 139 291 30,827 663.117 - - 693. ' 30,827 663,117 1,893 139 695.' 151.173 5.883 68.000 156.000 381, UUQQ 669.ooo fiuu 156.139- -10- PmIHG AIJTKORITY OF THE CITY OF WBAD Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Detit Service Funds Year Ended June 30, 1994 Bond Service Funds Reserve Funds Series 1969 Series 1981 Series 1969 Series 1981 Tot; Revenues : Lease payments Interest income $- 46,955 - - 46 , 1 12.484 1,695 5.624 12.484 32.: Total revenues 12.484 48.650 5.624 12.484 a Expenditures: Principal retirement Interest 100,Ooo 100,000 - - 200,1 19.200 74.000 - - 93. Total expenditures 119.200 174.000 - - zs3.; Excess (deficiency) of revenues over (under) expenditures 1106.716) (125,350) 5.624 12,484 (m Other financing sources (uses) : Operat Lug transfers in 5,625 12,483 - - 18 ,’ Operating transfers out 13631 11.876) j5.624) 112.484) /20. Total other financing sources (uses) 5.262 10.607 15.624) J12.484) & Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses (101,454) (114,743) - - (216.1 Fund balances at beginning of year 252.627 120,626 68 .Ooo 156.000 $97.: Fund balances at end of year s151.1735.883 68.ooo 156.ooow -1 1- , PARKING AUTHORITY OF THE CITY OF CARLSBAD Schedule of Insurance Coverage Year Ended June 30, 1994 Insurance coverage maintained by the City of Carlsbad with the Authority listed additional insured at June 30, 1994 includes: me of Coveraa Amount of Coverage Term All risk including rental income $500,000,000 05/15/94 to 05/15/95 Mobile equipment 5,000,000 05/15/94 to 05/15/95 Honesty Blanket Bond 1,500,000 0411 6/94 to 04/16/95 Valuable papers 25,000,000 05/15/94 to 05/15/95 Service interruption 5,000,000 05/15/94 to 05/15/95 Effective January 1, 1986, the Authority has not been covered under a liability insuranc policy but has been included under the City of Carlsbad's self-insurance program. -1 2- 7. -PLEASE REMIT TO: '' . B Bank of AmericaNT8sA DATE 08 ,'3 :I. /84' CORPORATE TRUST DIVISION ACCOUNT NO. ~~~:~~~"'~"'~'~8~~~-~ PO. BOX 30299, TERMINAL ANNEX LOS ANGELES, CALIFORNIA 90051 FOR ~UES'T'If3NS FL.EASE UA1-L:: FOR SERVICES ASTr.~st.er;,~ Regi~-tr"~-,, F'a.ying Agertt: 21:3-.345--02:37 2'96 I.'iARY .rtJRcl4$$K I I F'arkInc~ Autl~. City of Ca:lrsbad I:: /CI Car l.sbad C5 *I:,Y 1-h:I. 5 :C 200 E.1. m Ave n tie At.-kentian:: Lee Ratrtenfc.~"nz: CaT"f.-.;tsady tza 92008 L G ri By 6 x E??- k 1 J Page:: I DESCRIPTION OF SERVICE OR CHARGE TOTAL CHARGE QUANTITY Re:: Parkxng C'i~-the~r'~-ky t3-F %he L:t.ty of $ $ Car I.s;&tad, Ca, .I :198:L Pm-ki ng Reventie BtJ>nds """"""."""_."-- " I Gerll.i.-~~uturuc~:1. Admi n2.s-l:r.a-k .ion Fee cc?r/el--i ng t.h+? pE?t-iClif t3F O8/O1/%- th?"#tlCJh 0:&/3P/35 55O"tJO ....... "- I Cl2 ,JAcJ* rwwm A~XZNT SE:BVJ.CES Paymen-t.. OF :f n-k.e~"rs.% pet- c he?cr I< :i 5.15 ircxl a $,, 55 Payment 04: I rrter~?st. per ct3upsn paid 3 %.* 30 I :3 I4'7 I I. 65 I I 4.4-*, 30 Hi. ni-mnm per paymcn-t: per iad rF.:ISc), 00 I I d.30" 00 F5clyrilents af l3CJIld!Z redeer~~d/~~atul-ed 3 ?E,, 90 20 58, 00 REf;:fSTrIBC? SEI;SVxC:l3'f;:: thrC)ugh 07/3:i/W. I I I Hi nimrtm charge For m.j. n%ai ni ng bt31~Ih~:ld~t- ZK:~:O\~~IC:~ FSI- A ~2nths Intf:i.I..ec-t. mi$. l2.F Pocke-i: Expe11se ii, 2 x up) nr3mi.ni.;;trat:iC3T) and Ac:t.Lvi.ty trees csf %f;808,00 50., 06 "_"". 4 258, 3.6, xis EDP9247 7-92 (Reprint 3-94) C:C%n% :i I? \Lad C) I2 HEX .f" f''aCJE? I I I PI IPTnMEP P .. .' 'PLEASE REMIT TO: m Bank of America NTgsA CORPORATE TRUST DIVISION DATE 08 /f3 :L I?f;. ACCOUNT NO. QO:~.0"3.-'79850-0 PO. BOX 30299, TERMINAL ANNEX LOS ANGELES, CALIFORNIA 90051 Ff'SR alJES?":fQNS PI-EASE CALL-:: 290 GBRY 'T!fRI=MAiq FOR SERVICES AS '?'~i~~~~+~~~., D~~~i~~bi~~i~v Day;. ng ~cien~ ~:L"-g,.$~-:-&55\'y r 1~5au.Lr.ing AtL.t..I.t, city OF CaZrshad t cff2 C; ai- :I. s I> +. tj I; :i *t. y l-k~ 1.1 Iztm E:[ ni rttvenue fla,-:tsbad,, C:A 92008 At-trewt.:~on: Lee Rautenkranz L Ci2ry Clerk. 1 i DESCRlmlON OF SERVICE OR CHARGE TIIJ-i" CIF' E'OC I<ET EXPENSE:Sj :: i%xif-.age ancf Stat.ionery "A!.- D1.K 1JF.'f3N RECEIPT -.........""""....-. 9"' 4 P iYT,?V\ EDP-9247 7-92 (Reprint 3-94) - " " " QUANTITY """".-..."......""-.. - - - _.-. CHARGE $."" 1.. 37 .. "..-.".".-. ""7 > Page:: e - TOTAL ti 1B 1 82% "". "" I CUSTOMER C PLEASE REMIT TO: B Bank of America NTsSA DATE 10 / 31 / 94 CORPORATE TRUST DIVISION ACCOUNT NO. 0810-7-78236-6 PO. BOX 30299, TERMINAL ANNEX LOS ANGELES, CALIFORNIA 90051 FOR. DlIESTIBNS FLEA'S1 CALL; 2 90 GARY TURCHA; FOR SERVICES AS Paying AyerIt, Fiscal Agent 213-345-3237 I 1 I Parking Auth. City of Cafrsbad I do Ccalsbad City Hall i 3200 Eim Avenue Carlrbad, CA 92008 At. Len tion : Lee Rau tenkr ariz City Clerk i Page: 1 DESCRIPTION OF SERVICE OR CHARGE TOTAl CHARGE QUANTITY Re: Farking Authority of the City of $ $ Carlsbad 1363 Parking Revenue Bonds I I I Annual Administra@ion Fee covering tlie period of 10/01/93 through 09/30/94 PAYING AGENT SERVICES Paymelst of Ir1terest. p d r C: cn 1-1 1:~ rli 1'1 111 B i i:1 @ 4* 1 3 rl Fayrent of Frincipal 8h cs " per bor1d t11atured @ $2.90 REGISTRAR SERVICES: t.hrough 09/30/94 Fer bondholder account maintained pes amurn @$ . 50 12'7 23 3 4 225.00 22: 3Er.10 66,70 i 101 1.50 I Indirect Out Of Pocket Exyer~se @ 2 % or! Adrnir~ist.rat.ion and Act.ivi t.y Fees of $331.3G I TOTAL DUE UFON RECEIFT """"" """"" 1 3O 9 p'&' a4 4% .9' c \\ EDP-9247 7-92 (Reprint 10-94) I I=LJ8T3\AF9 m3BY - 6,63 t """ "-I-- 33: I I ! e November 30, 1994 To: Parking Authority of the City of Carlsbad Via: Finance Director Assistant Finance Director From: Parking Authority Accountant During the year-end closing process for 1993-94 it was discovered that the Parking Authority had not been billed for the annual audit fee for fiscal year 1992-93. In the past, usually in October or November, the City has sent a letter to the Parking Authority requesting reimbursement, and the Parking Authority would in turn issue a check to the City for it’s share of the audit. Since the problem was discovered too late to follow the usual procedure for 1993-94, the charge to the Parking Authority and reimbursement to the General Fund were handled by journal entries. The end result of the journal entries was that the lease payment increased by the amount of the audit fee and an equal charge was made to the administrative expense account in the Parking Authority Fund. No transfer of cash was necessary. From the Finance Department’s perspective, the journal entry method is simpler. It involves fewer steps, which is generally preferable. We suggest changing to the journal entry approach for the future. The Parking Authority Board could still approve the expenditure as it has in the past. $%&7/m4 2$??5- HILARY M. HOGAN A F e" *- ' CONFWD %SOC~PITES CERTIFIED PUBLIC ACCOUNTANTS 1100 MAIN STREET, SUITE C IRVINE, CALIFORNIA 92714 A P*RTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS (714) 474-2020 November 15, 1993 City of Carl sbad 1200 Carlsbad Village Drive Carlsbad, California 92008 At tn: Finance FOR PROFESSIONAL SERVICES RENDEREB Sixth progress billing ,for services rendered through October 31, 1993 in connection with the audit of the financial statements of the City of Carlsbad and related audits for the year ending June 30, 1993, as follows: Amount Current Previously : 1 : I: ,... a*_..< .: ., . . . . i . :: ' .. .I Bi 11 ing Bi 1 led $1,800 21 7 000 cit.y *udi .. t r .. .-- .C : ': . . ... ,... . Pub1 ic Improvement Corp. - 688 Parking Authority - 344 Redeve 1 opment Agency - 3,700 Sing1 e Audi t - 7,400 Gann Limit - 280 Total Bi 1 led To Date 22 7 800 688 344 3,700 7,400 280 Maximum Per Contract 23,091 688 344 3,8701 , 7,568 344 $1.800 33.412 zLu2 35.905 P.O. No. 15810 06 +fYW .( f&B .. m /I' .. .- .&. - # .- .. Invoice No. 93-5440 #6003 $1,800.00 p :> p@ .. .. . .. .. LP , . _:. .. , . ... .. .. " MEMBERS OF AICPA AND C,~,L~FORNIA SOCIETY OF CERTlFlED PUBLIC ACCOUNTANTS MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION 4 - - 6ONW %SSOCHTES CERTIFIED PUBLIC ACCOUNTANT 1100 MAIN STREET, SUITE IRVINE, CALIFORNIA 9271 m4) 474-20i A PARTNERSHIP INCLUOING PROFESSIONAL CORPORATIONS September 30, 1994 City of Carlsbad 1200 Carlsbad Village Drive Carlsbad, California 92008 At tn: Finance FOR PROFESSIONAL SERVICES RENDERED Second progress billing for services rendered through September 30, 1994 in connection with the audit of the financial statements of the City of Carlsbad and related audits for the year ending June 30, 1994, as follows: Current Bi 11 inp City Audit c $18,000 Public Improvement Corp. 600 Parking Authority 200 Redevelopment Agency 2,500 Single Audit 4 7 400 Gann Limit 200 Fhcina Financing JPA 1.500 Amomt Previously Bi 1 led 5,000 - 1,000 3,000 - - - Total Bi 1 led To Date 23,000 600 200 3 7 500 7,400 200 1.500 Maximum Per Contract 23 7 784 709 354 3 , 986 7,795 354 1.772 * %27.400 9.ooo 36.400 38.754 -Fa, P.0. No. 47601 oK w w Invoice No. 94-5325 #6003 $27,400.00 MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION November 30, 1994 To: Parking Authority of the City of Carlsbad Via: Finance Director Assistant Finance Director From: Parking Authority Accountant Recommended Action Approve Resolution- 3 2 authorizing the call and redemption of the remaining outstanding bonds of the 1981 Parking Revenue Bond Issue. Item Explanation In 1981, the Parking Authority approved a bond issue of $1.5 million in revenue bonds at a coupon interest rate of 8%. Proceeds from the bonds were used for expansion of the parking facilities at the Plaza Camino Real Shopping Center. On the 1981 February 1, 1995 and the balance in fiscal years through 2001. Funds for debt service on the bonds are derived from lease payments paid by the City of Carlsbad’s General Fund. When funds are necessary to make principal and interest payments on the bonds, lease payments are paid by the City to the bank fiscal agent. In the 1994-95 operating budget the City of Carlsbad included an $800,000 appropriation to be used over time to pay off the Parking Authority bonds. The City thereby eliminated the need to budget for annual lease payments to the Authority. Funds were transferred from the City’s General .Fund to the Parking Authority debt service fund. The Finance Department analyzed the fiscal impact of paying off the remaining time, trustee fees, premium on early redemption, and other charges. Several present value calculations were done using different assumptions. The results indicate savings over time by paying the bonds off at the next principal maturity date, February 1, 1995, compared with following the debt schedule to final maturity in 2001. The recommendation of the Finance Department is to proceed with calling the bonds. issue, the current outstanding principal balance is $825,000, with $100,000 due on balance on the 1981 issue, taking into consideration future interest earnings, staff The Parking Authority must instruct Bank of America, as trustee for the Parking handle the required notification to the bondholders, and will send a letter to the City showing the final cash balance needed as of January 31, 1995. Authority, to redeem all outstanding bonds on the 1981 issue. Bank of America will ST 2z *- HILARY M. HOGAN Exhibits: 1. Letter to Bank of America 2. Resolution 3. FAX from Bank of America listing outstanding bonds December 8, 1994 Gary Turchan Bank of America 333 South Beaudry Avenue, 25th Floor Los Angeles, California 9001 7 Corporate Trust Division #8510 RE: Trust Account #107798500, Carlsbad Parking Authority Bond Service Dear Mr. Turchan: The Parking Authority of the City of Carlsbad hereby instructs Bank of America as fiscal agent to redeem all outstanding bonds of the 1981 Parking Revenue Bond Issue on February 1, 1995. See attached copy of the resolution authorizing the call and redemption of the bonds, According to our records, the principal balance remaining on the 1981 issue is $825,000. Sincerely, TAL Frank Aleshire Chairman of the Parking Authority of the City of Carlsbad Enclosure cc: Hilary Hogan 1200 Carlsbad Village Drive - Carlsbad, California 92008-1 989 - (61 9) 434-2808 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 1 27 I 28 RESOLUTION NO. 32 A RESOLUTION OF THE PARKING AUTHORITY OF THE CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING THE CALL AND REDEMPTION OF THE REMAINING OUTSTANDING BONDS OF THE 1981 PARKING REVENUE BOND ISSUE WHEREAS, in 1981 the Parking Authority of the City of Carlsbad issued $1.5 million of revenue bonds, and the current outstanding principal balance is $825,000; and WHEREAS, bonds maturing on or after February 1, 1992 may be called before maturity and redeemed, at the option of the Authority, with funds derived from any source, on any interest payment date on or after February 1, 1991 ; and WHEREAS, sufficient funds are available for the purpose of redeeming the remaining outstanding bonds from the 1981 issue; and WHEREAS, the Authority does hereby find it financially beneficial and desirable, to proceed with the redemption of the 1981 Parking Revenue Bonds. NOW, THEREFORE, BE IT RESOLVED, by the Parking Authority of the City of Carlsbad, California, as follows: 1. That the above recitations are true and correct. 2. That the Authority hereby authorizes the City Clerk to send instructions to the bank fiscal agent, with a copy of this resolution, to redeem all outstanding bonds of the 1981 issue on February 1, 1995. /// 111 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 3. That the Authority hereby authorizes the Finance Director to send sufficient funds to the fiscal agent for the purpose of redeeming the bonds. PASSED, APPROVED AND ADOPTED at a meeting of the Parking Authority of the City of Carlsbad, held on the 8th day of December, 1994, by the following vote: AYES: Aleshire, Agatep, and Arterburn NOES: None ABSENT: Miller and Aubel FRANK ALESHIRE Chairman of the Parking Authority of the City of Carlsbad, California ATTEST: l2tb!&AW ALETHA L. RAUTENKRANZ Clerk of the Parking Authority of the City of Carlsbad, California (SEAL) i ''. EL/;.-6 1.7- 3 I Bond Call for the Parking Authority of the City of Carlsbad, 1981 issue i Maturity Redemption Outstanding Total Date CJsio Date PrinciDal Premium Payment - Price - 01 -Feb-96 14 652BP 01 -Feb-95 $1 00,OOO.OQ $250.00 $4 bb,%b.bb 'r 00.25% 01 -Feb-98 14 652BR6 01 -Feb-95 $1 25,OOO.OO . $937.50 $1 25,937.50 100.75% 01 -Feb-99 14 652584 01 -Feb-95 $125,000.00 $1,25O.OO $126,250.00 I01 .OO% 01'-Feb2000 14 652812 01-Feb-95 $125,000.00 $1,562.50 $126,562.50 101 -25% 01 -Feb-2OOl I 652BU9 01 -Feb-95 $150,00.00 $2,250.00 $1 52,250.00 '! 01 50% r: 01 -Feb-97 14 t 652BQ8 01 -Feb-95 $1 00,000.00 $500.00 $1 O0,5O0.00 1 00.50% I b TOTALS .I I $725,800.00 $6,750.00 $731,750.00 i These figures do n t include the $100,000.00 principal and $33,000.00 interest 4' payments due on 2/1/95 The premium, is ba ed on 114 of '1% per each year frotnthe redemption date to he maturity date (not to exceed 2%). i . ., I I [ i 1 i. i 1 i I 'I 1. I I 1 i ,!day 1 1, 1995 i TO: COMMUNITY SERVICES DIRECTOR Via: Administrative Services/Projects Manager A d fKOM: Administrative Coordinator - Special Districts LEllER FROM PLAZA CAMINO REAL The attached letter dated April 25, 1995, from Joe Ross, Assistant Center Manager of Plaza Camino Re a follow-up to a problem that occurred over two months ago after a period of heavy rain, within the par1 lot area of the shopping center. Background: A large sink hole formed around and under a storm drain pipe in a planter area, adjacent to an access into the parking lot. At the request of our Streets Superintendent, 1 researched the area to determine if the City was respon: for repairs. I reviewed the Plaza Camino Real Maintenance Agreement for the parking lot, which indicai that as the operator, Plaza Camino Real is responsible for any and all repairs. I also checked the plan5 file with the Engineering Department and found there were no maps showing easements dedicated to, i accepted by, the City for the storm drain system within the area of the sink hole. The Streets Superintendent and I met with the Assistant Center Manager and his Maintenance Foremar discuss our findings, and requested any additional information they may have to establish the Center‘s that the City is responsible for the repair. Upon receipt of the attached letter I called Mr. Ross to discuss the grant deed referenced in his letter, H I had reviewed at the time I began my research. The wording of the deed is vague and does not define easement areas. Following the discussion with Mr. Ross I called Assistant City Engineer David Hauser ’ determine if there were any additional improvement maps showing storm drain easements for the area i question. 1 also asked the City Clerk for her interpretation of the Grant Deed and the Maintenance Agreement between the Parking Authority and Plaza Camino Real. David Hauser verified he found no maps or paperwork to indicate storm drain easements were dedicate and accepted by, the City for the drainage system. The City Clerk agreed that the Maintenance Agreen gave responsibility for repairs to Plaza Camino Real. If Mr. Ross decides to pursue this matter, I suggest he be referred to the City Attorney’s Office and 1 wil’ furnish c,opies of the documents I reviewed. If you have any questions, please call me at extension 2941. - 0 ma VlRG B’”b IA M COY POk c: Assistant City Engineer City Clerk Streets Superintendent MEM9 h I 9L 5 April 25, 1995 City of Carlsbad Community Services Dept. Atten: Virginia McCoy 405 Oak Avenue Carlsbad, CA 92008 Dear Virginia, I want to thank you for meeting with us at the Center sc time ago. Things have been really moving around here sin then, and I have just been able to return to the problem. Y will recall that our concern was regarding a rather large si hole in the North/West corner of the parking lot. It was fir brought to my attention by David Brookbank, Wastewater CI Chief and Confined Space Technician for the City of Vista. is concerned because of the close relationship of the si hole to the main Vist’r sewer. YOU will remember that I indicated that I would attempt research the information available to find if I could eitt confirm or refute your feeling that any problem with the stc drain system in the road and parking lot was Plaza Camino Re responsibility, not the City, In the Grant Deed, dated February 1981, section (a), paragraph (i-) grants brc easements for utilities including water, sewer, and draina by Plaza Camino Real (the Grant.or) to the Parking Authority the City of Carlsbad (the Grantee). This easement includes t installation and maintenance of these utilities. In our view, the responsibility for correctingthis problem clearly with the City. Wfth our present weather it seems mc advisable to fix the problem causing this sink hole prior any additional damage being done, Will you please get back me, or indicate to whom we should address these concerns, soon as possible? R. Burns R. Patchett 2525 El Camino Real, Suite 141, Carlsbad, California 92008 (619) 729-7927 May 23, 1994 Trudy Harris Financial Services Representative Carlsbad Village Branch 2471 645 Carlsbad Village Drive Carlsbad, CA 92008 Customer Service 61 9/630-3220 Bank of America ii RccyCleG Pa;*, Trudy Harris Financial Services Representative Carlsbad Village Branch Bank of America 645 Carlsbad Village Drive Carlsbad CA 92008 Re: Signature Cards for Parking Authority Accounts Enclosed please find the new signature cards you requested for the following accounts for the Carlsbad Parking Authority: Account No. 24711-03631 is the Working Capital checking account for the 1981 Bond Issue. Account No. 24719-04207 is the Working Capital checking account for the 1969 Bond Issue. Also enclosed, per your request, is the Master Agreement card with new signatures for the Parking Authority accounts. If you have any questions regarding these cards, please contact this off ice. Lte.en&au ALETHA L. RAUTENKRANZ, CMC "-7 City Clerk . ALR:ijp Enclosures @ 1200 Carlsbad Village Drive - Carlsbad, California 92008-1989 - (619) 434-2808 4 .* ' I,, I tJ.1 Bank of America Business Deposit Accounts I I "..""_ "1 I Authorization I I I You begin a deposit account relationship with us by giving us information about your written information we give you is part of this agreement and tells you the current terms business and by signing below. We enter the information on our computer system. The of our deposit accounts. We may change these terms at any time. We inform you of changes that affect your rights and obligations. You or we can end this banking relationship at any time. L- You want each account opened on this agreement to be: (che k one) U Sole Proprietor 3 LodgelAssociation n Partnership C: Trust for Business 4 Also check this box ii if you are a non-profit organization operated for religious, charitable, educational or other similar purposes. Resolved that this entity authorizes the persons whose signatures appear on the reverse to establish one or more deposit accounts for this entity with Bank of America NT&SA (the bank). Those persons are also authorized to execute checks and other items on behalf of this entity, signed, as provided on the reverse and to endorse and deposit checks and other items payable or belonging to this entity. The bank is authorized to honor and pay all checks and other items so signed, including those payable to the order of any person authorized to sign them. This authority remains in force for each account until the bank receives a revocation notice at the office where the account is maintained. The undersigned certifies that this resolution was adopted by the entity in accordance with law and its charter documents, that it is now in force, and that the persons whose signatures appear on the reverse are authorized to act as stated in the resolution. i Corporation and SIGNATURE 8 TITLE SIGNATURE 8 TITLE .. .. . , I. ,. .. .. . .. ' :I, .: I I I Business Information I I I SOLE PROPRIETOR Your individual name Name of vour DrODrietOrShiD .. I. I I .. I PARTNERSH Business Name: ,. I bartner'slofficer's name Partner'slofficer's name I Partner'slofficer's name Partner'slofficer's name TRUST FOR BUSINESS Check one as named below 0 Attorney Trust 0 Insurance AgentlBroker Trust 0 Real Estate Broker Trust 0 Sales or Business Agent Name of Trust 0 Special Funds '. I I I Tax Reporting Information and Certification I I - I Taxpayer Identification Number: )"y?g-r)eidyyTTmber &Use the social security number " or ___ -__ - ___._ . . SI. .' , .. ,..: , ; . .a;. ' . ' ' , . . .., .. - .. . Name of person or entity whose T.I.N. is listed above: Withholding Status: Please tell us whether: !7 You are (The entity listed above 0 You have (The entity above has) been notified by the is) exempt from backup IRS that you are (the entity is) currently subject to withholding. backup withholding because of underreporting Non-Resident Alien Status (if applicable): To qualify for non-resident alien status on this account(s), all beneficial owners must be non-resident aliens and must provide their permanent foreign address. Please notify Bank of America within 30 days of any change in status. U Under penalties of perjury, you certify that you are neither a citizen or a resident of the United States, a US. Corporation, US. Partnership, US. Estate, or US. Trust, nor doing business in the United States. This certification must be revalidated every three years. interest or dividends. Depositor's foreign permanent address: Country of residence: i ,. I .. ' ! .. .. .> ; $ ! .. .. .. ., 1 .. ., . .. .. i t ,I I. .. < i .. ., Visa No., type (if any), and date of issuance: By signing this agreement, each of you certifies under penalty of perjury, that the taxpayer identification number, withholding status, or non-resident alien status (if applicable) listed on this aareement are true. correct and comolete. ? - For CDA Onlv Business Address: .! 1 1:' :, ., TEL-1065 8-92 PLEASE FILL OUT REVERSE SIDE e;:,.: '' Member FDIC Branch Copy i (Roprtnl 3-93) *4 ."(rr . .. I i f 1 I .. I ,I '. I ,. 1 1 .. -i ., .. I i i j .: , .. .. . .I 1 ., .. . .. .. .. .. ' . I , -, ..., . , , ,.'>,' ',', , ,, .. , . I . , ' ,', , '.',.I, . . , .. ,. .1 .. .I .' J .. / . .._ , . I . ,. .. . .. ,. .' . , . . ..I ,. . ,. . , .. .: 1 .. .. ... , . .. '. . j I '. ,, I .. .. f ! .. .. .. .. .. ., ,. , . .. .. . .I . .. .. .. ., ., ,. .. ... , . , .,. . ., .. .. !//CY OF PflK-15 &/b fi&?/t/,,b TITLE OF ACCOUNT(S) mfm&pj Bank may pay out funds as instructed below: For Sole Proprietors with your signature alone (in box number 1) Q[ with any one or the other signatures below unless you specify another number here for the other signers. For all other busin es with any one of the signatures below unless you specify another number here: 3;:" Aythqized Sig$pre(s): / 1, *gntLYdd J . --- zlysh Frank Mannen , (TYPE OR PRINT NAME) (SIGNATURE) . ; ZJFIE) s ~ 3.~3-22-Gf' YY /4 / (DRIVERS-nCENS~iSocTAL SECURdNuMBER) (DRIVERS LICENSE,So<AL SECURlm NUMBER) 3. ,4 / ,. ~ '(.... 4 /4&--"-- Jim Elliottx, ,I) ,,,: I 4. (TYPE A*TJb@ 0 i?RIN .IN / +. TYPEOR Lisa PRINT dZ7 Hildabrand N (SIG md ) J- - /, + L, Lfl(~~~~~~~~~) \ 7 J.52?7c.:-5-33 $71-0-1- @3 i (D&& yCENSw SOCIAL SECURIm.mMBER) (DRIVERS LICENSE I SOCIAL SECURITY NUMBER) " k -"I 5. w Aletha Rautenkranz 6. (TYPE OR PRINT NAME) (SIGNATURE) ) (SIGNATURE) -3/3-y8-fl38 (DRIYEA~LICZNSE / SOCIAL-SECURTTY NUMBER) (DRIVERS LlCENSE / SOCIAL SECURITY NUMBER) For CDA Only " Special Payment Instructions: I I 88 Accounts Established Under This Agreement The written information we give you and the tax reporting information you gave us on this card apply to each account opened. ~"__.._ . ".___ . . ACCOUNT INFORMATION r-1 KLITIC) TYPE ACCOUNT # OPENED I cL *7/~, ,/I n,g,-e / I I I 1 ~ . .. - - - . . . _I UAlt I VAlt CLOSING AUTHORIZATION "LIL,. ,1111 TO , OSED I REASoN'CooE I ADD NEW ACCOUNT I ' $if v7/ // r uJw3 1 &9fi &dY 09fd7 -I ~-_~. _-____~ "--__~- ervices for these accounts. """" ~ "" I 0 Please issue~Business Banking VERSATELLER ATM Deposit Card{s) (FOR DDA ONLY). I !I Plea5e issue a full Service VERSATEL Card for my Sole Proprietorship and personal accounts FOR SOLE PROPRIETORS ONLY). " " I Fictitious Trade Name certificate received: Date Waived by: .__ " """ """ ..- I I, May 10,1994 Mr. Craig Arterbum 5335 El Arbol Drive Carlsbad, CA 92008 APPOINTMENT TO PARKING AUTHORITY On April 19, 1994, the Mayor appointed you as a member of the Carlsbad Parking Authority. Enclosed is an information sheet which will explain a little about the history of the Parking Authority. The Authority generally meets only once a year, and the last meeting was held in March, 1994. Therefore, the next meeting will be called in early 1995. I look forward to working with you, and if you have any questions, please call me at 434-2808. LEE 4a RAUTENKRANZ, h CMC City Clerk LR:ijp Enclosure 1200 Carlsbad Villaae Drive - Carlsbad, California 92008-1 989 - (61 9) 434-2808 April 8,1994 Mr. John kt, Administrator Bank of America Corporate Trust Division P. 0. Box 30299, Terminal Annex Los Angeles, CA 90051 RE: CARLSBAD PARKlNG AUTHORITY - 1981 BOND ISSUE In my recent letter to you dated March 25, 1994, E requested a $766.08 fund transfer to the working capital commercial account in Carlsbad. However, I gave you an old, and incorrect account number. Per my discussions with Mary, the correct account number is 24711-03631. I apologize for the confusion and any problems this may have caused. Please convey my thanks to Mary for her assistance in correcting my mistake. b 4- - ALETHA L. RAUTENKRANZ, CMC City Clerk alr 1200 Carlsbad Village Drive - Carlsbad, California 92008-1989 - (619) 434-2808 > budgetbarking ,I - CEA 3/1i& LEASE PAYMENTS FOR 1981 PARKING AUTHORITY REVENUE BONDS ,RESERVE LEASE INT/PRIN BOND FUND DATE INTTO 8/98 PAYMENT PAYMENT BALANCE 'FY 1: I 9/30/92 135,487.55 1 /I 193 43,500.00 I 78,987.55 , 2/1 Oj93 6,150.00 70,137.55 ,, 4/1/93 43,500.00 113,637.55 .I 8/1/93 , 37,000.00 76,637.55 211 193 115,000.00 63,987.55 I /I 8/10/93 . 6,150.00 82,787.55 93/94 10/1/93 43,500.00 126,287.55 . 1 /1/94 43,500.00 I 69,787.55 87,000 2/1/94 137,ooo.oo 32,787.55 2/10/94 6,l 50.00 38,937.55 411 194 0.00 38,937.55 7/4/94 - 43,500.00 82,437.55 811 194 33,000.00 49,437.55 8/10/94 6,150.00 55,587.55 94/95 1011 194 43,500.00 99,087.55 174,000 1 /I 195 43,500.00 142,587.55 ,, ., 211 195 133,000.00 9,587.55 2/10/95 6,150.00 15,737.55 4/1/95 43,500.00 59,237.55 8/1/95 29,000.00 30,237.55 7/1/95 43,500.00 79,887.55 1 /I 196 43,500.00 I 66,887.55 2/1/96 129,000.00 37,887.55 (1, ,:),I/';,-, ,, 4/1/96 43,500.00 87,537.55 I, sj ,I ', :. ,a. I. 811 0195 6,1 50.00 36,387.55 ~q96 1 0 /I /95 43,500.00 123,387.55 174,000 1, I, jb1; 2/10/96 6,150.00 44,037.55 1, , ', '1 7/1/96 43,500.00 131,037.55 I 8/1/96 25,000,OO 106,037,55 96/97 ,,,I4 I '%I . 8/10/96 6,150.00 1 12,187.55 10/1/96 43,500.00 155,687.55 87,000 1 /I 197 0.00 155,687.55 211 I97 125,000.00 30,687.55 2/10/97 6,150.00 36,837.55 7/1/97 43,500.00 80,337.55 8/1/97 21,000.00 . 59,337.55 97/98 8/10/97 6,l 50.00 65,487.55 10/1/97 43,500.00 108,987.55 130,500 1/1/98 43,500.00 152,487.55 211 0/98 6,150.00 ' 37,637.55 4/1/98 0.00 37,637.55 411 /97 0.00 36,837.55 211 198 121,000.00 31,487.55 , I. I COMPANY WER A TRANSAMERICA INSURANCE COMPANY COMPANY INSURED LEI-IER B FIREMAN'S FUND INSURANCE CO. CenterMark Properties, Inc. 611 Olive Street Suite 1555 St. Louis, MO 63101 P COMPANY LETIER c COMPANY mR B COMPANY g -R ! THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED, NOTWITHSTANDING ANY REQUIREMENT. TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN. THE INSURANCE AFFORDED BY THE WiiClfS DESCR:EIED HERE:;< IS SL132ECT TO ALL TriE TER:.:S. EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CWMS. I I I I I co LTR A GL35010691 OENERALUABIUTY 1/01/94 1/01/95 GENERAL AmREGAE I$ 2 w COMMERCW GENERAL WBIUTY g $ 2 PRODUCTSCOMP/WAGG. MPE OF WsURnNcE WUCY NUMBER WUCY EFFECM UMTS DATE (MM/DD/W) DATE (MM/DD/YYj WuCy D(pIRAl" w.... . - ....... ............ l- :...:. ]alMS ME WCfXUR. .:.:.:.:.: :* t"-p PERSONAL & ADV. INJURY x EACH OCCURRENCE OWNER'S & CONTRACTOR'S PROT. FIRE "A& (Any ene he) 1 MED. U(PENSE (Any onepew) $Not A ~ . ~~~ A COMBINED ~N3.E 1/ 0 1/ 9 5 1/ 0 1/ 9 4 35010692 ulToMoBllEwBLuTy a ANY AUTO $2 UMIT IH ALL OWNED AUTOS SCHEDULED AUTOS 1 HIRED AUTOS NON-OWNED AUTOS GARAGE UABlUTY R BODILY INJURY (Per person) BODILY INJURY (Per accident) PROPERTY DAMAGE I , I I McESsWBlllM EACH OCCURRENCE I$ UMBRELLA FORM OTHER THAN UMBRELLA FORM AGGREGATE I$ ................................. ............................................... ......................... ................................ .................................... :::.c : ............................................. :,;.;,:.;.;,:,;.. ... .~...:.*):.:.):.: .:.:_:..:::;;x33 ......................................... 11 0 11 g 4 1/ 0 11 g 5 x I STATUTORY UMITS [~~m~~~ :.:.: : :. ..................................................................... .......................................................... :.:.:.:.:.:. ....................... ....................... ................................ ................ B B 720KWP80630700 WORKER'S CoMpwMTWd AND 720KWCS053Q099 $3 EACHAcclOEM 1/01/95 3/01/94 EMPLOYERS WBUpl DISEASE-POUCY LIMIT $ 3 DISEASE-EACHEMROYEE $1 OTMR UMBRELLA FORM OTHER THAN UMBRELLA FORM B 3/01/94 1/01/94 720KWP80630700 WORKER'S CoMpwMTWd B 720KWCS053Q099 AND EMPLOYERS WBUpl OTMR 7 ................................. ............................................... ......................... ................................ .................................... ::E : ............................................. :,;.;,:.;.;,:,;.. ... AGGREGATE .~...:.*):.:.):.: .:.:_:..:::;;x33 ......................................... ....................... 1/ o 1/ 9 5 ~~.~.~.~~ x STATUTORY UMKS ..................................................................... .......................................................... 7s :.:.: : :. :.:.:.:.:.:. ....................... 3/01/95 EACHACxl" DISEASE-POUCY LIMIT r DISEASE-EACH EMPLOYEE I I I I I DESCWP~ OF oPERATWds~ocA~s/uE~Es/sPEaAL lTEMs (SEE REVERSE AND/OR ATTACHED) .... Z SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE TH .:.:.:. :::s Parking Authority of Carlsbad $# ... EXPIRATION DATE THEREOF, THE ISSUING COMPANY WILL ENDEAVOR TO The City of Oceanside & 3 MAIL "ODAYS WRITEN NOTICE TO THE CERTIFICATE HOLDER NAMED TC The City of Carlsbad 1200 Elm Avenue Carlsbad, CA 92008 .::.:. :.:.:.: .:.:.:. C3 LEFT, BUT FAILURE TO MAIL SUCH NOTICE SHALL IMPOSE NO OBLIGATION OR g .... LIABILITY OF ANY KIND UPON THE COMPANY ITS AGENTS OR REPRESENTATIb :*. X8 ... AUTHORmD REPRESENTAM .... ... ... .... .:.:.: .... .:.:.:. .... ... .... ....... ... .... ... I .... . .- DESCRIPTION OF OPERATIONS/LOCATIONS/VEHICLES/SPECIAL ITEMS CERTIFICATE #3824 (CONTINUED) INSURED : CenterMark Properties, Inc. HOLDER : Parking Authority of Carlsbad The City of Oceanside & The City of Carlsbad 1200 Elm Avenue Carlsbad, CA 92008 CMP-14 Plaza Carnino Real The certificate holder is included as an additional insured on the general liability but only in respect to their interest in the operations of the named insured and only for such terms and limits which are the lesser of the policies hereon or the written requirements between the named insured and certificate holder. PAGE: 2 OF 2 9 a td GI Sf I A? bFS 3 (A I.& I..’- c A ” - ” .- ”. .- c .%. L - - ... - - - .. .- (.( -=” c .. .- I - - c c d e - - c .., .. L # - .. - c 4 .- .. .. - -c 4 ... * d -c zz GZ FE 0% ZZ z ?SF -! 3 @ 2. g 3 m 5 BB g. 3 B m- “3 ’21g @8 53 rm;r EO F -3 R 0 .~ -~ ;‘e,: . , c- - v .. - .I ’ :: . J, .. , .- :.= ,-. .. .. “, - ,4' $d !J L ".i CAW I ! .wp ,- ." u E " 45 i- - b " ;: 2&&y?:~~~~ ",- .c j" e :c ;<s ?:resr :?-.E?:<^= -the appropriate 2CCOU2P. ' [?JI ENDmSTUB ~ty!e RJ-3 charge to my SECRETARY Register Style SD or CI sc &?ass ipdica& b&%lv.. (r"tiJ"lnirnL[K, quznj-[ty 3QO.j 0 1633 963 0 12c3 Q If 2 new cover is needed, indicate (d) col3r choice. 17 Royal EIue 0 IG~cha Tan ores st re en O-che[c the check below. 'k .. 3il -Your 12s-i 0.der 1O"ANTiiY: F-f &?er c;q&< q?ja;-P-;;-i\[ is pr& 0-; h e 1' (MULTIPLE a Indicate any desired changes in name, abdress, 3r check coloir,/design I @ SPEGAL iNSTWCT!.3NS I 3 SEND ORDER TO OFClGE WHERE YOUR ACCOUNT IS L-JCATED. - r3R ']NAj\jC!$L iNSTI-7i;TJ-JN L'SE ONL ' ?. PLEASE DATE, SIGN AND fO'?$/ARD TC) DELUXE CHFCK Pi+\ 1 DATE APPROVED 3Y " 1 16-41 1220 1 CITY OF CARLSBAD PARKING AUTHORITY ,,! 1200 CARLSBAD VILLAGE DR. 130: D CARLSRAD, CA 92008 19 ___ ;ii PAY TO THE ORDER OF I$ - "[I *B 26 DOLLA E,[;; - .Ir % SECURITY PACIFIC BANK I Carlsbad Office NO422 645 Carlsbad Village Drive, Carlsbad, CA 92008 sum F I?;i .I Il! 1 1997 - - 1 2 ~ - lADDRESS s j C1-n LC s-m; - !I LIP Ij . ' " .I "" . .. - 5 $ &/b r.50 1301 6 $z?& 53 1304 3 1001 s2-b- 419% aca*woh;ca ?-sg 19- 72, TO 3-12? 1993 TO84 A G rl Fm L J DEPOSIT1 ZJr ;F BAL. FORD II 1 DEPOSIT1 CREDIT I/ I IL 1 * II 1- II TOTAL PAYME?JT THIS w OTHER DEDUCTIONS TOTAL 11 I PAYMENT ToTAL THIS IH PA?EklT im OTHER DEDUCnOSS 0E:E;NSlT-I BAL. FORD lk II BAL FORD! 1 BAL. FORD11 1 I1 I $ab& 1302 \ 1002% 0- 1305 i719- c 7 19- To 40m-Ltb 4- dl& B&lT DEPOSIT/ CREDIT TOTAL THIS P1YiuEh-T DEDUCTIONS I OTHER 1 TO DOLLARS CENTS II I DEPOSmI BAL. DEDUCTIONS PAYMEhT OTHER mls FORD zB. I' , BAL. FORD11 1- /I I $7bC.& 1303 - 1 03' 4 1306 $ 312s ,9j$ To BAL.FORD/l DOLLARS CENTS * zzj 19- m qm II DFE; IF "E% lm DEcpRoEsD:: ll 1 PAYMENT THIS OTHER m;AL E DEDUCTIONS BAL. FORD I1 1 It I rnTAL // 1- PAYMENT DEDUCTONS OTHER =m PAENT lm OTHER BAL. DED"aoNsl* FORD 11 BAL. FORD(^ I d I I, I1 I 4 ', i I 1 I t PLEASE SIGN YOUR NAME.EXACTLY AS YOU WILL SIGN YOUR CHECKS/DEBITS .. ""." - .. '. ',: , dl. F _. d .. 5" <--."A/ 2/&f ' ., 'I]], // i' (9' ("-.;;. /' L&.+p , I. c/J&&g& '7 ' 2 3dd $ 3 '."" 1: ",. i ' I1 I& ;--- Y 4 .- C" :I' 1; 1; 7 (FOR BANK USE ONLY) 0 NEW ACCOUNT 0 ADD A NAME(S) PUPDATED SIGNATURE(S) a NEW TEL-135 (ALL SIGNERS) 0 DOCUMENTATION ATACHED 0 DELETION .. .. TEL-135 7-81 (Reprint 6-92) , __ - ....."""" ~ """ '4 %r/+ cy,y&/ 'I ..... . .. ... (I,.. ......... ......... ' ' ... :* ,I [A&,$ d,,&&j ' :;: .1 Bank of America NT&SA - Member FDIC .. < ........ ... ' ., ... .. .. ., ...... . ,, I I3t.8 .; I. , I , , , '' ......... ,)' .I . ' ' .' , .... ... ,. r ..,. ...... ,I .. . , ._ .. , I 1. . .. . ,. . .. .. . . 8 .I . .- .. ,; , . .. , I%/ .. .. ; Tor .... a. ., .' &&A/ /dcrLLe. .. .. / """""" ~~. .. - .. . -~. ..." " bUBLICATE DEPOSIT ACCOUNT NAME ~~ DATE 19- This deposit is accepted subject to verification and under the provisions of the uniform commercial code and the rules and regulations of this Bank. SECURITY PACIFIC NATIONAL BANKS Carlsbad Branch 12: 16 ron IN r 645 Elm Avenue, Carlsbad, Calif. 92008 1: L 2 20000 4 31: z 2 21110 2 7 LL Lll' ".""".I ."_ .#,",<" ,,,, -,, ". **DT Stock Cut or Life Custom Design Illustration# Special Cut included 0 Special Art or photo incl. (Art or Photos will not be returned) 1 "-""""""""""""."""""""""" TYPE OR PRINT BELOW COPY TO BE IMPRINTED ON CHECKS-INCLUDE ZIP CODE -1- - I - 1 STARTI (If None, I I gz 2% BY gF wv YO *% 8"1 05 W2 s* 0cL gE SECURITY PACIFIC NATIONAL BANK 3 Carlsbad Branch 645 Elm Avenue, Carlsbad, Calif. 92008 COPY FOR OVER SIGNATURE LINE IMPRINTING 0 EXTRA SIGNATURE LINE REQUIRED. (FOR BUSINESS CHECKS ONLY) 1: L 2 200004 31:4 2 21110 2 7 LLL11' QUANTITY FORM OR STYLE . "I .nJw - 0 Double Window Style (Not Available For Life Checks) 0 Regular Printed Window Style COLOR OR NAME' 1f 0 Double Size Voucher Checks LIFE OR I 3W SERIES 0 3-On-A-Page Business Checks DIPLOMAT 0 CHECK FORMAT 0 Window Envelope d LINO 0 0 0 - Blank Envelopes Available On Request PROFESSIONAL 0 0 0 Single Checks Unless Noted Under Special Instructions VOUCHER NUMBER COLOR OR NAME* BINDER AVAILABLE BLUE BROWN CHECKS ONLY For Use With (Checks At Top Only) CHECK Corner Card Will Be Printed With Address Stiown on NUMBER OF COPIES 0 TOP RECORD-RITE SPECIFY OTHER: S~AAURIT~ PQIFIc NATIONAL BANK s Carlsbad Branch 645 Elm Avenue, Carlsbad, Calif. 92008 1; In Duplicate I/ NUMBER In Triplicate Duplicatc BINDER SELECTION BINDER I1 I I CI Post Storage I I 0 :;:;age 1: L 2 20000 4 31:z 2 21110 2 7 LLLII' I AMOUNT THIS CHECK - /,33Q BALANCE a lilaz 19 $2- A . 4% r $ Lu-&a& \ \p FOR \ TOTAL AMOUNT THIS CHECK [OLO - BALANCE 3 j[ 2z 191- 2 I TO ))-Lk. , * ,? ,\ c ”%) FOR (L&-r TOTAL AMOUNT THIS CHECK / BALANCE ? BAL. BRO'T FO R'D 19x2.- FOR e;t 3,- r TOTAL AMOUNT THIS CHECK I BALANCE 5/ Q-. 7 1983 TO Ed4 b. I FOR 1 I j TOTAL AMOUNT THIS CHECK b BALANCE 0-fG-Q 13 1984 TO nu EdZ \ u FOR - - "4 &a%&- { ( 1 TOTAL AMOUNT THIS CHECK BALANCE - L 4 'E '7 q E T -. -. - - 6 '0 1: E P T S -. -. - 1, E 6 1s i j/l20 I 4 i I ~ I - ~ ~ /I70 -. " " -. -. " -. -. " - - 00 - 00 - - ~~~ OC - - - I - 7 BRO'T BAL. FOR'D a/ Is' 19 g.5". TO Q2 EL! / :: TOTAL T S I AMOUNT THIS CHECK c32 I $ BALANCE FOR 4 s-uxy FOR 4 s-uxy \S I TOTAL AMOUNT THIS CHECK $1; i7& 7 BALANCE ll 2 L 3 19Sb TO &" L / " " " -. -. -. - - - - - - TIL - - - - - - FOR &" \ TOTAL AMOUNT THIS CHECK "337 56 BALANCE 10 Ek%T 1 1 1 FOR‘D ” \\ AMOUNT THIS CHECK BALANCE I/ I I la 2/22 19 87 TO e-m .. A&_ \ Y FOR 937.A.l {- WJ7 - 43dW TOTAL 8”. AMOUNT THIS CHECK ,, l5b-5 ,lp 5/, BALANCE I/ I 1. 13 &%T 1 FOR' D 101 /7 1!3".iI , I I FOR f 1; T \s I TOTAL n I I1 I AMOUNT THIS CHECK $200 33 BALANCE \4 j- 2; 19 1 88' TO t, JP,&L E. VANS / FOR AuhU \T 5 Z"R\lcc t53 , TOTAL AMOUNT THIS CHECK 3x9 OP BALANCE f \3 3-17 19sr TO 5er uRWf ?At) Flt D FoR F~~CAL AGgdT Ck(tJLCG1 1; \s TOTAL AMOUNT THIS CHECK 1384 so BALANCE - - - - - - - - - \1p :tkT 1 FOR D 10 la 19gf I TO Bcl;-tcLi ~~ I AMOUNT THIS CHECK )OB 15- BALANCE / BROT TL BAL. FOR'D 2.1 113 1991 . TO Pk m iL&&-+CL FOR Ah*&;t- TOTAL AMOUNT THIS CHECK 29 c3a BALANCE / 23 +\ 1931 - I TO JsAtA&GB&Bach fD I I FOR =?," & e- 0 I SA al \f, 91 - 7/31/71 P *. TOTAL b1 I. AMOUNT THIS CHECK 971 BALANCE 9 31 5- 199211 TOCL7-7 OF CA-RL5BAi) - - - < FOR A&, mRuftsEm&J?- FaL P4IMGt.r - - a - - - o~ hrLL Ph SEcaRbry PAcrFkL TOTAL Y-H AMOUNT THIS CHECK 798 43 BALANCE 11 II 7 FOR'D EA!. BRO T TO .5uA\ p+ '!" ::i FOR *. TOTAL AMOUNT THIS CHECK Y)o 25 BALANCE Y 41 \ 19qa I TO CJt; 4 \ u 1 2 FOR tho- \ TOTAL I AMOUNT THIS CHECK 256 oo BALANCE 4' -4 qiN9 19q a- March 9, 1995 Sharon Wright Bank of America Carlsbad Village Branch 624 Carlsbad Village Drive Carlsbad, CA 92008-2306 Re: Parking Authority City of Carlsbad Working Capital, Fund 1980 Account #24711-03631 All outstanding bonds of the 1981 Parking Revenue Bond Issue were redeemed on February 1, 1995. The above business checking account was opened when the bonds were issued, and was used for paying expenses related to the bonds, primarily fiscal agent fees. The balance has been maintained at $1,500.00, as required by the trust agreement. After check #I 305 for $1,500.00 clears your bank, please close account number 2471 1 - 03637. This will be the final payment from the account for trustee services. Sincerely, Lisa E. Hildabrand, Finance Director : O! 1- Aletha L. Rautenkranz City Clerk &. 1200 Carlsbad Village Drive Carlsbad, CA 92008-1989 (619) 434-2867 FAX (619) 434-1987 '' BRO'T BAL. FO R'D a\< 197- TO \ 4 c-"M. / FOR&- A, & p& h \ TOTAL AMOUNT THIS CHECK 00 2sB 2o BALANCE 31 I 19 90 TO acre;; cL"L \ FOR s& - oLuUhua % /A& ~ j TOTAL AMOUNT THIS CHECK 76s" 36 BALANCE 2\ ?I a419 93 "0 S"cL& &u" Rhch FOR SA .. ~ \ TOTAL I AMOUNT THIS CHECK 5% I 33" BALANCE CITY OF CARLSBAD - AGENDA BILL AB # CITY ATTI MTG. DEPT. HD. TITLE: DISSOLUTION OF THE PARKING AUTHORITY DEPT. m RECOMMENDED ACTION: CITY MGR Adopt Resolution No. , approving the final audit, dissolving the DRAFT Parking Auth rity, I and approving the transfer of the Authority's assets to the City. ITEM EXPLANATION: On April 19, 1966, the City Council adopted Resolution No. 1264, declaring the need for, and establishing the Parking Authority. In 1969, the Parking Authority issued bonds to fimd the cost of property acquisition and improvements for the parking lot at the Plaza Camino Red Shopping Center. In 1981, a second bond issue was sold to fund the purchase of additional property and to pay for the expansion of the parking lot in conjunction with the expansion of the shopping center. Mer analysis of all fiscal information, the 198 1 bond issue was paid off in February, 1995. The 1969 bond issue matured, and the final payment was made in October, 1995. Redemption of all bonds completed the financial obligations of the Authority, and there is no other business to be conducted. Therefore, there is no longer a need for the Parking Authority, and it is recommended that the Authority be dissolved. Since the Authority owns the parking lot, they would need to dispose of that asset. According to the Streets and Highways Code, the Parking Authority may transfer its assets to the City. The existing Operating Agreement with Plaza Camino Real would remain in effect; therefore, there would be no change in the operation and hnctioning of the parking lot. Should there be a need for a Parking Authority to fbnction in the city at some time in the fbture, Council can once again declare the need, and create a Parking Authority by the adoption of a Resolution. FISCAL IMPACT: z 0 I c 0 a The Parking Authority authorized two series of bonds. The first series (1 969) was issued for a total principal amount of $1,535,000 and was fblly retired in October of 1995. The second series (1981) was issued in a principal amount of $1,500,000, of which the remaining outstanding balance totaling $825,000 was called in February of 1995. All debts of the Authority have been extinguished and the remaining balances in the fbnd totaling $56,705 have been transferred into the General Fund of the City as reimbursement for rentals previously paid to the Authority. EXHIBIT: ~ 6 z 1. Resolution No. approving the final audit, dissolving the Parking Authority, and 0 3 approving the transfer of the Parking Lot to the City. 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, DISSOLVING THE PARKING AUTHORITY, AND APPROVING THE TRANSFER OF AUTHORITY ASSETS TO THE CITY. WHEREAS, the City Council established the Parking Authority on April 19, 1966, by Resolution No. 1264; and WHEREAS, the Authority facilitated the provision of parking facilities at the Plaza Camino Real Shopping Center by selling bonds in 1969 and 1981 to fund the property acquisition and improvements; and WHEREAS, the bonds of the 1969 and 1981 issues have all been redeemed; and WHEREAS, a final audit has been completed for the Parking Authority: and WHEREAS, the Streets and Highways Code provides that th Parking Authority may transfer its assets to the City; and WHEREAS, the City Council finds that there is no longer a need for the Parking Authority. NOW THEREFORE, BE IT RESOLVED by the City Council of th City of Carlsbad, California, as follows: 1. That the above recitations are true and correct. 2 That the final audit for the Parking Authority is hereby approved. 3. That staff is hereby authorized to process the appropriate documents to transfer the ownership of the parking lot from the Parking Authority to the City. 1 1 4. That the City Council hereby designates the City 2 transferred asset. 3 Manager, or his designee, as the person responsible for the 4 5. That the Parking Authority is hereby dissolved once 5 6. That the City Council expresses their appreciation tc 6 the transfer of the parking lot is complete. City Council of the City of Carlsbad on the day of July, 9 PASSED, APPROVED AND ADOPTED at a Regular Meeting of thc 8 all present and former members of the Parking Authority. 7 10 AYES : 11 1996, by the following vote, to wit: l2 II NOES : l3 I/ ABSENT: 14 15 16 CLAUDE A, LEWIS, Mayor 17 11 ATTEST : l8 // 19 20 21 22 ALETHA L. 'RAUTENKRANZ, City Clerk ( SEAL) 23 24 25 26 27 28 2 May 14, 1997 Enis Cruz Audits Division Auditor & Controller County of San Diego 5555 Overland Avenue, Bldg. 11 San Diego, CA 92123 RE: DISSOLUTION OF PARKING AUTHORITY The Carlsbad City Council, at its meeting of September 10, 1996, adopted Resolution No. 96-294, approving the Parking Authority final audit, dissolving the Parking Authority, and approving the transfer of the Authority’s assets to the City. Enclosed for your records is a copy of the Agenda Bill (#13,793) and Resolution (No. 96-294), which approved the dissolution. Also enclosed for your information is a copy of the recorded Grant Deed transferring the Parking Authority assets to the City of Carlsbad. <$* Assistant Ci y Clerk Enclosures Note: 5/14/97 These copies were sent to the County per the request of Cheryl Allen, A Finance Director. K. 1200 Carlsbad Village Drive - Carlsbad, California 92008-1 989 - (61 9) 434-2808 10/17/1996 CO IB ITTEE APPOINTMENT HISTORY 0 Page 1 Committee Appointee Appoint Expire Date Date PARKING AUTHORITY Agatep, Donald Aleshire, Frank Aleshire, Frank Arterburn, Craig Aubel d Ronald Goodwin, Richard Miller, Carl Richards, Zonia 04/19/1994 04/04/1989 05/18/1993 04/19/1994 08/11/1992 04/03/1990 04/16/1991 05/07/1991 09/10/1996 04/30/1993 09/10/1996 09/10/1996 09/10/1996 04/30/1994 09/10/1996 04/30/1994 10/17/1996 .COmITTEE APPLIED HISTORY e Committee Applicant Applied Date Comment PARKTNC AUTHORITY Agatep, Donald Aleshire, Frank Aleshire, Frank Arterburn, Craig Aubel, Ronald Eggleston, Joseph Goodwin, Richard Jones, John Marchioni, Ralph Miller, Carl Nelson, Jim Richards, Zonia Schulte, Lance Varela, George 05/04/1993 01/01/1989 01/01/1993 01/03/1994 07/20/1992 01/31/1991 04/04/1978 03/04/1993 01/02/1996 Several comtes 05/09/1995 03/06/1991 01/18/1995 08/03/1993 01/01/1991