HomeMy WebLinkAboutRes 92-34 CFD 91-1 Indian Ridge INTEROFFICE MEMORANDUM
CITY OF PALM DESERT
DATE : MAY 14 , 1992
TO: CITY MANAGER, HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: EXECUTIVE DIRECTOR, REDEVELOPMENT AGENCY
SUBJECT: COMMUNITY FACILITIES DISTRICT 91-1 (INDIAN RIDGE PUBLIC
IMPROVEMENT DISTRICT
Recommendation:
That the City Council adopt Resolution No. 92-34 - a resolution
authorizing the issuance of Special Tax Bonds for the City of Palm
Desert Community Facilities District No. 91-1 ( Indian Ridge Public
Improvements) , approving and directing the execution of a fiscal
agent agreement, funding and acquisition agreement and approving
other related documents and actions .
BackcTround:
At its meeting of March 12 , the City Council held a public hearing
regarding the Indian Ridge Public Improvement District and
approving the establishment of said district . At this meeting, for
Council ' s consideration are the documents required for the issuance
of Bonds . Those documents consist of :
A. Fiscal Agent Agreement
B . Funding and Acquisition Agreement
C. Finalized Official Statement
D. Bond Purchase Contract
E . Bond Form
The Fiscal Agent for this Bond Issue will be Bank of America. The
Bank of America has an extensive amount of experience acting as a
Fiscal Agent for numerous bond issues, including our Agency Bond
Issue .
The Funding and Acquisition Agreement is the basic agreement
between Sunrise Desert Partners and the City regarding each other' s
obligation in the development of the Mello-Roos and the
construction of the improvements . Essentially, the public
improvements will be constructed by Sunrise with the Community
Facilities District purchasing such improvements . The timing of
the Bond Issue will be determined by the City to coordinate with
the developer' s schedule for the completion of the design and
construction of the public facilities .
RESOLUTION NO. 92-34
The Official Statement describes the bond issue and the public
entity offering the Bonds . It also outlines the types of bonds and
the terms and conditions attached to them. It is used as a
marketing tool for the bonds. The types of bonds to be issued will
be Special Tax Bonds of the City of Palm Desert Community
Facilities District 91-1, as authorized pursuant to the Mello-Roos
Community Facility Act of 1982, not to exceed fifteen million
dollars ($15, 000, 000) with a maturity date not to exceed 40 years.
The Bond Form and Purchase Contract will be accomplished with Stone
and Youngberg, a company which has had an extensive amount of
bonding experience. The Contract is presented as to form
authorizing the City Manager to negotiate and accept the purchase
price of the Bonds. The resolution, however, limits the
Underwriter' s discount to two ( 2) points .
Carlos L. Ora
Executive Director
CLO:DY:mh
Attachments
CITY COUNCIL TION:
APPROVED DENIED
RECEIVED OTHER
MEETING DATE E) u c
AYES: CJ 6_ ______ Jr)
NOES: v\CJ19
ABSENT: Le-DA/1 1 �CJ
ABSTAIN: yCMn \J
VERIFIED BY: 1c� ryyvL.41.Q
Original on File wit1' City Clerk's Office
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