HomeMy WebLinkAboutCC RES 83-101RFSOLUTION NO. 83-101
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PALM DESERT, CALIFORNIA, OF INTENT TO
PROVIDE FOR THE ISSUANCE OF REVENUE BONDS FOR
THE PURPOSE OF PROVIDING FINANCING FOR MULTI-
FAMILY RENTAL HOUSING DEVELOPMENT.
WHEREAS, the City of Palm Desert is authorized by Chapter 7(commencing with
Section 52075) of Part 5 of Division 31 of the Health and Safety Code of the State of
California to issue and sell revenue bonds for the purpose of providing financing for the
construction of multi-family rental housing development within the city; and
WHEREAS, One Quail Place, a California limited partnership, has requested the
city to issue and sell revenue bonds for the purpose of providing financing for the
development and construction of a 384-unit multi-family rental housing development and
appurtenant facilities to be located within the city north of Fred Waring Drive, south of
Parkview, and east of Palm Valley Channel; and
WHEREAS, the city desires to induce the developer to construct said project at
said location within the city; and
WHEREAS, it is in the pubiic interest, for public benefit and in furtherance of the
public purposes of the city that the city authorize revenue bonds for the aforesaid
purpose.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm
Desert, California, as follows:
SECTION 1: The undertaking of the project by the city will be a substantial factor
in the accrual of the public benefits to be received from the project.
SECTION 2: The proposed financing is in accordance with the purposes and
requirements of the act.
SECTION 3: The city will incur indebtedness, by the issuance of revenue bonds, in
an aggregate principal amount of not to exceed $20,000,000 for the purpose
of providing construction and permanent financing to the developer for the
construction of the project.
SEC'TION 4: Such bonds will be payable solely from project revenues to be
received by the city pursuant to a loan agreement or other financing
agreement mutually acceptable to the city and the developer.
SECTION 5: Such bonds shall be issued upon such terms and conditions as may be
mutually agreed upon by the city, the developer and the purchaser of the
bonds, and shall be subject to the completion of proceedings for issuance,
sale and delivery of the bonds by the city.
SECTION 6: The proceeds of the bonds shall include such related and necessary
issuance expenses, administrative costs, debt-service reserves and interest
payments as are legally authorized and required to successfully accomplish
the financing.
SECTION 7: The City Council hereby finds that the issuance of the bonds is a
substantial inducement to the developer to construct the project, and that
said project will further the public purposes of the city.
SECTION 8: It is intended that this resolution shall constitute "some other similar
official action" toward the issuance of indebtedness within the meaning of
•._. the Internal Revenue Code of 1954, as amended.
SECTION 9: The developer shail be responsible for all costs in connection with the
issuance of the bonds, including: printing of the official statement and the
bonds; cost of ratings on the bonds; bond and financial counsel selected by
the city; all other costs incidental to the financing.
PASSED, APPROVED and ADOPTED by the City Council of the City of Palm
RESOLUTION NO. 83-lO1
Desert, California, at a regular meeting held on this 13th day of October, 1983, by the
following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
JACKSON, KELLY, PULUQI, SNYDER, WILSON
NONE
NONE
NONE
SHEILA R. G�,LIAN,
City of Palm Desert,
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