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Home My WebLink AboutCC RES 84-012RE.SOL[TrION N�. 84-12 A RE.SOL�LITION OF THE CITY 00[JNCIL OF �iE CITY OF PAI,M DESERT, CALIFORNIA, AUI'�K�RIZINC� ZNE ISSU- Arrc� �rro sAr� oF rxn � r�ccEEv $i6,ono,�oo �r�cr- PAL AMOf7NT OF CITY OF PAL�hI DESERT MIJLTIFAMILY MOR'PGAGE REVE�]UE A�rIDS ( OTJE QUAIL PLACE PRQ7DCT )� 1984 SERIES A, APPR(7VING REL,ATED DOCUMF..N'I'S AND . OFFICIAL STATEME'I�lr AND AU'.?'fiORIZINC; OFFICIAL ACTI(�N. WHEREA.S, the City of Palm Desert is authorizecl by Chapter 7(cctrmiencinq with Section 52075) of Part 5 of Division 31 of the Health anr7 Safety Code of the State of California to issue ar�d sell revenue bonds for the p�rpose of praviclinq financing for the cnnstruction of multifamily rental housing develop�nent within the City; aryd wHEREA.S, the City proposes tr� issue its City of Palm Desert M.iltifamily Mortaage Revenue Bonds (One Quail Place Project), 1984 Series A, (the "t3onds"), in the aqqreqate principal anount of r�ot to exceed SIF,000,0��, �.aider ar�d pursuant to an Inc9enture of Trust (the "Indenture") dated as of February 1, 19A4, betw�een the City an�3 Union Bank as trustee ( the "Trustee" ); ar�d WHEREAS, A. G. Becker Paribas, Inc�orporatec3 and Bancroft, O'Connor, C7tilton & Lavell, Inc. (the "Underwriters") have sutmitted an offer t�o purchase the Bonds; and WHEREA.S, it is appropriate at this time for the City Council to award the sale of the Bonds ar�d apprave and authorize the execution of the Indenture arr3 other financinct doc�anents relatinq to the Boncis. NOW, ZHEREFORE, BE IT RE.SOLVED by the City Council of the City of Palm Desert, as follows: � SF�TION 1: Sale of Bonds. �he Bonds are hereby awarded to the iJnderwriters, � pursuant to and in acc�ordance with the terms of that certain aqreement, entitled "Purchase Contract" by arr7 betwpen the City arr3 the Underwriters. The Purchase Contract, in substantially the form presented to the City Council at this meetina, ta�ether with any additions thereto or dzanges therein deemed necessary or advisable by the City Manaqer upon the advise of Nazarek, Harper, Hopkins & McFarlin, as bond eounsel to the City, is hereby ac�nraved. The appropriate officers of the City are hereby authorized and directed to execute said Aqreement for and in the naane arX3 on behalf_ of the City. SFCTIC�N 2: Indenture. The Indenture, in substantially the form presented to the City�C,oc�ncil at this meeting, tr�qether with any a�ditions thereto or chanqes therein deemed necessary or advisable by the City Manaqer upon the advise of Nazarek, Harper, ii�pkins & McFarlin, as bond counsel to the City, is hereby �praved. Ttle �propriate officers of the City are hereby authorized and directed tr� execute said aqreement for and in the name and on behalf of the City. SECTION 3: Lender Loan AQreement. �hat certain agreement, entitler3 "Lerx3er Loan Agreement at as of Fehruary 1, 1984, by ar�d anonq the City, the Trustee ar�d the Unitec3 Capital Corporation (the "Lerx3er") in substantially the form presented to the City Council at this meetinc�, toqether with any additions thereto or dzariqes therein deemed necessary or advisable by the City Manaaer upon the ar3vise of Nazarek, Harper, Hopkins & McFarlin, as bond cnunsel to the City, is hereby �prwed. Zhe a�propriate officers of the City are hereby ` authorizer3 and directed to execute said aqreement for and in the name and on behalf of the City. SFCTION 4: Requlatory Agreement. Zhat eertain aare�nent, entitle� "Requlatory Aqregnent" and dated as o£ February 1, 1984, by arid between the City, the Trustee, the Lender and One �uail plaoe, a California li�nited partnership, in substantially the form presented to the City Council at this meetinq, toc�ether with any ac3ditions thereto or chariqes therein deemed necessary or advisable by the City Manaqer upon the ac�vise of Nazarek, Harper, Hopkins & McFarlin, as bonc7 c�ounsel to the City, is hereby appraved. The appropriate officers of the City are hereby authorized and c�irected to execute sai� ac�reement for arx� in the name and on behalf of the City. RESOLtTT'iON N0. 84_12 SDCTION 5: Official Statement. �e Underwriters intend to use an Official Statement in ctinnection with the offerinq and sale of the Bonds. �fie Citv Manaqer is hereby authorizeri arx3 directed to review a form of said Official Statement with the assistance of staff arcl to rec.-artun�nd any chanqes therein or additions thereto dee�►►ed necessary or advisable by the City Manaqer. 14ze a�propriate officers of the City � are hereby authorized and directed to execute saic� Official Statement, toqether with any such changes arxj additions, for and in the name and on behalf of the City. SECTIC7N 6: Official Action. All actions heretofore taken by the officers and aqents o e ity with respect to the sale and issuance of the Bonds are hereby appraved, confirnied and ratified, and the Mayor, the City Clerk, the Finance Director, the City Manaqer and any aryd ail other officers of the City are hereby authorized arxl directed, for arid in the name arx3 on behalf of the City, to c.b any and all things arx9 take any and all actions relatinq to the execution and delivery of any and all certificates, re4uisitions, aqreements and other documents, includinq but not limiteci to those described in the Purchase Contract, which they, or any of them, may �3eem necessary or advisable in order to consimmate the lawful issuance ar�d delivery of the Bonds in accordance with the Purchase Contract, the Inclenture and this resolution. SECTION 7: Effective Date. 'Ihis resolution shall take effect frcm arrl after its a option. PASSE�, APPROVm and ADOPTm by the City Council of the City of Palm Desert, California, at a reqular meetinq held on this 26th day of January , 1984, by the followinq v�ote, to wit: � AYES: JACKSON, KELLY, PULUQI, WILSON & SNYDER . � NOES: NONE ��': NONE ABSTAIN: NONE i �� i, ;%, • - . , � , � � _ -, WALTER STIYDER, Mayor ATTF'�ST: i %' H I . GI I�AN, ity er City of Palm Desert, ' ornia .