HomeMy WebLinkAboutCC RES 89-011,. . . . .
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RESOLUTION N0. 89-11
� RE$OLUTION OF THS
CITY OF PALM DE$ERT
OF POWERS AGREEMENT
PALM DESERT AND THE
AGENCY
CITY COVNCIL OF THE
APPROVING A JOINT EXFRCISE
BETWEEN THE CITY OF
PALM DEBERT REDEVELOPMENT
RECITALS:
� A. The� Jo1nt Exercie• or Pow�rs �ct, Calirornia
Gov�rnm�nt Cod• S�ction 6500, ��., provid�s that public
: aqanc�.�s by agreement mey jointly •x�raisa any power common to
� th• contracting partiss.
� 8. Tho City and th� Aq�ncy ara ��pubiic ag�n�i�s��
� within th• m�aning of that t�rm und�r 8sction 6302 of such Act.
; C. Amonq tha cammon pow�rs o! th� City and th• AqQncy
� are the power to borrow mon�y by th• isauanca ot bonds, noter or
oth�r obligntionst th• pow�r to ��11 such bondr, noLas or oth�r
� ob2igationst th• pow�r to puz'ch��� such bonds, not�a or othar
� obliqations� and th4 pow�r to acc�pt �inancial a�aistancs from
various public sources. Th• city and th• Aq�ncy desire to
jointly �xorcie�e certain pow�rs common to thant, inoludinq th•
foregoing paw�rs and includinq the expenaion, up qradinq and
' improv�mant ot public c�pital improv�m�nts within thQ City.
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D. ey addinq the provisions o! Artici• 4 to such Act,
th� Stst• Leqislatur• hns provided assistance to reduco local
� borrowinq coats, to help aocoloret• th• construction, rapair and
mainten�nce of public capital improvamants, and to promoto
i grsater usa o! sxisting e�d nnit financial instruments a�nd
, m�ch�nism�.
E. Thort ia a n��d within ths City, consistent with
th• n��d d�scrib�d i3� tha daClaration o! th• State Leqielature
a�t iorth in l�rticl• 4 0! such Act, to axpand, upgr�do and
oth�rwis� improv� th� publio oapital faciliti�s o! local
gov�rnmant n�aeseary to �tuppart th• rihabilitation and
construction ot r�sid�ntial and •conomic dsvelopmant. The nesds
of local qovvrnment !or �inancinq these Lacilitias greatly excesd
tha �mount o! tunds availQbla from sxistinq atate, local and
federel sourcas.
F. Pursuant to Article 4 0! such Act, an authority
cr�at4d purauant to ArtiCl• 1 ot th� Act may ie�sue bond� and may
purchase bonds issu�a by eny laoel ���r�cy •uch as th• City or the
Aq�ncy, at e publio or private sal• and �uch bonds may b• h�ld by
th� authority or avld to public or privata purchae�ers t�t public
or n�qotiated salas.
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' RESOLUTION I�. 89-11
a. Th� city and th• Aqancy d�sir� to �nt�r into txii�
Agream�nt in turth�ranc• of such Act, including Article 4
thereaf.
NOW�THEREFORE, THE CITY COUNCIL OF THE CITY OF PAIM
DESERT HEREHY FIND3, DETERMINES, RLSOLVES 1hND ORDERS AS FOLLOWS;
Section i. The Joint Exorcis� o! Powers Aqreemsnt,
dated as ot January 12, 1989, by and betwean ths City o! Palm
Desert and th� Palm Dssert Redev�lopm�nt �qancy, which has ba�n
pr�s�ntod to ths City Council at thi� mooting and which is on
filo in th• ottica ot th• City Clark, in heraby approv�d, and the
Mayor ia hereby authoriz�d and dir�otad for and on b�hal.! of the
City ot Palm D��ert, to �xecut� and d�liv�r such Aqr�ement for
and on bshalt or th• City.
S�ation 2. Th• pow�r• con��rr�d upon th• Paim D�s�rt
Financinq Authority doscrib�d by such Aqr��m�nt and by Articla 4
of th• Joint Exercise of Powars Act, Calitornit� Gov�rnmant Code
Seation 6500, �#, �,q., will provid� signilicant public b�n�f3ts,
includinq th� tollowing:
� �. Demonstrebi� savinqs in af�ectiva i�t�r�st rato,
; bond pr�paration, bond und�rwritinq and bond printinq co�ts, by `
p�rmittinq th� �luthority, in a'�propriat� circumstanc�s, on its
� own b�half or on b�hal! o! ths City of Palm D���rt or th� Palm
Desart R�d�v�lopm�nt Aq�nay, to s�l�ct an und�rwrit�r to purchase
bonds at a n�qotiat�d �nla. Such appropriats circumstanc�s may
' inaluda, but era not limit�d to, circumatanc�s wh�r• any or the
' aourc�s ot rapaym�nt tor ths bonds are uncommon�and bonds oacursd
' by and payable lrom such sourcee ara rfot brd3narily sold at
; public esl�r
B. Siqniticent reduction in •ltectiva usor charqos
l�vi�d by �he Cfty o� Palm D�s�rt through coop�rativs •rtortd
with th• Palm D���rt Rod�valopm�nt Ag�ncyi
C. Employm�nt b�n�lits lroza undertakinq projeot4 in a
tim4ly fashion, inclu8ing, but not limitad to, indtract
�mployment ben�lits which may arisa or which may b� accaleratad
by und�rtakinq a public capitai improvement proj�ct; and
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RESOLUTION N( '9-11
D. More etlici�nt dalivory o! sarvices to r•aid�ntiai
er►d comm�rcial d�v�lopn�ant by th• C�,ty o! Palm D�ssrt thtough
coopar�ttiv� •�lorta with th• Pa12o- Des�rt R�dovalopnt�nt Aq�ncy.
pAbSBED, APPROVED AND ADOPTED, thi• 26th dtly o�
January �� � 989
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AYEBt
I NOE�:
i ABSENT:
� AHSTAIN:
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ATTEBT:
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� � City Cl
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� 0104�9.6Z(1)
BENSON, CRITES, KELLY, WILSON
NONE
SNYDER
NONE
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