HomeMy WebLinkAboutCC RES 91-100 ____r_�._._____�_.
RESOLUTiON N0. 91-100
A RESOLUT I ON OF THE C i TY COUNC i L OF 1'HE C I TY
OF PALM DESERT DECLARING ITS INTENTION TO
CAUSE TO BE REiMBURSEO FROM THE PROCEEDS OF
TAX-EXEMPT BONDS MONEYS OF THE C [?Y TO BE
EXPENOED FOR A PORTION OF THE COST OF THE
EXPANSION OF THE CIV1C CENTER AND THE
[NSTALlATION AND CONSTRUCTION Of THE NORTH
PORTOLA STORM DRAIN
THE CITY COUNC [ L OF THE CITY OF PALM DESERT HEREBY
FINDS . DETERM [ NES, RESOLVES AND OROERS AS FOLLOWS :
Section 1 . The City of Palm Oesert has awarded a
construction contract in connection with the expansion of the
Ctvic Center , Such expansion will include the addition of
approximately 20 , 000 square feet of gross building area to the
CSvfc Center . The expanded area will provide additional office
space for the Palm Desert Redevelopment Agency administrative
offices a�d for offices to be occupied by the Finance Department
of the Clty. The expansion is being undertaken pursuant to the
City' s C ( vic Center Master Plan . The Ctty has also entered into
a construction contract for the construction of the North Portola
Storm Drain . The storm drain extends from the Whitewater Channei
to Country C1ub Drive . The storm drain is being instalied
pursuant to the City' s Master Drainage Plan . Pursuant to prior
resoiutions , agreements , understandings or budget considerations
of the Ctty and the Agency, portions of the cost of the expansion
and of the storm drain have been ellocated to the Agency. 8oth
the expans t on and the storm dra i n have an economi c 1 i fe of at
least one year .
Section 2 . No moneys of the Ctty. the Age�cy or the
Authority are , or are reasonably expected to be, available on a
lang-term basis under the resPective budgets of the City, the
Agency or the Authority. to pay for the portion of the cost of
the expansfo� which as been alioceted for payment by the Agency.
No moneys of the C i ty, the Age�cy or the Author i ty are, or are
reasonably expected to be, available on a long-term basis under
the respective budgets of the City. the Agency or the Authority ,
to pay for the portion of the cost of storm drain which has been
allocated fo� payment by the Agency.
Section 3 . 7he City expects that the Agency will
issue . or that the Authority will issue, tax-exempt bonds sec��red
by and payabie from taxes ailocated to the Agency from the Added
Territory of ProJect Area No . 1 of the Agency , and that the
proceeds of such bonds will be used to pay for the costs of the
expansion and the storm drain which have been ellocated to the
Agency . The City expects that it wfll incur certain costs in
connection with the expansion and storm drain prior to issuing
the bonds . The costs of the expansio� wiil be paid from moneys
on hand in the new construction tax fund of the City' s General ,
RESOLUTION NO. 91-100
Fund. Tr�e costs of the storm dra i n have been � and w i 1 1 be pa i d
from moneys on hand in the drainage fund of the City' s General
Fund .
Section 4 . Pursuant to Treasury Regulation
Sections 1 . 103 - 17 , the City hereby declares its intention to
cause to be reimbursed the new construction tax fund of the
City ' s General Fund that portion of the cost of the expansion
allocated for payment by the Agency . The City intends that such
reimbursement be made from the proceeds of tax-exempt bonds to be
issued by the Agency or to be issued by the Authority and loaned
to the Agency . The City and the Agency have previously taken
certain actions indicating their obJective and reasonable
expectation that the Agency would reimburse all of the
expenditures which have been paid to date from the proceeds of
tax-exempt bonds of the Agency secured by and payable from taxes
allocated to the Agency from the Added Territory of ProJect Area
No . l . Ail such expenditures were made after September 8, 1989 .
Pursuant to Treasury Regulation Sections 1 . 103- 17 , the City
hereby declares its intention to cause to be reimbursed the
drainage fund of the City' s General Fund that portion of the cost
of the sub,ject storm drain allocated for payment by the Agency
( and which expenditures are made after September 8, 1991 ) from
the proceeds of tax-exempt bonds to be issued by the Agency or by
the Authority and loaned to the Agency.
PASSED , APPROVED AND ADOPTED this 22nd day of Al1dLCt ,
1991 .
A Y E S : CRI'TES, F�I.Y, WII.SON, SNYDIIt
N 0 E S : Np�
ABSENT: g�19pN
ABSTA I N : Np� G�_, �
%
Mayor
A'fTEST: '
,� // 'i;
_ ./ r,�. . ����,<� -t..•
Shpila R. illigar�' City Clerk
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