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Home My WebLink AboutCC RES 92-109, RESOLUTION NO. 92-109 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT DETERMINING UNPAID ASSESSMENTS, AUTHORIZING THE ISSUANCE OF BONDS AND PROVIDING FOR THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS IN CONNECTION WITH ASSESSMENT DISTRICT N0. 92-1 (SIERRANOVA) RECZTALS: A. On September 24, 1992, the City Council of the City of Palm Desert adopted its Resolution No. 92-94 (the "Resolution of Intention") relatinq to the acquisition of public improvements in connection with Assessment District No. 92-1 (Sierranova) under and pursuant to the provisions of the Municipal Improvement Act of 1913, Division 12 of the Streets and Hiqhways Code (commencing with Section 10000) (the "1913 Act"). B. Pursuant to the Resolution of Intention, the City Council provided that serial bonds or term bonds, or both, would be issued thereunder pursuant to the provisions of the Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code (commencinq with Section 8500) (the "Bond Act"). NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. The City Council hereby authorizes the issuance of bonds under and pursuant to the Bond Act to represent unpaid assessments in accordance with the List of Unpaid Assessments to be prepared by the City Treasurer and maintained on file in the offices of the City Treasurer and the City Clerk. The bonds shall be issued, from time to time, in one or more series, at such rate or rates of interest, in such form or forms, at such maturities and upon such provisions, covenants and conditions, which shall be as specified by the City pursuant to the terms of the Fiscal Aqency Aqreement to be executed by the City as described in Section 3 hereof. In the event that more than one series of bonds is authorized, the City, at its election, may authorize such series by one or more'fiscal aqency agreements upon the security of any assessments unpaid for which bonds are not issued pursuant to the Fiscal Aqency Aqreement described in Section 3 hereof; provided, however, no such bonds shall be authorized in excess of the total aqgreqate amount of the unpaid assessments specified on the List of Unpaid Assessments. 921030 ryc t671 t40 c� �ESOLTJTI0�1 :VO. 92-10`3 -- — - Section 2. The City Council hereby appoints Bank of America National Trust & Savings Association to act as the Fiscal Agent to perform the actions and duties required under the Fiscal Agency Agreement for the authentication, transfer, registration, and payment of the bonds. If the provisions hereof or of the Fiscal Agency Agreement relatinq to the appointment and duties of the Fiscal Aqent are held to be unconstitutional, invalid or unenforceable, such duties shall be performed by the City Treasurer. Subject to the provisions of Section 6 hereof, the Mayor is hereby authorized and directed for and in the name and on behalf of the City, to enter into aqreements with the Fiscal Agent in furtherance of the actions and duties of the Fiscal Agent under this Resolution and the Fiscal Aqency Aqreement for such authentication, transfer, registration and payment of the bonds. Section 3. The Fiscal Agency Agreement, substantially in the form presented to the City Council at this meetinq and now on file in the office of the City Clerk, which Agreement provides, in substance, for the provisions of the issuance and payment and covenants relatinq to the bonds or the series thereof, is hereby approved. Subject to the provisions of Section 6 hereof, the Mayor is hereby authorized and directed to execute the Fiscal Agency Aqreement for and in the name and on behalf of the City, with such changes thereto as the Mayor may require or approve, with respect to the proceedinqs for the assessments for the purposes of the issuance of th� bonds, the —� approval of such changes to be conclusively evidenced by the execution and delivery thereof. Section 4. The preliminary Official Statement relating to the bonds, substantially in the form presented to the City Council at this meetinq and now on file in the office of the City Clerk, is hereby approved. The City Council hereby approves the distribution by Whipple, Kinsell & Co., Inc. (the "Underwriter") of copies of said preliminary Official Statement to persons who may be interested in the purchase of the bonds. Subject to the provisions of Section 6 hereof, the City Manaqer, the City Treasurer and the Mayor, or any of them, are hereby authorized and directed, for and in the name and on behalf of the City, to cause the preliminary Official Statement to be brouqht into the form of a final Official Statement and to execute such additional documents prior to or concurrently with the siqninq of the final Official Statement as they may deem necessary or appropriate to verify the accuracy thereof. The Underwriter is hereby directed to deliver copies ot said final Official Statement to all actual purchasers of the bonds. �.io3o �yc �e�itao �s� — 2 — RESOLL'TIOrd :VO. 92 ' �9 Section 5. The form of the Bond Purchase Aqreement substantially in the form presented to the City Council at this meeting by the Underwriter and now on file in the office of the City Clerk and the sale of bonds pursuant thereto upon the terms and conditions set forth therein are hereby approved and, subject to the provisions of Section 6 hereof, the Mayor is hereby authorized and directed to execute and deliver such Bond Purchase Agreement for and in the name and on behalf of the City, with such changes thereto as the Mayor may require or approve, includinq such matters as are authorized by Section 6 hereof, such approval to be conclusively evidenced by execution and delivery thereof. Section 6. The City Manaqer, the City Treasurer and the Nayor, or any of them, are hereby authorized and directed to act on behalf of the City to establish and determine (i) the agqreqate principal amount of the bonds which amount shall not exceed �2,323,1�9.84; (ii) the interest rates on the bonds, provided that no interest rate on any maturity of the bonds shall exceed 8.25 percent per annum; (111) the tTnderwriter's discount on the bonds, which shall not exceed 1.5 percent of the aqqreqate principal amount of the bonds; and (iv) the final maturity date of the bonds, which shall be not later than September 2, 2017. The authorization and powers deleqated to such officers by this Section 6 shall be valid for a period of 120 days from the date of adoption of this Resolution. Section 7. The City Manaqer, the City Treasurer and the Mayor, or any of thea, are hereby authorized and directed to execute one or more requisitions authorizinq the Fiscal Aqent to pay the costs of issuing the bonds from the proceeds of the bonds pursuant to the Fiscal Aqency Aqreement. Sectian 8. The officers of the City and bond counsel are hereby authorized and directed, jointly and severally, to do any and all thinqa, to execute and deliver any and a2i documents which they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the bonds, or otherwise to effectuate the purpoaes of this Resolution, the Fiscal Aqency Agreement, the Bond Purchase Aqreement and the Official Statement, and any such actions previously taken by such officers or bond counsel are hereby ratified and confirmed. - 3 - RESOLUTION :VO. 9 �09 � PASSED, APPROVED AND ADOPT$D this 12th day of November, 1992. AYES: NOES: ABSENT: ABSTAIN: 3�'?'dSON, S"_IYDER, 'JILS0�1, K�'LLY NONE C�ITES �10'VE ^ , A'I"PE $T : '� ` , j . �r%� �i � � �''V'� `�-C��% �'-� �—� � Sheila R. Gi ligan, Ci y Clerk i'1 , 0 - 4 -