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HomeMy WebLinkAboutCC RES 92-034RgSOLUTION NO. 92-34 A R$SOI,UTION AUTHORIZING THB ISSUANCB pF SP$CIAL TA% BONDS FOR CITY OF PALM D$SBRT CQlQ�iJNITY FACILITISS DISTRICT NO. 91-1 { INDIAN RIDGS PUBLIC IMPROVBMSNTS), APPROVIIdG AND DIRSCTING Ti� SBgCU'1'ION OF A FISCAL AGBNT AGR$$I�NT, FUNDING AND ACQUISITION AGRBBKSNT AND APPROVING trl'FISR RSLATSD DOC[JI�NTS AND ACTIONS. 1. The City Council of the City of Palm Desert (the '�City") has conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), to form the City of Palm Desert Community Facilities District No. 91-1 (indian Ridge Public Improvements) (the "District"), to authorize the levy of special taxes upon the land within the District, and to issue bonds secured by said special taxes the proceeds of which are to be used to finance certain facilities (the "Facilities"}, all as described in the resolutions entitled, "A Resolution of Formation of City of Palm Desert Community Facilities District No. 91-1 (indian Ridge Public Improvements), Authorizing the Levy of a Special Tax Within the District, Preliminarily Estabilishing an Appropriations Limit for the District and Submitting Levy of the Special Tax and the Establishment of the Appropriations Limit to the Qualified Electors of the District" and "A Resolution Determining the Necessity to Incur Bonded Indebtedness within the City of Palm Desert Community Facilities District No. 91-1 (Indian Ridge Public Improvements) and Submitting the Proposition to the Qualfffed Electors of the District", adopted March 12, 1992; and 2. Pursuant to said resolutions, an election was held within the District on March 12, 1992 and the qualified electors approved the propositions of the incurrence of the bonded debt and the levy of the special tax by more than two-thirds of the votes cast at said special election; and 3. There have been submitted to this City Council certain docwnents providing for the issuance of bonds for the District and the use of the proceeds of those bonds to finance the Facilities and this City Council, with the aid of City staff, has reviewed said documents; and 4. All conditions, things and acts required to exist, to have happened and to have been performed to and in the issuance of said bonds and the levy of said special taxes as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. R$SOLUTION NO. 92-34 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement (hereafter defined), special tax bonds for the District desiqnated as "City of Palm Desert Community Facilities District No. 91-1 (Indian Ridge Public Improvements) Special Tax Bonds, Series 1992A" (the "Bonds") in an aggregate principal amount not to exceed $15,000,000 are hereby authorized to be issued. The Bonds shall be executed in the form set forth in and otherwise as provided in the Fiscal Agent Agreement described below provided that in no event shall the net interest cost of the Bonds exceed nine percent (9$), nor shall the maturity date of the Bonds exceed forty (40) years. Section 2. The proposed Fiscal Agent Agreement by and between the City and Bank of American National Trust and Savings Association, as Fiscal Agency dated as of April 15, 1992 (the "Fiscal Agent Agreement") with respect to the Bonds and the proposed from of Fundinq and Acquisition Agreement between the City and Sunrise Desert Partners, a California limited partnership (the "Acquisition Agreement"), each in the form presented to this City - Council at this meeting, are hereby approved. The City Manager is hereby authorized and directed to execute and deliver the Fiscal Agent Agreement and the Acquisition Aqreement in substantially said forms, with such chanqes therein as are approved by the City Manager upon consultation with District Counsel including such additions or chanqes as are necessary or advisable in accordance with Section 7 hereof and the insertion of the final terms of the Bonds as reflected in the executed Purchase Contract (as defined below), the approval of such changes to be conclusively evidenced by the execution and delivery of the Fiscal Agency Agreement and the Acquisition Agreement by the City. The date, �anner of payment, interest rate or rates, interest payment dates, denominations, form, reqistration privileqes, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Fiscal Aqent Agreement as finally executed subject to the provisions of Section 1 hereof. Additionally, the proposed form of the Joint Community Facilities Financing Agreement between the Desert Sands Unified School District and the Coachella Valley Water District regarding the disposition of fees paid by Bond proceeds and authorizing the City Attorney to negotiate and execute final forms. Section 3. The proposed form of purchase contract for the Bonds (the "Purchase Contract") between the City and Stone & Youngberq (the ��UnQerwriter"), in the form presented to this meeting, is hereby approved. The City Manager is hereby authorized and directed to accept the offer of the Underwriter to purchase the �� R.BSOLUTION NO. 9�-34 Bonds contained in the Purchase Contract and to execute and delivery the Purchase Contract in said for�e, with such changes therein as are recommended or approved by such officer upon consultation with District Counsel (provided that not additions or changes shall result in an underwriter's discount in excess of 2.0$y, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the City of the Purchase Contract. This City Council hereby finds and determines that the sale of the Bonds at negotiated sale as contemplated by the Purchase Contract will result in a lower overall cost. Section 4. The City hereby covenants, for the benefit of the Bondowners, to commence and diliqently pursue to completion any foreclosure action regarding delinquent installments of any amount levied as a special tax for the payment of interest or principal of the Bonds, said foreclosure action to be commenced and pursued as more completely set forth in the Fiscal Aqent Agreement. Section 5. The proposed form of official statement relating to the Bonds (the "Official Statement"), in the form of the preliminary official statement presented to this meetinq, is hereby approved. The City Manaqer is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Official Statement in said form, with such additions thereto or changes therein as are recommended or approved by the City Manager upon consultation with District Counsel, the approval of such additions or chanqes to be conclusively evidenced by the execution and delivery by the City of said Official Statement. The Underwriter is hereby authorized to distribute copies of said official Statement to persons who may be interested in the purchase of the Bonds and is directed to deliver copies to all actual purchasers of the Bonds. Distribution by the Underwriter of a preliminary official statement relatinq to the Bonds substantially in the form of the Official Statement presented to this meetinq is hereby approved and authorized. The City Manaqer is hereby authorized to execute a certificate or certificates to the effect that such preliminary official statement was deemed "final" as of its respective date for purposes of Rule 15c2-12 of the Securities Exchange Act of 1934, and is authorized to so deem such statement final. �ection 6. The Bonds, when executed, shall be delivered to the Fiscal Agent for authentication. The Fiscal Agent is hereby requested and directed to authenticate the Bonds by executing the Fiscal Agent's certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and � RSSOLUTION HO. 9"-34 authenticated, to the Underwriter in accordance with written instructions such offic�r is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver to the Fiscal Agent. �Such instructions shall provide for the delivery of the Bonds to the Underwriter or its desiqnee in accordance with the Purchase Contract, upon payment of the purchase price therefor. Section 7. All actions heretofore taken by the officers and agents of the City with respect to the establishment of the District and the issuance of the Bonds are hereby approved, conf irmed and ratif ied, and the proper of f icers of the City are hereby authorized and directed to do any and all thinqs and take any and all actions and execute any and all certificates, agreements and other docwnents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this resolution, and any certificate, agreement, and other document described in the documents herein approved. Section 8. This resolution shaZl take effect �rom and after its adoption. I HEREBY CBRTIFY that the foregoinq resolution was duly and regularly adopted by the City Councfl of the City of Palm Desert, Riverside County, California, at a meeting thereof, held on the 14th day of May, 1992, by�the followinq vote, to wit: AYSS: NOES: ABSENT: ABSTAIN: CRITSS, WILSON, SNYDBR NON� BENSON, KELLY NONE / ! walter H. Snyder, A nq Mayor ATTEST: _� �..�. L.�., �, - �^\ ��--�;"L.. �-E- l, L� . Sheila R illiqan, Ci y C er � 4