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Home My WebLink AboutCC RES 93-097CITY OF PALM DESERT RESOLUTION NO. 93-97 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, APPROVING A FIRST SUPPLEMENT TO FISCAL AGENT AGREEMENT AND AUTHORIZING THE EXECUTION AND DELIVERY THEREOF. WHEREAS, the City Council of the City of Palm Desert (the "City") has formed the Community Facilities District No. 91-1 (the "District") under the provisions of the Mello-Roos Community Facilities Act of 1982, as amended (Section 53311 et seq. of the California Government Code) (the "Act"), and Resolution N. 92-22 of the City Council, adopted on March 12, 1992; WHEREAS, under the provisions of the Act, on May 14, 1992, the City Council of the City of Palm Desert (the "City") adopted its Resolution No. 92-34, which Resolution, among other matters, authorized the issuance of the City of Palm Desert Special Tax Bonds, Series 1992A (the "1992A Bonds") in the aggregate principle amount of $11,870,000 upon the security of the unpaid special taxes and provided that said issuance would be in accordance with the Act and a Fiscal Agent Agreement dated as of July 1, 1992�(the "Fiscal Agent Agreement"), between the City and the Bank of America National Trust and Savings Association (the "Fiscal Agent"), and authorized the execution thereof; WHEREAS, it is in the public interest and for the benefit of the City, the District and the persons responsible for the payment of special taxes that the City provide for the modification of the disbursement of proceeds of the Bonds and the disposition of the special taxes securing the Bonds; WHEREAS, the City has been presented with the form of a First Supplement to Fiscal Agent Agreement which is to be approved pursuant to this Resolution, and the City has examined and approved said document and desires to authorize and direct the execution and delivery of said document by the City Manager; and NOW, THEREFORE, BE IT RESOLVED by the CITY COUNCIL OF THE CITY OF PALM DESERT as follows: Section 1. The proposed form of First Supplement to Fiscal Agent Agreement, dated as of October 1, 1993, between the City and the Fiscal Agent (the "First Supplement to Fiscal Agent Agreement"), submitted to the City and attached hereto as Exhibit A, and the terms and conditions of the First Supplement to Fiscal Agent Agreement, which ar hereby incorporated by reference, are hereby approved. The City Manager of the City is directed to file a copy of said form of First Supplement to Fiscal Agent Agreement with the minutes of the meeting, and the City Manager of the City RESOLUTION NO. 93-97 is authorized and directed to execute and deliver the First Supplement to Fiscal Agent Aqreement in substantially the form submitted to this meetinq, with such additions thereto or chanqes therein which he may deem necessary or desirable and as counsel to the City or Bond Counsel may require or approve, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the First Supplement to Fiscal Agent Agreement. Section 2. This Resolution shall take effect from and after its adoption. PASSED, APPROVED and ADOPTED this 28th day of October, 1993, by the City Council of the City of Palm Desert, California by the following vote, to wit: AYES: Crites, Kelly, Snyder, Wilson NOES: None ABSENT: Benson ABSTAIN: None 0 rn ATTEST: , , L, � �;. 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GILLIGAN, C�t Clerk City of Palm Desert, CaJlifornia ./ m FIRBT BIIPPLa�ca�rr zo Bisc�►r. �►a�rr �►a�$� by ana b�tM��n CITY OF P]1L1[ DEBERT and BAN1C OF �ICA �171TIO�DIL '1'itIIBT ]1�iD BAVI�iG ABBOCIl1TION, • • as !'i�oal 7►q�nt Dat�d a� o! �Tov�ab�r 1, 1993 Relatinq to City oi Pala D�s�rt Coasunitp Faoiliti�s Distriat �io. 91-i (Indian Ridq� Publia lsprov�monts) Bpeaisl Taz Honds, Bari�s 1992A I FZRBT BIIPPLffidEl�l'P TO FIBCl1L AC�B1dT AC�REEl�BNT THIS FIRST SUPPLEMENT TO FISCAL AGENT AGREEMENT (the "Supplemental Agreement") is made and entered into as of November 1, 1993, by and between the CITY OF PALM DESERT, California, a municipal corporation, organized and existing under and by virtue of the Constitution and laws of the State of California (the ��City") , for and on behalf of the COIrIIKiJNITY FACILITIES DISTRICT NO. 91-1 (Indian Ridqe Public Improvements, County of Riverside, State of California (the "District"), and BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, a national banking association, duly organized and existing under the laws of the United States of America with a principal corporate trust office located in Los Angeles, California, as fiscal agent (the "Fiscal Agent"). W I T N E S S E T H WHEREAS, the City Council of the City has formed the District under the provisions of the Mello-Roos Community Facilities Act of 1982, as amended (Section 53311 e e. of the California Government Code) (the "Act"), and Resolution No. 92-22 of the City Council, adopted on March 12, 1992; WHEREAS, the City Council, as the legislative body with respect to the�District, is authorized under the Act to levy special taxes to pay for the costs of facilities and services within the District and to authorize the issuance of bonds secured by said special taxes under the Act; WHEREAS, under the provisions of the Act, on May 14, 1992, the City Council of the City adopted its Resolution No. 92-34, which resolution, among other matters, authorized the issuance of the City of Palm Desert Special Tax Bonds, Series 1992A (the "1992 Bonds") in the aggregate principal amount of $11,870,000 upon the security of the unpaid special taxes and provided that said issuance would be in accordance with the Act and a Fiscal Agent Agreement dated July 1, 1992, between the City and the Fiscal Agent (the "Fiscal Agent Agreement"), and authorized the execution thereof; WHEREAS, it is in the public interest and for the benefit of the City, the District, the persons responsible for the payment of special taxes and the owners of the Bonds that the City enter into this First Supplement to Fiscal Agent Agreement to provide for the modification of the disbursement of proceeds of the Bonds and the disposition of the special taxes securing the Bonds; -1- 9330000G.LA1 WHEREAS, the City has determined that the modifications made hereunder will not materially adversely affect the Bonds and the Owners thereof; and WHEREAS, all things necessary to cause the authorization, execution and delivery of this First Supplement to Fiscal Agent Agreement have in all respects been duly authorized; NOW, THEREFORE, in consideration of the covenants and provisions herein set forth and for other valuable consideration the receipt and sufficiency of which is hereby acknowledge8, the parties hereto do hereby agree as follows: ARTICLE I Section First Supplement pursuant to the Agreement. Section The provisions, performed by or be for the equal Owners. STATUTORY AUTHORITY AND DEFINITIONS 1.01. Authority for this Agreement. This to Fiscal Agent Agreement is entered into provisions of the Act and the Fiscal Agent 1.02. Aareement for Benefit of Bondowners. covenants and agreements herein set forth to be on behalf of the City and/or the District shall benefit, protection and security of the Section 1.03. No Material Adverse Affect on Bonds. The City finds that the provisions, covenants and agreements herein set forth shall not materially adversely affect any Outstanding Bond or Bondowner pursuant to Section 8.01 of the Fiscal Agent Agreement. Section 1.04. Definitions. Unless the context otherwise requires, the capitalized terms used herein shall have the meanings set forth in the Fiscal Agent Agreement. ARTICLE II Section 2.01. Amendment to Fiscal AQent Agreement. (a) Section 4.02 of the Fiscal Agent Agreement is hereby amended to add the following subparagraph: "(D) Property Tax Escrow Account. There is hereby established a separate account held by the Fiscal Agent to be known as the Community Facilities District No. 91-1 (Indian Ridge Public Improvements) Property Tax Escrow Account, to the credit of which the Fiscal Agent shall transfer the sum of $665,382.08 from the Improvement Fund. Moneys in the Property Tax Escrow Account shall be held in trust for the -2- 9330000G.LA1 benefit of the Owners of the Bonds, shall be disbursed for the payment of a portion of special taxes levied against properties within the District for the 1993-94 fiscal year which are used to pay principal of and interest on the Bonds as provided below, and, pending such disbursement, shall be subject to a lien in favor of the Owners of the Bonds." (b) The last sentence of Section 3.03(A) of the Fiscal Agent Agreement is hereby amended in its entirety to read as follows: "Moneys in the Improvement Fund, including the Subaccounts therein, if any, shall be held by the Fiscal Agent for the benefit of the City, shall be disbursed (except as otherwise provided in Subsection (D) of this Section and Subsection (D) of Section 4.02) for the payment or reimbursement of costs of the Project or Costs of Issuance." On or about December 1, 1993 and April 1, 1994 the Fiscal Agent is hereby authorized to accept for deposit to the Property Tax Escrow Account the sum of $204,682.71 on each date from the Sunrise Corporation on behalf of Sunrise Desert Partners, a California limited partnership (the "Developer") constituting a portion of the first and second installments of special taxes due and payable by the Developer for the 1993-94 Fiscal Year. Upon receipt of such funds, the Fiscal Agent shall immediately disburse the sum of $537,358.71 on each such date along with the appropriate bills for property taxes deposited by the Developer with the Fiscal Agent to the Treasurer-Tax Collector of the County of Riverside by certif ied mail, return receipt requested. Neither the City nor the Fiscal Agent make any representation regarding the sufficiency of such funds to pay the Developer's property taxes. ,� -3- 9330000G.LA1 IN WITNESS WHEREOF, the City has caused this First Supplement to Fiscal Agent Agreement to be executed in its name on behalf of the District and the Fiscal Agent has caused this Agreement to be executed in its name, all as of November 1, 1993. CITY OF PALM DESERT, for and on behalf of CONIIrliJNITY FACILITIES DISTRICT NO. 91-1 (Indian Ridge Public Improvements), COUNTY OF RIVERSIDE, STATE OF CALIFORNIA i By: City Manager BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, as Fiscal Agent By: Authorized Signatory -4- 9330000G.LA1