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Home My WebLink AboutCC RES 94-118-1 �, -1J' �--f � RESOLUTION NO. 94-118 ASSESSMENT DISTRIGT NO. 94-2 (SUNTIERRACE) RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT AUTHORIZING THE ISSUANCE OF THE LIMITED OBLIGATION IMPROVEMENT BONDS, ASSESSMENT DISTRICT NO. 94-2 (SUNTERRACE), 1994 APPROVING A FISCAL AGENT AGREEMENT, AN OFFICIAL STATEMENT AND A BOND PURCHASE AGREEMENT, AUTHORIZING TI� CITY MANAGER AND DIRECI'OR OF FINANCE TO SET T� FINAL TERMS FOR 1'HE SALE OF T�� BONDS, AUTHORIZING TI� PAYMENT OF COSTS OF ISSUII�IG THE BONDS, AND MAKING CERTAIN DETERMINATIONS RELATING THERETO WHEREAS, on September ?2, 1994, the City Council (the "City Council") of the Ciry of Palm Desert (the "City") adopted Resolution No. 94-104, a resolution of intention (the "Resolution of Intention," to order the acquisition of certain public improvements (the "Public Improvements") within and for Assessment District No. 94-2 (Sunterrace} (the "Assessment District"), pursuant to the provisions of Division 12 of the Streets and Highways Code of the State of California, the Municipal Improvement Act of 1913; VVHEREAS, the Resolution of Intention provides for the issuance of bonds in the manner provided by Division 10 of the Streets and Highways Code of the State of California, the Improvement Bond Act of 1915, to represent and be secured by unpaid assessments levied on parcels of property within the Assessment District; and WHEREAS, the City proposes to issue not to exceed �1,832,000 aggregate principal amount of the Limited Obligation Improvement Bonds, Assessment District No. 94-2 (Sunterrace), (the "Bonds"), the proceeds of which will be used to finance the cosu of the Public Improvements; and WHEREAS, there has been presented to the City Council a form of Fiscal Agent Agreement providing for the issuance of the Bonds; and WHEREAS, there has also been presented to the City Council a form of preliminary official statement relating to the Bonds and a bond purchase agreement between the City and Stone & Youngberg (the "Underwriter") pursuant to which the Underwriter has offered to purchase the Bonds from the City all on the terms and conditions set forth therein; and WHEREAS, the City is authorized to sell the Bonds on a negotiated basis pursuant to Improvement Bond Act of 1915, Division 10 (commencing with Section 8500) of the Streets and Highways Code of the State of California; RES7LUTION N0. 94-118 NOW, 'IT�REFORE, the City Council of the City of Palm Desert, California, DOES HEREBY RFSOLVE as follows: Section 1. Annroval of Issuance of Bonds. The issuance of not to exceed 51,832,000 aggregate principal amount of the Bonds in order to finance the Public Improvements is hereby authorized and approved. Section 2. Fis�ent A�eement The form of Fisral Agent Agreement dated as of December 1, 1994 by and between the City and Bank of America National Trust and Savings Association, as fiscal agent (the "Fiscal Agent Agreement"), presented at the meeting at which this resolution is adopted is hereby approved and the Mayor of the City and the City Clerk are hereby authorized and directed, for and in the name of and on behalf of the City, to execute, aclmowledge and deliver the Fiscal Agent Agreement in substantially the form presented at said meeting with sucb changes thereto as the officers executing the same may approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 3. Annointment of Fiscal AQent Bank of America National Trust and Savings Association is hereby appointed as Fiscal Agent (the "Fiscal Agent") pursuant to the Fiscal Agent Agreement, to take any and all action provided for therein to be taken by the Fiscal Agent Section 4. Official StatemenL The form of preliminary official statement relating to the Bonds and presented to this meeting is hereby approved. The preparation of a final official statement relating to the Bonds is hereby approved and the City Manager or the Director of Finance is hereby authorized and directed, for and in the name and on behalf of the City, to e�cecute and deliver a final official statement containing such changes from the preliminary official statement as may be approved by the officer executing the same and the distnbution of such preliminary and final offiaal statements in connection with the sale of the Bonds is hereby authorized Either the City Manager or the Director of Finance is authorized to certify to the Undetwriter that the preliminary official statement is in "final" fo�m for purposes of Rule 15c2-12 of the Securities and Exchange Commission (Section 240.15c2-12 in Chapter II of Title 17 of the Code of Federal Regulations), and to execute an appropriate certificate stating the Cit}rs determination that the preliminary official statement has been deemed 5na1 within the meaning of such Rule. Secrion 5. Form of Bonds. The form of the Bonds as set forth in the Fiscal Agent Agreement is hereby approved. The City Treasurer and City Clerk are hereby authorized and directed to execute by manual or facsimile signature, in the name and on behalf of the City and under its seal, the Bonds in either tempor�y and/or definitive form and to deliver the Bonds as provided in the Fi,scal Agent A.greement to. the Underwriter in accordance with the terms and provisions of the Fiscal Agent Agreement Section 6. Bond Purchase A�er„ ement The form of Bond Purchase Agreement (the "Bond Purchase Agreement") ,as presented at the meeting at which this resolution is adopted to be entered into between the City and the Underwriter, and the sale BJS235924 -2- RESOLIITION NO. 94-118 of the Bonds pursuant thereto and upon the terms and conditions set forth therein is hereby approved and, subject to such approval and subject to the provisions of Section 7 hereo� the City Manager or the Director of Finance is hereby authorized and directed to evidence the City's acceptance of the offer made by the Bond Purchase Agreement by executing and delivering the Bond Purchase Agreement in said form with such changes therein as the officer executing the same may approve and such matters as are authorized by Section 7 hereo� such approval to be conclusively evidenced by the execution and delivery thereof. Section 7. � Manager or Director of Finance Authorized to Establish Final �'erms of Sale of Bonds. The City Manager or the Director of Finance, based on such advice as he may deem necessary, is hereby authorized and directed to act on behalf of the Ciry to establish and determine (i) the final principal amount of the Bonds, which amount shall not exceed a1,832,000; (ii) the final interest rates on various maturities of the Bonds, provided that the average of such rates shall not exceed ten percent (10%) per annum; and (iu) the Underwriter's discount for the purchase of the Bonds, which amount shall not exceed three percent (3%) of the aggregate pri.ncipal amount of the Bonds (exclusive of any original issue discount). Section 8. Reauisirions. The City Manager, or his designee, is hereby authorized and directed to execute one or more requisitions authorizi�ng the Fiscal Agent to pay the costs of issuing the Bonds from the proceeds of the Bonds, all pursuant to the Fiscal A.gent Agreement. Section 9. Filing of CDAC Notice. The City Council hereby approves the filing by bond counsel, Best, Best & Krieger, of a notice of the City's intent to sell the Bonds with the California Debt Advisory Commission pursuant to Section 8855 of the California Government Code. Section 10. Other Acts, The officers and staff of the City are hereby authorized and directed, jointly and severally, to do any and all things, to execute and deliver any and all documents, which in consultation wit� staff, counsel to the City and bond counsel, they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds or otherwise effectuate the purposes of this resolution, and any and all such actions previously taken by such officers or staff inembers are hereby ratified and confirmed. � Section 11. Effective Date. 'I'his resolution shall take effect upon adoption. BJS235924 '3' RE£OLUTION N0. 94-118 PASSED, APPROVED AND ADOPTF.D this lOth day of November, 1994 by the following vote: � AYFS: BENSON, KELLY, SNYDER, WIISON, CRITES NOFS: NorrE . ABSENT; xorrE ABSTAIIV'ED; rtorrE � i�� G� / . i /L � � BUFORD 1�� CRITES , MAYOR C1Lj► O�'ip`�m DCSCri, CaLfornia 0 City of Palm 1 � ; a �. BJS235924 �