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Home My WebLink AboutCC RES 95-101. . RESOLUTION NO. 95-101 l ��? - `'' - : RESOLUTION APPROVING FORM OF SECOND SUPPLEMENT PROVIDING FOR THE FORM, EXECUTION AND ISSUANCE OF SERIES 1995 SPECIAL TAX BONDS; APPROVING THE FORM OF PURCHASE CONTRACT; APPROVIlVG T'HE FORM OF AND DISTRIBUTION OF A PRELIlVIINARY OFFICIAL STATEMF.NT; AND AUTHORIZING CITY STAFF TO TAKE NECESSARY ACI'IONS AND TO PREPARE NECESSARY DOCUMENTS IN CONNEGTION WITH THE I5SUANCE AND SALE OF 'I'�iE 1995 SPECIAL TAX BONDS CONflV1UMTY FACII�TTIES DISTRICT NO. 91-1 (Indian Ridge Pnblie Improvements) 1. The City Council of the City of Palm Desert (the "City'� established Community Facilities District No. 91-1 (Indian Ridge Public Improvements) ("CFD 91-1'� and issued the S 11,870,000 of Community Facilities District No. 91-1 (Iadian Ridge Public Improvements) Special Tax Bonds, Series 1992A (the "1992 Bonds'� all pursuaat to the Mello-Roos Community Facilities Act of 1982 ("Act") and a Fiscal Agent Agreement ("Fiscal Agent Agreement") by and between the City and Bank of America National Tn�st and Savings Associatioq as fiscal agent ("Fiscal Agent'�; and • 2. The proceedin�s relating to the fo�ation of CFD 91-1 and the Fiscal Agent Agieement authorize the issuance of additional bonds secured by special taxes levied within CFD 91-1 upon the satisfaction of certain conditians; and 3. There has been presented to this Cit}f Council the form of a Second Supplement to Fiscal Agent Agi�eement ("Second Supplement'� relating to the issuance of Community Facilides District No. 91-1 (Indian Ridge Public Improvements) Special Tax Bonds, Series 1995 (the "1995 Bonds'�; aad 4. There has beea presented to this City Council the form of a bond purchase agreement for the sale of the 1995 Bonds ("Purchase Contract") by and between the City and Stone & Youngberg (the "Undervvriter'�; and 5. There has been pres�nted to this City Council the form of a Preliminary Official Statement ("Preliminary Official Statement'� relating to the proposed offering of the 1995 Bonds; and 6. There has been presented to this City Council aa appraisal of all land within CFD 91-1 subject to the levy of special taxes which has been prepared in accordance with the Fiscal Agent Agreement, the Act and the guidelines of the City relating to the issuance of 1995 Bonds under the Act; (1) u�si�noo36: v�. i � RESOLUTION NO. 95-101 The City Council of the City of Palm Desert (the "City") does hereby resolve, order and direct as follows: 1. This City Council hereby approves the issuance of approximately $13,000,000 of the Special Tax Bonds Series 1995 (the "1995 Bonds") by Community Facilities District No. 91-1, City of Palm Desert, Riverside County, California ("CFD 91-1"). The 1995 Bonds shall be executed in the form set forth in the Second Supplement; provided t�at in no event shall the net interest cost of the 1995 Bonds exceed seven and three-quarters percent (7 3/4%), nor shall the maturity date of the 1995 Bonds exceed thirty (30) years. 2. The form of Second Supplement as presented ai this moeting and the issuance of the 1995 Bonds in accordance therewith is hereby approved. The City Manager is authorized to execute the Second Supplement on behalf of the City with such changes as shall be approved by the City Manager aft�r consuitation with Best, Best 8t Kreiger ("District Counsel'�. The signature of the City Manager on the Second Suppleme.nt shall be conclusive evidence of fhe approval by the City of the Second Supplement � 3. The form of the Purchase Con�act is hereby approved. The City Manager of the City is autharized to execute the Purchase Contract on behalf of the City in substantially the form presented at this meeting with such changes as shall be approved by the City Manager after consultation with District Counsel; pmvided that ia no eveat shall the undetwriter's discount exceed one and one-half percent (1.5%), plus aa amount not to exceed $25,000 to pay underwriter's counsel fees aad expenses. 4. The form of the Preliminary Offcial Statement describing the 1995 Bonds is hereby approved. The City Manager of the City or his designee is hereby authorized and directed, at the time of the delivery of the 1995 Bonds, for aad in the aame and on behalf af the City, to execute a final Official Statement in substantially the form of the Preliminary Official Statement submitted to this meeting, with such additions thereto or chaages therein as such ufficer executing such instrument may require or approve, after-consultation with Muni Finaacial Services, Inc. (the "Financial Adviso�'�. The signaiure of the City Manager or his designee on the final Official Statement shall be conclusive evidence of the approval, by the City, of the final Official Statement The City Manager, the City Treasur�r or their designees are authorized to certify on behalf of the City that the Preliminary Official Statement is "deemed final" as of its date, within the meaning of Rule 15c2-12 promulgated under the Securities Exchange Act of 1934 (except for the omission of certain pricing, rating and related information as permitted by said Rule). . S. The officers and employees of the City are hereby authorized and duected, jointly and severally, w do aay and all things which they may deem nocessary or advisable in order to consummate the issuaace aad sale of the 1995 Bonds herein authorized to carry out, give effect to and comply with the terms and intent of this Resolution, the Fiscal Agent Agreement, the Purchase Contract and the Second Supplement The Mayor, the City Manager of the City, and other officers and employees of the City are hereby authorized and directed to execute and i2) LA�952640036: Vea. 1 �. 1 `. RESOLUTION NO. 95-1�� deliver any and all legal documents necessary and desirable to accomplish the transactions set forth above, including Continuing Disclosure Agreement 6. All actions heretofore taken by the officers, employees and agents of the City with respect to the sale, execution and delivery of the 1995 $onds and the other actions authorized and contemplated herein are hereby approved, confirmed and ratified. 7. This resolution shall take effect from and after its date of adoption. .�s PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the Ciry of Palm Desert held on the 9th day of November, 1995, by the following vote on roll call: AYES: BENSON, KELLY, SNYDER, SPIEGEL, CRITES � NOES: NONE �sETj'I': NONE CITY OF PALM DESERT Riverside Coun Califomia • J J- - � � ti.�=-�=�--r/�' -�-. -� By- --- . _ Mayor ATTEST: � � �� (�� L' � / ,�L_ �l:J�-l-i. � , ��-7 �J"�� l.L � ✓\, City Clerl� U U 1.A�952b40036: Vrn. 1 (3)