HomeMy WebLinkAboutCC RES 95-059l,.. �I I � r
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RESOLUTION NO. 95-59
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PALM DESERT APPROVING THE ISSUANCE AND
SALE OF NOT TO EXCEED $7,500,000 AGGREGATE
PRINCIPAL AMOUNT OF PALM DESERT REDEVELOPMENT
AGENCY, PROJECT AREA NO. 1, AS AMENDED (ADDED
TERRITORY ONLY), TAX ALLOCATION (HOUSING SET-
ASZDE) REFUNDZNG BONDS, SERIES 1995
RECITAIS:
A. The Palm Desert Redevelopment Agency (the
"Aqency"), has authorized the issuance and sale of not to exceed
$7,500,000 aggregate principal amount of its Palm Desert
Redevelopment Agency, Project Area No. 1, As Amended (Added
Territory Only�, Tax Allacation (Housing Set-Aside) Refunding
Bonds, Series 1995 (the "Bonds"), for the purpose of providing
funds to aid in refinancing a redevelopment project pursuant to
an indenture by and between the Agency and Bank of America
National Trust and Savings Association, as trustee (in the
executed form thereof, the "Agency Indenture").
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM
DESERT HEREBY FINDS, DETERMINES, RESOLVES AND �RDERS AS FOLLOWS:
Section 1. The issuance and sale of not to exceed
$7,500,000 agqregate principal amount of the Bonds by the Palm
Desert Redevelopment Agericy, in accordance with the terms and
conditions set forth in the Agency Indenture, is hereby approved.
Section 2. This Resolution shall take effect
immediately upon adoption.
PASSED, APPROVED and ADOPTED this 13 day of
,7uly , 1995.
ATTEST: -�
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/� City' Clerk
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