HomeMy WebLinkAboutCC RES 95-066RESOLUTION NO. 95-66
RESOLUTION OF THE CITY COUNCZL OF THE CITY OF PALM
DESERT EMPLOYING BOND CODNSEL AND DESIGNATING
UNDERWRITER FOR THE PURPOSE OF THE ISSUANCE AND
SALE OF BONDS OF ASSESSMENT DISTRICT NO. 83-1,
NORTH SPHERE ASSESSMENT DISTRICT NO. 84-1-R AND
ASSESSMENT DISTRICT NO. 87-1 FOR REFUNDING THE
OUTSTANDING BONDS OF SAID ASSESSMENT DISTRICTS
���ool
WHEREAS, the City Council (the "City Council") of the
City of Palm Desert (the "City") has determined that it is in the
best interest of the City that the outstanding bonds of Assessment
District No. 83-1, North Sphere Assessment District No. 84-1-R and
Assessment District No. 87-1 (the "Assessment Districts") be
refunded, and that proceedings be had and bonds be issued for that
purpose pursuant to Division 11.5 (commencing with Section 9500) of
the California Streets and Highways Code (the "Refunding Act of
1984 for 1915 Improvement Act Bonds"); and
WHEREAS, it is necessary that the City Council employ
legal counsel for the purpose of preparing the necessary documents
for and supervising such proceedings and to act as bond counsel in
connection with the issuance and sale of such bonds; and
WI-IEREAS, the City Council has further determined that if
such bonds are sold, it will be in the best interest of the City
that the bonds be sold on the basis of a negotiated sale, and that
it is therefore desirable that the City Council select an
investment banking firm to act as underwriter with respect to the
purchase and sale of such bonds;
NOW, THEREFORE, the City Council of the City of Palm
Desert, California, DOES HEREBY RESOLVE as follows:
Section 1. Best, Best & Krieger is employed to perform
all legal services with reqard to the preparation of the necessary
documents for and to supervise the proceedings pursuant to the levy
of reassessments as security for the bonds which may be issued for
the purpose of refunding the outstanding bonds of the Assessment
Districts, and to act as bond counsel in connection with the
issuance and sale of such bonds; and that such firm shall be
compensated for the performance of such services on the basis of
the existing agreement between it and the City reqarding the
performance of such services.
Section 2. Redwood Securities Group, Inc., is selected
and designated as the underwriter with regard to the purchase and
sale of such bonds, if they are issued and sold.
PASSED, APPROVED AND ADOPTED this 13th day of July, 1995
by the following vote:
AYES: Benson, Kelly, 5nyder, Spiegel, Crites
NOES : none
ABSENT: none
ABSTAINED: none
—� � � �1-� % -.
/ / � �
// /�:✓ , - �r : �-
�
Buford Crites, Mayor of the City of
� j�
Palm Desert, State of California
� ,
►T�EST: �- ��� `
i ��� �� l'y,
" Sheila R. illigan,%
City Clerk of the C' y of
Palm Desert, State of California
R7A272589 � i �
I, Sheila R. Gilliqan, City Clerk of the City of Palm
Desert, California, do hereby certify that the foregoing Resolution
was reqularly introduced and adopted by the City Council of the
City of Palm Desert, State of California, at a regular meeting
thereof held on the 13th day of July, 1995 by the followinq vote of
the Council:
AYES: Benson, Kelly, Snyder, Spiegel, Crites
NOES : none
ABSENT: none
ABSTAINED: none
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the afficial seal of the City of Palm Desert, California,
this �' ���'`� day of ' , 1995.
,--
' _ /' ,:;'
�,/
� , �� � - � � -C��C' -�,�,�..
,,�' City Clerk of` the City�f
Palm Desert, CalifornY.
,
R2A272589
-3-
STATE OF CALIFORNIA )
) ss.
COUNTY OF RIVERSIDE j
I, Sheila R. Gilligan, City Clerk of the City of Palm
Desert, California, DO HEREBY CERTIFY that the above and foregoing
is a full, true and correct copy of Resolution No.95-n6and that the
same has not been amended or repealed.
DATED:
Julv 19
r 1g95•
,) +/! ' "�� ,j :
�` ! '�' �
�� L�� �-G t✓ - i'��,L./; i���c ��—
City Clerk of the City; of
Palm Desert, California
RTA272589 � 4 �