HomeMy WebLinkAboutCC RES 96-60i -ool- ioou
RESOLUTION NO. 96-60
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM DESERT APPROVING THE ISSUANCE OF TAX
ALLOCATION REVENUE BONDS (DESERT ROSE
PROJECT), 1996 SERIES A AND 1996 SERIES B BY THE
PALM DESERT REDEVELOPMENT AGENCY
THE CITY OF PALM DESERT HEREBY FINDS, DETERMINES, RESOLVES
AND ORDERS AS FOLLOWS:
Section 1. Approval of Issuance of Bonds. The City Council hereby approves the
issuance of Tax Allocation Revenue Bonds (Desert Rose Project), 1996 Series A and 1996 Series
B (the "Bank') by the Palm Desert Redevelopment Agency (the "Agency") pursuant to the Agency's
resolution entitles: "A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF ITS TAX ALLOCATION REVENUE BONDS (DESERT
ROSE PROJECT), 1996 SERIES A AND 1996 SERIES B, AND THE EXECUTION AND
DELIVERY OF A TRUST INDENTURE AND A PURCHASE CONTRACT APPROVING A
PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN
CONNECTION THEREWITH, AUTHORIZING THE EXECUTION AND DELIVERY OF
OTHER DOCUMENTS, AND MAKING CERTAIN FINDINGS" and the purchase and resale of
such bonds by the Palm Desert Financing Authority (the "Authority") pursuant to the Authority's
resolution entitled: "A RESOLUTION OF THE PALM DESERT FINANCING AUTHORITY
AUTHORIZING THE EXECUTION AND DELIVERY OF A PURCHASE CONTRACT
RELATING TO THE PALM DESERT REDEVELOPMENT AGENCY TAX ALLOCATION
REVENUE BONDS (DESERT ROSE PROJECT) 1996 SERIES A AND 1996 SERIES B,
AUTHORIZING THE EXECUTION AND DELIVERY OF OTHER DOCUMENTS AND
MAKING CERTAIN FINDINGS."
Section 2. Findings. The City Council hereby finds and determines that "significant
public benefits," as defined in Section 6586 of the Marks -Roos Local Bond Pooling Act of 1995
(Article 4 of Chapter 5 of Division 7 of Title of the California Government Code) will be derived
by the Agency in undertaking the issuance of the Bonds and their sale to the Authority and resale
by the Authority in furtherance of the corporate purposes of the Agency.
Resolution No. 96-60
Section 3. Effective Date. This Resolution shall become effective immediately upon
adoption.
APPROVED AND ADOPTED this 12th day of September, 1996.
AYES: BENSON, CRITES, KELLY, SPIEGEL. SNYDER
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
Sheila R. Gilligan, City Clerk /
2
Walter H. Snyder, Mayor