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RESOLUTION NO. 97- 95
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT DETERMINING THAT THE PUBLIC INTEREST REQUIRES
THE REFUNDING OF THE OUTSTANDING BONDS OF COMMUNITY
FACILITIES DISTRICT NO. 91-1 DECLARING ITS INTENTION TO
REFUND SUCH BONDS
WHEREAS, the City Council (the "City Council") of the City of Palm Desert (the
"City") by resolutions authorized the issuance and sale of special tax bonds for Community
Facilities District No. 91-1, City of Palm Desert, County of Riverside, State of California (the
'District"), pursuant to the Mello -Roos Community Facilities Act of 1982, as amended (the
"Bond Act"); and
WHEREAS, separate issues of bonds for the District designated "City of Palm Desert
Community Facilities District No. 91-1 (Indian Ridge Public Improvements) Special Tax
Bonds Series 1992-A and City of Palm Desert Community Facilities District (Indian Ridge
Public Improvements) Series 1995 Special Tax Bonds were issued in the aggregate principal
amounts of S 11,870,000.00 and S12,385,000.00 respectively, and a portion of each of said
issue of bonds remain outstanding as of the date of the adoption of this resolution; and
WHEREAS, the Bond Act authorizes the refunding of bonds issued through the
issuance of refunding bonds; and
WHEREAS, the City Council has determined that the public interest requires the
refunding of the outstanding bonds of the District as permitted and pursuant to proceedings
to be conducted in accordance with the Bond Act;
NOW, THEREFORE, the City Cquncil of the City of Palm Desert, California, DOES
HEREBY RESOLVE as follows: '
Section 1. Refunding. The public interest requires the refunding of the outstanding
bonds of the District, and it is the intention of the City Council to refund said outstanding
bonds through the issuance of refunding bonds.
804565.1
PASSED, APPROVED and ADOPTED this 23rd day of October, 1997 by the
following vote:
AYES:
NOES:
Benson, Crites, Snyder, Spiegel, Kelly
None.
ABSENT: None.
ABSTAINED: None.
ATTEST:
2
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SHEILA R. GILLI'I;AN,
CITY CLERK OF THE CITY`OF PALM DESERT
STATE OF CALIFORNIA
RICHARD S. KELLY, MAYOR OF HE CITY
OF PALM DESERT, STATE OF ' ALIFORNIA
2
I, Sheila R. Gilligan, City Clerk of the City of Palm Desert, California, do hereby
certify that the foregoing Resolution was regularly 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 following vote of the Council:
AYES:
NOES:
ABSENT:
ABSTAINED:
Benson, Crites, Snyder, Spiegel, Kelly
None.
None.
None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal
of the City of Palm Desert, California, this _ 23rd day of- • tob.er , 1997.
City Clerk of'the City of P. m Desert,
California
804865.1 3
STATE OF CALIFORNIA )
) ss.
COUNTY OF RIVERSIDE )
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.
97_95and that the same has not been amended or repealed.
Dated: October 23 ,1997.
City Clerk of the City Of Palm
Desert, California
804865.1 4