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Home My WebLink AboutCC RES 98-101r ---, RESOLUTION NO. 98-101 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM �� DESERT AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $44,671,057 AGGREGATE PRINCIPAL AMOUNT OF CITY OF PALM DESERT, ASSESSMENT DISTRICT NO. 98-1 (THE CANYONS AT BIGHORN), LIMITED OBLIGATION IMPROVEMENT BONDS, SERIES 1998 AND THE EXECUTION AND DELIVERY OF A FISCAL AGENT AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT, A PURCHASE CONTRACT AND AN OFFICIAL STATEMENT AND APPROVING A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION THEREWITH RECITALS: A. On July 9, 1998, the City Council of the City of Palm Desert (the "City Council") adopted its Resolution No. 98-82 (the "Resolution of Intention") relating to the acquisition and construction of public improvements under and pursuant to the provisions of the Municipal Improvement Act of 1913 within Assessment District No. 98-1 (The Canyons at Bighorn) (the "Assessment District"), and by such Resolution of Intention, the City Council provided that serial bonds, term bonds, or both, would be issued thereunder pursuant to the provisions of the �..� Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code, commencing with Section 8500 (the "Act"). � B. On August 27, 1998, after conducting a duly noticed public hearing, the City Council adopted a resolution ordering the acquisition and construction of the proposed improvements and confirming the proposed assessment against parcels within the Assessment District. C. Following the expiration of the 30-day cash collection period, a list of the assessments remaining unpaid will be filed with the City. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: correct. Section 1. The above recitals are all true and Section 2. The City Council hereby authorizes the issuance of not to exceed $44,671,057 aggregate principal amount of City of Palm Desert, Assessment District No. 98-1 (The Canyons at Bighorn), Limited Obliga�ion Improvement Bonds, Series 1998 (the "Bonds") under and pursuant to the Act to represent ,,., assessments remaining unpaid at the expiration of the 30-day cash collection period. � 996�=d �G40?-C�G.^.�": syc lf.%:3�95 2 RESOLUTION NO. 98-101 � Section 3. The form of Fiscal Agent Agreement relating � to the Bonds, by and between the City and the Fiscal Agent � appointed in Section 4 hereof, presented at this meeting and on file in the office of the City Clerk, is hereby approved, and the Mayor is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Fiscal Agent Agreement in substantially the form on file with the City Clerk and presented at this meeting, with such additions thereto or changes or insertions therein as may be approved by the Mayor {such approval to be conclusively evidenced by such execution and delivery). Section 4. U.S. Bank Trust National Association is hereby appointed as Fiscal Agent under the Fiscal Agent Agreement. Section 5. The form of Purchase Contract relating to the Bonds, by and between Redwood Securities Group, Inc. and Kinsell, O'Neal, Newcomb & De Dios, Inc. (together, the "Underwriter") and the City, presented at this meeting and on file in the office of the City Clerk, is hereby approved, and the Mayor is hereby authorized and directed, for and in the name and on behalf of the City, to accept the offer of the Underwriter to purchase the Bonds as reflected in the Purchase Contract and to execute and deliver the Purchase Contract in substantially the form on file with the City Clerk and presented at this meeting, with such additions thereto or changes or insertions therein that hereafter become necessary in the interest of the City and which are approved by the Mayor (such approval to be conclusively evidenced by such execution and delivery); provided, however, that such additions to and changes and insertions in the Purchase Contract shall not specify a principal amount greater than $44,671,057, an average interest rate in excess of eight and one- half percent per annum, an underwriter's discount in excess of two percent (exclusive of original issue discount, if any) of the aggregate principal amount of the Bonds, or a final maturity later than September 2, 2030. Section 6. The form of Preliminary Official Statement relating to the Bonds, presented at this meeting and on file with the City Clerk, is hereby approved. The execution by the Mayor of a certificate deeming said Preliminary Official Statement final as of its date, except for certain final pricing and related information, pursuant to Securities and Exchange Commission Rule 15c2-12, is hereby authorized. The Underwriter is hereby authorized to distribute copies of said Preliminary Official Statement as so deemed final to prospective purchasers of the Bonds. The Mayor is hereby authorized and directed, for and in the name and on behalf of the City, to execute a final official statement in substantially the form of such deemed final preliminary official statement, including such final pricing and 9E0818 P6402-0�001 syc '.6�3345 2 ' 2— �_ RESOLUTION NO. 98-101 related information and with such additions thereto or changes or insertions therein as may be approved by the Mayor (such approval �"' to be conclusively evidenced by the execution and delivery of such official statement). The Underwriter is hereby authorized to distribute copies of said final official statement to all actual purchasers of the Bonds. Section 7. The form of the Continuing Disclosure Agreement relating to the Bonds, by and between the City, MBIA MuniFinancial and BIGHORN Development, LLC, presented at this meeting and on file in the office of the City Clerk, is hereby approved, and the Mayor is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Continuing Disclosure Agreement in substantially the form on file with the City Clerk and presented at this meeting, with such additions thereto or changes or insertions therein as may be approved by the Mayor (such approval to be conclusively evidenced by such execution and delivery). Section 8. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things, to execute and deliver any and all documents which they may deem necessary or advisable in order to consummate the '�" issuance, sale and delivery of the Bonds, or otherwise to effectuate the purposes of this Resolution, the Fiscal Agent Agreement, the Official Statement, the Purchase Contract and the `'� Continuing Disclosure Agreement, and any such actions previously taken by such officers are hereby ratified and confirmed. Section 9. This Resolution shall take effect immediately upon adoption. 1 ••: PASSED, APPROVED and ADOPTED this 27th day of August, AYES: CRITES, KELLY, SPIEGEL, BENSON NOES: NONE ABSENT: FERGUSON ABSTAIN: NONE � ATTEST: , • �.,. � / L� ti/ `,, Sheila R. Gil igan, ity Clerk ya09:8 P6402-JG4•^,: >yc 167334� � — 3—