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Home My WebLink AboutCC RES 98-097�� .-� �� .-. �.. RESOLUTION NO. 98-97 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $4,480,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF DESERT, ASSESSMENT DISTRICT NO. 94-1 (BIGHORN), SUBORDINATE LIMITED OBLIGATION IMPROVEMENT BONDS, SERIES B, AND THE EXECUTION AND DELIVERY OF A SUPPLEMENTAL FISCAL AGENT AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT, A OFFICIAL STATEMENT AND STATEMENT IN CONNECTION PALM 1998 PURCHASE CONTRACT AND AN APPROVING A PRELIMINARY OFFICIAL THEREWITH RECITALS: A. On April 14, 1994, the City Council of the City of Palm Desert (the "City Council") adopted its Resolution No. 94- 42, as amended by Resolution No. 94-57, adopted by the City Council on May 26, 1994 (the "Resolution of Intention") relating to the acquisition and construction of Series A improvements and Series B improvements under and pursuant to the provisions of the Municipal Improvement Act of 1913 (Streets and Highways Code Section 10000, � sea.) within Assessment District No. 94-1 (Bighorn) (the "Assessment District"} and pursuant to the 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") to finance the Series A Improvements and Series B Improvements. B. On July 14, 1994, after conducting a duly noticed public hedring, the City Council adopted a resolution orde�ing the Series A improvements and the Series B improvements and confirming the proposed assessment against parcels in the Assessment District to finance the Series A improvements and the Series B improvements. C. Notice of the recordation of the assessments and of the time within which assessments were to be paid in cash was duly published and mailed in the manner provided by law, and the time so provided for receiving payment of assessments in cash expired, and the official designated as collection officer for cash payments of such assessments filed with the City Clerk a list of all assessments which remained unpaid. D. In 1994, the City issued its City of Palm Desert, Limited Obligation Improvement Bonds, Assessment District No. 94- 590Pid P6402-QC�GO1 syc 16'?351 � RESOLIITION NO. 98-97 1(Bighorn), 1994 Series A in the aggregate principal amount of $6,945,000 to finance the acquisition and construction of the Series A Improvements. � E. The City Council desires to issue its City of Palm Desert, Subordinate Limited Obligation Improvement Bonds, Assessment District No. 94-1 (BIGHORN), 1998 Series B(the "Series B Bonds") to finance the acquisition and construction of the Series B Improvements. 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 $4,480,000 aggregate principal amount of City of Palm Desert, Assessment District No. 94-1 (BIGHORN), Subordinate Limited Obligation Improvemer�t Bonds, 1998 Series B under and pursuant to the Act. Section 3. The form of Supplemental Fiscal Agent Agreement relating to the Series B 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 Supplemental 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 Supplemental Fiscal Agent Agreement. Section 5. The form of Purchase Contract relating to the Series B Bonds, by and between Redwood Securities Group, Inc. and Kinsell, 0'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 hereb� authorized and directed, for and in the name and on behalf of the City, to accept the offer of the Underwriter to purchase the Series B 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 � � � L� 9EOd1E P6402-OOOC: syc 16�335: 3 — 2— �..,, RESOLUTION NO. 98-97 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 $4,480,000, 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 Series B Bonds, or a final maturity later than September 2, 2025. � rr � Section 6. The form of Preliminary Official Statement relating to the Series B 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 Series B 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 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 Series B Bonds. Section 7. The form of the Continuing Disclosure Agreement relating to the Series B Bonds, by and among 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 Series B Bonds, or otherwise ^ to effectuate the purposes of this Resolution, the Supplemental Fiscal Agent Agreement, the Official Statement, the Purchase Contract and the Continuing Disclosure Agreement, and any such �.. .0:,3:3 P640_-OC^v"�: syc 16�3351 3 — 3— RESOLUTION NO. 98-97 actions previously taken by such officers are hereby ratified and confirmed. Section 9. This Resolution shall take effect immediately upon adoption. PASSED, APPROVED and ADOPTED this 27th day of August, 1998. AYES: Crites, Kelly, Spiegel, Benson NOES : None ABSENT : Ferguson ABSTAIN : None T: Sheila R: ` lligan,/JCity Clerk � 990P:d P640�-00001 syc 16'335: 3 — 4 —