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HomeMy WebLinkAboutCC RES 03-058RESOLUTION NO. 03-58 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT MAKING A FINDING OF SIGNIFICANT PUBLIC BENEFIT AND OTHER FINDINGS IN CONNECTION WITH THE ISSUANCE AND SALE OF TAX ALLOCATION REVENUE BONDS (PROJECT AREA NO. 3), SERIES 2003, OF THE PALM DESERT FINANCING AUTHORITY RECITALS: WHEREAS, the Palm Desert Financing Authority (the "Authority") has proposed to sell and issue its Tax Allocation Revenue Bonds (Project Area No. 3), Series 2003 (the "Bonds"); and WHEREAS, proceeds of the Bonds are to be applied for the purpose of making a loan to the Palm Desert Redevelopment Agency (the "Agency") for the object and purpose of assisting in the financing of certain public capital improvements of benefit to Project Area No. 3 of the Agency, including (i) the construction of sidewalks along 42nd Avenue, (ii) the installation and construction of sewer mains along Merle Street, (iii) the reconstruction of Merle Street, and (iv) the installation and construction of curb and gutter improvements along Merle Street; and WHEREAS, pursuant to Section 6586.5 of the California Government Code and Section 33679 of the California Health and Safety Code and after notice duly published in accordance with law, this City Council held a public hearing on this date with respect to the proposed financing and received evidence concerning the public benefits therefrom; and WHEREAS, there has been made available in the office of the City Clerk for two weeks prior to such public hearing for public inspection and copying, at a cost not to exceed the cost of duplication, a summary report which includes all of the following; (i) estimates of the amount of such taxes allocated to the Agency from Project Area No. 3 proposed to be used to pay for the installation and construction of such public capital improvements, including interest payments; (ii) facts supporting the determinations required to be made by the City Council pursuant to California Health and Safety Code Section 33445; and (iii) the redevelopment purpose for which such taxes are being used to pay for the installation and construction. 729262v3 1 Resolution No. 03_58 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Recitals. The above recitals, and each of them, are true and correct. Section 2. Approval of Financing. The City Council hereby finds that the financing of public capital improvements described above through the issuance by the Authority of the Bonds will result in significant public benefits to the constituents of the Agency and the City of Palm Desert, including demonstrable savings in effective interest rate and more efficient delivery of Agency and City services to residential and commercial development. The City Council hereby approves the issuance of the Bonds by the Authority. Section 3. Further Findings. The City Council hereby finds and determines that based upon the Summary Report Regarding Payment by the Palm Desert Redevelopment Agency for the Cost of the Installation and Construction of Certain Public Capital Improvements of Benefit to Project Area No. 3, which Report was made available at the office of the City Clerk in connection with the public hearing described in the Recitals hereof, and other information presented to the City Council: (i) the above -described public capital improvements are of benefit to the Project Area and to the immediate neighborhood in which the project is located; (ii) the payment of funds for the cost of such public capital improvements will assist in the elimination of one or more blighting conditions inside the Project Area; (iii) the payment of funds for the cost of such improvements is consistent with the Agency's implementation plan adopted pursuant to Health and Safety Code Section 33490; and (iv) no other reasonable means of financing such improvements is available to the City. Section 4. Approval of Payment by Agency. The City Council hereby approves payment by the Agency for the cost of the installation and construction of the above -described improvements from tax increment revenues of the Agency from Project Area No. 3. Section 5. Other Acts. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they may deem necessary or advisable in order to effectuate the purposes of this Resolution and any such actions previously taken by such officers are hereby ratified and confirmed. 729262-3 Resolution No. 03-58 Section 6. Effective Date. This Resolution shall take effect immediately upon adoption. APPROVED and ADOPTED this 24thday of April , 2003. AYES: NOES: ABSENT: ABSTAIN: CRITES, FERGUSON, KELLY, BENSON NONE SPIEGEL NONE JE ATTEST: R = HELLE D. LASSEN, CITY CLE K BENSON, MAYOR 729262-3