HomeMy WebLinkAboutCC RES 03-079RESOLUTION NO. 03-79
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 PALM
DESERT FINANCING AUTHORITY ASSESSMENT REVENUE BONDS
SERIES 2003
RECITALS:
WHEREAS, the Palm Desert Financing Authority (the "Authority") is a joint powers
authority duly organized and existing under and pursuant to Articles 1 through 4 (commencing
with Section 6500), Chapter 5, Division 7, Title 1 of the California Government Code and that
certain Joint Exercise of Powers Agreement, dated as of January 26, 1989, by and between the
City of Palm Desert (the "City") and the Palm Desert Redevelopment Agency, and is authorized
pursuant to Article 4 of the Act to issue bonds for the purpose of financing the acquisition of
bonds, notes and other obligations of the City, including those issued by the City for its
assessment districts, to provide financing and refinancing for public capital improvements; and
WHEREAS, the Authority has proposed to sell and issue its Palm Desert Financing
Authority Assessment Revenue Bonds Series 2003 (the "Bonds"); and
WHEREAS, proceeds of the Bonds are to be applied by the Authority to purchase the
following proposed bond issuances of the City: (a) City of Palm Desert, Silver Spur Ranch
Utility Undergrounding Assessment District No. 01-01, Limited Obligation Improvement Bonds,
Series 2003 (the "AD 01-01 Bonds"), (b) City of Palm Desert, Assessment District No. 94-2
(Sunterrace), Limited Obligation Refunding Improvement Bonds, Series 2003 (the "AD 94-2
Refunding Bonds"), and (c) City of Palm Desert, Assessment District No. 94-3 (Merano), Limited
Obligation Refunding Improvement Bonds, Series 2003 (the "AD 94-3 Bonds"); and
WHEREAS, the AD 01-01 Bonds will be issued pursuant to and under the Improvement
Bond Act of 1915, as set forth in Division 10 (commencing with Section 8500) of the California
Streets and Highways Code, for the purpose of financing public capital improvements relating to
the conversion of certain utilities to underground service in the City's Silver Spur Ranch Utility
Undergrounding Assessment District No. 01-01; and
WHEREAS, the AD 94-2 Refunding Bonds and the AD 94-3 Refunding Bonds will be
issued pursuant to and under the Refunding Act of 1984 for 1915 Improvement Act Bonds, as
set forth in Division 11.5 (commencing with Section 9500) of the California Streets and
Highways Code, for the purpose of refunding certain bonds previously issued by the City to
finance public capital improvements in the City's Assessment District No. 94-2 (Sunterrace)
("AD 94-2") and Assessment District No. 94-3 (Merano) ("AD 94-3"); and
WHEREAS, in Tight of currently favorable market conditions, the City expects that the
issuance of the AD 94-2 Refunding Bonds and AD 94-3 Refunding Bonds will result in the
lowering of the amount of the annual assessments to be levied in AD 94-2 and AD 94-3; and
WHEREAS, pursuant to Section 6586.5 of the California Government Code, after notice
duly published in accordance with law, the City Council of the City (the "City Council") held a
public hearing on this date with respect to the proposed financing;
P6401.1031\733543.3
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RESOLUTION NO. 03-79
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 Authority's
issuance of the Bonds to provide financing and refinancing of public capital improvements in the
assessment districts of the City will result in significant public benefits to the constituents of the
City, including demonstrable savings in effective interest rate and more efficient delivery of City
services to residential and commercial development. The City Council hereby approves the
issuance of the Bonds by the Authority.
Section 3. 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.
wit:
Section 4. Effective Date. This Resolution shall take effect immediately upon adoption.
APPROVED and ADOPTED this 22'd day of May, 2003, by the following vote to
AYES: CRITES, FERGUSON, KELLY, SPIEGEL, BENSON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
RACHELLE D. KLASSEN, CITY CLERK'
P6401.1031\733543.3
JE M. BENSON, MAYOR
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