HomeMy WebLinkAboutCC RES 04-047RESOLUTION NO. 04-47
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PALM DESERT MAKING A FINDING OF SIGNIFICANT
PUBLIC BENEFIT IN CONNECTION WITH THE
ISSUANCE AND SALE OF TAX ALLOCATION
REFUNDING REVENUE BONDS (PROJECT AREA NO. 1,
AS AMENDED), 2004 SERIES A, OF THE PALM DESERT
FINANCING AUTHORITY
RECITALS:
WHEREAS, the Palm Desert Financing Authority (the "Authority") has
proposed to sell and issue its Tax Allocation Refunding Revenue Bonds (Project Area
No. 1, As Amended), 2004 Series A (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, among other things, assisting in the refunding of the Authority's Tax
Allocation Revenue Bonds (Project Area No. 1, As Amended), Series 1995 and the
financing of certain public capital improvements of benefit to Project Area No. 1, As
Amended, of the Agency, including street improvements to Fred Waring Drive, to the
frontage road along Highway 111 and to Allesandro Way, and the installation of a street
connecting Fred Waring Drive to Hovely Lane; and
WHEREAS, pursuant to Section 6586.5 of the California Government
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
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. 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
P6402-1051\729190v4.doc 1
RESOLUTION NO. 04-47
the purposes of this Resolution and any
are hereby ratified and confirmed.
Section 4. Effective Date.
upon adoption.
vote to wit:
such actions previously taken by such officers
This Resolution shall take effect immediately
APPROVED and ADOPTED this 27th day of May, 2004, by the following
AYES:
NOES:
ABSENTS:
ABSTAINS:
BENSON, FERGUSON, BELLY, CRITES
NONE
SPIEGEL
NONE
_ r
BUFORD.A. CRITES, MAYOR PRO TEM
ATTEST:
A HELLE D. KLASS , CITY CLER)
P6402-1051\729190v4.doc