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HomeMy WebLinkAboutCC RES 04-005RESOLUTION NO. 04-5 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, AUTHORIZING THE ISSUANCE AND SALE BY THE CITY OF NOT TO EXCEED $4,075,000 AGGREGATE PRINCIPAL AMOUNT OF ITS ASSESSMENT DISTRICT NO. 98-1 LIMITED OBLIGATION IMPROVEMENT BONDS (REASSESSMENT AND REFUNDING OF 2004) SERIES 2004; APPROVING AS TO FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS IN CONNECTION THEREWITH; AND APPROVING CERTAIN OTHER MATTERS RELATING THERETO RESOLVED by the City Council (the "Council") of the City of Palm Desert (the "City"), County of Riverside, State of California, that WHEREAS, pursuant to a Resolution of Intention to Levy Reassessments and to Issue Refunding Bonds (the "Resolution of Intention") and the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 of the Streets and Highways Code of California (the "Act") this Council has completed proceedings in and for the City's Assessment District No. 98-1 (The Canyons at Bighorn) (Reassessment and Refunding of 2004) (the "Reassessment District"), for the levy of reassessments and the refunding of outstanding bonds of the City designated "Limited Obligation Improvement Bonds, City of Palm Desert, Assessment District No. 98-1 (The Canyons at Bighorn), Series 1998" dated December 16, 1998, and issued in the original principal amount of $34,760,000 (the "Prior Bonds") by the issuance, sale and delivery of its refunding bonds designated "Limited Obligation Refunding Improvement Bonds, City of Palm Desert, Assessment District No. 98-1 (The Canyons at Bighorn) (Reassessment and Refunding of 2004), Series 2004" (the "Bonds"); WHEREAS, for the purposes of the issuance, sale and delivery of the Bonds, there are now on file with the City copies certain financing documents described below and reference is hereby made thereto for further particulars; and this Council, with the aid of City staff, has reviewed and considered the documents and finds those documents suitable for approval, subject to the conditions set forth in this resolution; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the bonds and the levy of the special reassessments as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. NOW, THEREFORE, IT IS ORDERED, as follows: 1. Unpaid Reassessments. The reassessments that remain unpaid are as shown on the List of Unpaid Reassessments on file with the City, which list is hereby approved and incorporated herein by this reference. For a particular description of the lots, pieces and parcels of land bearing the respective reassessment numbers set forth in the List of Unpaid Reassessments, reference is hereby made to the reassessment report, the reassessment and to the diagram, and any amendments thereto approved by this Council, all as recorded in the office of the City Engineer, as the Superintendent of Streets of the City. 2. - Bonds Authorized. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement (hereafter defined), the Bonds in an aggregate principal amount of not to exceed $4,075,000 are hereby authorized to be issued. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms, covenants and conditions of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed. 3. Authorization and Conditions. The Mayor, Mayor Pro Tempore (in the Mayor's absence), the City Manager, City Finance Director, City Treasurer, City Attorney, City Clerk, or any deputy of such officers, and such other are officials of the City as may be designated by the City Council (each an "Authorized Officer") are each hereby authorized and directed to execute and deliver the various documents and instruments described below in this Resolution, provided that no such additions or changes shall authorize an aggregate principal amount of Bonds in excess of $4,075,000, or a final maturity of the Bonds later than September 2, 2018. The approval of such additions or changes, to be made by such Authorized Officers in the best interests of the City and upon consultation with Jones Hall, A Professional Law Corporation, the City's bond counsel ("Bond Counsel") and Stinson Securites, LLC and Kinsell, Newcomb & DeDios, Inc., as co -underwriters (together, the "Underwriter"), shall be conclusively evidenced by the execution and delivery of such documents or instruments by an Authorized Officer. 4. Financing Documents Approved. The Council hereby approves the forms of the following documents to be used for the issuance, sale and delivery of the Bonds, subject to the conditions in Section 3 above: a. Fiscal Agent Agreement. The Fiscal Agent Agreement provides for the terms and conditions of the Bonds and their covenants, by and between the City and BNY Western Trust Company, as fiscal agent, (the "Fiscal Agent Agreement") b. Bond Purchase Agreement. The Bond Purchase Agreement, provides for the sale by the City and the purchase by the Underwriter of the Bonds. -2- Resolution No. 04-5 c. Official Statement. The Official Statement, in its preliminary form describes the financing for the Bonds is approved under Rule 15c2-12 under the Securities Exchange Act of 1934 (the "Rule") and is hereby deemed final and an Authorized Officer is hereby authorized and directed to provide written certification thereof. The execution of the Official Statement in its final form, which shall include such changes and additions thereto deemed advisable by the Authorized Officer, in consultation with counsel, and such information permitted to be excluded from the Preliminary Official Statement pursuant to the Rule, shall be conclusive evidence of the approval of the final Official Statement by the City. 5. Bonds Prepared and Delivered. Upon the execution of the Bond Purchase Agreement, the Bonds shall be prepared, authenticated and delivered, all in accordance with the applicable terms of the Fiscal Agent Agreement and the Authorized Officer and other responsible City officials are hereby authorized and directed to take such actions as are required under the Bond Purchase Agreement and the Fiscal Agent Agreement to complete all actions required to evidence the delivery of the Bonds upon the receipt of the purchase price thereof from the Underwriter. 6. Actions. All actions heretofore taken by the officers and agents of the City with respect to the establishment of the Reassessment District and the sale and issuance of the Bonds, including but not limited to the distribution of draft sales documents, are hereby approved, confirmed and ratified, and the proper officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements, contracts, including but not limited to escrow instructions or agreements providing for the refunding of the Prior Bonds, an appropriate continuing disclosure undertaking, and any other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this Resolution, the Fiscal Agent Agreement, the Bond Purchase Agreement and any certificate, agreement, contract, and other document described in the documents herein approved. -3- Resolution No. 04-5 7. Effective Date. This resolution shall take effect from and after its adoption. ************ APPROVED and ADOPTED this 22nd day of January , 2004, by the following vote, to wit: AYES: BENSON, CRITES, FERGUSON, KELLY, SPIEGEL NOES: NONE ABSENT: NONE ABSTAIN: NONE ATTEST: Ra helle D. Klassen, City Clerk Robert A. Spiegel, M -4-