HomeMy WebLinkAboutCC RES 05-089RESOLUTION NO. 05-89
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT APPOINTING CERTAIN FINANCE PROFESSIONALS IN
CONNECTION WITH THE PROPOSED FORMATION OF A
COMMUNITY FACILITIES DISTRICT AND THE ISSUANCE OF BONDS
THEREBY
RECITALS:
WHEREAS, in 2004, two owners of real property in the City of Palm Desert (the
"City"), Desert Wells 237, LLC, and American Realty Trust, Inc., requested the City to
form a financing district for the purpose of financing certain public improvements that
will benefit their property within the City; and
WHEREAS, each of (i) Palm Desert 124, Inc., an affiliate of Desert Wells 237, LLC,
as depositor for Desert Wells 237, LLC, and (ii) American Realty Trust, Inc. (collectively,
the "Participants") entered into a Deposit and Reimbursement Agreement, each dated
as of May 13, 2004, with the City in order to provide for the Participants to deposit funds
with the City in order to reimburse the City for all of its costs and expenses associated
with the formation of the aforementioned financing district and the issuance of bonds in
connection therewith; and
WHEREAS, it has been determined that the aforementioned financing district is
proposed to be established in the form of a community facilities district (the "District")
under the Mello -Roos Community Facilities Act of 1982, as amended, commencing with
Section 53311 of the California Government Code (the "Act"); and
WHEREAS, the Act authorizes the City Council of the City (the "City Council") to
establish the District, to levy special taxes within the District, and to cause the District to
issue bonds to finance public facilities (the "Bonds"); and
WHEREAS, in accordance with the request of the Participants, the City Council
desires to undertake proceedings to establish the District pursuant to the Act and, if
established, to cause the District to issue Bonds to finance the acquisition, purchase,
construction, expansion, improvement, modification, or rehabilitation of certain public
facilities to serve the area of land within the District;
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.Intention to Issue Bonds. The City intends to undertake
proceedings to establish the District pursuant to the Act and to cause the District to
issue the Bonds described in the fifth recital hereof.
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RESOLUTION NO. 05-89
Section 3.Appointment of Underwriters. Stinson Securities, LLC, and
Kinsell, Newcomb & De Dios, Inc. are hereby appointed underwriters of the Bonds.
Section 4.Appointment of Financial Advisor. Del Rio Advisors, LLC, is
hereby appointed financial advisor in connection with the formation of the District and
the issuance and sale of the Bonds.
Section 5.Appointment of Bond Counsel. Richards, Watson & Gershon, A
Professional Corporation, is hereby appointed bond counsel in connection with the
formation of the District and the issuance and sale of the Bonds.
Section 6.Appointment of Disclosure Counsel. Jones Hall is hereby
appointed disclosure counsel in connection with the issuance and sale of the Bonds.
Section 7.Special Tax Consultant. MuniFinancial is hereby appointed
special tax consultant in connection with the formation of the District and the issuance
and sale of the Bonds.
Section 8.Appraiser. Capital Realty Analysts is hereby appointed
appraiser in connection with the determination of the value of real property within the
District pursuant to Section 53345.8 of the Act relating to the issuance and sale of the
Bonds.
Section 9.Approval of Actions. The officers and staff 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.
Section 10. Effective Date. This Resolution shall take effect
immediately upon adoption.
APPROVED AND ADOPTED this 13th day of October 2005, by the
following vote to wit:
AYES: BENSON, KELLY, SPIEGEL, and FERGUSON
NOES: NONE
ABSENT: CRITES
ABSTAIN: NONE
ATTEST:
RA'CHELLE D. KLASSEN, CITY CLER
CITY OF PALM DESERT, CALIFORNIA
AYOR PRO TEM
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