HomeMy WebLinkAboutRES FA-27RESOLUTION NO. FA-27
A RESOLUTION OF THE PALM DESERT FINANCING AUTHORITY
AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST
AMENDMENT TO SITE LEASE, LEASE AGREEMENT,
MEMORANDUM OF LEASE AND ASSIGNMENT AGREEMENT
A. In connection with the financing of the Blythe County Administrative
Center Project (the "Project"), the Palm Desert Financing Authority (the "Authority") and the
County of Riverside (the "County") entered into a Site Lease (Blythe County Administrative
Center Project) dated as of August 1, 1996 (the "Site Lease"), a Lease Agreement (Blythe
County Administrative Center Project) dated as of August 1, 1996 (the "Lease Agreement") and
a Memorandum of Lease dated as of August 1, 1996 (the "Memorandum").
B. In connection with the financing of the Project, the Authority and First
Trust of California, National Association (the "Trustee"), as trustee under an Indenture dated as
of August 1, 1996 (the "Indenture") by and between the Authority and the Trustee, entered into
an Assignment Agreement dated as of August 1, 1996 (the "Assignment Agreement").
C. The Authority desires to amend the Site Lease, the Lease Agreement,
the Memorandum and the Assignment Agreement as set forth herein.
NOW, THEREFORE, the Palm Desert Financing Authority DOES HEREBY
RESOLVE, DETERMINE AND ORDER as follows:
Section 1. Recitals. The above recitals and each of them are true and correct.
Section 2. Determination. Based upon evidence provided by the County and
presented to the Authority at this meeting, including a letter dated December 19, 1997 from the
County to Authority counsel (a copy of which letter is on file with the Secretary), the Authority
Commission hereby determines that a portion of the real property described in the Site Lease,
the Lease Agreement, the Memorandum and the Assignment Agreement is not needed for the
development or operation of the Project.
Based upon the foregoing evidence, the Authority further determines that
amending the Lease Agreement to remove such portion of the real property described therein
will not result in any material impairment of the security given or intended to be given for the
payment of the Base Rental Payments (as defined in the Indenture).
RESOLUTION NO. FA-27
Section 3. Amendment. As presented to this meeting and on file in the office of
the Secretary, the form of the First Amendment to Site Lease, Lease Agreement, Memorandum
of Lease and Assignment Agreement (the "Amendment") by and among the Authority, the
County and the Trustee is hereby approved and the President, the Chief Administrative Officer,
the Treasurer, the Secretary, and deputy of such officers, or any member of the Authority
Commission, is hereby authorized and directed, for and in the name and on behalf of the
Authority, to execute the Amendment and deliver it to the County and the Trustee in
substantially the form hereby approved, with such changes therein as the officer executing the
same may approve, such approval to be conclusively evidenced by his execution and delivery
thereof. The Trustee is requested to consent to the amendment of the Lease Agreement, in
accordance with the provisions of Section 5.07 of the Indenture, such consent to be evidenced
by the Trustee's execution and delivery of the Amendment.
Section 4. Other Acts. The officers of the Authority are hereby authorized and
directed, jointly and severally, to do any and all things, to execute and deliver any and all
documents which they may deem necessary or advisable in order to consummate the
execution, delivery and recordation of the Amendment, or otherwise to effectuate the purposes
of this Resolution, any and such actions previously taken by such officers are hereby ratified
and confirmed.
adoption.
Section 5. Effective Date. This Resolution shall take effect immediately upon
APPROVED AND ADOPTED this 8th day of January, 1998.
AYES: CRITES, FERGUSON, KELLY, SPIEGEL, BENSON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
"7., %Lei&
Sheila R. Gilligan, Secretarf
2
M. Be
nson, Benson, President