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Home My WebLink AboutRES FA-67RESOLUTION NO. FA-67 A RESOLUTION OF THE PALM DESERT FINANCING AUTHORITY AUTHORIZING THE EXECUTION AND DELIVERY OF A NON -HOUSING BOND ESCROW AGREEMENT IN CONNECTION WITH THE REFUNDING OF BONDS PREVIOUSLY ISSUED BY THE AUTHORITY AND TAKING RELATED ACTIONS RECITALS: A. The former Palm Desert Redevelopment Agency (the "Former Agency") was a duly constituted redevelopment agency pursuant to provisions of the Community Redevelopment Law (the "Redevelopment Law") set forth in Section 33000 et seq. of the Health and Safety Code ("HSC") of the State of California (the "State"). B. The Former Agency undertook a program to redevelop four project areas (collectively, the "Project Areas"). C. The Former Agency and the City of Palm Desert executed and delivered a Joint Exercise of Powers Agreement, dated as of January 26, 1989 (the "Joint Powers Agreement"), which Joint Powers Agreement created and established the Palm Desert Financing Authority (the "Authority"). D. To finance and refinance redevelopment projects benefiting the Project Areas, the Former Agency entered into the loan agreements listed in Attachment I (collectively, the "Loan Agreements," each being a "Loan Agreement") with the Authority and incurred loans thereunder (collectively, the "Agency Loans, with each being a "Agency Loan"). E. To provide funding for the Agency Loans, the Authority issued the bonds identified in Attachment I (collectively, the "Authority Bonds") pursuant to the Indentures of Trust, each by and between the Authority and the trustee thereunder (the "Indentures"). F. As of the date of this resolution, a portion (or all) of the principal amount of each Agency Loan and, correspondingly, an equivalent portion (or all) of the principal amount of each series of the Authority Bonds remain outstanding. G. Pursuant to AB X1 26 (enacted in June 2011), and the State Supreme Court's decision in California Redevelopment Association, et al. v. Ana Matosantos, et al., 53 Cal. 4th 231 (2011), the Former Agency was dissolved as of February 1, 2012, and the Successor Agency of the Palm Desert Redevelopment Agency (the "Successor Agency") was constituted. H. The Successor Agency has determined to issue bonds ("Refunding Bonds") pursuant to HSC 34177.5 and Article 11 (commencing with Section 53580) of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Govemment Code (the CALker.\gsnnt.heAAppl)Jta\I nt—thSLt.rosott\Wmdous\Tempumry Internet Files \Cnntent.r)uIh k\9XH1.1H1 (ll'ulm Desert SA - 21117 refunding - l'A resit eppros mg non -housing es.row Juts RESOLUTION NO. FA-67 "Refunding Bond Law") to prepay the Agency Loans and cause a corresponding refunding of the Authority Bonds. I. in connection with the proposed refunding and defeasance of the Agency Loans and the Authority Bonds, there has been presented to the Authority, the form of a Non -Housing Bonds Escrow Agreement, by and among the Authority, the Successor Agency and U.S. Bank National Association, as trustee and escrow agent (the "Escrow Agreement"). NOW, THEREFORE, THE AUTHORITY COMMISSION OF 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. Escrow Agreement. The Escrow Agreement, in the form on file in the office of the Authority Secretary, is hereby approved. Each of the each of the President, the Chief Administrative Officer and the Treasurer of the Authority, any deputy of such officers, and any member of the Authority Commission (each, an "Authorized Officer"), acting individually, is hereby authorized to execute and deliver, for and in the name of the Authority, the Escrow Agreement in substantially such form, with changes therein as the Authorized Officer may approve (such approval to be conclusively evidenced by the execution and delivery thereof). Section 3. Other Acts. The members of this Authority Commission and the Authorized Officers, and all other officers of the Authority, are hereby authorized, jointly and severally, to execute and deliver any and all necessary documents and instruments and to do all things which they may deem necessary or proper to effectuate the purposes of this Resolution and assist the Successor Agency with the refunding described herein and any such actions previously taken by such officers are hereby ratified and confirmed. C':\Uxrs\gsanchez\AppUata\L°cah\tiernsou\Windows\Temporary Internet Ille \('ontent.outlookWXIII 1111 C\Palm Ueien SA - 2017 retunJntg - I -A rese approsmg non housing eseron Jost RESOLUTION NO. FA-67 ATTACHMENT I LIST OF AGENCY LOANS AND CORRESPONDING AUTHORITY BONDS (see attached) Loan Project Incurred Area Year (1) 1 2002 (2) 1 2003 (3) 1 2004 (4) 1 2006 (5) 2 2002 (6) 2 2003 (7) 2 2006 (Series 2006A Loan) (8) 2 2006 (9) 3 2003 (10) 3 2006 (Series 2006A Loan) Loan Agreement Project Area No. 1, As Amended, Loan Agreement, dated as of March 1, 2002 Project Area No. 1, As Amended, Loan Agreement, dated as of July 1, 2003 Project Area No. 1, As Amended, Loan Agreement, dated as of June 1, 2004 Project Area No. 1, As Amended, Loan Agreement, dated as of July 1, 2006 Project Area No. 2 Loan Agreement, dated as of June 1, 2002 Project Area No. 2 Loan Agreement, dated as of March 1, 2003 Project Area No. 2 Loan Agreement (2006 Senior Loans), dated as of July 1, 2006 Project Area No. 2 Loan Agreement (2006 Subordinate Loan), dated as of July 1, 2006 Project Area No. 3 Loan Agreement, dated as of July 1, 2003 Project Area No. 3 Loan Agreement (2006 Senior Loans), dated as of July 1, 2006 Related Authority Bonds Series Designation Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended) 2002 Series A Tax Allocation Revenue Bonds (Project Area No. 1, As Amended) Series 2003 Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended) 2004 Series A Tax Allocation Revenue Bonds (Project Area No. 1, As Amended), 2006 Series A Tax Allocation Refunding Revenue Bonds (Project Area No. 2), 2002 Series A Tax Allocation Revenue Bonds (Project Area No. 2), Series 2003 Tax Allocation Refunding Revenue Bonds (Project Area No. 2), 2006 Series A Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 2) 2006 Series D Tax Allocation Revenue Bonds (Project Area No. 3), Series 2003 Tax Allocation Revenue Bonds (Project Area No. 3) 2006 Series A; C \1 r \EWfli hAAppUlti tank r,s'lI\N 10JUNl\ L'Rlpor r Illlirn i I Ile \C Un0.'nLOutIuok\9XHI IHI C \Palm DCxfl SA - 2017 rcIund1n - I A fi NI ,,ppro 01g non -housing ....MOH dint RESOLUTION NO. FA-67 Loan Project Incurred Area Year (11) 3 2006 (Series 2006B Loan) (12) 3 2006 (13) 4 1998 (14) 4 2001 (15) 4 2006 (Series 2006A Loan) (16) 4 2006 (Series 2006B Loan) Loan Agreement Project Area No. 3 Loan Agreement (2006 Senior Loans), dated as of July 1, 2006 Project Area No. 3 Loan Agreement (2006 Subordinate Loan), dated as of July 1, 2006 Project Area No. 4 Loan Agreement, dated as of March 1, 1998 Project Area No. 4 Loan Agreement, dated as of November 1, 2001 Project Area No. 4 Loan Agreement, dated as of July 1, 2006 Project Area No. 4 Loan Agreement, dated as of July 1, 2006 Related Authority Bonds Series Designation Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 3) 2006 Series B Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 3) 2006 Series C Tax Allocation Revenue Bonds (Project Area No. 4), Series 1998 Tax Allocation Revenue Bonds (Project Area No. 4), Series 2001 Tax Allocation Refunding Revenue Bonds (Project Area No. 4) 2006 Series A Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 4) 2006 Series B ('\l'un\e.anehr\Appl)aw\Luwl\Nh,ruunt\K mdua,Vl Inporary Internet 1-,1 \1 nlrnl OutluoL\v\HI.IHI (\I'alm Uexrt SA - 2017 raundtng - I -A appru,tng nun-hou,tng e.cro„ du,C RESOLUTION NO. FA-67 APPROVED and ADOPTED this 13th day of October, 2016. AYES: HARNIK, JONATHAN, TANNER, WEBER, and SPIEGEL NOES: NONE ABSENT: NONE ABSTAIN: NONE �a b ROBERT A. SPIEG L, SbENT ATTEST: RA HE E D. £ SSEN : CRETARY PALM DESERT FINANCING AUTHORI C \Users \g,ant.hei\.\pp1aI ;I °cal\SLt.msotr\V ndts ,\ 1: rnporar} Internet 1-Je,\Content t)ulleoL\')XH1 1111 C\l'aint Desert S.\ - 2n17 relun1me - I-:\ rest, approsing non -housing Joys RESOLUTION NO. FA-67 [This page has intentionally been left blank.]