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Home My WebLink AboutRDA RES 055RESOLUTION NO. 55 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY PROVING FOR THE ISSUANCE OF A NEGOTIABLE NOTE IN THE AMOUNT OF $500,000.00 Wf-iE EAS , funds are needed to f inance Redevelopment Pro ject Area No. 1; and 'Vf REAS , the AC 1CY ma.y borrow for said purposes , such indebtedness to be representated by a note or notes issued to the lender pursuant to Article 7.6, Chapter 4, Part 1, Division 2, Title 5, of the Government Code of the State of California; and «S, City National Bank has offered to lend the stun of $500,000.00 at interest rate of 4% per anntun upon a negotiable note to be made payable on or before Ma.y 31, 1978, with interest to date of payment; NOW, Tf REFORE, the Palm Desert Redevelopment Agency does hereby resolve as follows: SECTION l: The Palm Desert Redevelopment Agency finds that it is necessary for the AC NCY to issue a ne ;otiable note in the amount of .500,000.00 in order to finance redeveloprr ent activities in Redevelopment Project Area No. 1. SECTION 2: The amount of the note hereby authorized to be issued, together with other notes outstanding, if any, does not exceed 85% of estimated rrnnies to be received during the current fiscal year. SEGTION 3: Said note shall be da.ted as of the date of delivery, shall be in the denomination of $500,000.00, shall be paid on or before Ma.y 31, 1978 and shall beax interest at the ra.te of 4% per anntun payable at the maturity therefor. The right shall be reserved to said AGINCY to pay all or any part of said note prior to ma.turity, in which event the interest due to da,te on the amount so paid shall be paid along with such payment of principal and interest shall cease on the amount of principal so paid. No notice need be given prior to the exercise of such right by the AGII TCY . SECTION 4: Both the principal of and the interest on said note shall be payable in lawful r oney of the United States at City National Bank, 73-785 E1 Paseo, Palm Desert, Ca.lifornia. F SECTION 5: The principal of and the interest on this note are payable from a special fund of the Agency of Tax Increments due under the provisions of City of PaLn Desert Ordinance #80 and Section 33670 et seq. of the Ca,lifornia Health and Safety Code requiring that all t� increments received "shall be paid into a special fund of the Agency to pay the principal of and interest on bonds, loans, monies advance to, or indebtedness (whether funded, refunded, assurr�d, or otherwise) incurred by the AGINCY to finance or refinance, in whole or in part, this Redevelopment Project", said monies being hereby pledged to repay said note; provided, however, that if said rmnies or any portion thereof when received by the A(�1CY will be encurnbered for a special purpose other than the repayment of said note, then purs-uant to Section 53856 of the Government Code, an equiva,lent amount of the proceeds of said note shall be set aside for and used for said special purpose; and provided further that said note, with interest thereon, may be paid from any other monies of the AGEIVCY lawfully available therefor. SECTION 6: Said note shall be signed by the Chairman and the Treasurer and countersigned by the Secretary and sha.11 be in substantially the following fo�n: "Refer to Exhibit A attached hereto" SEGTION 7: This A(�TCY �Y FINDS AND DEI�MINES that it is necessary and desira,ble that the Palm Desert Redevelopment Agency borrow from City National Bank the s-t.un of $500,000.00, such indebtedness to be represented by the negotiable note authorized hereby. The Chairman and the Treasurer are authorized to sign said note and the Secretary is authorized to countersign said note and to date said note on the date of delivery thereof. Sa.id note shall be issued according to the tezms and substantially in the forni provided in this resolution. ' -2- SECTICI�1 8: This resolution shall constitute acceptance of the offer of City National Bank referred to above. ADOPTID, SIQVID and APPR(JVID this 23rd day of June, 1977. /� , � �� .,',� � �� ' a rn�l of Pa Desert .R.edevelopment Agency �eas-urer of Palm Desert Redevelopment Agency ATTEST : �- . � ' t� _ �2� Secretary of lm Dese Redevelopment Agency -3- �. � �1' •1�1� 91 �' I�I � r�l NE�O�PIABLE N(7I� �R VALIJE RECEIVID, the PALM DFSERT F�EVEL,OPr�VT AC�1CY, of Palm Desert, Ca.lifornia, a public corporation, promises to pay to CITY NATIONAL BANK, on order, on or before Ma,y 31, 1978, the siun of $500,000.00 with interest thereon payable at the rate of 4% per annum from the da,te hereof. Both principal and interest axe payable in lawful money of the United States of America. at 73-785 El Pa.seo, Pa]m Desert , Ca.lifornia. The right is reserved to said AC�1CY to pay a11 or any part of this note prior to maturity, in which event the interest due to da,te on the amount so paid shall be paid along with such payment of principal and interest shall cea.se on the amount of principal so paid. No notice need be given prior to the exercise of such right by the AC�iCY. The principal of and the interest on this note are payable from a special fund of the Agency of T� Increments due under the provisions of City of Palm Desert Ordinance #80 and Section 33670 et seq. of the California Health and Safety Code requiring that a11 tax incresr�ents received "shall be paid into a special fund of the A(�1CY to pay the principal of and interest on bonds, loans, monies advanced to, or indebtedness (whether funded, refunded, ass-�.uned, or otherwise) incurred by the A(�1CY to finance or refinance, in whole or in part, this Redevelopnent Project", said monies being pledged for the payment of this note and the interest thereon. Notwithstanding said pledge, this note is a general obligation of the AGINCY and to the e�ent not paid from sa.id monies, shall be paid with interest hereon from any other monies of the AGINCY lawfully available therefor. IT IS �Y CEKrIFIID, RECITID AI�ID DDCL�ARID that all acts, conditions and things required by law to exist, happen and be perforn�ed precedent to and in the issuance of this note, have existed, happened and been perforrr�ed in due Exhibit A time, form and rnanner as required by law, and that the armunt of this note, together with all other indebtedness of the AC�1CY, does not exceed any da.te limit prescribed by the law or Constitution of the State of California. IN WITNESS WHER�OF, said PALM DFSERT RIDEVELfJPN�]T A(�1CY has ca.used this note to be signed by the Chairn�an and the Treasurer of said AC�1CY, and countersigned by the Secretary of said AC�1CY, and has caused this note to be da.ted the 23rd da,y of June, 1977. ��I � - ,� � �� i^ ' . i of a m Desert Redevelopment Agency �ea.surer of Pa.lm Desert R,edevelopment Agency �� ►rr�:��ir►i�� ,� . , � Secretary of lm Des Redevelopment Agency -2-