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HomeMy WebLinkAboutRDA RES 1551 RESOLUTION NO. 155 RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY DETERMINING TO ISSUE S15,000,000 PRINCIPAL AMOUNT OF TAX ALLOCATION BONDS, ISSUE OF 1982, OF THE AGENCY AND PROVIDING FOR CERTAIN DETAILS OF THE BONDS. RECITALS: A. The Agency is a redevelopment agency, a public body, corporate and politic. duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Redevelopment Law and the powers of the Agency include the power to issue bonds for any of its corporate purposes. B. The Agency has heretofore adopted its Resolution entitled: "Resolution of the Palm Desert Redevelopment Agency Authorizing the Issuance of Tax Allocation Bonds of the Agency to Aid in the Financing of a Portion of the Cost of a Redevelopment Project (the "Resolution of Issuance"). C. The Resolution of Issuance provides that whenever the Agency determined to issue all or part of the S20.000,000 Bonds authorized by the Resolution of Issuance it may adopt a Supplemental Resolution specifying the principal amount of such bonds to be issued. D. The Agency finds it necessary and desirable to issue S 15,000.000 principal amount of Bonds to aid in the financing of the redevelopment of the Project Area and the territory added to the Project Area by the Amendment, such S 15,000.000 Bonds to be issued pursuant to the Resolution of Issuance. and this Resolution as "Palm Desert Redevelopment Agency, Project Area No. 1, As Amended, Tax Allocation Bonds. Issue of 1982". NOW, THEREFORE. THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES. RESOLVES. AND ORDERS AS FOLLOWS: Section I. Definitions. All terms which are defined in Section 1 of the Resolution of Issuance shall have the same meanings in this Resolution as such terms are given in Section 1 of the Resolution of Issuance. Section 2. Determination To Issue Bonds; Description. The Agency determines to issue at this time a series of S15.000,000 of the S20.000.000 Bonds authorized by the Resolution of Issuance and is adopting this Resolution as a Supplemental Resolution referred to in the Resolution of Issuance. The Bonds of this series shall be serial Bonds in the principal amount of S15,000,000 and shall be designated PALM DESERT REDEVELOPMENT AGENCY. PROJECT AREA NO. i, AS .AMENDED. TAX ALLOCATION BONDS. ISSUE OF 1982 (the "Bonds") The Bonds may be initially issued in the form of Bearer Bonds. in the denomination of S5.000 each. or in the form of Fully Registered Bonds. in denominations of 55.000 each or any whole multiple thereof. The Bearer Bonds shall be dated as of September 1. 1982 and shall be numbered from 1 to 3.000. inclusive. The Bonds shall mature on September 1 of each year as follows: 1983 5400.000 1991 5 995.000 1984 450.000 1992 1.115.000 1985 505.000 1993 1,250,000 1986 565.000 1994 I ,400.000 1987 635,000 199 . 1,570,000 1988 710.000 1996 1,755.000 1989 795.000 1997 1,965.000 1990 890.000 The Bonds shall bear interest at a rate to be fixed upon the sale thereof but not to exceed twelve percent (12%) per annum. payable semiannually on March 1 and September 1 in each year, commencing March 1, 1983. —1— RESOLUTION NO. 155 Section 3. Amount. Issuance and Purpose of Bonds. Under and pursuant to the Redevelopment Law, other laws of the State of California, the Resolution of Issuance and this Resolution. Bonds of the Agency in the principal amount of S 15,000,000 shall be issued by the Agency for the corporate purposes of the Agency of aiding in the financing of the redevelopment of the Project Area and the territory added to the Pro act Area by the Amendment and for other corporate purposes related thereto, and such issue of Bonds is hereby created. The Agency may provide by resolution for the sale of the Bonds. The Fiscal Agent, on behalf of and as agent for the Agency, shall receive the proceeds from the sale of the Bonds, upon the delivery of the Bonds to the purchasers thereof and shall dispose of such proceeds as follows: (a) Accrued interest and premium, if any, paid by the purchasers of the Bonds shall be placed in the Special Fund in the Bond Interest Payment Account. (b) A sum necessary to make the balance in the Reserve Account after such deposit at least equal to the combined Maximum Annual Debt Service on the Outstanding Bonds shall be deposited into the such Account. (c) After making the above transfers, the balance of the proceeds from the sale of the Bonds shall be transferred to the Redevelopment Fund. So long as any of the Bonds herein authorized, or any interest thereon, remain unpaid, the moneys in the foregoing Funds and Accounts shall be used for no purposes other than those required or permitted by this Resolution, any resolution providing for the issuance of Parity Bonds and the Redevelopment Law. Section 4. Call and Redemption of Bonds Prior to Maturity. Bonds maturing on or before September 1. 1988 are not subject to call prior to their stated maturity. The Bonds maturing on or after September 1. 1989 are callable prior to maturity as a whole at anytime, or in part on any interest payment date. on and after September 1. 1988 at the redemption prices shown in the following table. plus the interest accrued to the date of redemption. Redemption Redemption Dates Price September 1. 1988 through August 31, 1989 102 :r September 1, 1989 through August 31. 1990 1013'4 September 1, 1990 through August 31. 1991 101'/2 September 1, 1991 through August 31, 1992 1011'4 September I, 1992 through August 31. 1993 101 September 1, 1993 through August 31. 1994 1003,4 September 1, 1994 through August 31. 199'S 1001/2 September 1. 1995 through August 31. 1996 1001,4 September 1, 1996 and thereafter ... Par The interest payment date on which Bonds are to be presented for redemption is herein sometimes called the "redemption date". Section 5. Issuance of Further Series. At anv time or times. as the Agency deems it necessary and desirable. it may provide for the issuance of. and sell on a panty with the Bonds. all or part of the balance of the S20.000.000 Bonds authorized in the Resolution of Issuance in one or more series in such principal amount as it estimates will be needed. The issuance and sale of any such balance of the Bonds authorized in the Resolution of Issuance shall be subject to the provisions of Section 17 of the Resolution of Issuance regarding the issuance of Parity Bonds. • Section 6. Severability. If any covenant. agreement or provision. or any portion thereof. contained in this Resolution. or the application thereof to any person or circumstance. is held to be unconstitutional. invalid or unenforceable. the remainder of this Resolution and the application of any such covenant. agreement or provision. or portion thereof. to other persons or circumstances. shall be deemed severable and shall not be affected. and this Resolution and the Bonds issued pursuant hereto shall remain valid and the -2- RESOLUTION NO. 1-- Bonuhoiders shall retain all valid ngnts and benefits accorded to tne^; under this Resolution and the Constitution and 'au.s of the State of California. Section Effective Date. This Resolution shall take effect upon its adoption. PkSSED. APPROVED 4ND ADOPTED this 12th day of August, 1982. [SEAL] ATT SHEILA R. GILLIGA Secretary S. ROY WILSON Chairman AYES: Newbrander, Puluqi, Snyder & Wilson NOES: None ABSENT: McPherson ABSTAIN: None -3-