HomeMy WebLinkAboutRDA RES 159RESOLUTION NO. 159
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT
AGENCY OF THE CITY OF PALM DESERT, CALIFORNIA,
SELLING BONDS OF THE AGENCY.
The Palm Desert Redevelopment Agency HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS as follows:
Section 1. Notice Inviting Bids for the $15,000,000
principal amount of Bonds of the Agency, designated "Palm Desert
Redevelopment Agency, Project Area No. 1, As Amended, Tax
Allocation Bonds, Issue of 1982" (the "Bonds"), was given as
required by law. Pursuant thereto, bids have been received,
opened, read and examined. All steps required by law to be
taken precedent to the authorization, issuance and sale of the
Bonds has been duly and regularly taken as provided by law.
Section 2. The bid of Merrill Lynch White Weld
Capital Markets Group and Associates for the Bonds, attached
hereto and made a part hereof, is the best bid for the Bonds.
Such bid is hereby accepted in accordance with the terms thereof,
and in accordance with and subject to Resolution No. 154, As
Amended, and Resolution No. 155.
Section 3. All bids other than the one accepted
pursuant to Section 2 hereof are rejected.
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RESOLUTION NO. 159
Sectic.« 4. The interest rates on the Bonds maturing
as set forth below are hereby fixed as follows:
September 1, 1983, 127
September 1, 1984, 12%
September 1, 1985, 12%
September 1, 1986, 12%
September 1, 1987, 12%
September 1, 1988, 127
September 1, 1989, 12%
September 1, 1990, 9.50%
September 1, 1991, 8.907
September 1, 1992, 9 . 20%
September 1, 1993, 9.407
September 1, 1994, 9.707
September 1, 1995, 9.907
September 1, 1996, 9.90%
September 1, 1997, 5%
Section 5. That the Secretary is hereby authorized and
directed to deliver the Bonds to the successful bidder upon payment
of $14,255,104.05 therefor, plus accrued interest to the date of
delivery.
Section 6. All actions and proceedings heretofore taken
in connection with the authorization, issuance an'i sale of the
Bonds are hereby ratified and confirmed.
PASSED, APPROVED and ADOPTED by the Palm Desert Redevelopment
Agency of the City of Palm Desert, California, this 26th day of
August , 1982.
AYES: McPherson, Newbrander, Pulugi, Snyder & Wilson
NOES : None
ABSENT : None
ABSTAIN : None
ATTEST:
S
AdfA7444,a,
VEILA R. GILLIGAN, SECRETARY
WII ON , r,HAlunrn