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Home My WebLink AboutRDA RES 161RESOLUTION NO. 161 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY AMENDING RESOLUTION NO. 126 AND PRO- VIDING FOR THE AMENDMENT OF ITS NON-NEGOTIABLE PROMISSORY NOTE The Palm Desert Redevelopment Agency hereby finds, determines, resolves and orders as follows: Section 1. Section 4 of Resolution No. 126 of the Agency is hereby amended to read as follows: "Section 4. The Note shall be a special obligation of the Agency and payable as to both principal and interest solely from and secured solely by monies of the Agency on deposit and evidenced by certificates of deposit, copies of which are attached as Exhibit t to Resolution No. 161 of the Agency. The Note, and the interest thereon, is not a debt of the City of Palm Desert, the State of California or any of its political subdivisions and neither the City of Palm Desert, the State of California nor any of its political subdivisions is liable on the Note, nor in any event shall the Note and the interest thereon be payable out of or secured by any funds or properties other than those of the Agency as provided in this Resolution. The Note does not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. The validity of the Note is not and shall not be dependent upon the completion of the Project or upon the performance by anyone of an obligation related to the Project. This Note may be called before maturity and redeemed at the option of the Agency or any interest payment date. Nothing in this Resolution shall preclude the redemption and payment of the Note prior to maturity, or the payment thereof at maturity, from the proceeds of a refunding note or other refunding obligation or obligations issued pursuant to law. Nothing in this Resolution shall prevent the Agency from making advances of its own funds howsoever derived to any of the uses and purposes mentioned in this Resolution. The form of the Note shall be substantially in the form set forth in Exhibit A, attached hereto and by this reference incorporated herein." RESOLUTION NO. 161 Section 2. The second full paragraph on page two of the Note referred to in Resolution No. 126 is hereby amended to read as follows: "The principal of this Note and the interest thereon is payable solely from and is secured solely by monies of the Agency on deposit and evidenced by certificates of deposits, copies of which are attached as Exhibit A to Resolution No. 161 of the Agency." The Chairman and Executive Director are hereby authorized and directed to execute the Note, as amended, pursuant to this Resolution, and deliver such Note, as amended, to City National Bank. Section 3. The Agreement attached hereto as Exhibit B is hereby approved, and the Chairman and Executive Director are hereby authorized and directed to execute such Agreement. Section 4. If interest on the Note received by City National Bank accruing after the date of this Resolution is declared to be taxable income under present Federal income tax laws, either by a ruling of the Internal Revenue Service or by a decision of any federal court, the interest rate paid on the Note from the date of this Resolution to the date of maturity or prior redemption shall be fifteen and one-half percent (15.5%) per annum. Section 5. The Agency shall cause to be delivered to City National Bank all certificates of deposit attached hereto as Exhibit A and shall cause to be delivered to Fidelity Federal Savings and Loan Association written assignment notifying Fidelity Federal Savings and Loan Association that the proceeds of the certificate of deposit No. 10-38-6002448 maturing on October 14, 1982, shall be paid over and delivered to City National Bank upon presentment by City National Bank of the original certificate of deposit. A copy of such assignment and an acknowledgement thereof by Fidelity Federal Savings and Loan Association shall be delivered to City National Bank prior to September 10, 1982. PASSED, APPROVED AND ADOPTED this 2nd day of September, 1982. AYES: Newbrander, Snyder & Wilson ABSENT: McPherson & Puluqi 41- Joy Wi 'son, ai n ATTEST: Del Claussen, Asst. Sec. Date payable or notice required •Specify which) 10-14-82 Received of Paul Byers Four hundred thousand and no/100 The deposit hereunder shall bear Interest for the term of the deposit at a rate of 15.374 per annum, to be paid Quarterly and is subject to a deposit contract dated 4-3-82 SEE CONDITIONS OF DEPOSIT ON REVERSE 30, 566 5M15 79i RESOLUTION NO. 161 Exhibit "A" RESOLUTION NO. 161 EXHIBIT A Palm Desert 021 021P21138 Branch . P,t lm Desert Department Palm Desert Redevelopment Agency Name of Local Agency Receipt for Inactive Public Deposit March 11.1982 Date Issued September 17,1982 Date payable or date notice required {specify which) Received of * * * * * * * *PALM DESERT REDEVELOPMENT AGENCY s. t, t.,. St. . This deposit earns interest at a rate of 13.750 M% a year to be paid ❑ quarterly ❑ annuallyYjn Maturity and is subject to a deposit contract dated June 29,1977 The deposit matures 190 days from the date of issue. You earn no interest after this date. See conditions of deposit on reverse side. CBB-PD-20 (10.76) Palm Desert #21 Branch Palm Desert #21 Department * * * * * * * * * * * * * * * * * * * TREASUPER'S DUPLICATr COPY Palm Desert Redevelopment Agency sae of Local Agency 021P21143 Dollars S***250, 000.00***** I . Authorized Signature/ Receipt for Inactive Public Deposit August 26, 1982 Date Issued October 14, 1982 Date payable or date notice required (specify which) Received of * * * * *Palm Desert Redevelopment Agency* * * * * * * * * * * * * * * * * * * * * * * This deposit earns interest at a rate of • S % a year to be paid IA quarterly ❑ annually 0 and is subject to a deposit contract dated June 29, 1977 The deposit matures 49 days from the date of issue. You earn no interest after this date. See conditions of deposit on reverse side. CBB-PD•ze 110.7{) T';E.A.SU'ER'S DUPL!CATE CCPY * * * *300,000.00* * * * * * * * Dollars G v i/‘_ Authorized Signatye RECEIPT OF INACTIVE PUBLIC DEPOSIT Treasurer Palm Desert Redevelopment Agency DEPARTMENT{ NAME OF LOCAL AGENCY 4-8-82 $400,000.00 Date. Serial No: 10-38-6002448 Dollars Fidelity Federal Savings & Loan Association DEPOSITORY Palm Desert AJ/fHORIZ,EO SIGNATURE RESOLUTION NO. 161 Exhibit "B" EXHIBIT B RESOLUTION NO. 161 AGREEMENT The Palm Desert Redevelopment Agency (the "Agency") and City National Bank (the "Bank") hereby agree to the amendment of that certain Non -Negotiable Promissory Note of the Agency, dated December 19, 1980, in favor of the Bank,and to the amendment of Resolution No. 126 of the Agency, pursuant to Resolution No. 161 of the Agency, attached hereto. The Agency and the Bank assent to all of the terms of Resolution No. 161 and to the Note, as amended thereby. Dated: September 3, 1982 PALM DESERT REDEVELOPMENT AGENCY _ Mart' :ouman Exec tive Director CITY NATIONAL BANK BY:. /,/ acm:7 Gary '�!. Brashier