HomeMy WebLinkAboutRDA RES 166RESOLUTION NO. 166
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
AWARDING A NOTE OF THE AGENCY TO THE SUCCESSFUL BIDDER
The Palm Desert Redevelopment Agency HEREBY FINDS, DETERMINES,
RESOLVES and ORDERS as follows:
SECTION 1. Notice Inviting Bids for the Palm Desert Redevelopment
Agency Subordinated Tax Allocation Promissory Note (the "Note") 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 Note have been duly and regularly
taken as provided by law.
SECTION 2. The bid of City National Bank for the Note, attached
hereto and made a part hereof, is the best bid for the Note. Such bid is
hereby accepted in accordance with the terms thereof, and in accordance
with and subject to Resolution No. 163 of the Agency.
SECTION 3. All bids other than the one accepted pursuant to Section
2 hereof are rejected.
SECTION 4. The interest rate on the Note is hereby fixed at nine
percent (9%) per annum.
SECTION 5. The Treasurer is hereby authorized and directed to
deliver the Note to the successful bidder upon payment of $1,500,000
therefor.
SECTION 6. All actions and proceedings heretofore taken in
connection with the authorization, issuance, and sale of the Note are hereby
ratified and confirmed.
PASSED, APPROVED and ADOPTED by the Palm Desert Redevelopment Agency
at its Adjourned Meeting held on the 9th day of December, 1982, by the following vote, to
wit:
AYES: Jackson, Kelly, Snyder, Wilson do Puluqi
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
✓/
SHEILA R. GILtIGAN, SEC
PALM DESERT REDEVE
ARY TO THE
ENT AGENCY
OMEO S. PULUQI, CHAIRMAN
RESOLUTION NO. 166
EXHIBIT "C"
EXHIBIT C
BID FOR THE PURCHASE OF
$1,500,000
PALM DESERT REDEVELOPMENT AGENCY
SUBORDINATED TAX ALLOCATION
PROMISSORY NOTE
Palm Desert Redevelopment Agency
Palm Desert, California
Pursuant to the Notice Inviting Bids hereinafter
mentioned, we offer to purchase the Subordinated Tax Allocation
Promissory Note of the Agency in the principal amount of
One Million Five Hundred Thousand Dollars ($1,500,000),
particularly described in such Notice Inviting Bids, bearing
interest at the following rate per annum: 7 00 percent and
to pay therefor the sum of One Million Five Hundred Thousand
Dollars ($1,500,000) by a federal funds wire on December 10,
1982, to a financial institution designated by the Agency.
This bid is made subject to all the terms and
conditions of the Notice Inviting Bids heretofore published,
all of which terms and conditions are made a part hereof as
fully as though set forth in full in this bid.
As specified in the Notice Inviting Bids, this bid
is subject to acceptance not later than twenty-six (26)
hours after the expiration of the time for the receipt of
bids, and to the unqualified opinion of the Bond Counsel
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firm of Richards, Watson, Dreyfuss & Gershon, A Professional
Corporation, Los Angeles, California, approving the validity
of the Note, being furnished us, if we are the successful
bidder, at or prior to the time of delivery of the Note and
at the expense of the Agency.
CITY NATIONAL BANK
By: / V 424.<4J. ig.
Gary Brashier
Assi ant Vice President