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Home My WebLink AboutRDA RES 189RESOLUTION NO. 189 RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY DETERMINING TO ISSUE A CERTAIN PRINCIPAL AMOUNT OF TAX ALLOCATION BONDS OF THE AGENCY AND PROVIDING FOR CERTAIN DETAILS OF THE BONDS RECITALS: A. The Palm Desert Redevelopment Agency is a redevelopment agency, a public body, corporate and politic, duly created, established and authorized to transact busi- ness and exercise its powers, all under and pursuant to the Redevelopment Law and the powers of the Agency include the power to issue bonds or notes for any of its corporate purposes. B. The Agency has heretofore adopted its Resolu- tion entitled: "Resolution of the Palm Desert Redevelopment Agency Authorizing the Issuance of Tax Allocation Bonds of the Agency in the Principal Amount of $30,000,000 to Finance a Portion of the Cost of a Redevelopment Project" (the "Resolution of Issuance"). C. The Resolution of Issuance provides that when- ever the Agency determines to issue all or part of the $30,000,000 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 twenty-six million two hundred seventy-five thousand dollars ($26,275,000) principal amount of Bonds to aid in the financing of the redevelopment of the Project Area, As Amended, such twenty-six million two hundred seventy-five thousand dollars ($26,275,000) principal amount of Bonds to be issued pursuant to the Resolution of Issuance and this Resolution and designated as "Palm Desert Redevelopment Agency, Project Area No. 1, As Amended (Original Territory Only), Tax Allocation Bonds, Issue of 1985". NOW, THEREFORE, THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS: Section 1. 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. The Agency determines to issue at this time a Series of Bonds of the $30,000,000 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 in the principal amount of twenty-six million two hundred seventy-five thousand dollars ($26,275,000), and shall be designated PALM DESERT REDEVELOPMENT AGENCY, PROJECT AREA NO. 1, AS AMENDED (ORIGINAL TERRITORY ONLY), TAX ALLOCATION BONDS, ISSUE OF 1985 (the "Bonds"). The Bonds shall be dated as of December 1, 1985. -2- 851101 bm 0322WL5 1 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 June 1st and December 1st, commencing June 1, 1986. 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 foregoing principal amount shall be issued by the Agency for the corporate purposes of the Agency to refinance a portion of the cost of a redevelopment project and to aid in the financing of the redevelopment of the Project Area and tor other corporate purposes related thereto. The Agency may provide by resolution for the sale of the Bonds. The Bonds shall mature on December 1st of each of the years and in the amounts indicated as follows: 1988 $ 715,000 1997 1,370,000 1989 760,000 1998 1,485,000 1990 815,000 1999 1,615,000 1991 870,000 2000 1,755,000 1992 935,000 2001 1,910,000 1993 1,005,000 2002 2,085,000 1994 1,080,000 2003 2,270,000 1995 1,165,000 2004 2,475,000 1996 1,265,000 2005 2,700,000 Bonds maturing on December 1, 1986 through December 1, 2005, are sometimes referred to herein as "Serial Bonds." The Fiscal Agent, on behalf of and as agent for the Agency, shall receive the proceeds from the sale of the Bonds upon -3 esilos bs 0322WLS the delivery of the Bonds to the original purchasers thereof and shall dispose of such proceeds as follows: A. Accrued interest and premium, if any, paid by the original purchasers of the Bonds shall be placed in the Special Fund in the Bond Interest Payment Account. B. A sum equal to Maximum Annual Debt Service shall be deposited into the Reserve Account. C. The Temporary Escrow Fund Requirement, as set forth in•an opinion of an independent financial consultant dated the date of delivery of the Bonds to the original purchasers, shall be deposited into the Temporary Escrow Fund. D. After making the above transfers, the balance of the proceeds from the sale of the Bonds shall be trans- ferred 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 the Resolution of Issuance, 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. The outstanding Bonds, or any of them, may or shall, as the case may be, be called before maturity and redeemed as follows: -4- 851101 bm 0322WLS 1 A. The Bonds maturing on December 1, 1986 through December 1, 1995 are not subject to optional call or redemption by the Agency prior to their respective maturities. B. The outstanding Bonds maturing on or after December 1, 1996, may be called before maturity and redeemed, at the option of the Agency, in whole from the proceeds of refunding bonds or refunding obligations, or in whole or in part from any other source, on December 1, 1995, or on any interest payment date thereafter prior to maturity, in inverse order of maturity and by lot within a maturity. Bonds so called for redemption shall be redeemed at a redemption price for each redeemed Bond equal to the principal amount thereof, plus accrued interest to the redemption date, and the following premium (which is expressed as a percentage of principal amount) if redeemed on the following redemption dates: Redemption Dates Redemption Price December 1, 1995 and June 1, 1996 102 % December 1, 1996 and June 1, 1997 101f December 1, 1997 and June 1, 1998 101 December 1, 1998 and June 1, 1999 100f December 1, 1999 and thereafter 100 C. On December 1, 1988, the Bonds maturing on or after December 1, 1996, will be subject to special mandatory redemption at a redemption price equal to the principal amount thereof with accrued interest thereon, -5- 851101 bm 0322WLS 1 without premium, Temporary Escrow Section from moneys remaining on deposit Fund. 5. Issuance of Further Series. in the At any time or times, as the Agency deems it necessary and desirable, it may provide for the issuance of and sell on parity with the Bonds, all or part of the balance of the $30,000,000 principal amount of Bonds Resolution of Issuance in one or more cipal amount as it estimates and sale of any such balance Resolution of Issuance shall Section 17 of the Resolution issuance of Parity Bonds. Section 6. Temporary Escrow Fund. The moneys in the Temporary Escrow Fund in excess of the Temporary Escrow Fund Requirement shall be transferred by the Fiscal Agent to the Redevelopment Fund on or before December 31st of each year but in no event after December 1, 1988, upon written request of the Treasurer of the Agency accompanied by a report of an independent financial consultant which sets forth (i) the Tax Revenues estimated to be received in the then current Fiscal Year based upon the assessed value of taxable property in the Original Territory as shown on the then last equalized assessment roll of the County of Riverside, and (ii) the Temporary Escrow Fund Requirement. authorized in the series in such prin- a 851101 bm 0322WLS 1 will be needed. The issuance of the Bonds authorized in the be subject to the provisions of of Issuance regarding the -6- Section 9. Severability. If any covenant, agree- ment 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 invalid and the Bondholders shall retain all valid rights and benefits accorded to them under this Resolution and the Constitution and laws of the State of California. Section 10. Effective Date. This Resolution shall take effect upon its adoption. of PASSED, APPROVED AND ADOPTED this 14th day November , 1985, by the following vote, to wit: AYES: BENSON, JACKSON, SNYDER, WILSON AND KELLY NOES: NONE ABSENT: NONE ABSTAIN: NONE AiTTE S SHEILA R. GILLIGAN, SEC-' LTARP 7-1 PALM DESERT REDEVELOPM TT AGENCY -7- 851101 bm 0322WLS 1 RICIIARD S. KELLY, CH1jrTRMAN