HomeMy WebLinkAboutRDA RES 218RESOLUTION NO. 218
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT
AGENCY APPROVING A JOINT EXERCISE
OF POWERS AGREEMENT BETWEEN THE CITY OF
PALM DESERT AND THE PALM DESERT REDEVELOPMENT
AGENCY
RECITALS:
A. The Joint Exorcise of Powers Act, California
Government Code Section 6500, ,!I gag., Rrovides that publio
agencies by agreement may jointly exercise any power common to
the contracting parties.
B. The City and the Agency are "public agencies"
within the meaning of that term under Section 6502 of such Act.
C. Among the common powers of the City and the Agency
are the power to borrow money by the issuance of bonds, notes or
other obligations; the power to sell such bonds, notes or other
obligations; the power to purchase such bonds, notes or other
obligations; and the power to accept finanoial assistance from
various public sources. The City and the Agency desire to
jointly exercise certain powers common to them, including the
foregoing powers and including the expansion, upgrading and
improvement of public capital improvements within the City.
D. By adding the provisions of Article 4 to such Act,
the State Legislature has provided assistance to reduce local
borrowing costs, to help accelerate the construction, repair and
maintenance of public capital improvements, and to promote
greater use of existing and new financial instruments and
mechanisms.
E. There is a need within the City, consistent with
the need described in the declaration of the State Legislature
set forth in Article 4 of such Act, to expand, upgrade and
otherwise improve the public capital facilities of local
government necessary to support the rehabilitation and
construction of residential and economic development. The needs
of local government for financing these facilities greatly exceed
the amount of funds available from existing state, local and
federal sources.
F. Pursuant to Article 4 of such Act, an authority
created pursuant to Article 1 of the Act may issue bonds and may
purchase bonds issued by any local agency such as the City or the
Agency, at a publio or private sale and such bonds may be held by
the authority or sold to public or private purchasers at public
or negotiated sales.
RESOLUTION N 218
G. The City and the Agency desire to enter into this
Agreement in furtherance of such Act, including Article 4
thereof.
NOW THEREFORE, THE PALM DESERT REDEVELOPMENT AGENCY
HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS;
Section 1. The Joint Exercise of Powers Agreement,
dated as of January 12, 1989, by and between the City of Palm
Desert and the Palm Desert Redevelopment Agency, which has been
presented to the Agency at this meeting and which is on file in
the office of the City Clerk, is hereby approved, and the
Chairman is hereby authorized and directed for and on behalf of
the Palm Desert Redevelopment Agency, to execute and deliver such
Agreement for and on behalf of the Agency.
Section 2. The powers conferred upon the Palm Desert
Financing Authority described by such Agreement and by Article 4
of the Joint Exercise of Powers Act, California Government Code
Section 6500, St mg., will provide significant public benefits,
including the following:
A. Demonstrable savings in effective interest rate,
bond preparation, bond underwriting and bond printing costs, by
permitting the Authority, in appropriate circumstances, on its
own behalf or on behalf of the City of Palm Desert or the Palm
Desert Redevelopment Agency, to select an underwriter to purchase
bonds at a negotiated sale. Such appropriate circumstances may
include, but are not limited to, circumstances where any of the
sources of repayment for the bonds are uncommon and bonds secured
by and payable from such sources are not ordinarily sold at
public sale;
H. Significant reduction in effective user charges
levied by the City of Palm Desert through cooperative efforts
with the Palm Desert Redevelopment Agency;
C. Employment benefits from undertaking projects in a
timely fashion, including, but not limited to, indirect
employment benefits which may arise or which may be accelerated
by undertaking a public capital improvement project; and
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RESOLUTION N 218
D. More efficient delivery of services to residential
and commercial development by the City of Palm Desert through
cooperative efforts with the Palm Desert Redevelopment Agency.
PASSED, APPROVED AND ADOPTED, this
January 4Axg#4 1989.
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
im
4n
- Secretary
0104 9.63(1)
26th
day of
BENSON, CRITES, KELLY, WILSON
NONE
SNYDER
NONE
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