Loading...
HomeMy WebLinkAboutRDA RES 250RESOLUTION N0. 250 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY DECLARING ITS INTENTION TO REIMBURSE FROM THE PROCEEDS OF TAX-EXEMPT BONDS MONEYS OF THE CITY TO BE EXPENDED FOR A PORTION OF THE COST OF THE EXPANSION OF THE CIVIC CENTER AND THE INSTALLATION AND CONSTRUCTION OF THE NORTH PORTOLA STORM DRAIN THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. The City of Palm Desert has awarded a construction contract in connection with the expansion of the Civic Center. Such expansion will include the addition of approximately 20,000 square feet of gross building area to the Civic Center. The expanded area will provide additional office space for Palm Desert Redevelopment Agency administrative offices and for offices to be occupied by the Finance Department of the City. The expansion is being undertaken pursuant to the City's Civic Center Master Plan. The City has also entered inta a construction contract for the construction of the North Portola Storm Drain. The storm drain extends from the Whitewater Channel to Country Club Drive. The storm drain is being installed pursuant to the City's Master Drainage Plan. Pursuant to prior resolutions, agreements, understandings of bu�get considerations of the City and the Agency, portions of the cost of the expansion and of the storm drain have been allocated to the Agency. Both the expansion and the storm drain have an economic life of at least one year. Section 2. No moneys of the City, the Agency or the Palm Desert Financing Autnority are, or are reasonably expected to be, available on a long-�erm basis under the respective budgets of the City, the Agency or the Authority, to pay for the portion of the cost of the expansion which has been allocated for payment by the Agency. No moneys of the City, the Agency or the Authority are, or are reasonably expected to be, available on a long-term basis under the respective budgets of the City, the Agency or the Authority, to pay for the portion of the cost of storm drain which has been allocated for payment by the Agency. Section 3. The Agency expects that it will issue, or that the Authority will issue, tax-exempt bonds secured by and payable from taxes allocated to the Agency from the Added Te�ritory of Project Area No. i of the Agency, and that the p-roceeds of such bonds will be used to pay for the costs of the ex�ansion and the storm drain which have been allocated to the Agency. The Agency expects that the City will incur certain costs in connection with � RESOLUTION NO. 250 the expansion and storm drain prior to issuing the bonds. The costs of the expansion will be paid from moneys on hand. in the new construction tax fund of the City's General Fund. The costs of the storm drain have been, and will be, paid from moneys on hand in the drainage fund of the City's General Fund. Section 4. Pursuant to Treasury Regulation Sections 1.103-17, the Agency hereby declares its intention to reimburse the City's new construction tax fund of the general fund that portion of the cost of the expansion allocated for payment by the Agency. The Agency intends to make such reimbursement from the proceeds of tax-exempt bonds to be issued by the Agency or to be issued by the Authority and loaned to the Agency. The City and the Agency have previously taken certain actions indicating their objective and reasonable expectation that the Agency would reimburse all of the expenditures which have been paid to date from the proceeds of tax- exempt bonds of the Agency secured by and payable from taxes allocated to the Agency from the Added Territory of Project Area No. 1. All such expenditures were made after September 8, 1989. Pursuant to Treasury Regulation Sections 1.103-17, the Agency hereby declares its intention to reimburse the drainage fund of the City's General Fund that portion of the cost of the subject storm drain allocated for payment by the Agency (and which expenditures are made after September 8, 1991) from the proceeds of tax-exempt bonds to be issued by the Agency or by the Authority and loaned to the Agency. PASSED, APPROVED and ADOPTED this 22nd day of Augus t , 19 91. AYES : CRITES, kEI�,Y, tJII,SON, SNYDER NOES : '.VONE ABSENT: BINSON ABSTAIN: NONE CHAIRMAN t�1�l��r}'..�i�T : � � r � f `'����°��i_' ���11.7� %� SHEILA R. ILLIGAI�;' SECRETARY 2