HomeMy WebLinkAboutRDA RES 256RESOLUTION NO. 256
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT
AGENCY AUTHORIZING AND OIRECTING ITS STAFF TO
— COMMENCE PROCEEDINGS FOR THE ISSUANCE OF
BONDS BY OR ON BEHALF OF THE AGENCY AND TO
TAKE CERTAIN ACTIONS IN CONNECTION THEREMITH
TNE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1. The Executive Director hes presented to the
Agency a report prepared in cooperation with Whipple, Kinsell 8
Co., Inc. and Miller 8 Schroeder Financial, Inc.. which report
indicates that tax increment revenues allocated to the Agency are
sufficient to support additional debt obligations of the Agency
and to finance and possibly refinance various public projects.
Such report also describes the proposed public projects and
discusses the possible advantages and dlsadvantages to a
refinancing of some or all of the Agency's currently outstanding
indebtedness.
Section 2. The Agency hereby designates and appoints
Whipple, Kinsell 8 Co., Inc. and Miller 8 Schroeder Financial,
Inc., to act as underwriters and co-managers in connection with
debt obligations issued by or on behalf of the Agency to finance
the public projects described in the report, and to possibly
refinance some or all of the currently outstanding indebtedness
of the Agency. Whipple, Kinsell 8 Co., Inc., and Miller &
Schroeder Financial, Inc., are hereby au horized and directed to
encourage, to the greatest extent feaslble, participation in a
seiling group formed by them of lnvestment banking and brokerage
dealer firms having offices in the City of Palm Desert.
Section 3. The staff of the Agency, its consultants,
legal counsel and bond counsel, and the underwriters and co-
managers designated and appointed above are hereby authorized and
directed to prepare the necessary documentation to effect the
financing and refinancing contemplated by such report, including
indentures, loan agreements, preliminary officiai statements, and
the like, and to contact prospective municipal bond insurers,
rating agencies and investors with respect to the proposed
financing, to provide them with such documentation and to meet
with them regarding the proposed financing and refinancing.
Section 4. The staff of the Agency, its consultants,
legal counsel, and bond counsel, and the underwriters and co-
managers designated and appointed above are hereby authorized and
directed to then present such documentation to the Agency and
related public entlties for approval by the Agency prior to the
closing and delivery of any debt obligations.
RESOLUTION N0. 256
PASSED, APPROVED AND ADOP7ED this 13th day of February,
1992.
AYES:
NOES:
ABSENT:
BENSON, CRITES, SNYDER, WILSON, KELLY
NONE
NONE
ABSTAIN: NONE
bTTES�: ��'
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' Sheila R. Gillig n, Secre ary
Richard S. Kelly; Chairman
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