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HomeMy WebLinkAboutRDA RES 258RESOLUTION NO. 258 A RESOLUTZON OF THE PALH DESERT REDEVELOPNENT AGENCY APPROVING AS TO FORN AND AUTHORIZING THE EBECUTION AND DELIVERY OF CERTAIN DOCUNENTS IN CONNECTION WITH THE SALE AND ISSUANCE OF TA% ALLOCATION REVENUE BONDS (PROJECT AAEA NO. 1, AS ANENDED), 1992 SERIES A, OF THE PALH DESERT FINANCING AUTHORITY WHEREAS, the Palm Desert Financing Authority (the "Authority") has determined to sell and issue its Tax Allocation Revenue Bonds (Project Area No. 1, As Amended), 1992 Series A(the "Bonds"); and WHEREAS, proceeds of the Bonds are to be applied for the purpose of making a loan to the Palm Desert Redevelopment Agency (the "Agency"), pursuant to a certain Loan Agreement as hereinafter defined), for the object and purpose of assisting in the advance refunding of certain outstanding indebtedness of the Aqency (the "Prior Bonds") and the financing of certain public capital improvements, as described therein; NOM, THBRSFORg, the Palm Desert Reclevelopment Agency DOES HEAEBY RESOLVS, DSTSAMINE AliD ORDEA as follows: Section 1. Recitals. The above recitals, and each of them, are true and correct. Section 2. Loan Aareement_. As presented to this meeting and on file with the Secretary of the Agency, the form of Loan Agreement (the "Loan Agreement"), dated as of April 1, 1992, by and among the Agency, Bank of America National Trust and Savings RESOLUTION N0. 258 Association as trustee (the "Trustee") and the Authority, is :��r�Uy ���roved and the Cnairman and the Executive Director, or either �r _. them, is hereby authorized and directed, for and in the name xnd �n behalf of the Agency, to execute the Loan Agreement and to deli•:er it to the Trustee and the Authority in substantially the form hereby approved, with such changes therein as the officer executing the same may approve, such approval to be conclusively evidenced by his execution and delivery thereof. Section 3. Refundinq Aareement. The proposed form of Escrow Deposit and Trust Agreement (the "Refunding Agreement"), dated as of April 1, 1992, by and between the Agency and the Escrow Agency appointed in Section 4 hereof, presented at this meeting and �n file with the Secretary of the Agency, is hereby approved and r_he -- Chairman and the Executive Director, or either of them, is hereby authorized and directed, for and in the name and on behalf of the Aqency, to execute and deliver the Refunding Agreement to the Escrow Agency in substantially the form hereby approved, with such changes therein as the officer executing the same may approve, such approval to be conclusively evidenced by his execution and delivery thereof. Section 4. �pointment of Escrow Aqent. Bank of America National Trust and Savings AssociaLion is hereby appointed as Escrow Agent under the Refunding Agreement. 2 RESOLUTION N0. 258 Section 5. Purchase Cantract. The form of Purchase Contract as presented to this meeting by the Underwriters and the sale of the Bonds pursuant thereto upon the terms and conditions set forth therein are hereby approved and, subject to the limitations imposed by the Authority with respect to such sale, the Chairman and the Executive Director, or either of them, is authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver said Purchase Contract, with such changes therein as the officer executing the same may require or approve, such approval to be conclusively evidenced by his execution and delivery thereof. Section 6. Other Acts. The officers of the Agency are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they may deem necessary or advisable in order to effectuate the purposes of this Resolution, the Loan Agreement, the Refunding Agreement and the Purchase Contract, and any such actions previously taken by such officers are hereby ratified and confirmed. Section 7. Effective Date. This Resolution shall take effect immediately upon adoption. 3 RESOLUTION N0. 258 APPROVED AND ADOPTED this �6th day of March, 1992. AYES: CRITES, SNYDER, ��JILSON, BENSON NOES: NONE ABSENT: KELLY �-- � ABSTAIN: NONE ;, � C��-- � `�� '"v(�-'-�� � , -�TTFr,ST : __� / �. � � i 'G �i _- �l� ..,✓ Sheila R. Gilligan, cretary JE��: BENSON, VICE CHAIR?tAN , ,� ll � 4