HomeMy WebLinkAboutRDA RES 259RESOLUTION NO. 259
A RESOLUTION OF THE PALH DESERT REDEVELOPHENT
AGENCY APPROVING AS TO FORH AND AUTHORIZING
THE EBECUTION AND DELIVERY OF CERTAIN
DOCUHENTS IN CONNECTION WITH THE SALE AND
ISSUAHCE OF TA% ALLOCATION REVENUE BONDS
{PROJECT AREA N0. 2), 1992 SERIES A, OF THE
PALN 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. 2), 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 financing of certain public capital improvements, as described
-- therein;
NON, THEREFORE, the Palm Desert Redevelopment Agency DOES
HEREBY RESOLVE, DETERNIHE AHD ORDER as follows:
Section 1. Recitals. The above recitals, and each of them,
are true and correct.
Section 2. Loan Actreement. 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
Association as trustee (the "Trustee") and the Authority, is hereby
RESOLUTION N0. 259
approved and the Chairman and the Executive Director, or ?it��r �F
them, is hereby authorized and directed, for and in the r,ame a^d �r.
behalf of r_he Agency, to execute the Loan Agreement and to 3pliver
it to t"�� T=ustee and the Authority in substantially the form
hereby 3pproved, with such changes therein as the officer exerutir.g
the same may approve, such approval to be conclusively evid?nce�"�y
his execution and delivery thereof.
Section 3. Purchase Contract. The form of Purchase Contr3ct
as presented to this meeting by the Underwriters and Lhe sale ��f
the Bonds pursuant thereto upon the terms and conditions se* torth
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 3nd
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 4. 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 and the Purchase Contract,
and any such actions previously taken by such officers are hereby
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RESOLUTION N0. 259
ratified and confirmed.
Section 5. Effective Date. This Resolution shall take Atfert
immediately upon adoption.
APPROVED AND ADOPTED this �5th day of March, 1992.
AYES: CRITES, SNYDER, WILSON, BENSON
NOES: NONE
ABSENT: KELLY
ABSTAIN: NONE
ATTEST: •
, � ,� �i { ' ,,
� ,�- -.: :� �.�
Sheila R. Gil igan, Se retary
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. BENSON, VICE CHAIRMAN