HomeMy WebLinkAboutRDA RES 263RESOLUTION N0. 263
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT
AGENCY APPROVIIJG AS TO FORM AND AUTHORIZING
T�iE EXECUTION AND DELIVERY OF CERTAIN
DOCUMENTS IN CONNECTION WITH THE SALE AND
ISSUANCE OF TAX ALLOCATION REVENUE BONDS
(PROJECT AREA NO. 2), 1992 SERIES A, OF THE
PALM DESERT FINANCING AUTHORITY
RECITALS:
A. 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").
B. Proceeds of the Bonds are to be applied for the
purpose of making a loan to the Palm Desert Redevelopment Agency
(the "Aqency"), 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.
NOW, THEREFORE, the Palm Desert Redevelopment Agency
DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
Section 1. �2ecitals. The above recitals, and each of
them, are true and correct.
Section 2. Loan Aqreement. 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 August 1,
1992, by and amonq the Agency, Bank of America National Trust and
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RESQLUTIOti �0. 263
Savings Association as trustee (the "Trustee") and the Authority,
is hereby approved and the Chairman and the Executive Director,
or either of them, is hereby authorized and directed, for and in
the name and on behalf of the Agency, to execute the Loan
Agreement and to deliver it to the Trustee and the Authority in
substantially the form hereby approved, with such changes therein
as the officer executinq the same may approve, such approval to
be conclusively evidenced by his execution and delivery thereof.
Section 3. Purchase Contract. 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 executinq 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 authori2ed 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
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RESOLUTIO\ n0. 263
Purchase Contract, and any such actions previously taken by such
officers are hereby ratified and confirmed.
Section 5. Effective Date. This Resolution shall take
effect immediately upon adoption.
1992.
APPROVED and ADOPTED this 13th day of Au�ust ,
(�TTEST : , '
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