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Home My WebLink AboutRDA RES 296ReSOLUTION NO. 296 A RBSOLUTION OP TFiE PALM DBSSRT RBDSVSLOPliBNT AGSNCY A()TfiORI Z ING Tf I33UANCB OF ITS RSNTAL HOUSIiJG RSVSNOg BONDS (DBSgRT I OSB PROJSCT), AND ?HB S CUTION AND DBLIVBRY OF P► ?RUST INDBNT JRS, A PURCHA3$ QO NTRAGT, A R QILATORY AGRSSt NT, A FINANCING AGREBI NT, A RSMAR CSTING AGRSBl NT AND A HOU3ZIiG ASSISTANCS AGRBBMBI IT, APPROVING A PRBLIMINARY OFPICIAL STATSlsSI 1'1' APD FINAL O FZCIAL 3TATSl NT IN CONNSCPIOPI S'EIBRSiiZTH, P1UTiiORIZII IG Ti ! BZSCOTION AIdD DBLIVBRY OF OTfi R DOC[JMSNT3 , AND MAICING CERTAII I 1rINDING3 RgCITli1L9 : A. Under and pursuant to the provisions of the Community Redevelopment Law (Health and safety Code Sections 33000, gt. seQ.), the Aqency is authorized to issue bonds for the purpose of financing its redevelopment projects, inciuding housing which is to be made available at an affordable cost to persons and families of low and moderate income. This Resolution is adopted under and pursuant to the Community Redevelopment Law, and in furtherance of the purposes of the Community Redeveloprent LaN. B. Civic Center Barrio Housinq Corporation (CCBHC) is a nonprofit public benefit corporation described in Section 501(c)(3) of Title 26 of the United 3tates Code. CCHHC proposes to develop, own and operate rental housinq consistinq of 161 single- family residential unite, common areee and facilities, commonly known as the "Desert Rose Project", to be located in Project Area No. 1 of the Agency. The Desert Rose Project is to be made available at an affordable housing cost to persons and fam3lies of low and moderate income. Under and pursuant to the Community Ftedevelopment Law and this Resolution, the Agency proposes to issue bonds and use the proceeds to provide financing to CCBHC in connection with its development of the Desert Rose Project. NOi I, THER$FORB, THE PALA! DESBRT REDLVELOPMENT AGBNCY HEREBY FINDS, DETERMINES, RESOLVES AND ORDER3 AS FOLLOWS: Section 1. Authorization for is uance of Bonds. The Aqency hereby authorizes the issuance of its Palm Desert Redevelopment Agency, Rental Housing Revenue Bonds (Desert Rose Project), in the aggregate principal amount of not to exceed 16,000,000, under and pursuant to the Coms unity Redevelopment Law, this Resolution and the Trust Indenture described herein, for the purpose of financing the rental housing described herein. The RS30LUTION NO. 296 � , � r•, . � ..•- . , . r-; �n . . ,� Bonds shall be speciaZ obliqatt�s �of the described in the Trust Indenture. The Bonds instrwnents for all purposes, subject only thereof for registration. • • •• � �� , � � ! •� � Agency payable as s3�a11,�, be negotiable t�•�:the provisions _�... .... Section •2. Trust Zndenturey - Tho �Truet � Zndenture ( the "Trust Indenture" ) reiating to tha�HORt�R;�fiy and fiet�reen the Agency and Bank America, ••National Trust � arad. 3avicnqs :Associ,ation, as Trustee ( the "Trustee" ), in substantia�bg �he��forn� on ftle with the Executive Director of the Agency and presented to the Agency qoverning board at this meetinq, is hereby approved. Any one of the Authorized officers described��in�3ection 10 hereof is hereby authorized and directed, for and in the nase and on behalf of the Agency, to execute and deliver the Tru�t Indenture with such insertione and chanqea in the i�nterest of the� �1g�ncy as may be approved by the Authorized Officor,executinq tha eame, subject to the provisions of Section 10' hereof,� such��aDproval to be conclusively evidenced by such�execution and dolt�very. ,�ection 3. purchase Contract. The Purchase Contract (the "Purchase Contrnct") relatinq to the Bonds,�by and an�ong the Agency, CCBHC and Niller & Schroeder Financial, Inc. (the ��vnderwriter") and First Interstate -Bank of Arizona, in substantially the form on file with the Fatecutive Director of the Agency and presented to the �►gency. qoverninq� board at this meeting, is hereby approved.• Any one of the Authorized Officers described in Sec.tion 10 hereof is hereby authorized and directed, for and in the naee and on behnlf of the Aqency; to execute and deliver the Purchaee Contract with such insertions and changee in the interest of the Agency and as may be approved by the Authorized Oificer executinq the same, aubject to the provision$ of section 10 hereof, such approval to be conclusively evidenced by such execution and delivery. Section 4. Beaulatory Aareement. The Requlatory Agreement (the "Requlatory Agree�ent'�� relatinq to the Bonds, by and between the Agency and CCBHC, in substanti�ally the form on file with the Executive Director of the Aqency and presented to the Aqency qoverninq board at this aeetinq,. is hereby approved. Any one of the Authorized Officers described in Section 10 hereof is hereby authorized and directed, for.an in the name and on behalf of the Aqency, to execute and deliver the Requlatory Aqreement with such insertions and changes in the interest of the Agency which map be approved by the Authorized Officer executinq the same, subject to the provisions of Section 10 hereof, �uch approval to be conclusively evidenced by such execution and delivery. 2 RSSOLUTION NO. 296 Section 5. FinancinQ AQreem�nt. The Financinq Agreement (the "Financing Agreement") relating to the Bonds by and among the Agency, CCBHC and the Trustee, in substantially the form on file with the Executive Director of the Agency and presented to the Aqency governinq board at this meeting, is hereby approved. Any one of the Authorized Officers described in section 10 hereof is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Financinq Aqreement, with such insertions and changes in the interest of the Agency as may be approved by the Authorized officer executing the same, subject to the provisions af Section 10 hereof, such approval to be conclusively.evidenced by such execution and delivery. Section b. Housina Assistance Aareement. The Housing Assistance Agreement (the "Housing Assistance Aqreement") relating to the Bonds, by and between the Agency and CCBHC, in substantially the form on file with the Executive Director of the Agency and presented to the Agency qoverning board at this meeting, is hereby approved. Any one of the Authorized officers described in Section 10 hereof is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Housing Assistance Agreement with such insertions and changes in the interest of the Aqency as may be approved by the Authorized Officer executing the saae, subject to the provisions of Section 10 hereof, such approval to be conclusively evidenced by such execution and delivery. Section 7. Remarketina Aareement. The Remarketing Agreement (the "Remarketing Agreement") relatinq to the Bonds, by and among the Aqency, CCBHC, the Underwriter, F1rst Interstate Bank of California ("FIBC") and the Trustee, in substantially the form on file with the Executive Director of the Aqency and presented to the Aqency governing board at this meettnq, is hereby approved. Any one of the Authorized Officers described in Section 10 hereof is hereby authorized and directed, for and-in the name and on behalf of the Agency, to execute and deliver the Remarketing Agreement with such insertions and chanqes in the interest of the Agency as may be approved by the authorized officer executing the same, subject to the provisions of Section 10 hereof, such approval to be conclusively evidence by such execution and delivery. Section 8. Intercreditor AQreement. The Intercreditor Agreement (the "Intercreditor Agreement") relating to the Bonds, by and among the Agency, CCBHC, FIBC and the Trustee, in substantially the form on file with the Executive Director of the Agency and presented to the Agency qoverning board at this meeting, is hereby approved. Any one of the Authorized officers described in section 10 hereof is hereby authorized and directed, for and in the name 3 RBSOLUTION NO. 296 � and on behalf of the Aqency, , to execute and deliver the Intercreditor Aqreement with such�in�"ertions and cha►nqes in the interest of the Aqency as may be approv_ed by the authorized officer executing the same, subject to the provisions-of section 10 hereof, such approval to be conclusively evidence by such execution and delivery. . . z� ,gection 9. Official Stateme t. The form of preliminary official statement (the "Preliminary Official Statement" relating to the Bonds, in substantially the form on file w�.th t�e 8xecutive Direc�br of the Aqency and presented to the agen�y governinq board at this meeting, is hereby app�pved. ,,The.exect}tion by any one of the Authorized Officers described below Of a certificate deeming the Preliminary official statement final as of its date, except for certain final pricing and �e1�Ced _:iniornat3on,- pursuant to Securities Exchange Commission.Aule 15c2-12, ie� hereby approved, ratified and confirmed. The Underwriter is hereby authorized to distribute such Preliminary Official Statoment,as so deemed final to prospective purchasers of the H�nds and�eny such distribution previously made by the Underwriter is, heraby; ratified and conf irmed . Any one of the Authorized Of f icers described in Section 10 hereof is hereby authorized and directed, for and in the name and on behalf of the Aqency, to execute a final official statement (the "Final Official statement").in substantially the form of auch deemed final Preliminary Official statement, includinq such final pricinq and related information and with such insertions and chanqes in the interest of the Aqency as ■ay be approved by the Authorized Officer executinQ the eamo, such approval to be conclusively evidenced by such execution and delivery. •The Underwriter is hereby authorized to distribute copies of such Final official 3tatement to all actual purchasers of the Bonds. ' �ection 10. Authorized officers. The Chairperson, Vice Chairperson, Bxecutive Director, Secretary and Finance Director of the Agency, and each of them, are hereby desiqnated as Authorized officers for purposes of this Resolution. The authorization and direction given in this Resolution to execute and deliver any and� all of the documents descrlbed in this.Resolution to execute and deliver any and all of the documents described in this Resolution is given so lonq as (i) the principal amount of Bonds authorized to be delivered pursuant to the Trust Indenture and sold pursuant to the Purchase Contract does not exceed �16,000,000, (11) the final maturity of the Bonds as set forth in the Trust Indenture and the Purchase Contract is not later than December 1, 2028, {111) interest on the Bonds as set forth in the Trust Indenture and Purchase Contract is payable at a variable rate, but such variable rate shall be capped at not more than eiqht percent, whether pursuant to the Trust Indenture or otherwise, (iv) the costs of 4 RSSOLUTION NO. 296 issuance, includinq underwriter's compensation, including amounts payable by the Agency from moneys other than Bond proceeds, does not exceed �725,000, (v) the origination fee specified in that certain Reimbursement Agreement by and among CCBHC, FIBC and the Trustee, does not exceed two percent of the oriqinal stated amount of the letter of credit, the annual fee does not exceed 1.50 percent of the available amount of the letter of credit, the servicing fee does not exceed .0125 percent of such available amount, and the drawinq fee does not exceed �200. Section 11. Further Authorization. The Authorized officers, the other members of the qoverninq board of the Agency and each of them, legal counsel, bond counsel and the staff of and consultants to the Agency are hereby authorized and directed to do all things and take all actions necessary or desirable to effectuate the transactions contemplated by this Resolution, and to execute such other agreements, certificates, receipts, opinions and other documents in connection with such transactions, including, without limitation, closing documents in connection with the delivery of the Bonds. �ection 12. Determination ReQardina Taxabilitv. The Agency hereby determines that the interest payable on the Bonds will be subject to federal income taxation under the law in existence on the date of issuance of the Bonds. Section 13. Effective Date. This Resolution shall become effective immediately upon adoption. APPROVED AND ADOPTED this 14th day of July, 7994. AYES: BENSON, CRITES, KELLY, SNYDER, WILSON NOES: NONE ABSENT: NONE � ABSTAIN: ATTEST: / � " NONE , • , / - / _. ,- . S.. , Roy Wf- _ , Chairm �' � , ./, ',,`_-- ' �� '�. Sheila R. G�lligan,;� Secretary 5