HomeMy WebLinkAboutRDA RES 307RESOLUTION NO. 307
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT
AGENCY APPROVING AS TO FORM AND AUTHORIZING
THE EXECUTION AND DELIVERY OF CERTAIN
DOCUMENTS IN CONNECTION WITH THE SALE AND
ISSUANCE OF TAX ALLOCATION REVENUE BONDS
(PROJECT AREA NO. 2), SERIES 1995, OF THE
PALM DESERT FINANCING AUTHORITY
WHEREAS, the Palm Desert Financinq Authority (the
"Authority") has determined to sell and issue its Tax Allocation
Revenue Bonds (Project Area No. 2), Series 1995 (the "Bonds");
and
WHEREAS, proceeds of the Bonds are to be applied for
the purpose of makinq a loan to the Palm Desert Redevelopment
Agency (the ��Agency��), pursuant to a certain Loan Kgreement (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 Aqency
DOES HEREBY RESOLVE, DETERMZNE AND ORDER as follows:
Section 1. Recitals. The above recitals, and each of
them, are true and correct.
Section 2. �oan Aqreement. As presented to this
meeting and on file with the Secretary of the Agency, the form of
Loan Agreement (the "Loan Agreement") by and among the Agency,
Bank of America National Trust and 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 behaZf 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 executing the
same may approve, such approval to be conclusively evidenced by
his execution and delivery thereof.
Section 3. #�urchase Contract. The form of Purchase
Contract as presented to this meeting by Kinsell, O'Neal, Newcomb
& DeDios, Inc. 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 Aqency, 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.
950428 P6402-01016 f� 11118401
Section 4. Other Acts. The officers of the Agency are
hereby authorized and directed, jointly and severally, "o do any
and all things and to execute and deliver any and all d�cuments
which they may deem necessary or advisable in order to �ffectuate
the purposes of this Resolution, the Loan Agreement and the
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.
APPROVED and ADOPTED this 25th day of May, 1995.
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/ CH IRMAN
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