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HomeMy WebLinkAboutRDA RES 312RESOLUTION NO. 312 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY AUTHORZZING THE ISSUANCE OF THE AGENCY'S PROJECT AREA NO. 1, AS AMENDED (ADDED TERRITORY ONLY), TAX ALLOCATION (HOUSING SET-ASIDE) REFONDING BONDS, SERIES 1995, AND THE EXECUTION AND DELIVERY OF AN ZNDENTURE, A BOND PURCHASE AGREEMENT AND A PURCHASE CONTRACT, AND MAKING CERTAIN FINDINGS RECITALS: A. The Palm Desert Redevelopment Agency (the "Agency") is a redevelopment agency, a public body, corporate and politic, duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Community Redevelopment Law of the State of California (Part 1 of Division 24 of the Health and Safety Code), and the powers of the Agency include the power to issue bonds for any o£ its corporate purposes. B. A Redevelopment Plan for Project Area No. 1 has been duly approved and adopted by the City of Palm Desert (the "City") by Ordinance No. 80 and all requirements of law for, and precedent to, the adoption and ap�roval of said plan have been duly complied with. C. An amendment to the Redevelopment Plan, adding territory to the Project Area (the "Added Territory"), was approved and adopted by the City by Ordinance No. 275 and all requirements of law for, and precedent to, the adoption and approval of the Redevelopment Plan as amended have been duly complied with. D. Pursuant to its Resolution No. 211, adopted by the Agency on December 10, 1987, Resolution No. 214, adopted by the Agency on August li, 1988, Resolution No. 216, adopted by the Agency on August 25, 1988, and a Fiscal Aqency Agreement, dated as of September 1, 1988, by and between the Agency and Security Pacific National Bank, as transfer agent, registrar and payinq agent, the Agency has previously authorized the issuance and provided for the sale of its "Palm Desert Redevelopment Agency, Project Area No. 2, As Amended (Added Territory Only), Tax Allocation Bonds, Series 1988" in the aggregate initial principal amount of $7,800,0000, for the corporate purposes of the Aqency aiding in the financing of a redevelopment project (the "1988 Bonds" ) . E. The Aqency has determined to issue its Palm Desert Redevelopment Agency Project Area No. 1, As Amended (Added Territory Only), Tax Allocation (Housing Set-Aside) Refunding 950628 P6402-00001 jbv 03210012 0 Bonds, Series 1995 (the "Agency Bonds") for the purpose of refunding the 1988 Bonds, all pursuant to and secured by the Indenture {as defined herein). F. The Palm Desert Financinq Authority (the "Authority") has determined to issue and sell its Palm Desert Financing Authority Tax Allocation Revenue Bonds, 1995 Series A (the "Authority Bonds"). G. Proceeds of the Authority Bonds are to be applied for the purpose of financinq the acquisition by the Authority of the Agency Bonds, pursuant to a certain Bond Purchase Agreement (as herein defined). NOW, THEREFORE, THE PALM DESERT REDEVELOPMENT AGENCY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. $ecitals. The foregoinq recitals are all true and correct. Section 2. Indenture. The form of the Zndenture (the "Aqency Indenture") with respect to the Agency Bonds, by and between the Agency and the Trustee appointed in Section 3 hereof, presented at this meetinq and on file in the office of the Aqency Secretary, 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 and deliver the Aqency Indenture to the Trustee in aubstantially the form hereby approved, with such additions or changes therein as the officer executinq the same may approve, such approval to �e conclusively evidenced by his execution and delivery thereof; provided that the Agency Indenture shall not specify (a) a principal amount of Aqency Bonds in excess of $7,500,000 and (b} interest rates such as to produce an average interest rate on the Agency Bonds in excess of 6.50 percent per annum. Section 3. �p�,ointment of Trustee and Escrow Aqent. Bank of America National Trust and Savings Association is hereby appointed as Trustee under the Aqency Indenture. Section 4. Hond Purchase Aareement. The form of Bond Purchase Aqreement (the "Bond Purchase Aqreement") by and between the Agency and the Authority, presented at this meetinq and on file in the office of the Agency Secretary, 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 Aqency, to execute and deliver the Bond Purchase Agreement to the Authority in substantially the form hereby approved, with such additions or changes therein as the officer executing the same may approve, such approval to be conclusively evidenced by his execution and delivery thereof; provided, that the terms and conditions of the Agency Bonds as set forth in the Bond Purchase Aqreement shall not exceed the limitations prescribed in Section 2. 9so6za �-0000i �� aouooi 2 - 2 - Section 5. Purchase Contract. The form of the Purchase Contract (the "Purchase Contract") presented at this meeting by Miller & Schroeder Financial, Inc. (the "Underwriter") and the sale of the Authority Bonds pursuant thereto upon the terms and canditions 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 the Purchase Contract, with such additions and 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 Bond Purchase Agreement and the Purchase Contract, and any such actions previously taken by such of f icers are hereby ratif ied and conf irmed . Section.7. Effective Date. This Resolution shall become effective immediately upon adoption. APPROVED AND ADOPTED this 13tt-�ay of Juiy 1995. 9soszs rswz-0000i � aa2iooi z - 3-