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HomeMy WebLinkAboutRDA RES 324RESOLUTION NO. 324 A RESOLUTION OF TFiE 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 REFUNDING REVENUE BONDS {PROJECT AR.EA NO. 1, AS AMENDED), SERIES 1996, OF THE PALM DESERT FINANCING AUTHORITY WHEREAS, the Palm Desert Financing Authority (the "Authority") has determined to sell and issue its Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended), Series 1996 (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 refinancing 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. Recitals. The above recitals, and each of them, are true and correct. Section 2. Loan Aareement. 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, First Trust of California, National 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 executing the same may approve, such approval to be conclusively evidenced by his execution and delivery thereof. Section 3. Avreement Amendina 1995 Loan Agreement. As presented to this meeting and on file with the Secretary of the Agency, the form of Agreement Amending 1995 Loan Agreement (the "Amendment") by and among the Agency, 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 Amendment 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. ozz' rbao2-0000i ry asa Resnlution No. 324 Section 4. Escrow Aareement. As presented to this meeting and on f ile with the Secretary of the Agency, the form of Escrow Agreement (the "Escrow Agreement") by and among the Agency, First Trust of California, National Association, as escrow agent (the "Escrow Agent") 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 Escrow Agreement and to deliver it to the Escrow Agent 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 5. Continuina Disclosure Agreement. As presented to this meeting and on file with the Secretary of the Agency, the form of Continuing Disclosure Agreement by and between the Agency and the Trustee, 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 Continuing Disclosure Agreement and to deliver it to the Trustee 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 6. Purchase 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 Agency, to execute and 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 7. 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, the Amendment, the Escrow Agreement, the Continuinq Disclosure Agreement and the Purchase Contract, and any such actions previously taken by such officers are hereby ratified and confirmed. �ozz� r6aaz-0000t �y� t t t is3a � - 2- Resolutio.i No. �24 . Section 8. �ffective Date. This Resolution shall take effect immediately upon adoption. APPROVED and ADOPTED this 14th day of March, 1996. .Z�CiY',��u� ./ CHAIRMAN � 9fi0227 P6402-00001 ryc 1111838 7 — 3—