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Home My WebLink AboutRDA RES 329ARESOLUTION NO. 329 A A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY AUTHORIZING THE -- ISSUANCE OF ITS TAX ALLOCATION REVENUE BONDS (DESERT ROSE PROJECT), 1996 SERIES A AND 1996 SERIES B, AND THE EXECUTION AND DELIVERY OF A TRUST INDENTURE AND A PURCHASE CONTRACT, APPROVING A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN CONNECTION THEREWITH, AUTHORIZING THE EXECUTION AND DELIVERY OF OTHER DOCUMENTS, AND MAKING CERTAIN FINDINGS. RECITALS: A. Under and pursuant to the provisions of the Community Redevelopment Law (Health and Safety Code Sections 33000, et. .eg.), the Agency is authorized to issue bonds fo the purpose of financing its redevelopment projects, including 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 Redevelopment Law. B. Civic Center Barrio Housing Corporation ("CCBHC") is a nonprofit public benefit corporation described in Section 501(c)(3) of Title 26 of the United States Code. CCBHC -- developed and owed a rental housing consisting of 161 single-family residential units, common areas project and facilities, commonly known as the "Desert Rose Project," located in Project Area No. 1 of the Agency. The Agency acquired the Desert Rose Project pursuant to an agreement with CCBHC whereby, among other items, the Agency assumed CCBHC's obligations relating to the Agency's $15,100,000 original principal amount Variable Rate Demand Multi- family Housing Revenue Bonds (Desert Rose Project) issued to finance the conswcdon and acquisition by CCBHC of the Desert Rose Project (the "Prior Bonds"). The housing units of the Desert Rose Project are to be made available for sale at an affordable housing cost to persons and families of low and moderate income. Under and pursuant to the Community Redcvelopment Law and this Resolution, the Agency proposes to issue bonds (the "Series A Bonds") and use the proceeds to refund the Prior Bonds assumed by the Agency in connection with its acquisition of the Desert Rose Project. C. The Agency intends to market and sell the units in the Desert Rose Project to persons and families of low and moderate income. In connection with the Agency's acquisition, marketing and sale of the Desert Rose Project, the Agency has incuned and will incur additional expenditures in excess of current unrestricted revenues of the Ageflcy available for the payment thereof. Under and pursuant to the Community and Redevelopment Law and this Resolution, the Agency proposes to issue bonds (the "Series B Bonds") and use the proceeds to provide funds 341/22120868 24484-001 8/15/96 RESOLUTION NO. 329 A for the payment of these additional expenditures which constitute working capital expenditures and other working capital expenditures of the Agency. D. The Agency has determined that "significant public benefits," as defined in Section 6586 of Article 4 of Chapter 5 of Division 7 of the Government Code of the State of California, will be derived by the Agency in undertaking the issuance of the Bonds and their sale to the Palm Desert Financing Authority and resale to the Underwriter (as defined below), in furtherance of the corporate purposes of the Agency. NOW, THEREFORE, THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. Authorization for Issuance of Bonds. The Agency hereby authorizes the issuance of its Palm Desert Redevelopment Agency, Ta�c Allacation Revenue Bonds (Desert RosQ Project) 1996 Series A and 1996 Series B(collectively the "Bonds"), under and pursuant to the Community Redevelopment Law, this Resolution and the Trust Indenture described herein, for the purposes described herein, all subject to the provisions of Section 5 hereof. The Bonds shall be special obligations of the Agency payable as described in the Trust Indenture. The Bonds shall be negotiable instruments for all purposes, subject only to the provisions thereof for registration. Section 2. Trust Indenture. The Trust Indenture (the "Trust Indenture") relating to the Bonds by and between the Agency and First Trust of California, National Association, as Trustee (the "Trustee"), in substantially the form on file with the Executive Director of the Agency and presented to the Agency governing board at this meeting, is hereby approved. Any one of the Authorized Officers described in Section 5 hereof is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Trust Indenture with such insertions and changes, including, without limitation, the selection of a different Trustee, as may be approved by the Authorized Officer execudng the same, subject to the provisions of Section 5 hereof, such approval to be conclusively evidenced by such execution and delivery. Section 3. Purchase Contract. The Purchase Contract (the "Purchase Contract") relating to the Bonds, by and arnong the Agency, the Palm Desert Financing Authority, and Redwood Securities Group, Inc. (the "Underwriter"), in substantially the form on file with the Executive Director of the Agency and presented to the Agency governing board at this meeting, is hereby approved. Any one of the Authorized Officers described in Section 5 hereof is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Purchase Contract with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of Section 5 hereof, such approval to be conclusively evidenced by such execution and delivery. 341R2120868 24484-001 2 8/15/96 RESOLUTION NO. 329 A — Section 4. Official Statement. The form of preliminary official statement (the "Preliminary Official Statement" relating to the Bonds, in substantially the form on file with the Executive Director of the Agency and presented to the agency governing boazd at this meeting, is hereby approved. The execution 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 relating informadon, pursuant to Securities Exchange Commission Rule 15c2-12, is hereby approved, ratified and confirmed. The Underwriter is hereby authoriaed to distribute such Preliminary Official Statement as so deemed final to prospective purchasers of the Bonds and any such distribution previously made by the Underwriter is hereby ratified and confirmed. Any one of the Authorized Officers described in Secdon 5 hereof is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute a final official statement (the "Final Official Statement") in substandally the form of such deemed final Preliminary Official Statement, including such final pricing and related information and with such insertions and changes as may be approved by the Authorized Officer executing the same, such approval► to be conclusively evidenced by such execution and delivery. The Underwriter is hereby authorized to distribute copies of such Final OfFicial Statement to all actual purchasers of the Bonds. Section 5. Authorized Officers. The Chairperson, Vice Chairperson, Executive Director, Secretary and Finance Director of the Agency, and each of them, are hereby designated as Authorized Officers for purposes of this Resolution. The authorization and direcdon given in this Rcsolution to execute and deliver any and all of the documents described in this Resolution is given sa long as (i) the principal amount of Bands authorized to be delivered pursuant to the Trust Indenture and sold pursuant to the Purchase Contract does not exceed $13,000,000 with respect to the Series A Bonds and $10,000,000 with respect to the Series B Bonds, (ii) the years of the final maturity of the Bands as set forth in the Trust Indenture and the Purchase Contract is not later than 2021, and (iii) interest rates on the Bonds do not exceed seventh and one-half percent (7.Sqo) per annum. Section 6. Further Authorization. The Authorized Officers, the other members of the governing 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 and all actions required to call and prepay the Prior Bonds. Section 7. Recitals and Findin�s. The recitals first set forth above are true and correct and the Agency hereby finds and determines the matters set forth in such recitals. 341/22120868 24484-001 3 8/15/96 RESOLUTION NO. 329 A Section 8. Effective Date. This Resolution shall become effective immediately upon --- adoption. APPROVED AND ADOPTED THIS 22ndDAY OF AUGUST� 1996. AY ,�� BENSON, CRITES, KELLY, SPIEGEL, SNYDER NOES: NONE ABSENT: NONE ABSTAIN: NONE / � Walter H. Snyder, Chairman ATTEST: '�" ,��L/�t� �-'t�,� �� - �•�� ^ '"�-i.._. Sheila R� illigan, Secretary � 34122120868 24484-001 4 8/15/96