HomeMy WebLinkAboutRDA RES 341RESOLUTION NO. 341
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 REFUNDING REVENUE
BONDS (PROJECT AREA NO. 1, AS AMENDED),
SERIES 1997, 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
1997 (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 deiined), 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 l. Recitals. The above recitals, and each of
them, are true and correct.
Section 2. Loan A�reement. 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.
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Section 3. Escrow Agreement. As presented to this
meeting and on file 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 4. Continuing 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 5. Purchase Contract. The form of Purchase
Contract as presented to this meeting by Kinsell, O'Neal, Newcomb
& DeDios, Inc.; Alden Capital Markets, Inc.; and Redwood
Securities Group, 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 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
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RESOLUTION NO. 341
the purposes of this Resolution, the Loan Agreement, the Escrow
Agreement, the Continuing Disclosure Agreement and the Purchase
V Contract, and any such actions previously taken by such officers
are hereby ratified and confirmed.
Section 7. Effective Date. This Resolution shall take
effect immediately upon adoption.
APPROVED and ADOPTED this 22nd day of May, 1997 by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
T TTL� ('� T _
0
BENSON, SNYDER, SPIEGEL, KELLY
NONE
CRITES
NONE
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