HomeMy WebLinkAboutRDA RES 342RESOLUTION NO. 342
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT
, AGENCY AUTHORIZING THE EXECUTION AND DELIVERY
OF AN AGREEMENT AMENDING A 1995 LOAN
AGREEMENT
WHEREAS, the Palm Desert Financing Authority (the
"Authority"), the Palm Desert Redevelopment Agency (the "Agency")
and Bank of America National Trust and Savings Association, as
predecessor trustee to First Trust of California, National
Association (the "Trustee") have heretofore entered into a
Project No. 1, As Amended, Loan Agreement dated as of June l,
1995 (the "1995 Loan Agreement"); and
WHEREAS, the Agency desires to amend the 1995 Loan
Agreement in accordance with the provisions of Section 6.04
thereof and Section 5.08(b) o� the Indenture of Trust dated as of
June 1, 1995 by and between the Authority and Bank of America
National Trust and Savings Association, as predecessor to the
Trustee;
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. Agreement Amending 1995 Loan Agreement. As
presented to this meeting and on file in the office of the City
Clerk, the form of the 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 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.
970603 P6402-00001 syc 1112986 0
RESOLUTION NO. 342
Section 3. Effective Date. This Resolution shall take
effect immediately upon adoption.
APPROVED AND ADOPTED this 26th day of June, 1997.
AYES:
NOES:
BENSON, SNYDER, SPIEGEL, KELLY
NONE
ABSENT: CRITES
ABSTAIN: NONE
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LLIGAN, ecretary
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