HomeMy WebLinkAboutRDA RES 351RESOLUTION NO. 351
A RESOLUTION OF TIiE PALM DESERT REDEVELOPMENT
AGENCY APPROVING AS TO FORM AND AUTHORIZING
THE EXECUTION AND DELIVERY OF CERTAIN
DOCUMENTS IN CONNECTION itiTITH THE SALE AND
ISSUANCE OF TAX ALLOCATION (HOUSING SET-
ASIDE) REVENUE BONDS, SERIES 1998, OF THE
PALM DESERT FINANCING AUTHORITY
WHEREAS, the Palm Desert Financing Authority (the
"Authority") has determined to sell and issue its Tax Allocation
(Housing Set-Aside) Revenue Bonds, Series 1998 (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 financing 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 Agreement. As presented to this
meeting and on file with the Secretary of the Agency, the form of
1998 Housing Project 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. 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.
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RESOLUTION NO. 351
Section 4. Purchase Contract. The form of Purchase
Contract as presented to this meeting by Hutchinson, Shockey,
Erley & Co., 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 5. 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
Continuing Disclosure Agreement and the Purchase Contract,
including without limitation the defeasance of the Agency's
outstanding Tax Allocation Revenue Bonds, 1996 Series B, and any
such actions previously taken by such officers are hereby
ratified and confirmed.
Section 6. �ffective Date. This Resolution shall take
effect immediately upon adoption.
APPROVED and ADOPTED this llth day of December, 1997.
AYES:
NOES:
CRITES, FERGUSON, KELLY, SPIEGEL, BENSON
NONE
ABSENT: NONE
ABSTAIN: NONE
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� BENSON, CHAIRPERSON
ATTEST:
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`� SHEILA GILLIGAN, SECRETARY �
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