HomeMy WebLinkAboutRDA RES 352RESOLUTION NO. 352
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 REVENUE BONDS
(PROJECT AREA NO. 4), 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
Revenue Bonds (Project Area No. 4), 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. R�citals. The above recitals, and each of
them, are true and correct.
Section 2. lioan Agreement. 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. �ontinuing Disclosure Agreement. As
presented to this meeting and on file with the Secretary of the
Agency, the form of Continuing Disclosure Agreement by and among
the Agency, the Trustee and Munifinancial, Inc., 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 and deliver the
Continuing Disclosure Agreement in substantially the form hereby
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RESOLUTION NO. 352
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. Purchase Contract. The form of Purchase
Contract as presented to this meeting by Kinsell, O'Neal, Newcomb
& DeDios, 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 5. Other Acts. The officers of the Agency are
hereby authorized and directed, jointly and severally, ta 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, 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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