HomeMy WebLinkAboutRDA RES 426RESOLUTION NO. 426
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 AtLOCATION REVENUE
BONDS (PROJECT AREA NO. 4}, SERIES 2001, 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 2001 (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 ce►tain public capital improvements, as described therein;
NOW, THEREFORE, the Palm Desert Redevelopment Agency DOES
HEREBY RESOLVE, DETERMINE AND ORDER as follows:
correct.
Section 1. Recitals. The above recitafs, and each of them, are true and
Section 2. Loan 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, BNY Western Trust Company 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 among the Agency, the Trustee and Munifinancial, Inc., is hereby
approved and the Chairman and the Executive Director, or either of them, is hereby
autho�ized 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
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 Agreement The form of Purchase Agreement as
presented to this meeting by Kinsell, Newcomb & DeDios, Inc. and Stinson Securities,
LLC 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 Agreement, 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.
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RESOLUTiON NO. 426
Section 5. Other Acts. The officers of the Agency are hereby authorized
and directed, jointly and severally, to do any and ali 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, ihe Continuing
Disclosure Agreement and the Purchase Agreement, and any such actions previously
taken by such officers are hereby ratified and confirmed.
Section 6. Effective Date. This Resolution shall take effect immediately
upon adoption.
APPROVED and ADOPTED this 2� th day of September, 2001.
AYES: BENSON, CRITES, KELLY, SPIEGEL, FERGUSON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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