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HomeMy WebLinkAboutRDA RES 434RESOLUTION NO. 434 A RESOLUTION OF THE PALM DESERT REDEVELOPMENTAGENCYMAKINGCERTAIN FINDINGS AND APPROVING AS TO FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS 1N CONNECTION WITH THE SALE AND ISSUANCE OF TAX ALLOCATION REFUNDING REVENUE BONDS (PROJECT AREA NO. 1, AS AMENDED), 2002 SERIES A, OF THE PALM DESERT FINANCING AUTHORITY WHEREAS, the Palm Desert Financing Authority (the "Authority") has proposed to sell and issue its Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended), 2002 Series A(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 and refinancing of certain public capital improvements, including a library, a corporation yard, community center, storm drains, recreational facilities including a park and a golf course; and WHEREAS, pursuant to Section 6586.5 of the Govemment Code and after notice duly published in accordance with law, this Agency held a pub{ic hearing on this date with respect to the proposed financing and received evidence concerning the public benefits therefrom; NOW, THEREFORE, the Palm Desert Redevelopment Agency DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Section 1. Recitals. The above recitals, and each of them, are true and correct. Section 2. Approval of Financinq. The Agency hereby finds that the financing and refinancing of public capitat improvements described above by the Authority through the issuance of the Bonds will result in significant public benefits to the citizens of the Agency and the City of Palm Desert, including demonstrable savings in effective interest rate and more efficient delivery of Agency and City services to residential and commercial development. The Agency hereby approves the issuance of the Bonds by the Authority. Section 3. Loan Aqreement. 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 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 among the Agency, the Trustee and Munifinancial, I nc., is hereby approved and the P6402\1040\649�09.1 RESOLUTION NO. 434 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 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, Newcomb & DeDios, Inc. and Stinson Securities, L.L.C. 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 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 7. Escrow Deposit and Trust A9reement. The form of the Escrow Deposit and Trust Agreement (the "Escrow Agreement ") with respect to the Bonds, by and befinreen the Authority, the Agency and the Trustee appointed in Section 3 hereof, presented at this meeting and on file in the office of the City Clerk of the City of Palm — Desert, 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 Escrow Agreement to the Trustee in substantially the form hereby approved, with such additions or changes as the officer executing the same may approve, such approval to be conclusively evidenced by his execution and delivery thereof. adoption. vote to wit: Section 8. Effective Date. This Resolution shall take effect immediately upon APPROVED and ADOPTED this 24th day of January, 2002, by the following AYES: BENSON, CRITES, FERGUSON, SPIEGEL, KELLY NOES: xor� ABSENT: xoxE ABSTAIN: rior� � Richard S. Kel y, Chairman ATTEST� Ra helle Klassen, Assistant Secretary Y640?.\1�)40\649409 . 1