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HomeMy WebLinkAboutRDA RES 443RESOLUTION NO. 443 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY MAKING CERTAIN FINDINGS AND APPROVING AS TO FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS IN CONNECTION WITH THE SALE AND ISSUANCE OF TAX ALLOCATION (HOUSING SET-ASiDE) REVENUE BONDS, SERIES 2002, OF THE PALM DESERT FINANCING AUTHORITY WHEREAS, the Palm Desert Financing Authority (the "Autho�ity") has proposed to sell and issue its Tax Allocation (Housing Set-Aside) Revenue Bonds, Series 2002 (the "Bonds"); and WHEREAS, it is the intention of the Palm Desert Redevelopment Agency ("Agency") and the Authority that proceeds of the Bonds are to be applied for the purpose of making a ioan to 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, including the construction of certain rental residential housing units and the acquisition and rehabilitation of an approximately 141-unit apartment complex located at 77-101-77-111 California Drive, Palm Desert, California. The initial owner of such apartment complex witl be the Agency. The apartment complex will be ope�ated by the Palm Desert Housing Authority. The maximum principal amount of Bonds expected to be issued for the purposes of acquiring and �ehabilitating the apartment complex is $10,500,000, although the Authority may issue additional bonds to finance additional affordable housing projects of the Agency; and WHEREAS, pursuant to Section 6586.5 of the Govemment Code and after notice dufy published in accordance with law, this Agency held a public hearing on this date with respect to the proposed financing and received evidence concerning the public benefits therefrom; NOW, THEREFORE, the Palm Desert Redeve{opment 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 Financing. The Agency hereby finds that the financing and refinancing of public capital 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 Agreement. As presented to this meeting and on fife with the Secretary of the Agency, the form of 2002 Housing Project Loan Ag�eement (the "Loan Agreeme�t") 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 P6402\0001\677528.1 RESOLUTION NO. 443 officer executing the same may approve, such approval to be conclusively evidenced by his execution and delivery thereof. Section 4. Continuinq 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 approved, wiih such changes therein as the officer executing the same rnay 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 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 delive� 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 ail 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. Effective Date. This Resolution shall take effect immediately upon adoption. APPR�VED and ADOPTED this 25'" day of April, 2002, by the following vote to wit:. AYES: BENSON, FERGUSON, SPIEGEL, KELLY NOES: NONE ABSENTS: CRITES ABSTAINS: NONE C ic ar . e y, airman P6402\0001\677528.1