HomeMy WebLinkAboutRDA RES 447RESOLUTION NO. 447
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 CONNECTlON WITH THE SALE
AND ISSUANCE OF TAX ALLOCATION REFUNDING
REVENUE BONDS (PROJECT AREA NO. 2), 2002 SERIES
A OF THE PALM DESERT FINANCING AUTHORITY
WHEREAS, the Palm Dese�t Financing Authority (the "Authority") has
determined to sell and issue its Tax Allocation Refunding Revenue Bonds (Project Area
No. 2), 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
ce�tain Loan Agreement (as hereinafter defined), for the object and purpose of assisting
in the financing or refinancing of certain public capital improvements, as described therein;
and
WHEREAS, pursuant to Section 6586.5 of the Government Code and after
notice duly 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 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. A��roval of Financing. The Agency hereby finds that the
financing and refinancing of pubtic 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 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 Tn.�stee 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. Escrow Agreement. As presented to this meeting and on file with
the Secretary of the Agency, the form of Escrow Deposit and Trust Agreement (the
"Escrow Agreement") by and among the Agency, BNY Western Trust Company as Escrow
Agent (the "Escrow Agent") and the Authority, is hereby approved and the Chairman and
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Resolution No. 447
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 Escrow Agreement and to deliver it to
the Escrow Agent 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 5. 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 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 6. Purchase Contract. The form of Purchase Contract 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 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 7. 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 Escrow Agreement, the Continuing
Disclosure Agreement and the Purchase Contract, and any such actions previously taken
by such officers are hereby ratified and confirmed.
adoption.
Section 8. Effective Date. This Resolution shall take effect immediately upon
APPROVED and ADOPTED this 23rd day of May, 2002, bythe following vote
to wit:
AYES:
NOES:
ABSENTS:
ABSTAINS
BENSON, CRITES, SPIEGEL, KELLY
NONE
FERGUSON
NONE
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ic ar . y, airman
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