HomeMy WebLinkAboutRDA RES 451RESOLUTION NO. 451
A RESOLUTION OF THE PALM DESERT
REDEVELOPMENT AGENCY MAKING FINDING OF
— SIGNIFICANT PUBLIC BENEFIT IN CONNECTION WITH
THE SALE AND ISSUANCE OF TAX ALLOCATION
REFUNDING REVENUE BONDS (PROJECT AREA NO. 2),
SERIES 2002, 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. 2), Series 2002 (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") for the object
and purpose of assisting in the financing and refinancing of certain public capital
improvements of benefit to Project Area No. 2 of the Agency, including storm drainage
improvements, street improvements, certain costs associated with the Desert Willow
public golf course facilities and land acquisition for open space recreational facilities;
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. Approval of Financina. The Agency hereby finds that the
financing 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. 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 and any such actions previously taken by
such officers are hereby ratified and confirmed.
�000s2. �
RESOLUTION NO. 451
Section 4. Effective Date. This Resolution shall take effect immediately
upon adoption.
APPROVED and ADOPTED this 16th day of July, 2002.
AYES: BENSON, CRITES, FERGUSON, SPIEGEL, KELLY
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
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673 840-1