HomeMy WebLinkAboutRDA RES 459RESOLUTION NO. 459
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 ALLOCATION REVENUE
BONDS (PROJECT AREA NO. 2), SERIES 2003, OF THE
PALM DESERT FINANCING AUTHORITY AND
AUTHORIZING CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, the Palm Desert Financing Authority (the "Authority") has
determined to sell and issue its Tax Allocation Refunding Revenue Bonds (Project Area
No. 2), Series 2003 (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 certain public capital improvements, as described therein;
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. Loan Agreement. The Loan Agreement (the "Loan
Agreement"), proposed to be entered into by and among the Authority, the Agency and
BNY Western Trust Company as trustee (the "Trustee"), in the form presented at this
meeting and on file with the Secretary of the Agency (the "Secretary") is hereby
approved. Each of the Chairman and the Executive Director, or either of them, or their
designee (each, an "Authorized Officer"), is hereby authorized and directed, for and in
the name and on behalf of the Agency, to execute and deliver the Loan Agreement in
substantially said form, with such changes therein as the Authorized Officer executing
the same may approve (such approval to be conclusively evidenced by such Authorized
Officer's execution and delivery thereof).
Section 3. Continuing Disclosure Agreement. The Continuing Disclosure
Agreement (the "Continuing Disclosure Agreement"), proposed to be entered into by
and among the Agency, the Trustee and [Munifinancial, Inc.], as dissemination agent, in
the form presented at this meeting and on file with the Secretary is hereby approved.
Each of the Authorized Officers, acting singly, 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 said form, with such changes therein as the
Authorized Officer executing the same may approve (such approval to be conclusively
evidenced by such Authorized Officer's execution and delivery thereof).
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RESOLUTION NO. 459
Section 4. Purchase Contract. The Purchase Contract (the "Purchase
Contract") proposed to be entered into by the Authority, the Agency and Kinsell,
Newcomb & DeDios, Inc. and Stinson Securities, LLC (together, the "Underwriters"), in
the form presented at this meeting and on file with the Secretary, and the sale • )f the
Bonds pursuant thereto upon the terms and conditions set forth therein, are hereby
approved. Subject to the limitations imposed by the Authority by its Resolution relating
to the issuance and sale of the Bonds, each of the Authorized Officers, acting singly, is
authorized and directed, for and in the name and on behalf of the Agency, to execute
and deliver the Purchase Contract in substantially said form, with such changes therein
as the Authorized Officer executing the same may require or approve (such approval to
be conclusively evidenced by his execution and delivery thereof).
Section 5. Other Acts. The Authorized Officers and all other 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 6. Effective Date. This Resolution shall take effect immediately
upon adoption.
APPROVED and ADOPTED this 12th day of December 2002, by the
following vote to wit:
AYES: CRITES, FERGUSON, KELLY, SPIEGEL, BENSON
NOES: NONE
ABSENT: NONE
ABSTAIN NONE
JE
ATTEST:
Rochelle D. Klassen, Se retary
M. BENSON, CHAIRMAN
PA#2 - RDA reso authorizing issuance - 2003 bonds.D0C2 RWG DRAFT 12/3/2002