HomeMy WebLinkAboutRDA RES 466RESOLUTION NO. 466
^ 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. 3), SERIES 2003, OF THE PALM
DESERT FINANCING AUTHORITY AND AUTHORIZING
CERTAIN OTHER MATTERS RELATING THERETO
RECITALS:
WHEREAS, the Palm Desert Financing Authority (the "Autharity") has
determined to sell and issue its Tax Allocation Refunding Revenue Bonds (Project Area No.
3), 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 AgreemenY'),
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 ihe 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. Continuinq Disclosure Aqreement. The Continuing Disclosure
Agreement (the "Continuing Disclosure Agreement"), proposed to be entered into by and
amor�g 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 ihe Continuing Disclosure Agreement in
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Resolution No. 466
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 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 of 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 al� 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 Cont�act, and any such actions
previously taken by such officers are hereby ratified and confirmed.
adoption.
Section 6. Effective Date. This Resolution shall take effect immediately upon
PASSED, APPROVED and ADOPTED this 24thday of April. , 2003.
AYES: CRITES, FERGUSON, KELLY, BENSON
NOES: NOhE
ABSTAIN: �vo�E
ABSENT: SPIEGEL
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SON, �AIRMAN
ATTEST:
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