HomeMy WebLinkAboutRDA RES 492RESOLUTION NO. 492
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 REFUNDING REVENUE BONDS (PROJECT
AREA NO. 1, AS AMENDED), 2004 SERIES A, OF THE PALM
DESERT FINANCING AUTHORITY AND AUTHORIZING
CERTAIN OTHER MATTERS RELATING THERETO
RECITALS:
WHEREAS, the Palm Desert Financing Authority (the "Authority") has
determined to sell and issue its Tax Allocation Refunding Revenue Bonds (Project Area No. 1,
As Amended), 2004 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 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 Apreement. The Project Area No. 1, As Amended Loan
Agreement (the "Loan Agreement"), proposed to be ente�ed 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. Escrow Agreement. The Escrow Deposit and Trust Agreement
(Project Area No. 1, As Amended), proposed to be entered into by and among the Agency, the
Authority and the Escrow Agent, in the form presented to this meeting and on file in the office of
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 Authority, to execute and
deliver the Escrow Agreement in substantiafly said form, with such changes therein as the
Authorized Officer executing the same may approve (such approval to be conclusively
evidenced by such officer's execution and delivery thereof. �
Section 4. Continuinq Disclosure Aclreement. The Continuing Disclosure
Agreement (the "Continuing Disclosure AgreemenY'), proposed to be entered into by and among
the Agency, the Authority and BNY Western Trust company as Escrow Agent, in the form
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Resolution No. 492
presented at this meeting and on file in the office of the Sec�etary, 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 Escrow 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 officer's execution and delivery thereof).
Section 5. Purchase Contract. The Purchase Contract (the "Purchase
ContracY') proposed to be entered into by the Authority, the Agency and Citigroup Global
Markets, Inc. (the "Underwriter"), 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 Authoriry 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 6. 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 Escrow
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.
APPROVED and ADOPTED this 27th day of �y , 2004 by the following
vote to wit:
AYES: g�SON, FERGQSON, I�LLY, CRITES
NOES: xortE
ABSENT: sriEG�. .
ABSTAIN: Nox�
BIIFORD�A. CRITES, VICE CHAIRMAN
ATTEST:
Ra elle D. Klassen, Secretary
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