HomeMy WebLinkAboutRDA RES 524RESOLUTION NO. 524
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 BY THE PALM DESERT FINANCING
AUTHORITY OF TAX ALLOCATlON REVENUE BONDS (PROJECT
AREA NO. 1, AS AMENDED), 2006 SERIES A, AND TAX ALLOCATION
REFUNDING REVENUE BONDS (PROJECT AREA NO. 1, AS
AMENDED), 2006 SERIES B(TAXABLE), 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 Revenue Bonds (Project Area No. 1, As
Amended), 2006 Series A(the "Series 2006A Bonds") and Tax Allocation Refunding
Revenue Bonds (Project Area No. 1, As Amended), 2006 Series B(Taxable) (the
GSeries 2006B Bonds," and together with the Series 2006A Bonds, the "Bonds"); and
WHEREAS, proceeds of the Series 2006A Bonds are to be applied for the
purpose of making a loan (the "Series 2006A Loan") to the Palm Desert Redevelopment
Agency (the "Agency") pursuant to a certain Loan Agreement (as defined below) for the
object and purpose of, among other things, assisting in the financing of certain public
capital improvements of benefit to Project Area No. 1, As Amended, of the Agency; and
WHEREAS, proceeds of the Series 20066 Bonds are to be app(ied for the
purpose of making a second loan (together with the Series 2006A Loan, the "Loans") to
the Agency pursuant to the Loan Agreement for the object and purpose of, among other
things, effecting the refunding of the portion of the Authority's Tax Allocation Revenue
Bonds (Project Area No. 1, As Amended), Series 1997, scheduled to mature on April 1,
2023;
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 Aqreement. The Project Area No. 1, As Amended, Loan
Agreement (the "Loan AgreemenY'), proposed to be entered into by and among the
Authority, the Agency and Wells Fargo Bank, N.A., as trustee (the "Trustee"), in the
form presented at this meeting and on file with the Secretary of the Agency (the
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RESOLUTION NO. 524
Section 3. "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 4. Escrow Aqreement. The Escrow 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 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. 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 in the office of the Secretary, is hereby
approved. Each of the Authorized Officers, acting singfy, 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 officer's execution and delivery thereof).
Section 6. Purchase Agreement. The Bond Purchase Agreement (the
"Purchase Agreement") proposed to be entered into by the Authority, the Agency and
Stone & Youngberg LLC (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 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
Agreement 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 7. Repuisitions. Each of the Authorized Officers, acting singly, is
hereby authorized and directed to execute one or more requisitions authorizing the
Trustee to pay costs relating to the incurrence of the Loans and the issuance of the
Bonds from the proceeds of the Bonds pursuant to the Loan Agreement.
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RESOLUTION NO. 524
Section 8. 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 Agreement, and any such actions previously taken by such officers are
hereby ratified and confirmed.
. Section 9. Effective Date. This Resolution shall take effect immediately
upon adoption.
APPROVED and ADOPTED this 27th day of April 2006 by the following
vote to wit:
AYES:
NOES:
ABSENT:
ABSTAI N:
BENSON, CRITES, KELLY, and FERGUSON
NONE
SPIEGEL
NONE
JIM
ATTEST:
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P6402.1054\884010.2
, CHAIRMAN