HomeMy WebLinkAboutRDA RES 525RESOLUTION NO. 525
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 SUBORDINATE TAX ALLOCATION REFUNDING
REVENUE BONDS (PROJECT AREA NO. 2), 2006 SERIES A, AND
SUBORDINATE TAX ALLOCATION REVENUE CAPITAL
APPRECIATION BONDS (PROJECT AREA NO. 2), 2006 SERIES B,
AND AUTHORIZING CERTAIN OTHER MATTERS RELATING
THERETO
RECITALS:
WHEREAS, the Palm Desert Financing Authority (the "Authority") has
determined to sell and issue its Subordinate Tax Allocation Refunding Revenue Bonds
(Project Area No. 2), 2006 Series A(the "Series 2006A Bonds"} and Subordinate Tax
Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), 2006 Series B(the
"Series 2006B Bonds," and together with the Series 2006A Bonds, the "Bonds"); and
:
WHEREAS, proceeds of the Bonds are to be applied for the purpose of
making two loans (the "Loans") 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, (i) assisting in the financing of certain public capital
improvements of benefit to Project Area No. 2, of the Agency, and (ii) effecting all of the
Authority's remaining outstanding Tax Allocation Revenue Bonds (Project Area No. 2),
Series 1995; and
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. 2 Loan Agreement (the
"Loan Agreement"), 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 "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
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RESOLUTION NO. 525
Section 3. the same may approve (such approval to be conclusively
evidenced by such Authorized Officer's execution and delivery thereof).
Section 4. Escrow Agreement. The Escrow Agreement (Project Area No.
2), 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 approva{ to be conclusively
evidenced by such officer's execution and delivery thereo�.
Section 5. ContinuinA Disclosure AQreement. The Continuing Disclosure
Agreement (the "Continuing Disclosure AgreemenY'), 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 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 officer's execution and delivery thereof).
Section 6. Purchase Aqreement. The Bond Purchase Agreement (the
"Purchase Agreement") 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 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. ReQuisitions. 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.
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 a!I 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
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RESOLUTION NO. 525
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: BENSON, CRITES, KELLY, and FERGUSON
NOES: NONE
ABSENT: SPIEGEL
ABSTAIN: NONE /
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