HomeMy WebLinkAboutRDA RES 527RESOLUTION NO. 527
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
AFFIRMING THE AGENCY'S APPROVAL OF DOCUMENTS AND
CERTAIN OTHER MATTERS RELATING TO THE SALE AND
ISSUANCE BY THE PALM DESERT FINANCING AUTHORITY OF TAX
ALLOCATION REVENUE BONDS (PROJECT AREA NO. 1, AS
AMENDED), 2006 SERIES A, AND TAX ALLOCATION REFUNDING
REVENUE BONDS (PROJECT AREA NO. 1, AS AMENDEDj, 2006
SERIES B (TAXABLE)
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 6(Taxable) (the
"Series 2006B Bonds," and together with the Series 2006A Bonds, the "Bonds"); and
WHEREAS, proceeds of the Series 2006A Bonds are to be applied to
make a loan (the "Series 2006A Loan") to the Palm Desert Redevelopment Agency (the
"Agency") pursuant to a loan agreement (the "Loan AgreemenY') 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 2006B Bonds are to be applied to
make 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;
and
WHEREAS, on April 27, 2006, the City Council of the City of Palm Desert
adopted its Resolution No. 06-56 ("City Council Resolution No. 06-56), making certain
findings, including a finding of significant benefit, with respect to (i) the refinancing to be
accomplished through the issuance of the Series 2006B Bonds, and (ii) the financing of
certain capital improvement projects through the issuance of the Series 2006A Bonds;
and
WHEREAS, on April 27, 2006, the Agency adopted Resolution No. 524,
approving the forms of documents relating to the issuance of the Bonds and authorizing
the execution and delivery thereof; and
,�,,
WHEREAS, City Resolution No. 06-56 identified certain projects proposed
to be financed with the proceeds of the Series 2006A Bonds; and
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RESOLUTION NO. 527
WHEREAS, upon further review, Agency Staff has proposed to modify
such projects, to include the following (collectively, the "Projects"): (i) core commercial
areas projects (including public infrastructure, parking improvements and other
improvements at and around Westfield shopping center, Highway 111 and EI Paseo);
(ii) improvements to frontage roads along Highway 111 — Alessandro Alleyway
(including street landscaping, parking improvements and other improvements); (iii)
renovation and improvement of parking facilities at PresidenYs Plaza; (iv) EI Paseo
(west of Highway 74) extension and upgrade (including median work, landscaping,
lighting and other related improvements); (v) development of a visitors' center at EI
Paseo and Highway 111; (vi) construction of Portola Avenue Bridge across the
Whitewater Channel; (vii) widening of Monterey Avenue from Magnesia Falls Drive to
Gerald Ford Drive; (viii) widening of Portola Avenue befinreen Fred Waring Drive and
Magnesia Falls Drive; and (ix) undergrounding of neighborhood utilities throughout the
Project Area; and
WHEREAS, on June 8, 2006, after a duly held public hearing, the City
Council adopted a new resolution, (i) finding that the financing of the Projects, as now
proposed by the Agency Staff, through the issuance by the Authority of the Series
2006A Bonds will result in significant public benefits to the constituents of the Agency
and the City of Palm Desert, and (ii) affirming the City Council's approval of the
issuance of the Bonds by the Authority;
NOW, THEREFORE, THE PALM DESERT REDEVELOPMENT AGENCY
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
correct.
Section 1. Recitals. The above recitals, and each of them, are true and
Section 2. Affirmation of Resolution No. 524. The Agency hereby affirms
Resolution No. 524 in its entirety, including the approval, authorization and direction for
the execution and delivery of the Loan Agreement, the Escrow Agreement, the
Continuing Disclosure Agreement, the Purchase Agreement and the costs of issuance
requisitions.
Section 3. Other Acts. The 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 and Resolution No. 524, and any such
actions previously taken by such officers are hereby ratified and confirmed.
Section 4. Effective Date
upon adoption.
This Resolution shall take effect immediately
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RESOLUTION NO. 527
� APPROVED and ADOPTED this 8th day of June 2006 by following vote to wit:
AYES: BENSON, CRITES, KELLY, SPIEGEL, and FERGUSON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE � � j
JIM FCRG�'S�N, CHAIRMAN
ATTEST:
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