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Home My WebLink AboutRDA RES 530RESOLUTION NO. 530 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 ALLOCATION REFUNDING REVENUE BONDS (PROJECT AREA NO. 4), 2006 SERIES A, AND TAX ALLOCATION REVENUE CAPITAL APPRECIATION BONDS (PROJECT AREA NO. 4), 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 two series of bonds: (i) Tax Allocation Refunding Revenue Bonds (Project Area No. 4), 2006 Series A(the "Series 2006A Bonds"), and (ii) Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 4), 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. 4, of the Agency, and (ii) effecting a refunding of a portion of the Authority's remaining outstanding Tax Allocation Revenue Bonds (Project Area No. 4), Series 1998; 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. 4 Lvan Agreement (the "Loan AgreemenY'), proposed to be entered into by and among the Authority, the Agency and Wells Fargo Bank, Nationaf Association, 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 Aqreement. The Escrow Agreement (Project Area No. 4), proposed to be entered into by and among the Agency, the Authority and the Escrow P6402.1057\893646.1 RESOLUTION NO. 530 Agent, in the form presented to this meeting and on file in the office of the Secretary, is hereby approved. Each Authorized Officer, 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 4. Continuinq Disclosure Agreement. 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 Authorized Officer, 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 5. Purchase Aqreement. The Bond Purchase Agreement (the "Purchase Agreement") proposed to be entered into by the Authority, the Agency and Wedbush Morgan Securities, 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 Authorized Officer, 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 6. Requisitions. Each Authorized Officer, the Treasurer or any deputy of such 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 7. 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 8. Effective Date. This Resolution shall take effect immediately upon adoption. P6402. I 057\893646. l 2 -.---. _._. . . .----. .. ..------ _-------------- ---- _.. �.. . . . _ _ _ _ _ _ _ _ _ _ ._ . . .. ... . ._..-- - ---- - ---- - _-�-- - RESOLUTION NO. 530 „_�, APPROVED and ADOPTED this 8th day of June 2006 by the following vote, to wit: AYES: BENSON, CRITES, KELLY, SPIEGEL, and FERGUSON NOES: NONE ABSENT: NONE ABSTAIN: NONE ATTEST: �� , �1► I� �af ! _,.�� = � ., � -; . ,. P6402.1057\893646. l 3