HomeMy WebLinkAboutRDA RES 536RESOLUTION NO. 536
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
APPROYtNG 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 ITS TAX ALLOCATION (HOUSING SET-ASIDE)
REFUNDING REVENUE BONDS, SERIES 2007, AND AUTHORIZING
CERTAIN OTHER MATTERS RELATING THERETO
RECITALS:
WHEREAS, the Palm Desert Financing Authority (the "Authority")
proposes to sell and issue its Tax Allocation (Housing Set-Aside) Refunding Revenue
Bonds, Series 2007 (the "Bonds"); and
WHEREAS, the proceeds of the Bonds will be applied to make a loan (the
"Loan") to the Pafm Desert Redevelopment Agency (the "Agency") pursuant to a certain
Loan Agreement (as defined below); and
WHEREAS, a portion of the proceeds of the Loan will be used to effect the
refunding of a portion of the Authority's Tax Allocation (Housing Set-Aside) Revenue
Bonds, Series 1998; and
WHEREAS, a portion of the proceeds of the Loan will be used to provide
financing for certain public capital improvements, including: (i) the acquisition and/or
rehabilitation of several multi-family housing units; (ii) the acquisition of land for the
purposes of expanding existing Agency-owned multi-family housing units and
constructing new multi-family low/moderate income housing units; and (iii) the provision
of subsidies to facilitate the development of Iow/moderate income housing units;
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 Agreement. The 2007 Housing Project Loan Agreement
(the "Loan AgreemenY'), proposed to be entered into by and among the Authority, the
Agency and Wells Fargo Bank, National Association, as trustee (the "Trustee"), in the
form on file with the Secretary of the Agency (the "Secretary") is hereby approved.
Each of the Chairman and the Executive Director, 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).
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RESOLUTION NO. 536
Section 3. Escrow A reement. The Escrow Agreement (the "Escrow
Agreement"), proposed to be entered into by and among the Agency, the Authority and
Wells Fargo Bank, National Association, as escrow agent, in the form 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 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 Authorized 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 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 Authorized
Officer's execution and delivery thereof).
Section 5. Purchase Agreement. The Bond Purchase Agreement (the
"Purchase Agreement") proposed to be entered into by the Authority, the Agency and
Hutchinson, Shockey, Erley & Co. (the "Underwriter"), in the form 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 such Authorized
Officer's 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 Agreement, and any such actions previously taken by such officers are
hereby ratified and confirmed.
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RESOLUTION NO. 536
Section 7. Effective Date. This Resolution shall take effect immediately
upon adoption.
APPROVED and ADOPTED this 14th day of December, 2006.
AYES: BENSON, FERGUSON, FINERTY, SPIEGEL, and KELLY
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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ATTEST:
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RA HELLE D. KL SS N, SECRETAR
PALM DESERT REDEVELOPMENT AGENCY
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