HomeMy WebLinkAboutRDA RES 553RESOLUTION NO. 553
._ A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
APPROVING AS TO FORM AND AUTHORIZING THE EXECUTION AND
DELIVERY OF AN IMPLEMENTATION AGREEMENT AND A LETTER
• AGREEMENT WITH THE COUNTY OF RIVERSIDE AND APPROVING
CERTAIN RELATED ACTIONS
WHEREAS, the Riverside County Palm Desert Financing Authority (the "Authority") is a
joint powers authority duly organized and existing under and pursuant to Articles 1 through 4
(commencing with Section 6500), Chapter 5, Division 7, Title 1 of the California Government
Code (the "AcY') and that certain Joint Exercise of Powers Agreement dated as of January 1,
2002, as amended, by and between the County of Riverside (the "Count�') and the Palm Desert
Redevelopment Agency {the "Agency"), and is authorized pursuant to Article 4 of the Act to
issue bonds to provide financing for public capital improvements; and
WHEREAS, the Authority proposes to issue and sell its Lease Revenue Bonds (County
Facilities Projects), 2008 Series A(the °2008 RCPDFA Bonds"), the proceeds of which are to
provide financing for certain capital projects of the County; and
WHEREAS, in connection with the issuance of the 2008 RCPDFA Bonds, it is proposed
that the Authority and the County enter into a Sublease (the "2008 Sublease�), under which the
County will lease certain real properties from the Authority and make rental payments that are
calculated to be sufficient to allow the Authority to pay debt service on the 2008 RCPDFA
Bonds; and
WHEREAS, pursuant to a Cooperative Agreement, dated as of February 13, 1992, by
and among the County, the City of Palm Desert and the Agency, the Agency deposits a portion
of the tax increment revenues with respect to the Palm Desert Redevelopment Agency's Project
Area No. 1, As Amended, and Project Area No. 3 into a"County Capital Improvement Fund"
(the "County Capital Improvement Fund"); and
WHEREAS, pursuant to an Implementation Agreement (the "Implementation
AgreemenY'), proposed to be entered into by the County and the Agency, the County will direct
the Agency to periodically transfer available amounts from the Cpunty Capital Improvement
Fund to the County for the County's application of such amounts to pay rental payments under
the 2008 Sublease; and
WHEREAS, the Agency desires to cooperate with the County by ente�ing into the
Implementation Agreement; and
WHEREAS, further in connection with the issuance of the 2008 RCPDFA Bonds, the
County has proposed to enter into a letter agreement (the �County Letter Agreement") with the
Agency which, among other things, directs the periodic transfers of available amounts from the
County Capital Improvement Fund to the County for application in connection with the
Authority's Lease Revenue Bonds (County Facilities Projects), 2003 Series A(the "2003
RCPDFA Bonds") and sets forth additional agreements regarding the administration of the 2003
RCPDFA Bonds and the 2008 RCPDFA Bonds;
12395.0003\ 1063257.4
RESOLUTION NO. 553
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. Implementation Aqreement. The Implementation Agreement in the form on
file with the Secretary of the Agency is hereby approved. Each of the Chairman and the
Executive Director, or another officer of the Agency designated by either of them in writing,
acting singly, is hereby authorized and directed, for and in the name and on behalf of the
Agency, to execute and deliver the Implementation Agreement in substantially said form, with
such changes as the officer executing the same may approve (such approval to be conclusively
evidenced by the officer's execution and delivery thereof).
Section 2. Letter Aqreement. The acceptance by the Agency of the Letter Agreement,
in the form on file with the Secretary of the Agency is hereby approved. Each of the Chairman
and the Executive Director, or another officer of the Agency designate� by either of them in
writing, acting singly, is hereby authorized and directed, for and in the name and on behalf of
the Agency, to execute the acceptance of the Letter Agreement in substantially said form, with
such changes as the officer executing the same may approve (such approval to be conclusively
evidenced by the officer's execution of the acceptance thereof).
Section 3. Other Acts. The officers of the Agency are hereby authorized and directed,
jointly and severally, to do any and all things, to execute and de�iver any and all documents
which they may deem necessary or advisable in order to effectuate the purposes of this
Resolution, the lmplementation Agreement and the Letter Agreement and any such actions
previously taken by such officers are hereby ratified and confirmed.
Section 4. Effective Date. This Resolution shall take effect immediately upon adoption.
APPROVED and ADOPTED this 23rd day of October, 2008 by the following vote, to wit:
AYES: �tGusON, FINERTY, KELLY, SPIEGEL, and BENSON
NOES: xor�
ABSENT: NONE
ABSTAIN: xor�
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. ,Jean fyl' Benson, C�man
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ATTEST:
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