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Home My WebLink AboutRDA RES 555RESOLUTION NO. 555 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY AUTHORIZING THE AGENCY'S INVESTMENT IN AND PURCHASE OF THE CITY OF PALM DESERT'S ENERGY INDEPENDENCE PROGRAM, LIMITED OBLIGATION IMPROVEMENT BONDS, SERIES 2009A (TAXABLE), APPROVING AS TO FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT IN CONNECTION THEREWITH, AND AUTHORIZING CERTAIN OTHER MATTERS RELATING THERETO RECITALS: WHEREAS, the City of Palm Desert (the "City") proposes to sell and issue its Energy Independence Program, Limited Obligation Improvement Bonds, Series 2009A (Taxable) (the "Bonds") in aggregate initial principal amount not to exceed $2,500,000, on a private placement basis; and WHEREAS, the Board (the "Agency Board") of the Palm Desert Redevelopment Agency (the "Agency") desires to provide authority for the Agency to invest in and purchase the Bonds from the City and to approve the form of, and authorize the execution and delivery of a bond purchase agreement ("Purchase Agreement") which is file in the office of the Secretary of the Agency; 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. Findinqs; Specific Investment Authorization. The Agency Board hereby finds and determines that the Agency's investment in, and purchase of, a portion or all of the Bonds, subject to the terms and conditions set forth in this Resolution, are prudent under the general economic conditions and the anticipated needs of the Agency. In accordance with Government Code Section 53601, the Agency Board hereby grants express authority for the Agency to invest in the Bonds, including but not limited to those Bonds with a term remaining to maturity in excess of 5 years. Section 3. Purchase Aqreement. The Purchase Agreement proposed to be entered into by the Agency and the Agency, i and the purchase of a portion or all of the Bonds conditions set forth therein, are hereby approved. below, each of the Chairman and the Executive "Authorized Officer"), acting singly, is authorized < on behalf of the Agency, to execute and c substantially said form, with such changes there n the form on file with the Secretary, pursuant thereto upon the terms and Subject to the provisions of Section 4 Director, or their designee (each, an �nd directed, for and in the name and eliver the Purchase Agreement in in as the officer executing the same may require or approve, including such matters as are authorized by Section 4 hereof W:Wgenda Items�2009-01-22\Resolution - Energy Independence Program\RES-Agency Resolution AB 811 - Private Placemen[ 012209.Docx RESOLUTION NO. 555 (such approval to be conclusively evidenced by such Authorized Officer's execution and delivery thereo�. . Section 4. Terms of Purchase of Bonds. Each Authorized Officer, acting singly, is hereby authorized and directed to act on behalf of the Agency to establish and determine (i) the aggregate principal amount of the Bonds to be purchased by the Agency, which amount shall not exceed $2,500,000; and (ii) the interest rates on the Bonds to be purchased by the Agency, provided that the true interest cost shall be at least 2.5 percent. Section 5. 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 Reso(ution and the Purchase Agreement, including but not limited to a certificate, investor letter, or such other document certifying as to the Agency's qualifications as a purchaser of the Bonds, as appropriate, and any such actions previously taken by such officers are hereby ratified and confirmed. Section 6. Effective Date. This Resolution shall take effect immediately upon adoption. PASSED, APPROVED, and ADOPTED this 22nd day of January, 2009, by the foNowing vote, to wit: AYES: B�sox, FERGUSON, FINERTY, KELLY, and SPIEGEI. NOES: NONE ABSENT: xor� ABSTAIN: xoNE _�,,- i / �.� , .., _,__ .,.... -... ATTEST: R H L E D. 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