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HomeMy WebLinkAboutRDA RES 569RESOLUTION NO. 569 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, IN ONE OR MORE SERIES AND IN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED FIVE MILLION DOLLARS ($5,000,000), APPROVING AS TO FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF ONE OR. MORE BOND PURCHASE AGREEMENTS IN CONNECTION THEREWITH, AND AUTHORIZING CERTAIN OTHER MATTERS RELATING THERETO RECITALS: WHEREAS, the City of Palm Desert (the "City") proposes to sell and issue one or more additional series of its Energy Independence Program, Limited Obligation Improvement Bonds, in aggregate initial principal amount not to exceed five million dollars ($5,000,000) (the "Bonds"), on a private placement basis and pursuant to its resolution adopted on January 14, 2010 authorizing the sale of such Bonds (the "City Bond Resolution"); 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 one or more bond purchase agreements (each individually, and collectively, as the context may require, the "Purchase AgreemenY') (one Purchase Agreement with respect to each series of Bonds), which form of Purchase Agreement 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, in one or more series and in aggregate initial principal amount not to exceed five million dollars ($5,000,000), 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, in one or more series, including but not lirnited to those Bonds with a term remaining to maturity in excess of 5 years. Section 3. Purchase Aqreement. The Purchase Agreement proposed to 5e entered into between the Agency and the City with respect to each series of Bonds, in the form on file with the Secretary, and the purchase of a portion or all of the Bonds in one or more series pursuant thereto upon the terms and conditions set forth in the applicable final Purchase Agreement with respect to each series of Bonds, are hereby approved. Subject to the provisions of Section 4 below. each of the Chairman and the Executive Director, or their designee (each. an "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 officer executing the same may require RESOLUTION NO. 569 or approve, including such matters as are authorized by Section 4 hereof (such approval to be conclusively evidenced by such Authorized Officer's execution and delivery thereof). Section 4. Terms of Purchase of Bonds. The interest rate on any Bond and Series of Bonds purchased by the Agency pursuant to this Resolution shali be 3.0% per annum. The Agency hereby approves the particular contractual assessment agreements to be included in Exhibit B of each Purchase Agreement. provided such agreements are determined in accordance with Section 9.7(d) of the City Bond Resolution. Each Authorized Officer, acting singly, is hereby authorized and directed to act on behalf of the Agency to establish and determine the initial principal amount of each series of Bonds to be purchased by the Agency, provided the aggregate initial principal amount of all Bonds purchased by the Agency hereunder shal! not exceed �5,000,000. 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 Resolution 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. adoption. Section 6. Effective Date. This Resolution shall take effect immediately upon PASSED. APPROVED and ADOPTED by the City Council of the City of Palm Desert, California. this 14th day of January 2010. by the following vote to wit: AYES: BENSON, FERGUSON, KELLY, SPIEGEL, and FINERTY NOES: NONE ABSENT: NONE ABSTAfN� NONE C NDY FINE Y. CHAIRMAN ATTEST: RAC ELLE D. KL SEN, S RETARY PALM DESERT REDEVELOPMENT AGENCY 2 �N ,Ayenda Iiems.2U1�-U1- ;4 SH EIP An;�ndn��en;5 val�daUur reso��aons�ReS 569 - AB 811 Bonds Senes 2010A.docx