HomeMy WebLinkAboutSA-RDA 063RESOLUTION NO. SA-RDA 063
A RESOLUTION OF THE BOARD OF DIRECTORS TO THE
'' SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT
AGENCY CLARIFYING THE PROVISIONS OF SECTION 8 OF ITS
RESOLUTION NO. SA-RDA-061 AND SECTION 8 OF ITS RESOLUTION
NO. SA-RDA-062, WHICH RESOLUTIONS AUTHORIZED THE
EXECUTION AND DELIVERY OF DOCUMENTS IN CONNECTION WITH
THE SUCCESSOR AGENCY'S ISSUANCE OF TAX ALLOCATiON
REFUNDING BONDS
RECITALS:
A. The Board of Directors previously adopted its Resolutions No. SA-061 and
SA-062 on December 8, 2016, authorizing the execution and delivery of documents in
connection with the Successor Agency's issuance of tax allocation refunding bonds.
B. The Board of Directors wishes to clarify the authorization set forth in
Section 8 of both Resolutions to exclude from the refunding any portion of the Agency
Loans (as defined in the respective Resolutions) that are determined to be uneconomic.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO 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. Section 8 of Resolution No. SA-061 is hereby clarified to read as
follows:
"Section 8. Authorization to Proceed with Refundinq in Part. In
the event that the Executive Director and the Finance Officer, in consultation with
the Successor Agency's municipal advisor, determine that a portion of the
Agency Loans (the "Uneconomic Po tion") cannot be refunded concurrently with
the other portion because refunding the Uneconomic Portion would be
uneconomic, or would not be in compliance with requirements of Health and
Safety Code Section 34177.5(a) and the parameters set forth herein, the
Executive Director is hereby authorized to direct the continuation of the refunding
transaction without the Uneconomic Portion. The Authorized Officers are
authorized to execute, on behalf and in the name of the Successor Agency, the
Indenture and each of the documents authorized hereby, with the applicable
modifications to exclude the Uneconomic Portion."
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G vda\Veronica Tapia\Word Filcs StafFReports\Succasor Agency`,Debt Rcfunding Palm Dexrt - 2017 rcfunding - SA reso clarifying Reso tios SA-61 and SA-62 1-12-17.docx
RESOLDTION NO. SA—RDA 063
Section 3. Section 8 of Resolution No. SA-062 is hereby clarified to read as
follows: ^
"Section 8. Authorization to Proceed with Refundinq in Part. In "'r
the event that the Executive Director and the Finance Officer, in consultation with
the Successor Agency's municipal advisor, determine that a portion of the
Agency Loans (the "Uneconomic Portion") cannot be refunded concurrently with
the other portion because refunding the Uneconomic Portion would be
uneconomic, or would not be in compliance with requirements of Health and
Safety Code Section 34177.5(a) and the parameters set forth herein, the
Executive Director is hereby authorized to direct the continuation of the refunding
transaction without the Uneconomic Portion. The Authorized Officers are
authorized to execute, on behalf and in the name of the Successor Agency, the
Indenture and each of the documents authorized hereby, with the applicable
modifications to exclude the Uneconomic Portion."
Section 4. Other Acts. The members of this Board, the Chair, the Vice Chair,
the Executive Director, the Finance Officer and all other officers of the Successor
Agency, are hereby authorized, jointly and severally, to execute and deliver any and all
necessary documents and instruments and to do all things that they may deem
necessary or proper to effectuate the purposes of this Resolution. Any such previous
actions taken by such officers are hereby ratified and confirmed.
APPROVED and ADOPTED this 12th day of January' 2017. �
AYES: KELT Y, NESTANDE, WEBER, and HARNIK
NOES: NONE
ABSENT: JorraTxaN
ABSTAIN: rrorrE
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JAN C. HARNIK, CHAIR
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ATTEST:
RA E L . K E, ECRETARY
SUCCESSOR AGENCY TO THE
PALM DESERT REDEVELOPMENT AGENCY
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