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Home My WebLink AboutC22310K - BPFA - Monterey Ave I-10 Intrchng Prjct CITY OF PALM DESERT/SUCCESSOR AGENCY OF THE PALM DESERT REDEVELOPMENT AGENCY CITY MANAGERS OFFICE STAFF REPORT REQUEST: REQUEST FOR APPROVAL TO EXECUTE A MONTEREY & I-10 INTERCHANGE PROJECT BOND PROCEEDS FUNDING AGREEMENT BETWEEN THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY AND THE CITY OF PALM DESERT AND TAKING CERTAIN RELATED ACTIONS SUBMITTED BY: Ryan Stendell, Senior Management Analyst DATE: May 22, 2014 CONTENTS: Resolution No. 2oi4-4s & Resolution No. SA-RDA o30 Draft Reimbursement Agreement (C 223iox ) Recommendation 1. Waive further reading and adopt Resolution NO. 2014-48 and Resolution No. SA-RDA- 03o approving the execution of a Monterey & I-10 Interchange Project Bond Proceeds Funding Agreement between the Successor Agency to the Palm Desert Redevelopment Agency and the City of Palm Desert and taking certain related action. 2. By Minute Motion, approve and authorize the Mayor/Chair to execute the Bond Proceeds Funding Agreement. Backqround Project Area 2 has had $500,000 allocated to the Monterey I-10 Interchange project for some time. Staff is attempting to secure these funds now that the project is progressing. The attached resolutions and Bond Proceeds Funding Agreement will allow the City to utilize the Project Area 2 Funding for the Monterey I-10 Interchange Project. Fiscal Analvsis The Department of Finance has approved our Recognized Obligation Payment Schedule (ROPS) which lists this project with a total allocation of$500,000. Staff Report Contract No.C2231ox Monterey& I-10 Interchange Bond Funding Agreement Page 2 of 3 May 22, 2014 Staff has drafted the Bond Proceeds Funding Agreement to encumber all $500,000 and granted the City's Director of Finance to manage these funds for this purpose. The inclusion of these funds will allow the City's share of Measure A to be reduced and freed up for additional future projects. Prepared By: Revi e d Concur �"-�'�l' Ryan Stendell Mark re nwood P.E. Senior Management Analyst Director f Public Works R ie ed d Concur: CITYCOUNCII.��C�fION �! APPROVED DENIED _ R E D O R aul S. Gibson, Director of Finance '� MEET G DA - � AYE5: � � p roval: NOES: ABSENT: ABSTAIN: hn M. Wohlmuth VERIFIED BY: ity ManagerlExecutive Director of the Original on File with Ci " lerk's Office uccessor Agency of the Palm Desert Redevelopment Agency ��.��. � r�: �;�� -� .�� -�:�y,. �� a�. a - �U� -�� - _ Original on file with Ciry Cler ' CJf'�c�.� � RESOLUTION NO. 2o14-4s A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT APPROVING A MONTEREY & I-10 INTERCHANGE PROJECT BOND PROCEEDS FUNDING AGREEMENT BETWEEN THE CITY AND THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY AND TAKING CERTAIN RELATED ACTIONS RECITALS: A. The Palm Desert Financing Authority (the "Financing Authority') previously issued four series of tax allocation bonds in 2006 (the "PA2 2006 Bonds") for the purpose of financing and refinancing redevelopment projects of benefit to Project Area No. 2 (the "Project Area") of the former Palm Desert Redevelopment Agency (the "Former RDA"). B. The PA2 2006 Bonds were issued pursuant to two Indentures of Trust, each dated as of July 1, 2006, by and between the Financing Authority and Wells Fargo Bank, National Association, as trustee (the "Trustee"). C. Pursuant to two Project Area No. 2 Loan Agreements, each dated as of July 1, 2006 (the "Loan Agreements"), by and among the Financing Authority, the Former RDA, and the Trustee, proceeds of the PA2 2006 Bonds were loaned to the Former RDA (the "Loans"). D. The Former RDA caused a portion of the proceeds of the PA2 2006 Bonds received as part of the Loans to be deposited into Project Funds (the "PA2 2006 Project Funds"), which were established, and are held, by the Trustee pursuant to the Loan Agreements. E. Pursuant to the Loan Agreements, moneys in the PA2 2006 Project Funds shall be disbursed from time to time to finance the cost of redevelopment projects in or of benefit to the Project Area. F. As documented by the Official Statement, dated June 27, 2006, and the Certificate Regarding Compliance with Certain Tax Matters, dated as of July 25, 2006 (the "Tax Certificate"), it was intended, at the issuance of the PA2 2006 Bonds, that the projects to be financed from moneys deposited in the PA2 2006 Project Funds include, among others, the Monterey Avenue and Interstate 10 interchange project (described in the Tax Certificate as "improvements to the on- and off- ramps at Monterey Avenue and Interstate 10") (the "Project"). G. Pursuant to AB X1 26 (enacted in June 2011) and the California Supreme Court's decision in California Redevelopment Association, et al. v. Ana Matosantos, et al., 53 Cal. 4th 231 (2011), the Former RDA was dissolved as of February 1, 2012, and the Successor Agency was constituted. Osrv-fil2k3\groups\CityMgr\Ryan Stendell'�,Staff Reports\2014�May 22\Reimbwsement Agreements\Moaterey Ave 011 Ramp\Palm Desert SA-City reso re Mon[erey&I-10 Bond Proceeds Funding Agre....doc 1 H. Pursuant to Section 34175(b) of the California Health and Safety Code ("HSC"), all assets, properties and contracts of the Former RDA, including all unspent proceeds of the PA2 2006 Bonds remaining in the PA2 2006 Project Funds (the "PA2 2006 Bond Proceeds"), transferred to the control of the Successor Agency by operation of law. I. According to HSC Section 34191.4, after the receipt by the Successor Agency of a finding of completion (the "Finding of Completion") issued by the California State Department of Finance (the "DOF") pursuant to HSC Section 34179.7, the PA2 2006 Bond Proceeds shall be used for the purposes for which the PA2 2006 Bonds were sold, in a manner consistent with the original bond covenants. J. By DOF's letter, dated May 15, 2013, the DOF informed the Successor Agency that the DOF has issued a Finding of Completion to the Successor Agency. K. There remains a balance of PA2 2006 Bond Proceeds in the PA2 2006 Project Funds (in the amount of$29,415,382 as of April 30, 2014). L. The Successor Agency desires to use a portion of the PA2 2006 Bond Proceeds for completion of work with respect to the Project. M. Because of the limited staffing of the Successor Agency and the traditional role and the established procedures of the City of Palm Desert (the "City") with respect to the awarding of public works contracts, the Successor Agency and the City desire to enter into a Monterey & I-10 Interchange Project Bond Proceeds Funding Agreement (the "Funding Agreement"), for the City to perform or cause to be performed all work required to complete the Project, with payment therefor to be made from the PA2 2006 Bond Proceeds. N. Pursuant to HSC Sections 34178(a) and 34180(h), with the approval of the Oversight Board, the Successor Agency may enter into agreements with the City.. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Recitals. The above recitals, and each of them, are true and correct. Section 2. Fundinq Aqreement. The Funding Agreement, in the form attached hereto as Exhibit A, is hereby approved. The Mayor (or in the Mayor's absence, the Mayor Pro Tem) is hereby authorized to execute and deliver, for and in the name of the City, the Funding Agreement, in substantially such form, with changes therein as the Mayor (or the Mayor Pro Tem, as the case may be) may approve (such approval to be conclusively evidenced by the execution and delivery thereo�. Section 3. Other Acts. The officers of the City are hereby authorized, jointly and severally, to execute and deliver any and all necessary documents and 'Asrv-fi12k3\groups\CityMgr�Ryan Stendell�Staf7'Repo�ts\2014�May 22\Reimbursement Agreements\Monterey Ave Off Ramp\Palm Desert SA-City reso re Monterey&I-I O Bond Proceeds Funding Agre....doc instruments and to do all things which they may deem necessary or proper to effectuate the purposes of this Resolution and the Funding Agreement. Any actions previously taken by officers of the City consistent with the purposes of this Resolution, the Funding Agreement are hereby ratified and confirmed. Section 4. Effective Date. This Resolution shall take effect immediately upon adoption. APPROVED and ADOPTED this day of , 2014. MAYOR ATTEST: CITY CLERK i�srv-fi12k3',groups\CityMgr\Ryan Stendell\Staff Reports\20]4\May 22\Reunbursement Agreements\Monterey Ave Off Ramp�Palm Desert SA-City reso re Monterey&[-10 Bond Proceeds Nunding Agre....doc EXHIBIT A Funding Agreement (in substantial final form) Usrv-fi12k3�roups\CityMgr\Ryan Stendell\Staff Reports�014\May 22\Reimbursement Agreements\Monterey Ave Off Ramp\Palm Desert SA-City reso re Monterey&I-10 Bond Proceeds Funding Agte....doc Contract No. C22310K MONTEREY � i-10 INTERCHANGE PROJECT BOND PROCEEDS FUNDING AGREEMENT This MONTEREY & I-10 INTERCHANGE PROJECT BOND PROCEEDS FUNDING AGREEMENT (this "Agreement"), dated as of , 2014, is entered into by and between the City of Palm Desert (the "City") and the Successor Agency to the Palm Desert Redevelopment Agency (the "Successor Agency," and together with the City, the "Parties"). RECITALS: A. The Palm Desert Financing Authority (the "Financing Authority") previously issued four series of tax allocation bonds in 2006 (the "PA2 2006 Bonds") for the purpose of financing and refinancing redevelopment projects of benefit to Project Area No. 2 (the "Project Area") of the former Palm Desert Redevelopment Agency (the "Former RDA"). B. The PA2 2006 Bonds were issued pursuant to two Indentures of Trust, each dated as of July 1, 2006, by and between the Financing Authority and Wells Fargo Bank, National Association, as trustee (the "Trustee"). C. Pursuant to two Project Area No. 2 Loan Agreements, each dated as of July 1, 2006 (the "Loan Agreements"), by and among the Financing Authority, the Former RDA, and the Trustee, proceeds of the PA2 2006 Bonds were loaned to the Former RDA (the "Loans"). D. The Former RDA caused a portion of the proceeds of the PA2 2006 Bonds received as part of the Loans to be deposited into Project Funds (the "PA2 2006 Project Funds"), which were established, and are held, by the Trustee pursuant to the Loan Agreements. E. Pursuant to the Loan Agreements, moneys in the PA2 2006 Project Funds shall be disbursed from time to time to finance the cost of redevelopment projects in or of benefit to the Project Area. F. As documented by the Official Statement, dated June 27, 2006, and the Certificate Regarding Compliance with Certain Tax Matters, dated as of July 25, 2006 (the "Tax Certificate"), it was intended, at the issuance of the PA2 2006 Bonds, that the projects to be financed from moneys deposited in the PA2 2006 Project Funds include, among others, the Monterey Avenue and Interstate 10 interchange project (described in the Tax Certificate as "improvements to the on- and off- ramps at Monterey Avenue and Interstate 10") (the "Project"). G. Pursuant to AB X1 26 (enacted in June 2011) and the California Supreme Court's decision in California Redeve/opment Association, et al, v. Ana Matosantos, et al., 53 Cal.4th 231(2011), the Former RDA was dissolved as of February 1, 2012, and the Successor Agency was constituted. -1- \�Srv-fi12k3\groups\CityMgr�Ryan StendelllStaff Reports\20]4UVIay 22\Reimbursement AgreementsVvtonterey Ave Off RampU'alm Desert SA- Monterey&I-10 Bond Proceeds Funding Agreement.docx H. AB 1484, enacted in June 2012, amended and supplemented the provisions of AB X1 26. Together, AB X1 26 and AB 1484 are referred to in this Agreement as the "Dissolution Act." I. Pursuant to Section 34175(b) of the California Health and Safety Code ("HSC"), all assets, properties and contracts of the Former RDA, including all unspent proceeds of the PA2 2006 Bonds remaining in the PA2 2006 Project Funds (the "PA2 2006 Bond Proceeds"), transferred to the control of the Successor Agency by operation of law. J. According to HSC Section 34191.4, after the receipt by the Successor Agency of a finding of completion (the "Finding of Completion") issued by the California State Department of Finance (the "DOF") pursuant to HSC Section 34179.7, the PA2 2006 Bond Proceeds shall be used for the purposes for which the PA2 2006 Bonds were sold, in a manner consistent with the original bond covenants. K. By DOF's letter, dated May 15, 2013, the DOF informed the Successor Agency that the DOF has issued a Finding of Completion to the Successor Agency. L. There remains a balance of PA2 2006 Bond Proceeds in the PA2 2006 Project Funds (in the amount of $29,415,382 as of April 30, 2014). M. The Successor Agency desires to use a portion of the PA2 2006 Bond Proceeds for completion of work with respect to the Project. N. Pursuant to HSC Section 34177(I), the Successor Agency must prepare a Recognized Obligation Payment Schedule ("ROPS") for each six-month fiscal period ("ROPS Period"). The ROPS must be submitted to the Oversight Board of the Successor Agency (the "Oversight Board") and the DOF for approval. O. Pursuant to HSC Section 34191.4(c)(2), the expenditure of PA2 2006 Bond Proceeds for an obligation must be listed on a ROPS. P. The Successor Agency previously prepared a ROPS ("ROPS 13-14B") for anticipated payments covering the period from January 1, 2014 through June 30, 2014 (the "ROPS 13-14B Period"). Q. Listed as Item No. 104 on the ROPS 13-14B is the anticipated use of the PA2 2006 Bond Proceeds for a portion of the Project. R. The Oversight Board adopted Resolution No. OB-050 on September 10, 2013, approving ROPS 13-14B. S. DOF issued its letter dated December 17, 2013, confirming the DOF's approval of Item No. 104 of ROPS 13-14B, subject to the modification that the ROPS 13-14B Period funding amount for the Project (the "ROPS 13-14B Estimate") be changed pursuant to a revised schedule submitted by the Successor Agency during the -2- \�srv-fi12k3\groups\CityMgr�l2yan Stendell\Staff Reports�2014�May 22�Reimbursement AgreementsVvlonterey Ave Off Ramp�Palm Desert SA- Monterey&I-10 Bond Proceeds Funding Agreement.docx DOF review process (the "Revised Schedule"). Per the Revised Schedule, the ROPS 13-146 Estimate is $500,000. T. Because of the limited staffing of the Successor Agency and the traditional role and the established procedures of the City of Palm Desert (the "City") with respect to the awarding of public works contracts, the Successor Agency and the City desire to enter into this Agreement, for the City to perform or cause to be performed all work required to complete the Project, with payment therefor to be made from the PA2 2006 Bond Proceeds. U. Pursuant to HSC Sections 34178(a) and 34180(h), with the approval of the Oversight Board, the Successor Agency may enter into agreements with the City. V. Resolution No. adopted by the Oversight Board on , 2014 approving the Successor Agency's execution and delivery of this Agreement was approved [deemed approved] by the DOF pursuant to HSC Section 34179(h) on , 2014. NOW, THEREFORE, THE PARTIES DO HEREBY AGREE AS FOLLOWS: Section 1. Subject to the provisions of this Agreement and with the funding provided pursuant to this Agreement, the City agrees to perform or cause to be performed all work required for the completion of the Project, including but not limited to the preparation of designs, plans and specifications and all acquisitions, demolitions, construction and installations. The City shall perform such work in accordance with all applicable federal, state and local laws, rules and regulations. Subject to the covenants set forth herein, the City shall have the sole discretion with respect to the design, planning, specification and the timing with respect to all components of the Project. Section 2. As soon as practical upon the Parties' execution of this Agreement, the Successor Agency shall transfer or caused to be transferred to the City an amount equal to the ROPS 13-14B Estimate from the PA2 2006 Bond Proceeds on deposit in the PA2 2006 Project Funds. The City shall use such moneys received for the costs of the Project (which may include any advance previously made by the City for the costs of the Project). Section 3. (a) The Parties acknowledge and agree that the PA2 2006 Bond Proceeds shall be the sole source of the Successor Agency's payment for the completion of the Project pursuant to this Agreement. The Parties also agree that the City's obligation with respect to the work for the Project under this Agreement shall be limited to the extent that funding therefor is available from the PA2 2006 Bond Proceeds. (b) At any time, if the City determines that the amount previously transferred by the Successor Agency pursuant to this Agreement is insufficient for the completion of the Project, the City's Finance Director shall notify the Successor Agency, specifying the estimated dollar amount necessary for the completion of the Project (the "Additional Funding Amount"). To the extent that sufficient unspent PA2 2006 Bond -3- \\srv-ftl2k3\groups\CityMgr�Ryan Stendell\Staff Reports�2014UVtay 22\Reimbursement Agreements�Monterey Ave Off Ramp�Palm Desert SA- Monterey&I-]0 Bond Proceeds Funding Agreement.docx Proceeds remain available, the Successor Agency shall list the Additional Funding Amount on the ROPS for the next available ROPS Period. Upon obtaining the Oversight Board's and the DOF's approval for such ROPS item(s), the Successor Agency shall transfer or caused to be transferred to the City the Additional Funding Amount from the PA2 2006 Bond Proceeds as soon as practicable upon the commencement of the applicable ROPS Period. (c) Before the transfer of any Additional Funding Amount pursuant to Section 3(b) above, the City may, but is not obligated to, advance funds from sources available to City for the work necessary for the Project (each such advance being a "City Advance"). Any Additional Funding Amount transferred by the Successor Agency pursuant to Section 4(b) shall first be used to reimburse the City for outstanding City Advances, and then to pay for other expenditures of the Project. Section 4. To the extent the City still holds unspent PA2 2006 Bond Proceeds transferred pursuant to this Agreement after the completion of the Project (as determined by the legislative body of the City), the City shall return such unspent PA2 2006 Bond Proceeds to the Successor Agency within a reasonable time after such determination. Section 5. The City covenants that it shall use the PA2 2006 Bond Proceeds in a manner consistent with the covenants in the Loan Agreements and the Tax Certificate, including, but not limited to, any covenants regarding the tax-exempt status of interest on the PA2 2006 Bonds under the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder. Section 6. Each Party shall maintain books and records regarding its duties pursuant to this Agreement. Such books and records shall be available for inspection by the officers and agents of the other Party at all reasonable times. Section 7. The Parties agree to take all appropriate steps and execute any documents which may reasonably be necessary or convenient to implement the intent of this Agreement. Section 8. This Agreement may be amended from time to time by written instrument executed by both Parties. Section 9. No official, agent, or employee of the Successor Agency or the City, or members of the City Council, or members of the Successor Agency Board of Directors or Oversight Board shall be individually or personally liable for any payment hereunder in the event of any default or breach by the Successor Agency or the City, or for any amount which may otherwise become due to the City or Successor Agency, or successor thereto, or on any obligations under the terms of this Agreement. Section 10. This Agreement is made in the State of California under the Constitution and laws of the State of California, and is to be so construed. -4- \�Srv-fi12k3\groups\CityMgr�Ryan Stendell\Staff Reports120141May 22\Reimbursement AgreementsVvlonterey Ave Off Ramp�Palm Desert SA- Monterey&I-10 Bond Proceeds Funding Agreement.docx fREMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURES TO FOLLOWI -5- Usrv-fi12k3\groups\CityMgr�Ryan Stendell\Staff Reports�2014U�Iay 22�Reimbursement AgreementsVVlonterey Ave Off Ramp�Palm Desert SA- Monterey&I-10 Bond Proceeds Funding Agreement.docx IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized officers. SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY By JOHN WOHLMUTH, EXECUTIVE DIRECTOR ATTEST: RACHELLE D. KLASSEN, SECRETARY TO THE SUCCESSOR AGENCY OF THE PALM DESERT REDEVELOPMENT AGENCY CITY OF PALM DESERT By VAN TANNER, MAYOR ATTEST: RACHELLE D. KLASSEN, CITY CLERK APPROVED: OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY By BOB A. SPIEGEL, CHAIR Date: -6- \�srv-fi12k3�groups\CityMgr�Ryan StendelllStaff Reports�2014�1Vtay 22�Reimbursement AgreementsVvlonterey Ave Off Ramp�Palm Desert SA- Monterey&I-10 Bond Pmceeds Funding Agreement.docx RESOLUTION NO. sA-xna o30 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY APPROVING A MONTEREY & I-10 INTERCHANGE PROJECT BOND PROCEEDS FUNDING AGREEMENT BETWEEN THE SUCCESSOR AGENCY AND THE CITY OF PALM DESERT AND TAKING CERTAIN RELATED ACTIONS RECITALS: A. The Palm Desert Financing Authority (the "Financing Authority") previously issued four series of tax allocation bonds in 2006 (the "PA2 2006 Bonds") for the purpose of financing and refinancing redevelopment projects of benefit to Project Area No. 2 (the "Project Area") of the former Palm Desert Redevelopment Agency (the "Former RDA"). B. The PA2 2006 Bonds were issued pursuant to two Indentures of Trust, each dated as of July 1, 2006, by and between the Financing Authority and Wells Fargo Bank, National Association, as trustee (the "Trustee"). C. Pursuant to two Project Area No. 2 Loan Agreements, each dated as of July 1, 2006 (the "Loan Agreements"), by and among the Financing Authority, the Former RDA, and the Trustee, proceeds of the PA2 2006 Bonds were loaned to the Former RDA (the "Loans"). D. The Former RDA caused a portion of the proceeds of the PA2 2006 Bonds received as part of the Loans to be deposited into Project Funds (the "PA2 2006 Project Funds"), which were established, and are held, by the Trustee pursuant to the Loan Agreements. E. Pursuant to the Loan Agreements, moneys in the PA2 2006 Project Funds shall be disbursed from time to time to finance the cost of redevelopment projects in or of benefit to the Project Area. F. As documented by the Official Statement, dated June 27, 2006, and the Certificate Regarding Compliance with Certain Tax Matters, dated as of July 25, 2006 (the "Tax Certificate"), it was intended, at the issuance of the PA2 2006 Bonds, that the projects to be financed from moneys deposited in the PA2 2006 Project Funds include, among others, the Monterey Avenue and Interstate 10 interchange project (described in the Tax Certificate as "improvements to the on- and off- ramps at Monterey Avenue and Interstate 10") (the "Project"). G. Pursuant to AB X1 26 (enacted in June 2011) and the California Supreme Court's decision in California Redevelopment Association, et al, v. Ana Matosantos, et al., 53 Cal. 4th 231 (2011), the Former RDA was dissolved as of February 1, 2012, and the Successor Agency was constituted. '�.\srv-fil2k3\groups\CityMgr\Ryan Stendell�Staff Reporis\2014\May 22Vteimbursement Agreements\Monterey Ave Ofl'Ramp�Palm Deseri SA-SA reso re Monterey&I-]0 Bond Proceeds Funding Agreem....doc 1 H. Pursuant to Section 34175(b) of the California Health and Safety Code ("HSC"), all assets, properties and contracts of the Former RDA, including all unspent proceeds of the PA2 2006 Bonds remaining in the PA2 2006 Project Funds (the "PA2 2006 Bond Proceeds"), transferred to the control of the Successor Agency by operation of law. I. According to HSC Section 34191.4, after the receipt by the Successor Agency of a finding of completion (the "Finding of Completion") issued by the California State Department of Finance (the "DOF") pursuant to HSC Section 34179.7, the PA2 2006 Bond Proceeds shall be used for the purposes for which the PA2 2006 Bonds were sold, in a manner consistent with the original bond covenants. J. By DOF's letter, dated May 15, 2013, the DOF informed the Successor Agency that the DOF has issued a Finding of Completion to the Successor Agency. K. There remains a balance of PA2 2006 Bond Proceeds in the PA2 2006 Project Funds (in the amount of $29,415,382 as of April 30, 2014). L. The Successor Agency desires to use a portion of the PA2 2006 Bond Proceeds for completion of work with respect to the Project. M. Because of the limited staffing of the Successor Agency and the traditional role and the established procedures of the City of Palm Desert (the "City") with respect to the awarding of public works contracts, the Successor Agency and the City desire to enter into a Monterey & I-10 Interchange Project Bond Proceeds Funding Agreement (the "Funding Agreement"), for the City to perform or cause to be performed all work required to complete the Project, with payment therefor to be made from the PA2 2006 Bond Proceeds. N. Pursuant to HSC Sections 34178(a) and 34180(h), with the approval of the Oversight Board, the Successor Agency may enter into agreements with the City. 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. Fundina Aqreement. The Funding Agreement, in the form attached hereto as Exhibit A, is hereby approved. Each of the Chair of this Board, the Vice Chair of this Board and the Executive Director of the Successor Agency (each, an Authorized Officer"), individually, is hereby authorized to execute and deliver, for and in the name of the Successor Agency, the Funding Agreement, in substantially such form, with changes therein as the Authorized Officer executing the same may approve (such approval to be conclusively evidenced by the execution and delivery thereof). \Lctv-612k3\groups\CityMgr\Ryan S[endell\S[aff Reports\2014\May 22\Reimbursement Agreemeu[s\Monterey Ave Off Ramp\Palm Desert SA-SA reso re Monterey&[-10 Bond Roceeds Funding Agreem....doc Section 3. Request for Oversight Board Approval. The Oversight Board is hereby requested to approve the Successor Agency's execution and delivery of the Funding Agreement. The Secretary of the Successor Agency is hereby directed to transmit this Resolution to the Oversight Board for consideration at the earliest possible date. Section 4. Other Acts. The Authorized Officers 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 which they may deem necessary or proper to effectuate the purposes of this Resolution and the Funding Agreement. Section 5. Effective Date. This Resolution shall take effect immediately upon adoption. APPROVED and ADOPTED this day of , 2014. CHAIR ATTEST: SECRETARY \`srv-fiLk3\groups\CityMgr\Ryan Stendell\Staf£Reports\2014\May 22\Reunbursement Agreements\Monterey Ave Ofl Ramp\Palm Desert SA-SA reso re Monterey&F10 Bond Proceeds Funding Agreem....doc EXHIBIT A Funding Agreement (in substantial final form) \�srv-fiL?k3\groups\CityMgr\Ryan Stendell\S[aff Reports\2014\May 22�Reunbursemrn[Agreements\Monterey Ave Off Ramp\Palm Desert SA-SA reso re Monterey&I-]0 Bond Proceeds Funding Ayeem....doc