RES FA-12RESOLUTION NO. FA-12
A RESOLUTION OF THE PALM DESERT FINANCING
AUTHORITY AMENDING ITS RESOLUTION NO. FA-10
WHEREAS, the Palm Desert Financing Authority (the "Authority") has
heretofore adopted its Resolution No. FA-10 entitled "A Resolution of the Palm Desert
Financing Authority Authorizing the Sale and Issuance of Its Tax Allocation Revenue Bonds
(Project Area No. 1, As Amended), Series 1995A And Series 1995B (Taxable), Appointing a
Trustee, and Approving as to Form and Authorizing the Execution and Delivery of Certain
Documents in Connection with the Sale and Issuance of Said Bonds;" and
WHEREAS, the Authority has determined to sell and issue a single series of
bonds for Project Area No. 1, As Amended, at this time, such bonds to be designated Tax
Allocation Revenue Bonds (Project Area No. 1, As Amended), Series 1995;
NOW, THEREFORE, the Palm Desert Financing Authority DOES HEREBY
RESOLVE, DETERMINE AND ORDER as follows:
Section 1. Recitals. The above recitals, and each of them, are true and
correct.
Section 2. Amendment of Resolution No. FA-10. Resolution No.
FA-10 of the Authority is hereby amended as follows:
(a) The title is amended to read as follows:
"A RESOLUTION OF THE PALM DESERT FINANCING AUTHORITY
AUTHORIZING THE SALE AND ISSUANCE OF ITS TAX ALLOCATION
REVENUE BONDS (PROJECT AREA NO. 1, AS AMENDED), SERIES 1995,
APPOINTING A TRUSTEE, AND APPROVING AS TO FORM AND AUTHORIZING
THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS IN
CONNECTION WITH THE SALE AND ISSUANCE OF SAID BONDS."
(b) The second recital is amended to read as follows:
"WHEREAS, the Authority has determined to sell and issue its Tax Allocation Revenue
Bonds (Project Area No. 1, As Amended), Series 1995 (The `Bonds'), such Bonds to be
issued and secured pursuant to an Indenture (as defined herein)."
(c) Section 7 is amended to read as follows:
"Section 7. Final Terms of Sale of Bonds. The President, the Chief Administrative
Officer, the Treasurer, the Secretary, any deputy of such officers, or any member of the
RESOLUTION NO. FA-12
Authority Commission, is hereby authorized and directed to act on behalf of the
Authority to establish and determine (I) the aggregate principal amount of the Bonds,
which amount shall not exceed $28,000,000; (ii) the purchase price of the Bonds and the
interest rates thereon, provided that the net interest rate shall not exceed 8.00% per
annum; (iii) the Underwriter's compensation with respect to the Bonds, which shall not
exceed 1.75% of the principal amount thereof; and (iv) such provisions as may be
required by the terms of any bond insurance policy issued with respect to the Bonds or
any portion thereof. The authorization and powers delegated to such officer by this
Section 7 shall be valid for a period of 90 days from the date of adoption of this
Resolution."
adoption.
Section 3. Effective Date. This Resolution shall take effect immediately upon
APPROVED AND ADOPTED this 8th day of June, 1995.
AYES:
NOES:
ABSENT:
ABSTAIN:
BENSON, KELLY, SNYDER, SPIEGEL, CRITES
NONE
NONE
NONE
j, BUFORD/ . CRI S, PRESIDENT
ATTEST:
SHEILA R. GILOGAN, S.ERETARY