RES FA-18RESOLUTION NO. FA-18
A RESOLUTION OF THE PALM DESERT FINANCING
AUTHORITY AUTHORIZING THE EXECUTION AND
DELIVERY OF A PURCHASE CONTRACT RELATING TO
THE PALM DESERT REDEVELOPMENT AGENCY TAX
ALLOCATION REVENUE BONDS (DESERT ROSE
PROJECT) 1996 SERIES A AND 1996 SERIES B,
AUTHORIZING THE EXECUTION AND DELIVERY OF
OTHER DOCUMENTS AND MAKING CERTAIN FINDINGS.
RECITALS:
A. Under and pursuant to the provisions of the Marks -Roos Local Bond Pooling Act
of 1985 (Article 4 of Chapter 5 of Division 7 of Title 1 of the California Government Code) (the
"Bond Law"), the Authority is authorized to enter into bond purchase agreements with the Palm
Desert Redevelopment Agency (the "Agency") on a negotiated basis and the Agency is authorized
to sell its bonds to the Authority on a negotiated basis without compliance with any public sale
requirement.
B. Pursuant to the Bond Law, the Authority is further authorized to sell bonds so
purchased to public or private purchasers by public or negotiated sale.
C. The Agency intends to issue its Tax Allocation Revenue Bonds (Desert Rose
Project) 1996 Series A and 1996 Series B (the "Bonds") and desires to have the Authority
purchase such Bonds.
D. The Authority desires to purchase the Bonds, but solely from the proceeds received
from the Authority's concurrent sale of such Bonds to the Underwriter (as defined below).
E. The Agency has determined that "significant public benefits," as defined in Section
6586 of the Bond Law, will be derived by the Agency in undertaking the issuance of the Bonds
and their sale to the Authority and resale to the Underwriter, in furtherance of the corporate
purposes of the Agency.
NOW, THEREFORE, THE PALM DESERT FINANCING AUTHORITY HEREBY
FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1. Purchase Contract. The Purchase Contract (the "Purchase Contract") relating
to the Bonds, by and among the Authority, the Agency, and Redwood Securities Group, Inc. (the
"Underwriter"), in substantially the form on file with the Authority and presented to the Authority
governing board at this meeting, is hereby approved. Any one of the Authorized Officers
described in Section 2 hereof is hereby authorized and directed, for and in the name and on
behalf of the Authority, to execute and deliver the Purchase Contract with such insertions and
changes and as may be approved by the Authorized Officer executing the same, subject to the
provisions of Section 2 hereof, such approval to be conclusively evidenced by such execution and
delivery.
341/22120910 24484-001 8/15/96
RESOLUTION NO. FA-18
Section 2. Authorized Officers. The President, Vice President, Chief Administrative
Officer, Treasurer, Secretary and Deputy Secretary of the Authority, and each of them, are hereby
designated as Authorized Officers for purposes of this Resolution. The authorization and
direction given in this Resolution to execute and deliver any and all of the documents described
in this Resolution is given so long as (i) the principal amount of Bonds authorized to be
purchased and sold pursuant to the Purchase Contract does not exceed $13,000,000 with respect
to the Series A Bonds and $10,000,000 with respect to the Series B Bonds, (ii) the years of the
final maturity of the Bonds is not later than 2021, and (iii) interest rates on the Bonds do not
exceed seventh and one-half percent (7.5%) per annum.
Section 3. Further Authorization. The Authorized Officers, the other members of the
governing board of the Authority, and each of them, are hereby authorized and directed to do all
things and take all actions necessary or desirable to effectuate the transactions contemplated by
this resolution, and to execute such other agreements, certificates, receipts, opinions and other►
documents in connection with such transactions.
Section 4. Recitals and Findings. The recitals first set forth above are true and correct
and the Authority hereby finds and determines the matters set forth in such recitals.
Section 5. Effective Date. This Resolution shall become effective immediately upon
adoption.
APPROVED AND ADOPTED THIS 22 DAY OF AUGUST, 1996.
AYES: BENSON, CRITES, KELLY, SPIEGEL, SNYDER
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Walter H. Snyder, Presi
A 1TEST:
\` _-7 4Ao ,�-
Sheila R( illigan, Secretary
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