RES FA-19RESOLUTION NO. FA-19
A RESOLUTION OF THE PALM DESERT FINANCING
AUTHORITY DECLARING ITS INTENTION TO ISSUE
TAX ALLOCATION REFUNDING REVENUE BONDS AND
TAKING CERTAIN ACTIONS IN CONNECTION WITH THE
OFFERING AND SALE THEREOF
WHEREAS, the Palm Desert Financing Authority (the
"Authority") is a joint powers authority duly organized and
existing under and pursuant to Articles 1 through 4 (commencing
with Section 6500), Chapter 5, Division 7, Title 1 of the
California Government Code (the "Act") and that certain Joint
Exercise of Powers Agreement dated as of January 26, 1989, by and
between the City of Palm Desert and the Palm Desert Redevelopment
Agency (the "Agency"), and is authorized pursuant to Article 4 of
the Act to issue bonds for the purpose of making loans to the
Agency to provide financing for public capital improvements; and
WHEREAS, the Authority has heretofore issued its Palm
Desert Financing Authority Tax Allocation Revenue Bonds (Project
Area No. 1, As Amended), 1992 Series A (the "Prior Bonds") for
the purpose of financing and refinancing certain public capital
improvements of benefit to Project Area No. 1, As Amended, of the
Palm Desert Redevelopment Agency; and
WHEREAS, the Authority has determined to sell and issue
tax allocation refunding revenue bonds ("Refunding Bonds") for
the purpose of refinancing a portion of the cost of such public
capital improvements by refunding a portion of the Prior Bonds;
and
WHEREAS, the Authority desires to declare its intention
to offer for sale, sell and issue the Refunding Bonds and to
appoint underwriters in connection with such offering and sale;
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.
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RESOLUTION NO. FA-19
Section 2. Intention to Issue Refunding Bonds. The
Authority hereby declares its present intention to offer for
sale, sell and issue such Refunding Bonds.
Section 3. Appointment of Underwriters. The Authority
hereby appoints the following firms to serve as underwriters in
connection with such offering and sale: Kinsell, O'Neal, Newcomb
& DeDios, Inc.; Alden Capital Markets, Inc.; and Redwood
Securities Group, Inc.
Section 4. Disclaimers. Nothing contained in this
Resolution is intended to limit the Authority's absolute
discretion to offer for sale, sell and issue Refunding Bonds or
to determine the terms thereof or the time of such offering, sale
and issuance. The Authority shall incur no monetary obligation
or other liability to the underwriters appointed herein unless
and until a binding agreement for the purchase of the Refunding
Bonds has been approved by separate action of the Authority and
has been duly executed and delivered by the Authority.
Section 5. Effective Date. This Resolution shall take
effect immediately upon adoption.
APPROVED AND ADOPTED this l0th day of April, 1997.
AYES: BENSON, CRITES, SNYDER, KELLY
NOES: NONE
ABSTAIN: SPIEGEL
ABSENT: NONE
ATTEST:
---;.:-Secretary
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