RES FA-38RESOLUTION NO. FA-38
A RESOLUTION OF THE PALM DESERT FINANCING
AUTHORITY ACKNOWLEDGING FINDING OF
SIGNIFICANT PUBLIC BENEFIT IN CONNECTION WITH
THE SALE AND ISSUANCE OF ITS TAX ALLOCATION
REFUNDING REVENUE BONDS (PROJECT AREA NO. 2),
SERIES 2002
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 Califomia
Govemment 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 determined to sell and issue its Tax
Allocation Refunding Revenue Bonds (Project Area No. 2), Series 2002 (the "Bonds");
and
WHEREAS, proceeds of the Bonds are to be applied for the purpose of
making a loan to the Agency for the object and purpose of assisting in the financing and
— refinancing of certain public capital improvements of benefit to Project Area No. 4 of the
Agency, including storm drainage improvements, street improvements, certain costs
associated with the Desert Willow public golf course facilities and land acquisition for
open space recreational facilities; and
WHEREAS, the Agency has made a finding, after duly noticed public
hearing pursuant to Section 6586.5 of the Government Code, that issuance of the
Bonds will result in significant public benefit;
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. Acknowledgement of Agency Findings. The Authority hereby
acknowledges and concurs with the Agency's finding of significant public benefit and
hereby approves and authorizes the issuance and sale of the Bonds.
Section 3. Other Acts. The officers of the Authority are hereby authorized
and directed, jointly and severally, to do any and all things, to execute and deliver any
and all documents which they may deem necessary or advisable in order to
700049-1 1
RESOLUTION FA- vi
consummate the issuance, sale and delivery of the Bonds, or otherwise to effectuate
the purposes of this Resolution, and any such actions previously taken by such officers
are hereby ratified and confirmed.
Section 4. Effective Date. This Resolution shall take effect immediately
upon adoption.
APPROVED AND ADOPTED this 16th day of July, 2002.
AYES: BENSON, CRITES, FERGUSON, SPIEGEL, KELLY
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
RI ? 'I S. KELLY, PRESID 'T
ATTEST:
RACF:ELL'. D. KLASSEN, SECRETARY