RES FA-41RESOLUTION NO. FA- 41
A RESOLUTION OF THE PALM DESERT FINANCING
AUTHORITY AMENDING ITS RESOLUTION NO. FA-40,
AUTHORIZING THE SALE AND ISSUANCE OF ITS TAX
ALLOCATION REVENUE BONDS (PROJECT AREA
NO. 2), 2003 SERIES A, 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
RECITALS:
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
(the "City") 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 adopted its Resolution No. FA-40,
authorizing the issuance of certain tax allocation revenue bonds; and
WHEREAS, proceeds of the bonds are to be applied for the purpose of
making a loan to the Agency, pursuant to a certain loan agreement, for the object and
purpose of assisting in the financing of certain public capital improvements, as
described therein;
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. The last section of Section 8 of Resolution No.
FA-40 is hereby amended to read as follows:
"The authorization and powers delegated to such officer by this Section 8
shall be valid for a period of 180 days from the date of adoption of this
Resolution."
RESOLUTION NO. FA-41
Section 3. Effective Date. This Resolution shall take effect immediately
upon adoption.
PASSED, APPROVED AND ADOPTED this 27th day of February, 2003,
by the following vote to wit:
AYES: CRITES, FERGUSON, KELLY, SPIEGEL, BENSON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
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Rachelle D. Klassen, Secretary
)eiztitivi. Benson, President
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