RES FA-42RESOLUTION NO. FA-42
A RESOLUTION OF THE PALM DESERT FINANCING AUTHORITY
ACKNOWLEDGING A FINDING OF SIGNIFICANT PUBLIC BENEFIT IN
CONNECTION WITH THE ISSUANCE AND SALE OF THE
AUTHORITY'S TAX ALLOCATION REVENUE BONDS (PROJECT
AREA NO. 1, AS AMENDED), SERIES 2003 AND APPROVING THE
ISSUANCE, SALE AND DELIVERY OF SUCH 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 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 desires to issue and sell bonds to be designated as its
"Tax Allocation Revenue Bonds (Project Area No. 1, As Amended), Series 2003" (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 of certain
public capital improvements of benefit to Project Area No. 1, As Amended, of the
Agency, including (i) the acquisition of land for hillside open space southwest of
Highway 74 in the southern portion of the City, (ii) the construction of parking structure
improvements at Westfield Shopping Town, (iii) the acquisition and renovation of a City -
owned swimming pool at College of the Desert, (iv) construction of a City -owned office
building for use by nonprofit entities at the southwest corner of Highway 111 and El
Paseo, and (v) the widening of Fred Waring Drive between Cook Street and Deep
Canyon Road; and
WHEREAS, the City Council has made a finding, after a duly noticed public
hearing pursuant to Section 6586.5 of the California Government Code, that the
issuance of the Bonds will result in significant public benefit;
729219-1
Resolution No. FA- 42
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 City Council'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 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 24th day of April , 2003, by the following vote to
wit:
AYES: CRITES, FERGUSON, KELLY, BENSON
NOES: NONE
ABSENT: SPIEGEL
ABSTAIN: NONE
n M. Benson, President
ATTEST:
RachetUe D. Kin, Secretary