RES FA-43RESOLUTION NO. FA-43
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.
3), 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. 3), 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. 3 of the Agency,
including (i) the installation and construction of sidewalks along 42nd Avenue, (ii) the
installation and construction of sewer mains along Merle Street, (iii) the reconstruction
of Merle Street, and (iv) the installation and construction of curb and gutter
improvements along Merle Street; 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;
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.
Authority Reso Acknowledging Finding of Significant Public Benefit in connection with issuance and s (1)
1
Resolution No. FA-43
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.
L
Section 4. Effective Date. This Resolution shall take effect immediately
upon adoption.
APPROVED AND ADOPTED this 24thday of April , 2003.
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
CRITES, FERGUSON, KELLY, BENSON
NONE
SPIEGEL
NONE
Rachelle D. Kfassen, -Secretary
enson, President
2