RES FA-47RESOLUTION NO. FA-47
A RESOLUTION OF THE PALM DESERT FINANCING
AUTHORITY APPROVING AS TO FORM AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AN
ESCROW AGREEMENT AND AUTHORIZING CERTAIN
OTHER MATTERS RELATING THERETO
WHEREAS, the Palm Desert Financing Authority (the "Authority") has
heretofore issued $7,010,000 aggregate principal amount of Palm Desert Financing Authority
Lease Revenue Bonds (Blythe County Administrative Center Project), Series 1996 (the "1996
Bonds"); and
WHEREAS, the Bonds were issued to finance the construction of certain
administrative and related facilities (the "Project") of the County of Riverside (the "County");
and
WHEREAS, payments for the 1996 Bonds were secured, in part, by certain "Base
Rental" payments payable by the County under a Lease Agreement, dated as of August 1, 1996
(the "Lease"), by and between the Authority, as lessor, and the County, as lessee; and
WHEREAS, the County has now proposed to refinance the costs of the Project by
effecting a refunding of all of the remaining outstanding 1996 Bonds with the sale proceeds of
certain lease revenue bonds to be issued by the Riverside County Palm Desert Financing
Authority; and
WHEREAS, in order to provide for the proper and timely application of the
moneys to be deposited in the escrow for the payment of the 1996 Bonds, the County proposes to
enter into an Escrow Agreement (as hereinafter defined); and
WHEREAS, the Authority desires to cooperate with the County with respect to
the above -described proposed refinancing by entering into the Escrow Agreement;
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. Escrow Agreement. The Escrow Agreement (the "Escrow
Agreement"), proposed to be entered into by and among the Authority, the County and the Escrow
Agent named in Section 3 hereof, in the form presented at this meeting and on file in the office
of the Secretary of the Authority (the "Secretary"), is hereby approved. Each of the President,
the Chief Administrative Officer, the Treasurer and the Secretary of the Authority, any deputy of
such officers, and any member of the Authority Commission, acting singly, is hereby authorized
and directed, for and in the name and on behalf of the Authority, to execute and deliver the
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Resolution No. FA-47
Escrow Agreement in substantially said form, with such additions or changes as the Authorized
Officer executing the same may approve (such approval to be conclusively evidenced by such
Officer's execution and delivery thereo�.
Section 3. Appointment of Escrow A�nt. The appointment of BNY Western
Trust Company as escrow agent under the Escrow Agreement (the "Escrow Agent") is hereby
approved.
Section 4. Other Acts. The off cers 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 to effectuate the refunding and
defeasance of the 1996 Bonds and the purposes of this Resolution and the Escrow Agreement,
and any such actions previously taken by such officers are hereby ratified and confirmed.
adoption.
Section 5. Effective Date. This Resolution shall take effect immediately upon
APPROVED AND ADOPTED this 9th day of October, 2003.
AYES: CRITES, FERGUSON, KEI.LY, SPIEGEL, BENSON
NOES: NONE
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ABSENT: NONE