RES FA-48RESOLUTION NO. FA-48
A RESOLUTION OF THE PALM DESERT FINANCING
AUTHORITY DECLARING ITS INTENTION TO ISSUE ITS
TAX ALLOCATION REFUNDING REVENUE BONDS
(PROJECT AREA NO. 1, AS AMENDED), 2004 SERIES A
AND ITS TAX ALLOCATION REFUNDING REVENUE
BONDS (PROJECT AREA NO. 2), 2004 SERIES A, AND
APPOINTING AN UNDERWRITER
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 intends to issue and sell its "Tax Allocation
Refunding Revenue Bonds (Project Area No. 1, As Amended), 2004 Series A" and "Tax
Allocation Refunding Revenue Bonds (Project Area No. 2), 2004 Series A" (collectively,
the "Bonds") to be issued and secured pursuant to indentures (as defined herein); and
WHEREAS, proceeds of the Bonds are to be applied for the purpose of
making loans to the Agency, pursuant to certain loan agreements, for the object and
purpose of assisting in the refinancing and financing of certain public capital
improvements;
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.Intention to Issue Bonds. The Authority intends to issue the
Bonds described in the second recital hereof.
Section 3.Appointment of Underwriter. Citigroup Global Markets, Inc. is
hereby appointed to act as underwriter of the Bonds, subject to the terms of a bond
purchase agreement among the underwriter, the Authority and the Palm Desert
Redevelopment Agency.
P6402-1052\772734v3.doc 1 RWG 5/4/2004
Resolution No. FA-48
Page 2 of 2
Section 4. Effective Date. This Resoiution shall take effect immediateiy
upon adoption.
APPROVED AND ADOPTED this 13th day of �y , 2004, by the
following vote to wit:
AYES: BENSON, CRITES, RELLY, SPZEGEL
NOES: Nor�
ABSTAIN: rtor�
ABSENT: �xcusox
ATTEST:
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