RES FA-49RESOLUTION NO. FA-49
` 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 REFUNDING REVENUE BONDS
(PR JECT AREA NO. 1, AS AMENDED), 2004 SERIES A
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 Refunding Revenue Bonds (Project Area No. 1, As Amended),
— 2004 Series A" (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, among other things,
refunding the Authority's Tax Allocation Revenue Bonds (Project Area No. 1, As
Amended), Series 1995 and assisting in the financing of certain puClic capital
improvements of benefit to Project Area No. 1, As Amended, of the Agency, including
street improvements to Fred Waring Drive, to the frontage road along Highway 111 and
to Allesandro Way, and the installation of a street connecting Fred Waring Drive to
Hovely Lane; and
WHEREAS, the City Council has made a finding, after a duly noticed
public hearing pursuant to Section 6586.5 of the California GovernmeRt 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.
RESOLUTION NO. FA- �+�
Section 2. Acknowledgement of Aqency Findinqs. 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 27th day of May, 2004, by the following
vote to wit.
AYES: B�xsoN, FERGUSON, KELLY, CRITES
NOES: Nox�
ABSENT: sPI�c�,
ABSTAIN: xoxE
�..,� � . .
. .r�� ,
BURFORD A.�CRITES, VICE•PRESIDENT
ATTEST:
� '. i
�,► --- I
-�:� -. �.: `�► _ ., t
. �
PG402-1051�729219v3.doc