RES FA-61RESOLUTION NO. FA-61
RESOLUTION OF THE PALM DESERT FINANCING AUTHORITY
MAKING CERTAIN FINDINGS AND DETERMINATIONS IN
CONNECTION WITH ITS 1997 REVENUE BONDS
(ASSESSMENT DISTRICTS NOS. 92-1 AND 94-1 AND
COMMUNITY FACILITIES DISTRICT NO. 91-1)
RECITALS:
WHEREAS, the City Council of the City of Palm Desert (the "City") has
heretofore caused the City of Palm Desert Community Facilities District No. 91-1 (Indian
Ridge Public Improvements) (the "Indian Ridge CFD") to issue its $11,870,000
aggregate initial principal amount Special Tax Bonds, Series 1992A (the "1992A
Bonds"), and its $12,385,000 aggregate initial principal amount Series 1995 Special Tax
Bonds (the "1995 Bonds"); and
WHEREAS, the Palm Desert Financing Authority (the "Authority') has heretofore
issued its $30,915,000 aggregate initial principal amount 1997 Revenue Bonds
(Assessment District Nos. 92-1 [Tierravista], Assessment District No. 94-1 [Bighorn],
and Community Facilities District No. 91-1 [Indian Ridge]) (the "1997 Bonds"); and
WHEREAS, in connection with the issuance of the 1997 Bonds, the 1992A
Bonds and the 1995 Bonds were refunded and defeased, and the funds at that time on
deposit in the improvement fund established in connection with the issuance of the
1992A Bonds and the 1995 Bonds were deposited and transferred to the City of Palm
Desert Community Facilities District No. 91-1 (Indian Ridge Public Improvements)
Improvement Fund (the "Improvement Fund") established by the indenture of trust (the
"1997 Indenture") with respect to the 1997 Bonds, as a separate fund to be held by the
fiscal agent under the 1997 Indenture;
NOW, THEREFORE, THE PALM DESERT FINANCING AUTHORITY DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. In consultation with the Director of Public Works of the City, the
Treasurer of the Authority, an authorized officer of the Authority, has certified that in
connection with the Indian Ridge CFD and the 1997 Bonds, the works of improvement
have been completed and all costs thereof have been paid from the Improvement Fund,
and moneys on deposit in the Improvement Fund are not needed to complete such
works of improvement or reimburse the cost thereof.
Section 2. The amount of surplus remaining in the improvement fund is
$5,020,741.68. Such amount shall be used for the purposes described in 1997
Indenture.
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RESOLUTION NO. FA-61
PASSED, APPROVED, and ADOPTED this 13th day of December 2007
by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
FERGUSON, KELLY, SPIEGEL, and BENSON
NONE
FINERTY
NONE
H. BENSON, SIDENT
Attest:
achelle D. Klassen, Secretary
City of Palm Desert, California
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