RES FA-67RESOLUTION NO. FA-67
A RESOLUTION OF THE PALM DESERT FINANCING AUTHORITY
AUTHORIZING THE EXECUTION AND DELIVERY OF A NON -HOUSING
BOND ESCROW AGREEMENT IN CONNECTION WITH THE
REFUNDING OF BONDS PREVIOUSLY ISSUED BY THE AUTHORITY
AND TAKING RELATED ACTIONS
RECITALS:
A. The former Palm Desert Redevelopment Agency (the "Former Agency")
was a duly constituted redevelopment agency pursuant to provisions of the Community
Redevelopment Law (the "Redevelopment Law") set forth in Section 33000 et seq. of
the Health and Safety Code ("HSC") of the State of California (the "State").
B. The Former Agency undertook a program to redevelop four project areas
(collectively, the "Project Areas").
C. The Former Agency and the City of Palm Desert executed and delivered a
Joint Exercise of Powers Agreement, dated as of January 26, 1989 (the "Joint Powers
Agreement"), which Joint Powers Agreement created and established the Palm Desert
Financing Authority (the "Authority").
D. To finance and refinance redevelopment projects benefiting the Project
Areas, the Former Agency entered into the loan agreements listed in Attachment I
(collectively, the "Loan Agreements," each being a "Loan Agreement") with the Authority
and incurred loans thereunder (collectively, the "Agency Loans, with each being a
"Agency Loan").
E. To provide funding for the Agency Loans, the Authority issued the bonds
identified in Attachment I (collectively, the "Authority Bonds") pursuant to the Indentures
of Trust, each by and between the Authority and the trustee thereunder (the
"Indentures").
F. As of the date of this resolution, a portion (or all) of the principal amount of
each Agency Loan and, correspondingly, an equivalent portion (or all) of the principal
amount of each series of the Authority Bonds remain outstanding.
G. Pursuant to AB X1 26 (enacted in June 2011), and the State Supreme
Court's decision in California Redevelopment Association, et al. v. Ana Matosantos, et
al., 53 Cal. 4th 231 (2011), the Former Agency was dissolved as of February 1, 2012,
and the Successor Agency of the Palm Desert Redevelopment Agency (the "Successor
Agency") was constituted.
H. The Successor Agency has determined to issue bonds ("Refunding
Bonds") pursuant to HSC 34177.5 and Article 11 (commencing with Section 53580) of
Chapter 3 of Part 1 of Division 2 of Title 5 of the California Govemment Code (the
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RESOLUTION NO. FA-67
"Refunding Bond Law") to prepay the Agency Loans and cause a corresponding
refunding of the Authority Bonds.
I. in connection with the proposed refunding and defeasance of the Agency
Loans and the Authority Bonds, there has been presented to the Authority, the form of a
Non -Housing Bonds Escrow Agreement, by and among the Authority, the Successor
Agency and U.S. Bank National Association, as trustee and escrow agent (the "Escrow
Agreement").
NOW, THEREFORE, THE AUTHORITY COMMISSION OF 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, in the form on file in
the office of the Authority Secretary, is hereby approved. Each of the each of the
President, the Chief Administrative Officer and the Treasurer of the Authority, any
deputy of such officers, and any member of the Authority Commission (each, an
"Authorized Officer"), acting individually, is hereby authorized to execute and deliver,
for and in the name of the Authority, the Escrow Agreement in substantially such form,
with changes therein as the Authorized Officer may approve (such approval to be
conclusively evidenced by the execution and delivery thereof).
Section 3. Other Acts. The members of this Authority Commission and the
Authorized Officers, and all other officers of the Authority, are hereby authorized, jointly
and severally, to execute and deliver any and all necessary documents and
instruments and to do all things which they may deem necessary or proper to
effectuate the purposes of this Resolution and assist the Successor Agency with the
refunding described herein and any such actions previously taken by such officers are
hereby ratified and confirmed.
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RESOLUTION NO. FA-67
ATTACHMENT I
LIST OF AGENCY LOANS AND CORRESPONDING AUTHORITY BONDS
(see attached)
Loan
Project Incurred
Area Year
(1) 1 2002
(2) 1 2003
(3) 1 2004
(4) 1 2006
(5) 2 2002
(6) 2 2003
(7) 2 2006
(Series
2006A
Loan)
(8) 2 2006
(9) 3 2003
(10) 3 2006
(Series
2006A
Loan)
Loan Agreement
Project Area No. 1, As
Amended, Loan
Agreement, dated as of
March 1, 2002
Project Area No. 1, As
Amended, Loan
Agreement, dated as of
July 1, 2003
Project Area No. 1, As
Amended, Loan
Agreement, dated as of
June 1, 2004
Project Area No. 1, As
Amended, Loan
Agreement, dated as of
July 1, 2006
Project Area No. 2 Loan
Agreement, dated as of
June 1, 2002
Project Area No. 2 Loan
Agreement, dated as of
March 1, 2003
Project Area No. 2 Loan
Agreement (2006
Senior Loans), dated as
of July 1, 2006
Project Area No. 2 Loan
Agreement (2006
Subordinate Loan),
dated as of July 1, 2006
Project Area No. 3 Loan
Agreement, dated as of
July 1, 2003
Project Area No. 3 Loan
Agreement (2006
Senior Loans), dated as
of July 1, 2006
Related Authority Bonds
Series Designation
Tax Allocation Refunding
Revenue Bonds (Project Area
No. 1, As Amended) 2002
Series A
Tax Allocation Revenue Bonds
(Project Area No. 1, As
Amended) Series 2003
Tax Allocation Refunding
Revenue Bonds (Project Area
No. 1, As Amended) 2004
Series A
Tax Allocation Revenue Bonds
(Project Area No. 1, As
Amended), 2006 Series A
Tax Allocation Refunding
Revenue Bonds (Project Area
No. 2), 2002 Series A
Tax Allocation Revenue Bonds
(Project Area No. 2), Series
2003
Tax Allocation Refunding
Revenue Bonds (Project Area
No. 2), 2006 Series A
Subordinate Tax Allocation
Revenue Capital Appreciation
Bonds (Project Area No. 2)
2006 Series D
Tax Allocation Revenue Bonds
(Project Area No. 3), Series
2003
Tax Allocation Revenue Bonds
(Project Area No. 3) 2006
Series A;
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RESOLUTION NO. FA-67
Loan
Project Incurred
Area Year
(11) 3 2006
(Series
2006B
Loan)
(12) 3 2006
(13) 4 1998
(14) 4 2001
(15) 4 2006
(Series
2006A
Loan)
(16) 4 2006
(Series
2006B
Loan)
Loan Agreement
Project Area No. 3 Loan
Agreement (2006
Senior Loans), dated as
of July 1, 2006
Project Area No. 3 Loan
Agreement (2006
Subordinate Loan),
dated as of July 1, 2006
Project Area No. 4 Loan
Agreement, dated as of
March 1, 1998
Project Area No. 4 Loan
Agreement, dated as of
November 1, 2001
Project Area No. 4 Loan
Agreement, dated as of
July 1, 2006
Project Area No. 4 Loan
Agreement, dated as of
July 1, 2006
Related Authority Bonds
Series Designation
Tax Allocation Revenue
Capital Appreciation Bonds
(Project Area No. 3) 2006
Series B
Subordinate Tax Allocation
Revenue Capital Appreciation
Bonds (Project Area No. 3)
2006 Series C
Tax Allocation Revenue Bonds
(Project Area No. 4), Series
1998
Tax Allocation Revenue Bonds
(Project Area No. 4), Series
2001
Tax Allocation Refunding
Revenue Bonds (Project Area
No. 4) 2006 Series A
Tax Allocation Revenue
Capital Appreciation Bonds
(Project Area No. 4) 2006
Series B
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RESOLUTION NO. FA-67
APPROVED and ADOPTED this 13th day of October, 2016.
AYES: HARNIK, JONATHAN, TANNER, WEBER, and SPIEGEL
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
�a b
ROBERT A. SPIEG L, SbENT
ATTEST:
RA HE E D. £ SSEN : CRETARY
PALM DESERT FINANCING AUTHORI
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RESOLUTION NO. FA-67
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