RCPDFA-2RESOLUTION NO. RCPDFA 2
A RESOLUTION OF THE RIVERSIDE COUNTY PALM
DESERT FINANCING AUTHORITY DECLARING ITS
INTENTIONS, RETAINING PROFESSIONALS AND
APPROVING CERTAIN ACTIONS IN CONNECTION
WITH THE SALE AND ISSUANCE OF BONDS
RECITALS:
A. The Palm Desert Redevelopment Agency and the County of Riverside have
heretofore entered into a Joint Exercise of Powers Agreement, dated as of January 1, 2002 (the
"Agreement"), which Agreement creates and establishes the Riverside County Palm Desert
Financing Authority (the "Authority").
B. The Joint Powers Act (Government Code Sections 6500, et seq.) provides that
public agencies by agreement may jointly exercise any power common to the contracting parties.
C. The County and the Agency are "public agencies" within the meaning of that term
under Section 6502 of the Joint Powers Act.
D. The common powers of the County and the Agency include the power to borrow
money by the issuance of bonds, notes or other obligations; the power to sell bonds, notes or
other obligations; the power to purchase bonds, notes or other obligations; the power to acquire
and dispose of real and personal property; the power to pay for the cost of publicly owned
improvements; and the power to accept financial assistance from various public sources. The
County and the Agency desire to jointly exercise certain powers common to the Parties, as set
forth herein, including the foregoing and including the expansion, upgrading and improvement of
Public Capital Improvements.
E. By adding the provisions of Article 4 to the Joint Powers Act, the State
Legislature has provided assistance to reduce local borrowing costs, to help accelerate the
construction, repair, and maintenance of Public Capital Improvements, and to promote greater
use of existing and new financial instruments and mechanisms.
F. There is a need within the County, and in particular within unincorporated areas
of the County which are in close proximity to the City and to redevelopment project areas of the
Agency, consistent with the need described in the declarations of the State Legislature set forth in
Article 4 of the Joint Powers Act, to expand, upgrade, and otherwise improve the public capital
facilities of local government necessary to support the rehabilitation and construction of
residential and economic development. The needs of local government for financing these
facilities greatly exceed the amount of funds available from existing state, local, and federal
sources.
G. Pursuant to Article 4 of the Joint Powers Act, an authority created pursuant to
Article 1 of the Joint Powers Act has additional powers under the Joint Powers Act, including the
power to issue bonds to pay the cost of any Public Capital Improvement.
NOW, THEREFORE, THE AUTHORITY COMMISSION OF THE RIVERSIDE
COUNTY PALM DESERT FINANCING AUTHORITY DOES HEREBY FIND,
DETERMINE, RESOLVE AND ORDER AS FOLLOWS:
P6402\0001\711403.2
RESOLUTION NO. RCPDFA 2
Section 1. The Authority Commission hereby declares its intent to issue bonds, notes
or other obligations to finance the acquisition of land for and the construction of certain Public
Capital Improvements, including an animal shelter which is proposed to be leased to and
operated by the County.
Section 2. The Authority Commission hereby retains the following firms pursuant to
their respective letter agreements on file in the office of the Chief Administrative Officer to act in
the capacities set forth below in connection with the issuance of bonds, notes or other obligations
of the Authority:
A. The law firm of Richards, Watson & Gershon, A Professional
Corporation, as bond counsel;
B. The law firm of Best Best & Krieger LLP, as disclosure counsel;
C. The firm of MuniSoft, as financial advisor; and
D. The firm of Rosenow Spevacek Group, Inc. for fiscal consultant services
The Authority Commission hereby designates Kinsell, Newcomb & De Dios, Inc.
and Stinson Securities, Inc. to act as underwriters of such bonds, notes or other obligations.
Section 3. The officers of the Authority are hereby authorized and directed, jointly
and severally, to do any and all things and to execute and deliver any and all documents which
they may deem necessary or advisable in order to effectuate the purposes of this Resolution and
the documents approved hereby, and any such actions previously taken by such officers are
hereby ratified and confirmed.
PASSED, APPROVED AND ADOPTED this 4th day of November, 2002.
7fid 1/#-/
President
ATTEST:
AYES:
NOES:
ABSENT:
ABSTAIN:
ORTEGA, WILSON, KELLY
NONE
PARRI Sfl
NONE
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