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HomeMy WebLinkAbout24758RESOLUTION NO. 24758 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, AUTHORIZING AMENDMENT OF THE BOND INDENTURE FOR THE CITY OF PALM SPRINGS 2019 AIRPORT PASSENGER FACILITY CHARGE REVENUE BONDS (PALM SPRINGS INTERNATIONAL AIRPORT) AND APPROVING RELATED ACTIONS WHEREAS, the City has previously issued bonds designated as "City of Palm Springs 2019 Airport Passenger Facility Revenue Bonds" (the "2019 Bonds"), for the purpose of providing funds to pay for improvements to the City's International Airport, and which were issued pursuant to an Indenture of Trust (the "Indenture"), dated as of July 1, 2019, between the City U.S. Bank National Association, N.A., as trustee; and WHEREAS, the 2019 Bonds are secured by PFC Revenues, which PFC Revenues shall be transferred on each June 1 from the PFC Revenue Fund (as defined in the Indenture) and shall be transferred into other accounts to be established under the Indenture for the construction of capital projects for the City's International Airport; and WHEREAS, due to the current reduction in air passenger travel due to COVID- 19, the City desires that PFC Revenues be retained in the PFC Revenue Fund for one year before there is any transfer the PFC Revenues to the other funds; and WHEREAS, the Indenture provides that the Indenture may be modified without Owners' consent in order to increase the security for the 2019 Bonds and to make any change that do not materially adversely affect the interests of the Owners of the 2019 Bonds; and WHEREAS, the City has duly caused to be prepared a First Amendment to Bond Indenture (the "First Amendment") to retain the PFC Revenues in the PFC Revenue Fund until June 1, 2021; and WHEREAS, all acts, conditions and things required by law to exist, to have happened and to have been performed precedent to and in connection with the execution and the entering into of the First Amendment; THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. That the foregoing Recitals are true and correct and are incorporated herein by this reference. SECTION 2. The proposed form of the First Amendment, between the City and the Trustee, presented to the Council, and the terms and provisions thereof, which are hereby incorporated by reference, is hereby approved. 55575.17001 \32943747.1 Resolution No. 24758 Page 2 SECTION 3. The Mayor, the Mayor Pro Tern, or the City Manager each acting alone, is authorized and directed, for and in the name and on behalf of the City, to execute and deliver the First Amendment in substantially such form, with such additions thereto or changes therein as such officer of the City executing the same, with the advice of Best Best & Krieger LLP, City Attorney, may require or approve, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the First Amendment. SECTION 4. Any other appropriate officer of the City, the Mayor, Mayor Pro Tern or City Manager, acting singly, is, or collectively are, and each of them hereby is, authorized and directed, for and in the name and on behalf of the City, to do any and all things and to execute and deliver any and all agreements, certificates, documents, instructions and instruments, signature certificates, no -litigation certificates, tax certificates, continuing disclosure certificates, documents or instructions necessary or advisable to carry out, give effect to and comply with the purposes, terms and intent of this Resolution and the transactions contemplated hereby and by any of the documents authorized pursuant to this Resolution. SECTION 5. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution which shall continue in full force and effect. SECTION 6. This Resolution shall take effect from and after its adoption. ADOPTED THIS 21St DAY OF MAY, 2020. DAVID H. READY CITY MANAGER ATTEST: &NtHONYJ. , CITY CLERK 55575.17001 \32943747.1 Resolution No. 24758 Page 3 CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE) ss. CITY OF PALM SPRINGS) I, ANTHONY J. MEJIA, City Clerk of the City of Palm Springs, hereby certify that Resolution No. 24758 is a full, true and correct copy, and was duly adopted at a regular meeting of the City Council of the City of Palm Springs on May 21, 2020 by the following vote: AYES: Councilmembers Garner, Middleton, Woods, Mayor Pro Tern Holstege, and Mayor Kors NOES: None ABSENT: None ABSTAIN: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Palm Springs, California, this , -L) day of -3_o,-a_ , 2020. HONY J. M CITY CLERK 55575.17001 \32943747.1