HomeMy WebLinkAbout17012 - RESOLUTIONS - 2/7/1990 r
RESOLUTION NO. 17012
OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, ADOPTING A
RESOLUTION CONSTITUTING OFFICIAL
ACTION TO COMMENCE THE EXPANSION OF
THE PALM SPRINGS REGIONAL AIRPORT 1
TERMINAL WITH THE INTENT OF FINANCING
THE IMPROVEMENTS THROUGH THE SALE OF
BONDS OR CERTIFICATES OF PARTICI-
PATION.
WHEREAS the City of Palm Springs owns and operates the Palm Springs
Regional Airport; and
WHEREAS, with the assistance of the Federal Aviation Administration,
the City has completed an Airport Terminal Development Study which
identifies several alternatives for terminal expansion; and
WHEREAS, at its regular meeting of October 18, 1989, the City Council
selected Alternative Plan 2A attached to a report dated October 10, j
1989, a copy of which is on file with the City Clerk; and
WHEREAS the City Council is desirous of proceeding with the project and
intends to finance the project by the issuance of its Bonds or by
entering into a lease purchase financing with another entity and the
issuance of that entity' s Bonds or by the issuance of Certificates of
Participation;
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm
Springs, as follows :
Section 1. That the City Council declares its intent to secure
financing in an amount not-to-exceed $24 ,000„000, in a
manner set forth in the recitals hereof, to cover all
costs of implementing Alternative Plan 2A.
Section 2. That, from the date of this Resolution through project
completion, the City Council declares its intent to
recover all costs related to design, project administra-
tion, financing issuance, legal fees, construction,
inspection and other unknown costs related to implemen-
tation of Alternative Plan 2A from the proceeds of a bond
sale, including the reimbursement of City funds expended
prior to the receipt of Bond or Certificate proceeds.
Section 3. That the provisions, terms and conditions of the financ-
ing, and the form, details, rate or rates of interest,
maturity and redemption provisions, if any,, shall be
prescribed by subsequent action of the City Council .
Section 4. That the City Council declares its intent that this '
Resolution shall constitute an official action on the part
of the City within the meaning of the applicable regula-
tions of the United States Treasury Department relating to
the financing eta Alternative Plan 2A_
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Resolution No. 17012
Page Two
0 ADOPTED this 7th day of February_, 1990.
AYES. Councilmembers Apfelbaum, Broich, Foster;,, Neel, andtlayor Bono
NOES: None
ABSENT: None
ATTEST: / CITY OF,, PALM SPRINGS, CALIFORNIA
/-;E �
By
C . City Clerk City Manager
P.FVIEWCD & APPROVED l