HomeMy WebLinkAbout17324 - RESOLUTIONS - 10/30/1990RESOLUTION NO. 17324
RESOLUTION OT' THE CITY OF PALM SPRINGS
APPROVING THE TERMINATION OF THE JOINT
EXERCISE OF POWERS AGREEMENT BETWEEN THE
CITY OF PALM SPRINGS AND THE DESERT
HOSPITAL DISTRICT CREATING THE DESERT
HOSPITAL AUTHORITY
WHEREAS, the City, of Palm Springs (the "City"), a
municipal corporation of the State of California, and the
Desert Hospital District (the "District"), a. body, corporate
and politic of the state of California, in order to provide
for the development of certain health facilities in this City
of Palm Springs, entered into an agreement entitled "Joint
Exercise of Powers Agreement Between the City, of Palm Springs
and the Desert Hospital Distract," dated December 19, 1966,
as amended on a number of subsequent dates (the "Agreement");
WHEREAS, Section 2 of the Agreement provides that, if
all revenue bonds provided for and issued pursuant to the
Agreement shall have been paid in full, or adequate provision
for such payment shall have been made, then 'the Agreement may
be rescinded or terminated by agreement of the City and the
District;
WHEREAS, the Desert Hospital Authority (the
"Authority"), the public entity created by the Agreement, has
previously issued its $3,000,000 Revenue Bonds, dated as of
June 1, 1967, its $4,000,000 1973 Revenue Bonds and its
$15,000,000 1977 Lease Revenue Bonds (collectively, the
Resolution No. 17324
"Bonds"), all as provided for and issued pursuant to the
Agreement;
WHEREAS, the District intends to provide for the
defeasance of the Bonds by depositing with the trustees for
the Bonds monies sufficient to pay the entire indebtedness of
the Bonds as they become due;
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WHEREAS, at the termination of the Agreement, all
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property of the Authority, both real and personal, shall
automatically vest in the District;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Palm Springs as follows:
Section 1. The forms, terms and provisions of the
Termination Agreement dated November 8, 1990, by and between
the District and the City, be and they hereby are approved
and the Mayor is hereby authorized and empowered to execute
and the City Clerk is hereby authorized to attest and
deliver, the Termination Agreement, in substantially the form
presented to and considered at this meeting with such changes
as the City Attorney shall deem appropriate and in the best
interests of the City, as conclusively evidenced by execution
thereof.
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Resolution No. 17324
Section 2. The City Manager and the City Attorney 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 carry out, give effect to and comply with the terms and
intent of this resolution and the document referred to
herein.
PASSED AND ADOPTED this 30th day of October, 1990.
AYES: Councilmembers Hodges, Murawski, Neel and Mayor pro tem Broich
NOES: None
ABSENT: Mayor Bono
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ATTEST: CITY OF PALM SPRIGNS, CALIFORNIA
_ City Clerk .::City Manager
Reviewed & Approved 416-
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