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HomeMy WebLinkAbout17338 - RESOLUTIONS - 11/21/1990 PALM0001-7\es 11\08\90 5: 25 RESOLUTION NO. 17338 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS CONCERNING THE DELIVERY OF CERTAIN CERTIFICATES OF PARTICIPATION TO FINANCE A CERTAIN RESIDENTIAL CARE FACILITY FOR THE ELDERLY AND REAPPROVING AND REAUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS IN CONNECTION THEREWITH WHEREAS, the City of Palm Springs, a municipal corporation and general law city duly organized and existing under and pursuant to the constitution and laws of the State of California (the "City") , has full legal right, power and authority under provisions of the California Government Code, particularly Chapter 5 of Past 2 of Division 3 of Title 4 thereof as found at �. Section 37350 et agg. (the p0Act00) , to purchase, sell and lease both personal and real property for the common benefit and as is r necessary or proper for municipal purposes; WHEREAS, United Community and I-Yousing Development Corporation, being a nonprofit corporation organized under the nonprofit corporation law of the State of California and an organization described in Section 501 (c) (3) of the Internal Revenue Code of 1966, as amended (the "Company") , has proposed that the City provide financing for the development of a certain forty-six (46) unit licensed residential care facility for the elderly to be located within the City (the "Facility") , including but not limited to the acquisition, construction and equipping and operation of the Facility and payment of fees and expenses incurred in connection with the foregoing financing, which financing shall be accomplished by means of a purchase and sale arrangement (the "Project") ; and WHEREAS, on September 5, 1990, the City adopted a resolution (the 0°Initial Resolution") giving its preliminary approval to the proposed e:eecution and delivery of certain Certificates of Participation (Palm Springs Assisted Living (P r,r Center) , 1990 Series (the °°Certificates") , to finance the Facility; and WHEREAS, on September 19, 1990, the City held a duly � noticed public hearing pursuant to Internal Revenue Code Section 19:7 (f) concerning the financing of the Project at which time the City received no comments or, questions regarding the Project or the financing thereof; and WHEREAS, on September 19, 1990, the City duly adopted its Resolution No. 17267 at which time it approved the form of certain documents and the form of the Preliminary Official Statement pertaining to the Certificates and authorized the execution and ` delivery of such documents; and WHEREAS, subsequent to the approval date of said Resolution No. 17267, the documents referenced above have undergone certain changes in an effort to provide for the marketability of ' the Certificates; and WHEREAS, the City deems it desirable to approve revised documents and reauthorize the execution of said revised documents as well as any other documents which may be necessary for the financing of the Project; and WHEREAS, the revised documents to be approved include an Installment Sale Agreement and an Installment Purchase Agreement between the City and the Company pertaining to the acquisition and sale of the Facility which comprises the Project,; and WHEREAS, the revised documents also include a Trust Agreement, a Certificate Purchase Contract and an Official Statement; and WHEREAS, the City may deem it necessary to enter into certain other documents pertaining to the Certificates in order to accomplish the financing and development of the Project-. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palma Springs, California, as follows: Section 1. The revised form of the documents pertaining to the Certificates as more fully described in the recitals hereof and on file with the City Clerk, including the form of the official Statement as revised from the Preliminary Official Statement are hereby approved. The Mayor, the Finance Director, the City Attorney and such other persons designated by the Mayor are hereby authorized and directed for and in the name and on behalf of the City, to execute, acknowledge and deliver said documents in substantially the form as they presently exist, with such changes therein as such persons who are authorized to execute such documents may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. ' Section 2 . The Mayor or such other persons designated by the Mayor are further authorized and directed to enter into such other agreements and documents and to determine such other fees and expenses payable pursuant: thereto in order to consummate and give effect to the financing, The execution and delivery of the ' documents referred to above by the Mayor or his designees shall conclusively evidence the approval by the City of each of such documents and agreements and the fees and expenses thereunder. Section 3 . The City Clerk is hereby authorized and directed to attest the signature of the Mayor or such other person designated by the Mayor and to affix and attest the Seal of the City as may be required or appropriate in connection with the execution and delivery of the documents and agreements. Section 4. The City Manager or such other person designated by the City Manager is hereby authorized to take any and M all actions and to execute and deliver any and all documents which they may deem necessary or advisable in order to consummate the (- sale, execution and delivery of the Certificates and otherwise to 6 63 bye carry out, give effect to and comply with the terms and intent of this Resolution, the Certificates and the documents relating thereto. Such actions heretofore taken by such officers are hereby ratified, confirmed and approved. Section 5. This Resolution shall take effect immediately upon its passage. ADOPTED this 21st day of November , :1990. AYES: Counciimembers Hodges, M;irawski , Neel and Mayor pro tem Broich NOES: None ABSENT, Mayor Bono ATTEST: CITY OF PALM SPRINGS, CALIFORNIA By �- 'aity Clerk Acting City Manager REVIEWED AND APPROVED: i PALM0001-7 21/08/90 5:25/es w V