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HomeMy WebLinkAbout17351 - RESOLUTIONS - 12/5/1990 RESOLUTION NO. 17351 A RESOLUTION OF THE CITY OF PALM SPRINGS , CALIFORNIA, APPROVING THE FORMATION OF A (FINANCING STRUCTURE FOR A PUBLIC GOLF COURSE PROJECT SEEKING CERTAIN MEMBERS OF THE FINANCE TEAM AND BEGINNING PREPARATION OF A DEVELOPMENT AGREEMENT THEREFORE WHEREAS, the City of Palm Springs (the "City") is a general 'law city of the State of Califonia, and is authorized to finance the construction, acquisition and installation of a public golf course., including clubhouse, restaurant, pro shop and other related facilities, to be located on approximately 150 acres situated at the intersection of Gene Autry Trail and Vista Chino Road, as more fully described in the Land Use/Zoning Plan A attached hereto as Exhibit A (the "Project") ; and WHEREAS, the City proposes to finance the acquisition of the land and the construction installation thereon of the Project; by entering into a lease arrangement with an authorized entity and issuing certificates of participation in the lease payments generated thereby, in a principal amount not to exceed $50 million (the "Certificates") ; and WHEREAS, it is necessary for the City to appoint members of a finance 'team to assist the City in the issuance., sale and delivery of the Certificates. NOW, THEREFORE, the City Council of 'the City of Palm Springs, California, does hereby resolve as follows: Section 1. That the City hereby expresses its intention to authorize the issuance of the Certificates to assist in the acquisition of the land from and development of the Project thereon by Palm Springs Inter-Continental Golf Center Joint Venture, a California general partnership ( the "Developer") . The Certificates will be payable from any source of funds legally available to the City 'to make such payments, including, without limitation, revenues from the Project, letters of credit or other property posted as collateral by the Developer, and annual appropriations from the general fund of the City. Notwithstanding anything herein to the contrary, this City Council reserves the right, in its sole discretion, to consider the final sale and delivery of the Certificates on such terms and provisions to be approved in a separate resolution. Section 2. The City hereby approves the appointment of Rutan & Tucker, Costa ~ Mesa, California, as bond counsel/special counsel in connection with the issuance of the Certificates on such terms and provisions as deemed appropriate by City staff. Section 3. The City hereby approves the appointment of Bear, Stearns & Co. , Inc. , ("Bear Stearns") with such other co-managers as deemed necessary and advisable by City staff, as underwriter for the Certificates. Section 4. That the City staff is hereby directed to solicit proposals from financial advisors to evaluate the City' s obligations relating to the planning, construction and operation of the Project and repayment of the debt and to bring back to this City Council a recommendation regarding the selection of such financial advisor. Res 17351 Page 2 71' Section 5. That the City Manager, and all other officers of the City are hereby authorized and directed, jointly and severally, to do such things which they may deem necessary or advisable in order to consummate and otherwise to effectuate the purposes of this Resolution, including negotiating with the Developer in connection with a land disposition agreement, development agreement, operating deficit agreement, construction agreement, management agreement and such other agreements related thereto. ADOPTED THIS 5th DAY Of December 1990. AYES: Councilmembers Broich, Hodges, Murawski and Neel NOES: None ABSENT: Mayor Bono ATTEST: CITY OF PALM SPRINGS, CALIFORNIA Assistant Secretary Cha "rman W REVIEWED AND APPROVED: ���ti ll�lVISTA CIIINO ROAD ,Ka Nren-lino DEVELOPMENT I '\ x,1• it F �• �1 �'.A Kl��r — --�/I"/clrq, � I �_ I l\\.,o� o A"\ 11 x1' no rl �1 CeVa li/r: °, �����1 t1,' xa •t�\`_: W\ \�. f;;ell ,D I �l) Ss' cumnmisr PIFIr.IIx�Sunl U'A ._ nn uinE folx "t cnxM[ 4441{11{Y 'i If \,i Y11 \ hl .�Y.Q ..i.vi v -r rnl.rn srmgrs IIEWHAL. AIIIPONT ll� III' \�``n�n �' '., li.' 'I � � it onFAM IooHCI ` \ \ Y I.DndUee / Z-1-ink L a' r' F. N D pal ON IP,vneeh4n hdrl lJ r "�) r•:1 PI .