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HomeMy WebLinkAbout17363 - RESOLUTIONS - 12/19/1990 RESOLUTION NO. 17363 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS STATING ITS INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS WHEREAS, the City of Palm Springs (the "City") desires to finance new construction as described in Exhibits A and B attached hereto and incorporated hereby (the "Projects") ; and WHEREAS, the City intends to finance the Projects with the proceeds of the sale of tax-exempt obligations, and WHEREAS, prior to the issuance of such obligations the City desires to incur certain expenditures from available monies of the City which expenditures are desired to be reimbursed to the City from the proceeds of the sale of such obligations. NOW, THEREFORE, the City Council of the City of Palm - Springs does hereby resolve as follows: Section 1. It is the intention of the City to reimburse Projects costs with the proceeds of tax-exempt bonds, notes, or certificates of participation, collectively or individually, (the "Obligations") . Exhibit A and B describe the general character, type, and purpose of the Projects, and the anticipated amount of Projects costs. Section 2 . The expected "issue price" of the Obligations (the initial offering price of the: Obligations 'to the public (excluding bond houses and brokers) at which price at least 10% of each maturity of the Obligations would be sold) is expected to be 146, 000, 000. ' Section 3 . The expected issue date (the "Issue Date") of the Obligations is expected to be April 1 , 1991. Section 4 . The expected maturities of the Obligations are as follows: 1992 through 2020. Section 5. The City has expended certain sums upon the Projects for which it did expect, and will seek, reimbursement. The Date or Dates upon which the City will expend future monies for Projects costs (the "Expenditure Date") will be within eighteen months of the .Issue Date, Section 6. The Projects are expected to have an economic life of greater than one year. Section 8 . Proceeds of the Obligation are not expected to be used directly or indirectly to pay debt service with respect to any obligation of the City, or to be held as a reasonably required reserve or replacement fund, or to replace funds that are or will be used in such manner. Section 9. The proceeds of the Obligations will be deposited in the same fund or account from which the Projects costs will be paid by the City and will be invested in the same manner as the monies in that fund or account. Section 10. This resolution is consistent with the budgetary and financial circumstances of the City, as of the date hereof; particularly, no monies have been, or are reasonably expected to be permanently allocated or otherwise reserved in the City's budget for the Projects costs (other than proceeds of the Obligations) . Section 11. This resolution is adopted as an official action of the City in order to comply with any applicable regulation of the Internal Revenue Service relating to the qualification for reimbursement of the City expenditures incurred prior to the Issue Date; is part of the City's official proceedings; and will be available for inspection by the general public (during normal business hours of the City) at the main administrative office of the City or at the customary location of records of the City that are available to the general public. • Section 12. All the recitals in this Resolution above are true and correct and this Council so finds, determines and represents. Section 13 . Staff is hereby authorized and directed to commence the financings referenced in this Resolution and ' select a financing team(s) , determine financing size and structure, and take such other steps as are necessary or convenient to carry out this directive, all subject to final approval by this Council. ADOPTED this 19th day of December 1990. AYES : Councilmembers Broich, Hodges, Murawski , Neel and Mayor Bono NOES : None ' ABSENT: None ATTEST: CITY OF PALM SPRINGS, CALIFORNIA 41 City -Clerk a "z,,---<City Manager REVIEWED AND APPROVED .EXHIBIT A PROJECT: Palm Springs Golf Development Project (1) 18-hole municipal golf course. (135 acre area adjacent to existing municipal courses ) (2) Vision Golf Course (160 acre area encompassing the O"Donnell golf course and parts of the Coler, City-•Sec„ 9 and Tachevah debris basin properties) 1 PROJECT COST: (1) Municipal Golf Course - $ 11 ,000,000 (2) Vision Golf Course - $25, 000, 000 r EXHIBIT B PROJECT: Convention Center Expansion PROJECT COST: ` $10, 000, 000 - i