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HomeMy WebLinkAbout17411 - RESOLUTIONS - 2/6/1991 RESOLUTION NO. 17411 OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, APPROVING THE ISSUANCE, SALE AND DELIVERY OF REVENUE BONDS BY THE CITY OF PALE SPRINGS F1.NANCING AUTHORITY FOR INPROVEEENTS TG 9PHE PALE SPRINGS REGIONAL AIRPORT. WHEREAS the City of Palm Springs (the "City' ) desires to have , constructed certain improvements to the Palm Springs Regional Airport ( the "Airport" ), including the refinancing of certain Airport. property ( the ` "Project") ; and WHEREAS the City of Palm Springs Financing Authority (the "Authority" ), to he formed by the City and the Redevelopment Agency of the. City of Palm Springs), will have the authority to _issue bonds to finance saiJ Project.; and r WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of � 1986, as amended, ( the 'Code" )„ the bonds are required to be approved, following a public hearing, by au elected representative of the issuer of the bonds and an elected representative of the governmental unit having jurisdiction over the area in which the Pxoject is located; and WHEREAS this City Council of the City is the elected legislative body from which the Authority derives its authority; and WHEREAS the Project will be located wholly within the geographic jurisdiction of the City and within the territorial jurisdiction of thy.? Authority; and WHEREAS the City caused a notice to appear in The Desert Sun, which is � a newspaper of general circulation in the City, on January 19, 1991, to the- effect that a public hearing would be held by this City Council on February 6, 1991, regarding the issuance of. approximately $40,000, 000 of bonds by the � Authority to finance the Project and the nature and location of the Project; and WHEREAS this City Council held the above-described public., hearing on such date, at. which time an opportunity was provided to present arguments both for and against the issuance of the bonds and the nature and location of , the Project, NOW, THEREFORE, the City Council of the City of Palm Sprinys does hereby resolve, order and determine as follows: Secf.uai 1. The above recitals, and each of them, are true and correct. St-ution 2. Pursuant to Section 1,17(f) of the Code, this; City Council hereby appiuveu the issuance of the bonds by the Authority to -. provide linancing for the Project. It .is the purpose and intent of this City Council that this resolution concLitute:. approval oil the issuance of bonds by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project in located and on behalf of which such bonds will be issued in accordance with said Section 147(f). l Resolution No. 17411 Page two Section 3. This City Council hereby reconfirms its intent that the Project be developed and constructed and hereby further determines that it is appropriate for the Authority to issue bonds to finance such development and construction. Section 4. This resolution shall take effect immediately upon its adoption. ADOPTED this Gth _ day of _ February , 1991 AYES: Councilmembers Broich, Hodges, Murawski , Neel and Mayor Bono NOES: None r - ABSENT: None ATTEST: - CITY OF PALM SPRINGS, CALIFORNIA By L_y-Clerk Acting City Manager REVIEWED & APPROVED 92. RES E rr