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HomeMy WebLinkAbout17440 - RESOLUTIONS - 3/6/1991 y RESOLUTION NO. 17440 a OF THE COUNCIL COUNCIL OF THE CITY Or PALM SPRINGS, CALIFORNIA, APPROVING AN INSTALLMENT SALE AGREEMENT AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH. WHEREAS the City of Palm Springs Financing Authority (the "Authority") is a joint exercise of powers authority organized and existing under the laws of the State of California by the City of Palm Springs (the 'City*) and the Redevelopment Agency of the City of Palm Springs (the "Agency") with the authority to assist the City and the Agency in providing for the financing, acquisition, construction and rehabilitation of public improvements for the benefit of the lands and inhabitants of the City and the Agency, including but not limited to the acquisition of land fox- the benefit of the Palm Springs Regional Airport and the construction of improvemento to the Palm Springs Regional Airport; and " WHEREAS the Authority and the City will enter into an Installment Sale Agreement, dated as of March 1, 1990, whereby the City will sell certain land to the Authority and the Authority will resell said land to the City and the Authority will sell to the City certain improvements to the Airport (the "Project"), and the City will agree to purchase the Project from the Authority (the "Installment Sale Agreement') ; and WHEREAS, under the Installment Sale Agreement, the City is obligated to pay to the Authority or its assigns, 1991 Notes Installment Payments (as defined in the Installment Sale Agreement) for the purchase of the Project; and WHEREAS the City's obligation to make 1991 Notes Installment Payments under the Installment Sale Agreement is a special obligation of the City secured by a pledge of and a lien on Revenues (as defined in the Installment Sale Agreement) of the City and after the payment of Operation and Maintenance Costs (as defined in the Installment Sale Agreement.) payable from the New Revenues (as defined in the Installment Gale Agreement) of the City or from amounts on deposit in the funds and accounts established under the Trust Agreement (hereinafter defined) ; and WHEREAS the Authority has been authorized to exercise the powers of the Marks Roos Local Bond Pooling Act of 1985 (Article 4 of Chapter 5 of Division " 7 of Title 1, commencing at Sectiun (jS(34 of the Government Code of the Mate of California) (the "Act') ; and WHEREAS the Authority will issue revenue bond anticipation notes pursuanL to the Act to obtain the moneys to perform the Authority's obligations under the Installment Sale Agreement; and " WHEREAS the Trust Agreement dated as of March 1, 1991, among the Bank of America National Trust and Savings Ascociation, as trustee (the "Trustee" ), the Authority and the City ( the 'Trust Agreement') set forth the terms and conditions of the issuance of the notes; and WHEREAS the Authority will assign and transfer certain of its rights under the Installment Sale Agreement to the Trustee, pursuant to an Assignment Agreement between the Authority and the Trustee, dated as of March 1, 1990 (the "Assignment Agreement") ; and ���/✓off •, Resolution No. 17440 Page two WHEREAS the Authority will sell the notes to Seidler-Fitzgerald Public Finance (the "Undervriter') pursuant to a Purchase Agreement dated as of March 6, 1991 between the Authority and the Underwriter (the "Purchase Agreement" ) ; and WHEREAS, to provide for the sale of the notes by Lhe Underwriter, the Underwriter, on behalf of the Authority, has prepared and has distributed to prospective purchasers of the Rotes a Preliminary Official Statement; and WHEREAS the City Council desires to approve the Installment Sale Agreement, the Trust Agreement, and the Preliminary Official Statement ( Lhe "Financing Documents" ) ; and WHEREAS there has been presented to Lhi.s City Counc3_1 aL this meeting draft copies of the Financing Documents; NOW THEREFORE the City Council of the City of Palm Springs, California, does hereby resolve as follows: Section 1. The Installment Sale Agreement presented at this meeting is approved. The Mayor of the City and Lhe City Clerk are authorized and directed for an in the name o.f the City to �1 execute and attest the Installment Sale Agreement. Section 2: The Trust Agreement relating to the Notes presented at this meeting is approved. The Mayor of the City and the City Clerk are authorizer) and directed for and on behalf of the City to execute and attest said agreement. The Installment Sale Agreement and Trust Agreement may be modil.ied Lo include the installment payment schedule based on the interest rate ' received and to reflect such other charges cunsisLent with the financing hereby approved. Section 3. The Preliminary Official Statement presented at this meeting is hereby approved and the distribution Of said Preliminary Official Statement to prospective purchasers of the Rotee. iu approved and ratified. The Director of Aviation of the City and Bond Counsel to the Authority may make such changes in the Preliminary Official Statement considered necessary to make the Preliminary Official Statement final as of it.:; date, - except for the omission of certain information, ae permitted by Section 240. 15c2-12(b) (1) of Title 17 of Lhe Cade of Federal Regulations. The Director of Aviation of the City is authorized and directed to execute and deliver the final Official Statement in accordance with the Purchase Agreement in substantially the form hereby approved, with such additfuns LhereLu and changes therein as r-e recommended o: approved by Bond Counsel to the Authority and approved by the Director of Aviation of the City, such approval to be c.,oncLusivcly evidenced by the execution and delivery thereol. Section 4. The Mayor of the City and each and every officer thereof is authorized and directed, jointly and severally, to do any and all things and to execute and delivery any and all documents which they may deem necessary and advisable in order to consummate the purchase of the Project and otherwise effectuate the purposes of this Resolution. Resolution No. 17440 Page three Section 5. This Resolution shall take effect from and after its date of adoption. • ADOPTED this Gth day of March 1991. AYES. Councilmembers Broich, Hodges, Murawski , Neel and Mayor Bono NOES: None ABSENT: None • ATTEST: _� (/ THE TY OF PALM FCALIFORNIA By j <;7 /City Clerk City Manager REVIEWED A APPROVED 9G.RES i 1063