HomeMy WebLinkAbout17604 - RESOLUTIONS - 7/31/1991 RESOLUTION NO. 17604
OF THE CITY COUNCII; OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING THE ISSUANCE
OF THE CITY OF PALM SPRINGS FINANCING
AUTHORITY REVEI4LIE (TAX ALLOCATION) BONDS,
1991 SERIES B (AGENCY LOANS) AND THE
BORROWING OF BOND PROCEEDS BY THE
REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS.
WHEREAS, the City of Palm Springs, ( the "City" ) and the
Redevelopment Agency of the City of Palm Springs ( the
"Agency" ) have heretofore entered into a Joint Exercise of
Powers Agreement dated February 6, 1991 establishing the City
of Palm Springs Financing Authority ( the "Authority" ) for the
purpose of issuing its bonds to be used to provide financial
assistance to the City and the Agency; and
WHEREAS, the Authority proposes to issue its Revenue (Tax
Allocation) Bonds, 1991 Series B (Agency Loans) in an
aggregate principal amount of not to exceed $20 , 000, 000 ( the
"Bonds" ) for the purpose of providing funds to ( i) make three
loans (the "Loan" ) in an aggregate principal amount of not to
exceed $20,000,000 pursuant to the Loan Agreement No. 1 among
the Authority, the Agency and First Interstate Bank, Ltd. as
trustee ( the "Trustee" ) ( the Loan Agreement" ) , for the
purpose of repaying certain other obligations of the Agency
and financing additional redevelopment activities of the
Agency; and
WHEREAS, pursuant to the Community Redevelopment Law
(constituting Part 1 of Division 24 of the Health and Safety
Code of the State of California) , the Agency has authorized
the Loans;
WHEREAS, there has been presented to the City Council of the
City of Palm Springs for approval of the following documents:
( 1) Loan Agreement No. 1, dated as of September 1 ,
1991, by and between the Authority and the Agency
(hereinafter referred to as the "Loan. Agreement" ) ; and
WHEREAS, the Loan Agreement is necessary to carry out the
financing of the acquisition and construction of the Project;
and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS `
DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Loan Agreement is hereby approved in
substantially the form and content on file ,
with the City Clerk but with such changes,
modifications, additions and deletions therein
as shall be deemed necessary, desirable or
appropriate by the City Attorney or Bond
Counsel.
Section 2. The issuance of the Bonds by the Authority,
the entering into of the Loan Agreement and
the application of a portion of the proceeds
of the Loans to repay certain obligations to
- : the City are hereby approved.
Section 3 . The Mayor , City Clerk, City Manager, Assistant
City Manager, their designees, or other
appropriate officers of the City are hereby
authorized to execute and deliver for and on
behalf of the City any and all additional
escrow agreements, certificates, documents,
opinions or other papers and perform all other
acts as they may deem necessary or appropriate
in order to implement and carry out the intent
and purposes of this resolution.
ADOPTED this 31st day of July, 1991.
AYES: MEMBERS Broich, Mur.awski , Neel and Mayor Bono
' NOES: MEMBERS Hodges
ABSENT: MEMBERS None
ATTEST: CITY OF/ ALM SPRI S
CALIFOR
- l - \\ -
By By
City 'Clerk City Ma ager
Reviewed and Approved x.,:__
r
r
' -2-