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HomeMy WebLinkAbout17789 - RESOLUTIONS - 2/5/1992 i RESOLUTION NO. 17789 OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, AMENDING AND RESTATING RESOLUTION NO. 17012 WHICH WAS ADOPTED TO CONSTITUTE OFFICIAL ACTION TO COMMENCE THE EXPANSION OF THE PALM SPRINGS REGIONAL AIRPORT TERMINAL WITH THE INTENT OF FINANCING CERTAIN IMPROVEMENTS THROUGH THE SALE OF BONDS OR CERTIFICATES OF PARTICIPATION. WHEREAS the City of Palm Springs owns and operates the Palm Springs Regional Airport; and WHEREAS, with the assistance of the Federal Aviation Administration, the City has completed an Airport Terminal Study (the "Study" ) which identifies several alternatives for terminal expansion; and WHEREAS the City Council chose to expand the terminal in two phases, in a manner consistent with the Study, those being Phase IA and Phase IIA (the "Project" ) ; and WHEREAS the City Council is desirous of proceeding with the project and intends to finance the project by the issuance of its Bonds or be entering into a lease purchase financing with another entity and the issuance of that entity's Bonds or by the issuance of Certificates of Participation (the "Obligat Ions" ), NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs as follows: Section 1. That the City Council declares its intent to secure financing in an amount not-to-exceed s35, 000,000 in a manner set forth in the recitals hereof to cover all costs of implementing * Alternative Plan 2A by say of Phase I and Phase II. Section 2. That, from the date of this Resolution through project ' completion, the City Council declares its intent to recover all costs related to design, project administration, financing issuance, legal fees, construction, inspection, and other unknown costs related to implementation of Alternative Plan 2A, by way of Phase I and Phase II, from the proceeds of a bond sale, including the reimbursement of City funds expended prior to the receipt of Bond or Certificate proceeds. Section 3. That the provisions, terms and conditions of the financing, and the form, details, rate or rates of interest, maturity and redemption provisions, if any, shall he prescribed by subsequent action of the City Council. Section 4. 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 he 532, 000, 000. Section 5. The expected issue date (the "Issue Date") of the Obligations is expected to be July 23, 1992. The expected maturities of the Obligations are as follows: ti 1993 through 2022. Resolution Me. 17789 Page two Section 7. The Project is expected to have an economic life of greater than one year. Section 8. Proceeds of the Obligations 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 Project 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 Project costs (other than proceeds of the Obligations). r 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 '1 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 recordiE 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. i Section 13. Staff is hereby authorized and directed to commence the financings referenced in this Resolution and select o 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 Counc i1. ADOPTED this 5th day of February , 1992. AYES, Councilmembers Broich, Hodges, Murawski , Neel and Mayor Bono NOES: None ABSENT: None ATTEST: C TY MAir"'qer C4LIFORNIA By ,M1City Clerk REVIEWED 8 APPROVED 120. RES