HomeMy WebLinkAbout17803 - RESOLUTIONS - 2/19/1992 v
• RESOLUTION NO. 17803
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
' CALIFORNIA, AMENDING AND RESTATING THAT PORTION OF
RESOLUTION NO. 17363 RELATING TO THE VISION GOLF
COURSE, HEREINAFTER RENAMED THE TACHEVAH GOLF
COURSE PROJECT, WHICH STATED THE CITY'S INTENTION
TO ISSUE TAX-EXEMPT OBLIGATIONS FOR SAID PROJECT.
WHEREAS by Resolution No. 17363 adopted December 19, 1990, the
City Council of the City of Palm Springs stated its intention
to issue tax-exempt obligations for two golf course projects
and the Convention Center expansion; and
WHEREAS one of the golf course projects, referred to as the
Vision Golf Course in Resolution No. 17363 , has been renamed,
modified and expanded; and
WHEREAS the City intends to finance the expanded project with
the proceeds of the sale of tax-exempt obligations; and
' WHEREAS, prior to the issuance of said obligation, the City
has incurred, pursuant to Resolution 17363 , and will continue
to incur, from available monies of the City, certain
expenditures which are desired to be reimbursed to the City
from proceeds of the sale of such obligations.
NOW THEREFORE BE IT RESOLVED by the City Council of the City
of Palm Springs, California, as follows:
Section 1. That the City Council declare its intention to
secure tax-exempt financing in a mariner set forth
in the recitals hereinafter provided.
Section 2 . That pursuant to Resolution No. 17363 adopted
December 19, 1990, the City has expended funds
for costs related to the Vision Golf Course
Project, hereinafter renamed, modified and
expanded to the Palm Mountain Resort and Tachevah
Golf Course Project.
Section 3 . That, in accordance with proposed Treasury
Regulations Section 1. 103 . 18, the City of Palm
Springs declares its intent to recover all its
costs related to the Palm Mountain Resort and
Tachevah Golf Course Project, including related
infrastructure and parking facilities, from the
proceeds of a bond sale, including the reimburse-
ment of City funds expended prior to the receipt
of bond or certificate proceeds of a projected
amount of $40, 000, 000.
Section 4 . 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 be prescribed by subsequent action
of the City Council.
Section 5 . That the project is expected to have an economic
life greater than one year. /�
Resolution No. 17803 /
Page 2
Section 6. That the proceeds of any obligations contemplated
to be issued in connection with this; project are
not expected to be used directly or indirectly to
pay debt service, with respect to any other
obligation of the City, or to be held, reserved or
substituted for other City funds necessary for
other City expenditures.
Section 7 . The proceeds of the Obligations will be deposited
in the same fund or account from which the Proj-
ects costs will be paid by the City and will be
invested in the same manner as the monies in that
fund or account.
Section 8 . This Resolution is consistent with the budgetary
and financial circumstances of 'the City, as of the u
date hereof; particularly, no monies have been or
are reasonably expected to be permanently allocat-
ed or otherwise reserved in the, City' s budget for
the Projects costs (other than proceeds of the ob-
ligations) „
Section 9 . This Resolution is adopted as an official action
of the City in order to comply with any applicable
regulation of the Internal Revenue Service relat-
ing to the qualification for reimbursement of the
City expenditures incurred prior to the Issue
Date; is part of the City Is official proceedings;
and will be available for inspection by the gener-
al 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 10. All the recitals in this Resolution above are true
and correct: and this Council so finds, determines
and represents.
Section 11. Staff is hereby authorized and directed to com-
mence the financings referenced in this Resolution
and select a financing team(s) , determine financ-
ing 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 February 1992 .
AYES: Councilmembers By,oich, Hodges, Murawski , Neel and Mayor Bono
NOES: None
ABSENT: None
ATTEST: / C>
By
City Clerk Citt:y Ma ager
REVIEWED & APPROVED__ � �-