HomeMy WebLinkAbout17904 - RESOLUTIONS - 7/15/1992 Final
RESOLUTION NO. 17904
` OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, APPROVING THE ISSUANCE, SALE AND DELIVERY
OF CITY OF PALMS SPRINGS FINANCING AUTHORITY, (PALM
SPRINGS REGIONAL AIRPORT) PJRPORT REVENUE BONDS,
SERIES 1992 BY THE CITY OF PALM SPRINGS FINANCING
AUTHORITY FOR IMPROVEMENTS TO THE PALM SPRINGS
REGIONAL AIRPORT.'
WHEREAS the City of Palm Springs (the "CityO° ) desires to
acquire or construct certain improvements to the Palm Springs
Regional Airport (the "Airport") and to refinance certain
" 1991 Revenue Bond Anticipation Notes (the "Project" ) ; and
WHEREAS the City of Palm Springs Financing Authority
(the "Authority" ) , formed by the City and the Redevelopment
Agency of the City) , has the authority to issue bonds to
finance said Project; and
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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 an
w elected representative of the issuer of the bonds and an
elected representative of the governmental unit having
jurisdiction over the area in which the Project 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 is located wholly within the
geographic jurisdiction of the City and within the
territorial jurisdiction of the 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 June 23, 1992 , to the effect that a public hearing would
be held by this City Council on July 15, 1992, regarding the
" issuance of approximately $20,000,000 of bonds by the
Authority to finance the Project and the nature and location
of the Project (the "Bonds" ) ; 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
Springs does hereby resolve, order and determine as follows:
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Resolution No. 17904 '
Page Two ,.I
Section 1. The above recitals, and each of them, are true
and correct.
Section 2. Pursuant to Section 147(f) of the Code, this
City Council hereby approves the issuance of
the Bonds in an amount not to exceed ,I
$20,000,000.00 by the Authority to provide
financing for the purchase of the Project and '
refinancing of the 1991 Notes. It is the ;
purpose and intent of this City Council that
this Resolution constitutes approval of the
issuance of bonds by the applicable elected
representative of the governmental unit having
jurisdiction over the area in which the
Project is located and on behalf; of which such
bonds will be issued in accordance with said
Section 147(f) .
Section 3. This City Council hereby reconfirms its intent
that the Project be developed and constructed
and hereby, further determines that 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 15th day of July, 1992
AYES: Councilmembers Hodges, Lyons, Reller, Schlendorf and Mayor, Maryanov
NOES: None 4
ABSENT: None ,
ATTEST: C TY OF PALM S, 1
CAS ORNIA
1„ r3'y0
B,Y: ��� � � �_ �. 41
City Clerk City Manager
REVIEWED AND APPROVED _
7/124/014084-0055/009 ,
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