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HomeMy WebLinkAbout17905 - RESOLUTIONS - 7/15/1992 Final v RESOLUTION NO. 17905 ' OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, APPROVING A FIRST AMENDED AND RESTATED 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, construc- tion 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 y for the benefit of the Palm Springs Regional Airport and the acquisition and construction of improvements to the Palm Springs Regional Airport; and ti WHEREAS the Authority and the City will enter into a First Amended and Restated Installment Sale Agreement (the "Installment Sale Agreement" ) , dated as of August 1, 1992; and WHEREAS under the Installment Sale Agreement, the City is obligated to pay to the Authority, or its assigns, Installment Payments (as defined in the Installment Sale Agreement) for the purchase of the Project; 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 Section 6584 of the Government Code of the State of California) (the "Act") ; and ' WHEREAS the Authority will issue its revenue bonds pursuant to the Act to obtain the moneys to perform the Authority's obligations under the Installment Sale Agreement; y and WHEREAS the Master Trust Indenture (the "Master Trust Indenture" ) , dated as of August 1, 1992, between the Authority and First Interstate Bank of California, Ltd. (the "Trustee") and the First Supplemental Trust Indenture (the "First Supplemental Indenture") dated as of August 1, 1992, by and between the Authority and the Trustee, set forth the terms and conditions of the issuance of the City of Palm Springs Financing Authority (Palm Springs Regional Airport) Airport Revenue Bonds, Series 1992 (the "Bonds" ) ; and l� r Res. No. 17905 Page 2 WHEREAS the Authority will sell the bonds to Goldman � Sachs & Co. (the "Underwriter" ) pursuant to a Bond Purchase Agreement between the Authority, the City, and the ' Underwriter (the "Purchase Agreement" ) ; and WHEREAS, to provide for the sale of the Bonds by the Underwriter, the Underwriter, on behalf of the Authority, has prepared a Preliminary official Statement; and WHEREAS the City Council desires to approve the Installment Sale Agreement, Purchase Agreement, and the Preliminary Official Statement and such other documents as may be required (the "Financing Documents" ) ; and WHEREAS there has been presented to this City Council at 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 in a form on file with the City Clerk is approved with such changes as may be approved by Bond Counsel. The Mayor, the City Manager, the Assistant City Manager, the Treasurer/Finance Director and the City Clerk, or their designees, are r authorized and directed for and in the name of the City to execute and attest the Installment Sale Agreement. Section 2. The Preliminary Official Statement in a form on file with the City Clerk is hereby approved and the distribution of said Preliminary Official Statement to prospective purchasers of the Bonds is approved with such changes as may be approved by Bond Counsel. The Director of Aviation of the City and Bond Counsel. may make such changes in the Preliminary Official Statement considered necessary to make the Preliminary Official Statement final as of its date, except for the omission of certain information as permitted by Section 240.1.5c2•- 12(b) (1) of Tittle 17 of the Code of Federal Regulations . The Director of Aviation of the City or the City Manager is authorized and directed to execute and deliver the final Official Statement in accordance with the Purchase Agreement in substantially the form of the Preliminary Official Statement hereby approved, with such additions thereto and changes therein as recommended or approved by Bond Counsel and the Director of Aviation or the City Manager, such approval to be _2_ , Res. No. 17905 Page 3 conclusively evidenced by the execution and �F delivery thereof. Section 3. The Purchase Agreement on file with the City Clerk and the sale of the Bonds pursuant to the terms set forth therein are approved with such changes as may be approved by Bond Counsel. The Mayor, the City Manager, the Assistant City Manager, the Treasurer/Finance Director, or their designees, are authorized and directed for and on behalf of the City to execute the Purchase Agreement. The final form of the Purchase Agreement shall contain an interest rate on the Bonds no greater than 7.25 % and an underwriter ' s discount on the Bonds no greater than 2 %, all to be approved by the City Manager or the y Treasurer/Finance Director with the consultation and advice of an independent financial advisor to be selected by the Treasurer/Finance Director. i Section 4. The Mayor, the City Manager, the Assistant City Manager, the Treasurer/Finance Director, the City clerk, and the Director of Aviation j or their designees, and each and every officer thereof is authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which are deemed necessary and advisable by ` Bond Counsel in order to consummate the purchase of the Project and otherwise effectuate the purposes of this Resolution. Section 4. This Resolution shall take effect from and after its date of adoption. ADOPTED this 15th day of July, 1992. ► AYES: Councilmemhers Hodges, Lyons, Reller, Schlendorf and Mayor Maryanov NOES: None ABSENT: None ATTEST: HE CITY OF PA RINGS, LIFORNIA City Clerk City - ger REVIEWED & APPROVED 7/124/014084-0055/011 , r