HomeMy WebLinkAbout18389 - RESOLUTIONS - 5/18/1994 RESOLUTION NO . 18389
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS APPROVING THE ISSUANCE OF CITY OF
PALM SPRINGS FINANCING AUTHORITY LOCAL. AGENCY
REVENUE BONDS AND THE ISSUANCE OF TAX
ALLOCATION BONDS 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
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 Agency; and
WHEREAS, the Authority intends to issue its Local Agency
Revenue Bonds (the "Authority Bonds") in order to purchase bonds of
the Agency named the Redevelopment Agency of the City of Palm
Springs Tax Allocation Bonds 1994 Series A (the "Agency Bonds" ) for
the purpose of refunding and prepaying the certain prior bonds (the
"Prior Bonds") of the Agency and the Authority and to provide
additional funds to the Agency; and
WHEREAS , the Agency Bonds will be secured by a portion of the
tax increment revenues allocable to the Agency under the Community
Redevelopment Law, being Section 33000 and following of the
California Health and Safety Code (the "Act") with respect to
various project areas; and
WHEREAS, there have been presented at this meeting documents
in connection with the issuance of the Authority Bonds and the ,
issuance of the Agency Bonds; and
WHEREAS, pursuant to the Act, the Agency leas authorized the
Agency Bonds; and
WHEREAS, as required by Section 147 (f) of the Internal Revenue
Code of 1986, as amended, this City Council has heretofore
conducted a duly noticed public hearing on May 18, 1994 , with
respect to the proposed issuance of the Bonds and refunding of the
Prior Bonds, such notice being published in the Desert Sun;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE
CITY COUNCIL OF THE CITY OF PALM SPRINGS, as follows:
Section 1 . Approval of Issuance of Authority Bonds and Agencv
Bonds . The issuance of the Authority Bonds by the Authority, the
issuance of the Agency Bonds by the Agency, and the refunding of
the Prior Bonds are hereby approved. This approval is made, among
other things, in order to meet the public approval requirements of
Section 147 (f) of the Internal Revenue Code of 1986, as ;amended.
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R18389
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Section 2 . Other Acts . The officers and staff of the City
are hereby authorized and directed, jointly and severally, to do
any and all things, and to execute and deliver any and all
documents, which, in consultation with counsel to the City, they
may deem necessary or advisable in order to effectuate the
provisions of this Resolution, and any and all actions previously
taken by such officers or staff members are hereby ratified and
' confirmed.
Section 3 . Effective Date . This Resolution shall take effect
upon adoption.
Adopted this 18thday of May 1994 .
AYES : Members Lyons, Reller-Spurgin, Schlendorf and Mayor Maryanov
NOES : Member Hodges
ABSENT: None
ATTEST: ITY OF PALM GS
1 �
its Clerk of the CITY R
City of Palm Springs
Reviewed and Approved
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