HomeMy WebLinkAbout18455 - RESOLUTIONS - 8/3/1994 RESOLUTION NO. 18455
FIRST AMENDED RESOLUTION NO. 18389 OF THE CITY
COUNCIL OF THE CITY OF PALM SPRINGS APPROVING
THE ISSUANCE OF CITY OF PALM SPRINGS FINANCING
AUTHORITY LOCAL AGENCY REVENUE BONDS OR LOANS
AND THE ISSUANCE OF TAX ALLOCATION BONDS BY
THE REDEVELOPJVIENT 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" ) or
Loans of an equivalent amount and interest rate 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 or Loans 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 or Loans ; and
WHEREAS, pursuant to the Act, the Agency has authorized the
Agency Bonds or Loans; 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 Agency
Bonds . The issuance of the Authority Bonds by the Authority, the
issuance of the Agency Bonds or Loans 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
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R18455
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requirements of Section 147 (f) of the Internal Revenue Code of
1986 as amended.
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.
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Section 3 . Effective Date . This Resolution shall take effect
upon adoption.
Adopted this 3rd.da of August, 1994 .
P Y
AYES : Members Kleindienst, Lyona and Mayor Maryanov
NOES : Member Hodges
ABSENT: Member Reller-Spurgin
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ATTEST: TY bF PALM I"o
Cy Clerk of tz CIT AGER
City of Palm Springs
Reviewed and Approved
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