HomeMy WebLinkAbout18905 - RESOLUTIONS - 10/2/1996RESOLUTION NO. 18905
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING THE ISSUANCE,
SALE AND DELIVERY OF CITY OF PALM SPRINGS 1.996
REFUNDING CERTIFICATES OF PARTICIPATION
' (MULTIPLE CAPITAL FACILITIES PROJECT) BY THE
CITY OF PALM SPRINGS FOR THE REFUNDING OF
CERTAIN IMPROVEMENTS TO THE CITY'S CO-
GENERATION FACILITIES
WHEREAS, the City of Palm Springs (the "City") desires to
refinance certain improvements to the City's Co -Generation
Facilities (the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue
Code of 1986, as amended, (the "Code"), the Refunding Certificates
of Participation issued by the City to refinance the Project (the
"Certificates") are required to be approved, following a public
hearing, by an 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 appropriate
elected legislative body; and
WHEREAS, the Project is located wholly within the geographic
jurisdiction of the City; and
WHEREAS, the City caused a notice to appear in The Desert Sun,
which is a newspaper of general circulation in the City, be held by
this City Council on October 2, 1996 regarding the issuance of
approximately $27,000,000 of 1996 Refunding Certificates of
Participation (Multiple Capital Facilities Project) by the City to
refinance the Project and the nature and location of the Project;
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
Certificates 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:
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
Certificates in an. amount not to exceed
$27,000,000.00 by the City to provide financing for
the purchase of the Project and refinancing of
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prior certificates of participation relating to the
Project. it is the purpose and intent of this City
Council that this Resolution constitutes approval
of the issuance of the Certificates 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 Certificates 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 City
to issue the Certificates to, finance such
development and construction.
Section 4. This Resolution shall take effect immediately upon
its adoption.
ADOPTED this 2nd day of October, 1996.
AYES: Members Barnes, 0den, Spurqin and Mayor Kleindienst
NOES: Member_Hodges
ABSENT: None
ATTEST:
By:
UCity Clerk
REVIEWED AND APPROVED
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