HomeMy WebLinkAbout19091 - RESOLUTIONS - 7/16/1997 RESOLUTION NO. 19091
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS DECLARING ITS INTENTION TO
REIMBURSE ITSELF FROM THE PROCEEDS OF A TAX-
EXEMPT FINANCING FOR CERTAIN EXPENDITURES TO
BE MADE IN CONNECTION WITH THE ACQUISITION AND
CONSTRUCTION OF CERTAIN CAPITAL IMPROVEMENTS
AT THE PALM SPRINGS REGIONAL AIRPORT,
APPOINTING A FINANCING TEAM, AND APPROVING THE
EXECUTION OF CERTAIN CONSULTANT CONTRACTS
RELATING THERETO
WHEREAS, the City of Palm Springs (the "Issuer" ) is a
political subdivision organized and existing under the laws of the
State of California; and
WHEREAS, the Issuer will make expenditures on and after the
date hereof with respect to expenses incurred and to be incurred in
connection with the acquisition and construction of the Palm
Springs Regional Airport Terminal Expansion Phase II (the
"Project" ) as more fully described in the Staff Report, dated July
16, 1997, prepared by the Director, Department of Transportation,
relating thereto (the "Report") ; and
WHEREAS, the City Council of the Issuer (the "City Council")
has determined that it is in the best interests of Issuer to
reimburse the Issuer for expenditures made on and after the date
hereof with respect to the acquisition and construction of the
Project from the proceeds of one or more issues of tax-exempt bonds
or other obligations of the Issuer or an entity controlled by the
Issuer (the "Bonds" ) ; and
WHEREAS, as of the date hereof, there are no funds of the
Issuer or of any other entity that is part of the controlled group
of entities of which the Issuer is a part (the "Controlled Group") ,
that are, or are reasonably expected to be, allocated on a long-
term basis, reserved or otherwise available pursuant to the budgets
of the Issuer or of any other entity that is part of the Controlled
Group to finance the acquisition and construction of the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL AS FOLLOWS :
Section 1. The City Council hereby declares the intent of
the Issuer to reimburse the Issuer with a tax-exempt financing for
expenditures made on and after the date hereof with respect to the
acquisition and construction of the Project. /, Q
Section 2 . All property that will become part of the �]
Project will have an economic life of at least one year determined
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as of the earlier of the date of issuance of the Bonds or the date
on which the Project is placed. in service.
Section 3 . The Issuer reasonably expects as of` the date
hereof that the expenditures to be made with respect to the Project
from funds of the Issuer will be made from the Issuer'' s Airport
Fund and that debt service on the Bonds will be derived from the '
City' s Airport Fund and/or Passenger Facilities Charges .
Section 4 . The maximum amount of Bonds expected to be
issued is $25, 000, 000 .
Section 5 . Based upon the Report, and the information
contained therein, and subject. to reconsideration based upon the
consultant reports and/or new facts of which the Issuer is
currently unaware, the Issuer hereby determines that the Project
can reasonably be expected to be undertaken.
Section 6. Rod Gunn Associates, Inc. :is hereby appointed
as Financing Consultant and the City Manager is hereby authorized
and directed to execute an agreement therewith upon terms and
conditions, including compensation, consistent with their existing
contract with the Palm Springs Redevelopment Agency.
Section 7. Rutan & Tucker, LLP, is hereby appointed as
Bond Counsel pursuant to it existing Agreement with the Issuer.
Section 8 . P&D Aviation is hereby appointed as Airport
Financial Feasibility Consultant and directed and authorized to
prepare a Financial Feasibility Study for use in relating to the
financing and for inclusion, if determined appropriate by the
Financing Consultant, :in the Official Statement. . The City Manager '
is hereby directed and authorized to execute a Standard
Professional Services Contract with P&D Aviation for a fixed fee of
$69 , 720 for the preparation and provision of a Financial
Feasibility Study.
Section 9 . The City Manager is hereby directed and
authorized to select a 'law firm to act as Disclosure Counsel and to
execute an agreement therewith upon terms and conditions acceptable
to the City Manager and the City Attorney for a fee not to exceed
$25, 000 .
Section 10 . The adoption of this Resolution is consistent
with the budgetary and financial circumstances of the ]Issuer and
all other entities that are part of the Controlled Group.
Section 11 . This Resolution constitutes an expression of
official intent shall take effect immediately upon its passage.
Section 12 . Beginning ten (10) days after the adoption of
this Resolution and ending on the date on which the Bonds are
issued, this Resolution will be reasonably and continuously
available for inspection by the general public, on each business
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day and during the normal business hours, at the Office of the City
Clerk, and will be maintained or otherwise supervised by the City
Clerk.
PASSED AND ADOPTED this 16th day of Suly, 1997.
ADOPTED THIS 16th day of July, 1997.
AYES: Members Barnes, Hodges, Oden, Spurgin and Mayor Kleindienst
NOES: None
ABSENT: None
ATTEST: 7;;Cit;yMankadger
FORNIA
�yC,
City Clerk
REVIEWED AND APPROVED:_ y 1L.).
JI b3
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