HomeMy WebLinkAbout19236 - RESOLUTIONS - 4/15/1998 RESOLUTION NO. 19236
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING THE ISSUANCE„
SALE AND DELIVERY OF CITY OF PALM SPRINGS
FINANCING AUTHORITY AIRPORT REVENUE BOND„
SERIES 1998 (PALM SPRINGS REGIONAL AIRPORT)
AND THE AIRPORT PASSENGER FACILITY CHARGE ,
REVENUE BONDS, SERIES 1998 (PALM SPRINGS
REGIONAL AIRPORT) BY THE CITY OF PALM SPRINGS
FINANCING AUTHORITY FOR IMPROVEMENTS TO THE
PALM SPRINGS REGIONAL AIRPORT
WHEREAS, the City of Palm Springs (the "City") desires to acquire
or construct certain improvements to the Palm Springs Regional
Airport (the "Airport") ; and
WHEREAS, the City of Palm Springs Financing Authority (the
"Authority") , formed by the City and the Redevelopment Agency of
the City, has the authority to issue bonds to finance said Project;
and
WHEREAS, pursuant to Section 147 (f) of the Internal Revenue Code of
1986, as amended, (the "Code") , certain bonds are required to be
approved, following a public hearing, by an elected representative
of the issuer of the bands and an elected representative of the
governmental unit having jurisdiction over the are in which the
Project is located; and
WHEREAS, this City Council of the City is the elected legislative
body from which the Authority derives its authority; and '
WHEREAS, the Project is located wholly within the geographic
jurisdiction of the City and within the territorial jurisdiction of
the Authority; and
WHEREAS, the City caused a notice to appear in The Desert Sun which,
is a newspaper of general circulation in the city, on 2/16 and,
3/20/98 , to the effect that a public hearing would be held by this
City Council on April 1., 1998 and April 15, 1998 , regarding the
issuance of approximately not to exceed $25, 000, 000 of bonds, in
two or more series, by the Authority to finance the Project and the
nature and location of the Project (the "Bonds") ; 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 Bonds 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
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R19236
Page 2
Section 2 . Pursuant to Section 147 (f) of the Code, this City
Council hereby approves the issuance of the Bonds
in an amount not to exceed $25, 000 , 000 by the
Authority to provide financing for the purchase of
the Project. It is the purpose and intent of this
City Council that this Resolution constitutes
approval of the issuance of bonds 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
bonds 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
Authority to issue bonds to finance such
development and construction.
Section 4 . This Resolution shall take effect immediately upon
its adoption.
ADOPTED this 15th day of April, 1998 .
AYES : Councilmembers Barnes, Hodges, Oden and Reller-Spurgin
NOES : None
ABSENT: None
ABSTAIN: Mayor Kleindienst
ATTEST: Cl� OF PALM SPRI
CAI NIA
City Clerk Cit 1Ran� ger
REVIEWED AND APPROVED
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