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HomeMy WebLinkAbout19237 - RESOLUTIONS - 4/15/1998 RESOLUTION NO. 19237 OF THE CITY COUNCIL OF THE CITY OF ]PALM SPRINGS, CALIFORNIA, APPROVING AN INDENTURE, AN INSTALLMENT SALE AGREEMENT, AND A PURCHASE CONTRACT AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH , WHEREAS, the City of Palm Springs Financing Authority (the "Authority" ) is a joint exercise of powers authority organized and existing under the laws of the State of California by the City of Palm Springs (the "Cityy" ) and the Redevelopment Agency of the City of Palm Springs (the "Agency" ) with the authority to assist the City and the Agency in providing for the financing, acquisition, construction and rehabilitation of public improvements of for the benefit of the lands and inhabitants of the City and the Agency, including but not limited to the acquisition of land for the benefit of the Palm Springs Regional Airport and the acquisition and construction of .improvements to the Palm Springs Regional Airport; and WHEREAS, the Authority and the City will enter into an Installment Sale Agreement (the "Installment Sale Agreement") , dated as of April 1, 1998 ; and WHEREAS, under the Installment Sale Agreement, the City is obligated to pay to the Authority, or its assigns, Installment Payments (as defined in the Installment Sale Agreement.) for the purchase of the Project; and WHEREAS, the Authority has ben authorized to exercise the powers of the Marks-Roos Local Bond Pooling Act of 1985 (Article 4 ' of Chapter 5 of Division 7 of Title 1, commencing at Section 6584 of the Government Code of the State of California) (the "Act" ) ; and WHEREAS, the Authority will issue its revenue bonds pursuant to the Act to obtain the moneys to perform the Authority' s obligations under the Installment Sale Agreement; and WHEREAS, the Trust Indenture (the "Trust Indenture" ) , dated as of April 1, 1998 , between the Authority and BNY Western Trust Company (the "Trustee" ) set forth the terms and conditions of the issuance of- the City of Palm Springs Financing Authority Airport Passenger Facilities Charge Revenue Bonds, Series 1998 (Palm Springs Regional Airport) (the "Bonds" ) ; and WHEREAS , the Authority will sell the bonds pursuant to a negotiated sale in an amount not to exceed $14, 000, 000 ; and WHEREAS, to provide for the sale of the Bonds, the Financing Consultant, on behalf of the Authority, has prepared a Preliminary Official Statement; and 19) 124/014084-0055/3145646.1 a03/31/99 R19237 Page 2 WHEREAS, the City Council desires to approve the Installment Sale Agreement, the Purchase Contract, and the Preliminary Official Statement and such other documents as may be required (the "Financing Documents" ) ; and WHEREAS, there has been presented to this City Council at this meeting draft copies of the Financing Documents, NOW, THEREFORE, the City Council of the City of Palm Springs, California, does hereby resolve as follows : Section 1. The Installment Sale Agreement in a form on file with the City Clerk is approved with such changes as may be approved by Bond Counsel . The Mayor, the City Manager, the Assistant City Manager, the Treasurer/Finance Director, the Director of Aviation, and the City Clerk, or their designees, are authorized and directed for and in the name of the City to execute and attest the Installment Sale Agreement. Section 2 . The Purchase Contract on file with the City Clerk and the sale of the Bonds pursuant to the terms set forth therein are approved with such changes as may be approved by Bond Counsel . The Mayor, the City Manager, the Assistant City Manager, the Transportation Director, the Finance Director, the Director of Aviation, the City Clerk, or their designees, are authorized and directed for and on behalf of the City to execute the Purchase Contract . The final form of the Purchase Contract _ shall contain the true interest rate on the Bonds no greater than 7. 0%, and an underwriter' s discount on the Bonds no greater than . 9751, all to be approved by the City Manager or Finance Director. Section 3 . The Trust Indenture, by and among the City, the Authority and BNY Western Trust Company, dated as of April 1, 1998 relating to the Bonds on file with the City Clerk are approved with such charges as it may be approved by Bond Counsel . The Mayor, the City Manager, the Assistant City Manager, the Finance Director, the Transportation Director, the Director of Aviation, the City Clerk, or their designees, are authorized and directed for and on behalf of the City to execute and attest said Agreement . The Indenture, may be modified, without limitation, to include the debt service schedule and the installment payment schedule based on the interest rate received and to reflect such other charges consistent with the financing and such other changes as may be approved by Bond Counsel and are hereby approved. 124/014084-0055/3145646.1 a03/31198 -2- R19237 Page 3 Section 4 . The Preliminary Official Statement in a form on file with the City Clerk is hereby approved and the distribution of said Preliminary Official Statement to prospective purchasers of the Bonds is approved with such changes as may be approved by Bond Counsel . The City Manager, the Finance Director, the Director of Transportation or Director of ' Aviation and Bond Counsel may make such changes in the Preliminary Official Statement considered necessary to make the Preliminary Official Statement final as of its date, except; for the omission of certain information as permitted by Section 240 . 15c2-12 (b) (1) of Title 17 of the Code of Federal Regulations . The City Manager, the Finance Director, the Director of Transportation or Director of Aviation is authorized and directed to execute and deliver the final Official. Statement in accordance with the Purchase Agreement in substantially the form of the Preliminary Official Statement hereby approved, with such additions thereto and changes therein as recommended or approved by Bond Counsel, such approval to be conclusory evidenced by execution. Section 5 . The Mayor, the City Manager, the Assistant City Manager', the Treasurer/Finance Director, the City Clerk, the Director of Transportation and the Director of Aviation or their designees, and each and every officer thereof is authorized and directed, jointly and severally, to do any and all things and to execute and deliver any, and all documents which are deemed necessary and advisable ' by Bond Counsel in order to consummate the purchase of the Project and otherwise effectuate the purposes of this Resolution. Section 6 . 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: CI Y OF PALM SPR GS, _ CAL A ..`._. City Clerk Ci Manage I1 REVIEWED AND APPROVED / 9I� 124/014094-0055/3145646.1 .03131/98 -3-