HomeMy WebLinkAbout19238 - RESOLUTIONS - 4/15/1998 RESOLUTION NO. 19238
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, APPROVING A SECOND INSTALLMENT SALE
AGREEMENT, 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 "City" ) 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
Amendment No. 1 to the First Amended and Restated 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 Master Trust Indenture (the "Master Trust
Indenture" ) , dated as of August 1, 1992, between the Authority and
First Interstate ,Bank of California, Ltd. (the "Trustee" ) and the
Second Supplemental Trust Indenture (the "Supplemental Indenture" )
dated as of April 1, 1998, by and between the Authority and the
Trustee, set forth the terms and conditions of the issuance of the
City of Palm Springs Financing Authority Airport Revenue Bonds,
Series 1998 (Palm Springs Regional Airport) (the "Bonds" ) ; and
WHEREAS, the Authority will sell the bonds pursuant to a
negotiated sale; and
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WHEREAS, to provide for the sale of the Bonds, the Financin(g
Consultant, on behalf of the Authority, has prepared a Preliminary
Official Statement; and
WHEREAS, the City Council desires to approve the Installment
Sale Agreement, the Purcaase 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
Transportation, 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 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 Transportation Director, or th0- 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 Di-rector, the Transportation Director, or
the Director of Aviation of the City is authorized
and directed to execute and deliver the final
Official Statement in accordance with the Purchase
Contract 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 conclusively evidenced by the
execution and delivery thereof .
Section 3 . The Purchase Contract with Stone & Youngberg LLC
(the "Underwriter" ) 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
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be approved by Bond Counsel . The Mayor, the City
Manager, the Assistant City Manager, the Finance
Director, and 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
true interest rate on the Bonds no greater than
7 . O0-, and an underwriter' s discount on the Bonds no
greater than .9750, all to be approved by the City
Manager or Finance Director.
Section 4 . The Mayor, the City Manager, the Assistant City
Manager, the Treasurer/Finance Director, the City
Clerk, the Tra.nsporation Director, 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 5 . 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: CITY OF PALM SP GS,
CALIFORNIA
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By; � -� �. \
City Clerk tlty Manager
REVIEWED AND APPROVED
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