HomeMy WebLinkAbout19959 - RESOLUTIONS - 12/20/2000 RESOLUTION NO. 19959
OF THE CITY OF PALM SPRINGS, CALIFORNIA APPROVING
THE PROPOSED ISSUANCE OF THE ABAG FINANCE
AUTHORITY FOR NONPROFIT CORPORATIONS OF REVENUE
BONDS IN AN AMOUNT NOT TO EXCEED $4,000,000 FOR THE
PURPOSE OF ASSISTING DESERT AIDS PROJECT, INC.
WHEREAS, THE ABAG Finance Authority for Nonprofit Corporations (the "Authority")
proposes to issue its revenue bonds in an amount not to exceed$4,000,000 (the"Bonds")
for the purpose of assisting Desert Aids Project, Inc. (the"Corporation")in purchasing and
renovating an approximately 46,000 square foot building located at 1695 North Sunrise
Way in Palm Springs, California,to be owned and operated by the Corporation, a nonprofit
public benefit corporation and an organization described in section 501 (c)(3) of the
Internal Revenue Code of 1986, in connection with its integrated services for persons with
AIDS/HIV; and
WHEREAS, section 147(f) of the Internal Revenue Code of 1986, requires the Council, as
the elected representative of the City,the host jurisdiction of such facilities, to approve the
issuance by the Authority of the: Bonds after a public hearing following reasonable notice;
and
WHEREAS, a public hearing was held by the Council on Wednesday, December 20,2000,
at the hour of 7:00 P.M. in Council Chambers, at 3200 East Tahquitz Canyon Way, Palm
Springs, California, following duly published notice thereof, and all persons desiring to be
heard have been heard; and
i
WHEREAS; it is in the public interest and for the public benefit that the Council, as the
elected representative of the City, the host jurisdiction of such facilities, approve the
execution and delivery by the City of the proposed installment sale: agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL of the City Palm
Springs, California, hereby finds, determines and declares that issuance by the Authority
of the Bonds in the maximum principal amount of$4,000,000, for the purposes described
above, is hereby approved.
ADOPTED this 20th day of_11ecemher , 2000.
AYES: Members Hodges, Jones, Oden, Reller—Spurgin and Mayor Rleindienst
NAYES: None
ABSENT: None
ABSTAIN: None
ATTEST: i --CITY
-OOF PALM SPRINGS
—01 ,2, 1
City Clerk City Manager ,
REVIEWED & APPROVED_ /X ,- _