HomeMy WebLinkAbout20139 - RESOLUTIONS - 7/25/2001 RESOLUTION NO. 2oi 3g '
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, AMENDING RESOLUTION NO.
20070 BY SPECIFYING A REDUCED AMOUNT AUTHORIZED
TO BE ISSUED OF AGGREGATE PRINCIPAL AMOUNT OF
CITY OF PALM SPRINGS FINANCING AUTHORITY LEASE
REVENUE REFUNDING BONDS, 2001 SERIES A
(CONVENTION CENTER PROJECT) IN AN AMOUNT NOT TO
EXCEED $32,000,000
WHEREAS, the City of Palm Springs Financing Authority (the "Authority") is a Joint
Powers Authority (a public body, corporate and politic) duly created, established and authorized
to transact business and exercise its powers, all under and pursuant to the Joint Powers Law
(Articles 1 through 4 of Chapter 5, Division 7, Title 1 of the California Government Code) (the
"Act") and the powers of such authority include the power to issue bonds for any of its corporate
purposes; and
WHEREAS, at its meeting of June 20, 2001, the Authority adopted its Resolution No.
FA-22, authorizing the issuance of its Lease Revenue Refunding Bonds, 2001 Series A
(Convention Center Project) (the "2001 Bonds") in aggregate principal amount not to exceed
$40,000,0000; and
WHEREAS, at its meeting of June 20, 2001, the City Council of the City of Palm Springs
(the "City Council') adopted its Resolution No. 20070, approving the issuance by the Authority
of its 2001 Bonds; and
WHEREAS, the Authority has determined to reduce the amount of aggregate principal
amount of 2001 Bonds to be issued to an amount not to exceed $32,000,000; and
WHEREAS, the Authority has determined to authorize the extension of the term of the
2001 Bonds by an additional four (4) years beyond the maturity of its Lease Revenue Bonds,
1991 Series A (Convention Center Project) (the "1991 Bonds"); and
WHEREAS, the City Council finds and determines that it is a public purpose that the City
Council approve and that the Authority deliver and sell the 2001 Bonds in aggregate principal
amount not to exceed $32,000,000 for said purposes and that there are significant public
benefits arising from the taking of such action, including, but not limited to, demonstrable
savings in effective interest rate, bond preparation, bond underwriting and financing costs
associated with the issuance of the 2001 Bonds, as contemplated by Section 6586 of the Act.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Palm Springs
that:
SECTION 1. That the above recitals are true and correct.
dc,
Resolution No. 20139
Page 2
SECTION 2. That SECTION 2 of Resolution No. 20070 is hereby amended to read as
follows: 'Pursuant to the Act, the City hereby approves the issuance of the 2001 Bonds in
aggregate principal amount not to exceed $32,000,000."
SECTION 3. That except as set forth in this Resolution, all other provisions of
Resolution No. 20070 are hereby confirmed, ratified and shall remain in full force and effect.
SECTION 4. It is found and determined that all formal actions of City concerning and
relating to the adoption of this Resolution were adopted in an open meeting of the City Council
subsequent to the holding of a public hearing pursuant to Section 6586.5 of the Act, and that all
deliberations of the City Council and of any of its committees that resulted in these formal
actions, were in meetings open to the public in compliance with all legal requirements.
SECTION 5. This resolution shall take effect and be in force immediately upon its
adoption.
ADOPTED THIS 7stb day of July 2001.
AYES: Members Jones, Reller-Spurgin and Mayor Kleindienst
NOES: Members Hodges and Oden
ABSENT: Members None
ATTEST- CITY OF PALM SPRINGS,,CALIFORN
IA
City Clerk City Manager -- '
v
REVIEWED &APPROVED
IRV#13303 v1 _2_