HomeMy WebLinkAbout20905 - RESOLUTIONS - 4/21/2004 RESOLUTION NO. 20905
OF THE CITY COUNCIL OF THE CITY OF PALM
' SPRINGS APPROVING THE ISSUANCE BY THE
COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS OF COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS MERGED PROJECT NO. 1 TAX ALLOCATION
REFUNDING BONDS, 2004 SERIES A AND ITS
COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS MERGED PROJECT NO. 2
TAX ALLOCATION REFUNDING BONDS, 2004 SERIES
B AND PROVIDING FOR CERTAIN OTHER MATTERS
PROPERLY RELATED THERETO.
WHEREAS the Community Redevelopment Agency of the City of Palm Springs (the
"Agency") is a redevelopment agency, a public body, corporate and politic duly created,
established and authorized to transact business and exercise its powers, all under and
pursuant to the Community Redevelopment Law, being Part 1 of Division 24
(commencing with Section 33000) of the Health and Safety Code of the State of
California (the "Law") and the powers of such agency include the power to incur
indebtedness for the purpose of financing and refinancing redevelopment activities
within and of benefit to its redevelopment project areas and to issue bonds for any of its
' corporate powers; and
WHEREAS the City of Palm Springs Financing Authority (the "Authority") previously
issued its Local Agency Revenue Bonds 1994 Series A and its Local Agency
Subordinate Revenue Bonds, 1994 Series B (collectively, the "1994 Bands') for the
purpose of financing and refinancing various redevelopment activities with respect to the
predecessor redevelopment project areas to and now included within City of Palm
Springs Merged Redevelopment Project No. 1 and City of Palm Springs Merged Project
No. 2 (collectively, the 'Redevelopment Projects') within the City of Palm Springs (the
"City"); and
WHEREAS the Agency wishes at this time to issue its not to exceed $16,000,000
aggregate principal amount of Community Redevelopment Agency of the City of Palm
Springs Merged Redevelopment Project No. 1 Tax Allocation Refunding Bonds, 2004
Series A (the "Series 2004A Bonds") pursuant to the provisions of the Law and an
Indenture of Trust, dated as of May 1, 2004, by and between the Agency and BNY
Western Trust Company, as trustee (the `Trustee"); and
WHEREAS the Agency wishes at this time to issue its not to exceed $10,000,000
aggregate principal amount of Community Redevelopment Agency of the City of Palm
Springs Merged Project No. 2 Tax Allocation Refunding Bonds, 2004 Series B (the
"Series 2004B Bonds" and, together with the Series 2004A Bonds, the "Series 2004
Bonds") pursuant to the provisions of the Law and an Indenture of Trust, dated as of
May 1, 2004, by and between the Agency and the Trustee; and
WHEREAS the proceeds of the Series 2004 Bonds will be used to prepay seven loans
relating to certain of the Redevelopment Projects and to refund the 1994 Bonds and
finance additional projects within the Redevelopment Projects; and
Resolution 20905
Page 2
WHEREAS Section 33640 of the Law requires the Agency to obtain the approval of the '
City Council of the City (the "City Council") prior to issuance of the Series 2004 Bonds;
and
WHEREAS the City Council approves of the issuance of the Series 2004 Bonds as
being in the public interest of the City and of the Agency.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm Springs,
California as follows:
Section 1. Recitals. The above recitals are true and correct.
Section 2. Approval of Issuance of Bonds. The City Council of the City approves the
issuance of the Series 2004 Bonds by the Agency, as herein above
described; provided, however, such approval is conditioned upon the
effectiveness of ordinances relating to the Redevelopment Projects
adopted concurrently herewith.
Section 3. Effective Date. This resolution shall take effect from and after the date of
approval and adoption thereof.
ADOPTED this 21" day of April, 2004.
AYES: Members Foat, McCulloch, Pougnet and Mayor Oden ,
NOES: None
ABSENT: None
ABSTAIN: Member Mills
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
C
City Clerk City ManageeF-''�
REVIEWED AND APPROVED AS TO FORM: