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HomeMy WebLinkAbout20914 - RESOLUTIONS - 5/5/2004 RESOLUTION NO. 20914 ' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS APPROVING AND AUTHORIZING THE EXECUTION OF A SUPPLEMENTAL SITE LEASE AND CERTAIN OTHER LEGAL DOCUMENTS WITH RESPECT TO THE CITY OF PALM SPRINGS FINANCING AUTHORITY LEASE REVENUE BONDS, 2004 SERIES A (CONVENTION CENTER EXPANSION PROJECT) --------------------- WHEREAS, pursuant to Resolution No. 20895, adopted by the City Council on April 7, 2004 (the "Initial Resolution"), the City Council of the City of Palm Springs (the "City") approved the execution of certain documents in connection with issuance of the City of Palm Springs Financing Authority Lease Revenue Bonds, 2004, Series A (Convention Center Expansion Project) (the "2004 Bonds"); and WHEREAS, the City desires to lease certain additional property (the "Parking Lots") to the City of Palm Springs Financing Authority (the "Authority') as described in Supplemental Site Lease No. 2 (the "Supplemental Site Lease"), by and between the City and the Authority; and WHEREAS, the Authority will sublease such Parking Lots to the City pursuant to Supplemental Lease Agreement No. 4, between the City and the Authority, approved pursuant to the Initial Resolution ("Supplemental Lease Agreement No. 4"); and WHEREAS, the City desires to approve the Supplemental Site Lease and Supplemental Lease Agreement No. 4 and Supplemental Trust Agreement No. 3 ("Supplemental Trust Agreement No. 3"), among the City, the Authority and BNY Western Trust Company, included in the Initial Resolution, to reflect the inclusion of the Parking Lots as part of the leased premises; and NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Palm Springs that: SECTION 1. The above recitals are true and correct. SECTION 2. Pursuant to the Act, the City hereby approves the issuance of the 2004 Bonds in an aggregate principal amount not to exceed $65,000,000. SECTION 3. The form of the Supplemental Trust Agreement No. 3, a copy of which is on file with the City Clerk, be and is hereby approved and the Mayor or City Manager or Finance Director and other appropriate officials of City are hereby authorized and directed to execute, acknowledge and deliver, in the name and on , behalf of City, Supplement Trust Agreement No. 3, with such changes therein not inconsistent with this Resolution as may be permitted under the laws of the State and Resolution No. 20914 Page 2 ' approved by the Mayor or City Manager or Finance Director or any other officers executing the same on behalf of City. The approval of such changes by said Mayor or City Manager or Finance Director or other officers shall be conclusively evidenced by their execution of such Supplemental Trust Agreement No. 3. SECTION 4. The form of the Supplemental Lease Agreement No. 4, a copy of which is on file with the City Clerk, be and is hereby approved and the Mayor or City Manager or Finance Director and other appropriate officials of City are hereby authorized and directed to execute, acknowledge and deliver, in the name and on behalf of City, the Supplemental Lease Agreement No. 4, with such changes therein not inconsistent with this Resolution as may be permitted under the laws of the State and approved by the Mayor or City Manager or Finance Director or any other officers executing the same on behalf of City. The approval of such changes by said Mayor or City Manager or Finance Director or other officers shall be conclusively evidenced by their execution of such Supplemental Lease Agreement No. 4. SECTION 5. The form of the Supplemental Site Lease, a copy of which is on file with the City Clerk, be and is hereby approved and the Mayor or City Manager or Finance Director and other appropriate officials of City are hereby authorized and directed to execute, acknowledge and deliver, in the name and on behalf of City, the Supplemental Site Lease, with such changes therein not inconsistent with this Resolution as may be permitted under the laws of the State and approved by the Mayor or City Manager or Finance Director or any other officers executing the same on behalf of City. The approval of such changes by said Mayor or City Manager or Finance Director or other officers shall be conclusively evidenced by their execution of such Supplemental Site Lease. SECTION 6. The Mayor or City Manager or Finance Director or any other appropriate officers of City are further authorized and directed to execute such certifications, financing statements, bond purchase agreements, assignments, the official statements and instruments as are, in the opinion of Aleshire & Wynder, LLP, Bond Counsel, necessary or appropriate to perfect the assignments set forth in the Supplemental Trust Agreement No. 3, Supplemental Lease Agreement No. 4 and the Supplemental Site Lease and to consummate the transactions contemplated by this Resolution and provided for in the aforementioned documents. SECTION 7. 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 and that all deliberations of the City Council and of any of its committees that resulting in these formal actions, were in meetings open to the public in compliance with all legal requirements. SECTION 8. All actions heretofore taken by City or any of its officials, officers ' or employees in connection with the sale and delivery or remarketing of the 2004 Bonds are hereby ratified, confirmed and approved. Resolution No. 20914 Page 3 SECTION 9. This Resolution supplements the Initial Resolution. The Initial , Resolution, except as supplemented hereby, remains in full force and effect. SECTION 10. This Resolution shall take effect and be enforceable immediately upon its adoption. SECTION 11. ADOPTED THIS 5th day of May, 2004. AYES: Members Foat, Mills, McCulloch, Pougnet, and Mayor Oden NOES: None ABSENT: None ATTEST: CITY OF PALM SPRINGS, CALIFORNIA B : City Clerk City Ma REVIEWED AND APPROVED BY: