HomeMy WebLinkAbout21125 - RESOLUTIONS - 11/3/2004 RESOLUTION NO. 21125
OF THE CITY COUNCIL OF THE CITY OF: PALM SPRINGS,
CALIFORNIA APPROVING THE ISSUANCE, SALE AND
DELIVERY OF THE CITY OF PALM SPRINGS FINANCING
AUTHORITY AIRPORT PASSENGER FACILITY CHARGE
SUBORDINATE REVENUE BONDS, SERIES 2004 (PALM
SPRINGS INTERNATIONAL AIRPORT) BY THE CITY OF PALM
SPRINGS FINANCING AUTHORITY FOR THE PURPOSE OF
REFUNDING CERTAIN OUTSTANDING BONDS OF THE
AUTHORITY WHICH WERE USED TO CONSTRUCT
IMPROVEMENTS TO THE PALM SPRINGS INTERNATIONAL
AIRPORT.
WHEREAS, the City of Palm Springs (the "City') has previously authorized the issuance
by the City of Palm Springs Financing Authority (the "Authority") of the City of Palm Springs
Financing Authority (Palm Springs Regional Airport) Airport Revenue Bonds, 1992 Series (the
"1992 Bonds") to fund certain improvements (known as the Terminal IA Expansion
Improvements) at the Palm Springs International Airport (the "Project'); and
WHEREAS, the City now desires to approve the issuance by the Authority of not to
exceed $13,035,000 aggregate principal amount of the City of Palm Springs Financing Authority ,
Airport Passenger Facilities Charge Subordinate Revenue Bonds, Series 2004 (Palm Springs
International Airport) (the "Bonds"); and
WHEREAS, the proceeds of the Bonds will be used to refund the 1992 Bonds; and
WHEREAS, the Authority may issue the Bonds pursuant to the Marks-Roos Local Bond
Pooling Act of 1985 (constituting Sections 6584 et seq. of the: California Government Code) (the
"Act") to refund the 1992 Bonds which were used to finance the Project; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue code of 1986, as
amended, (the "Code"), certain bonds are required to be approved, following a public hearing,
by an elected representative of the issuer of the bonds and an elected representative of the
governmental unit having jurisdiction over the area in which the Project is located; and
WHEREAS, the City Council of the City is the elected legislative body from which the
Authority derives its authority; and
WHEREAS, the Project is located wholly within the geographic jurisdiction of the City
and within the territorial jurisdiction of the Authority; and
WHEREAS, the City Clerk has caused a notice to appear in The Desert Sun which is a
newspaper of general circulation in the City on Tuesday, October 19, 2004, to the effect that a
public hearing would be held by this City Council on November 3, 2004, regarding the issuance
of the Bonds to refinance the 1992 Bonds and the Project and the nature and location of the
Project; and
Resolution 21125
Page 2
' WHEREAS, the average maturity of the Bonds shall exceed the remaining average
maturity of the 1992 Bonds; and
WHEREAS, this City Council held the above-described public hearing on such date, at
which time an opportunity was provided to present arguments both for and against the issuance
of the Bonds and the nature and location of the Project.
NOW, THEREFORE, the City Council of the City of Palm Springs does hereby resolve,
order and determine as follows:
Section 1. The above recitals, and each of them, are true and correct.
Section 2. Pursuant to Section 147(f) of the Code, this City Council hereby approves
the issuance of the Bonds in an amount not to exceed $13,500,000 by the
Authority to refund the 1992 Bonds and refinance the Project. It is the
purpose and intent of this City Council that this Resolution constitutes
approval of the issuance of bonds by the applicable elected
representative of the governmental unit having jurisdiction over the area
in which the Project is located and on behalf of which such bonds will be
issued in accordance with said Section 147(f).
Section 3. In accordance with Sections 6586 and 6586.5 of the Act, the City Council
hereby finds (a) that the issuance of the 1992 Bonds to finance the
Project resulted in increases in employment with respect to undertaking
' the Project in a timely manner, and more efficient delivery of the City's
airport services to residential and commercial development and (b) that
the issuance of the Bonds to refinance the Project will result in significant
reductions in effective user charges levied by a local agency.
Section 4. This Resolution shall take effect immediately upon its adoption.
ADOPTED this 3`d day of November, 2004.
AYES: Members Foat, McCulloch, Mills, Pougnet and Mayor Oden
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By:
•C—hief-Deputy City Clerk City Manager
,rFor
j�, ity Clerk