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HomeMy WebLinkAbout21130 - RESOLUTIONS - 11/3/2004 RESOLUTION NO. 21130 OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, AUTHORIZING THE ISSUANCE AND SALE OF LIMITED OBLIGATION BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $1,300,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF PUBLIC IMPROVEMENTS, AND APPROVING RELATED AGREEMENTS AND ACTIONS RELATED TO ASSESSMENT DISTRICT NO. 162 (THE VILLAS IN OLD PALM SPRINGS AND 48 @ BARISTO) WHEREAS, this City Council of the City of Palm Springs (the "Council' and "City") has taken proceedings for the levy of assessments and the issuance of bonds under the provisions of the Municipal Improvement Act of 1913, Division 12 of the Streets and Highways Code and the Improvement Bond Act of 1915, Division 10 of said Code (the "Act'); and WHEREAS, the Council has determined at this time to issue its City of Palm Springs 2004 Limited Obligation Bonds Assessment District No. 162 (The Villas in Old Palm Springs and 48 @ Baristo), identified as Assessment District No. 162, in the aggregate principal amount of not to exceed $1,300,000 (the "Bonds") for the purpose of providing funds to acquire and construct certain public improvements benefiting properties in Assessment District No. 162, to be secured by a pledge of and first lien on the revenues to be derived from the levy and collection of the assessments, which revenues are designed to be sufficient in time and amount to pay the principal of premium, if any, and interest on the Bonds as the same become due and payable; and WHEREAS, the Council wishes at this time to authorize all proceedings relating to the issuance of the Bonds, and to approve the execution and delivery of all agreements and documents relating thereto. NOW THEREFORE BE IT RESOLVED, as follows: Section 1. Adoption of Authorizinq Procedures. The Council hereby authorizes the Bonds to be issued pursuant to the Act. Section 2. Issuance of Bonds; Approval of Fiscal Aqent Aqreement. The Bonds shall be issued in the maximum principal amount of not to exceed $1,300,000, pursuant to a Fiscal Agent Agreement, dated as of November 1, 2004, (the "Fiscal Agent Agreement'), by and between the City and BNY Western Trust Company, as Fiscal Agent (the "Fiscal Agent'). The Council hereby approves the Fiscal Agent Agreement in substantially the form on file with the City Clerk, together with any changes therein or additions thereto approved by the City Manager, City Attorney, Finance Director, the City Clerk or such other official of the City as may be designated by the Council (each an "Authorized Officer"), , provided that the execution thereof by an Authorized Officer shall be conclusive evidence of the approval of any such changes or additions. The Council hereby authorizes and directs an Authorized Officer to execute, and the City Clerk to attest to the final form of the Fiscal Agent Resolution No. 21130 Page 2 ' Agreement for and in the name of the City. The Council hereby authorizes the delivery and performance of the Fiscal Agent Agreement. The Council hereby directs the Finance Director and Treasurer to execute and the City Clerk to attest to the Bonds pursuant to the Act. As provided in the Fiscal Agent Agreement, the proceeds of the Bonds shall be applied by the City to acquire and construct certain public improvements as per the Engineer's Report. Section 3. Sale of Bonds. The Council hereby approves the sale of the Bonds by negotiation with Stinson Securities, LLC ( the "Underwriter"). The Bonds shall be sold pursuant to a Bond Purchase Agreement (the "Bond Purchase Agreement") by and between the City and the Underwriter in the form on file with the City Clerk, together with any changes therein or additions thereto approved by an Authorized Officer, provided that the execution thereof by an Authorized Officer shall be conclusive evidence of the approval of any such additions and changes. The Bond Purchase Agreement shall be executed in the name and on behalf of the City by an Authorized Officer upon submission of a proposal by the Underwriter to purchase the Bonds; provided, however, that such proposal is acceptable to an Authorized Officer and is consistent with the requirements of this Resolution. The amount of Underwriter's discount shall be not more than 2.00% of the par amount of the Bonds and the true effective rate of interest to be borne by the Bonds (taking into account any original issue discount on the sale thereof) shall not exceed 7.00% per annum. ' Section 4. Official Statement. The Council hereby approves, and hereby deems final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934, the Preliminary Official Statement describing the Bonds in substantially the form on file with the City Clerk, with such changes as are approved by an Authorized Officer. An Authorized Officer is hereby authorized to execute an appropriate certificate stating the Council's determination that the Preliminary Official Statement has been deemed final within the meaning of such Rule. Distribution of the Preliminary Official Statement in connection with the sale of the Bonds is hereby approved. An Authorized Officer is hereby authorized and directed to approve any changes in or additions to a final form of said Official Statement, provided that the execution thereof by an Authorized Officer shall be conclusive evidence of the approval of any such changes and additions. The Council hereby authorizes the distribution of the final Official Statement by the purchaser of the Bonds. The final Official Statement shall be executed in the name and on behalf of the City by an Authorized Officer. Section 5. Continuinq Disclosure Aqreement. The Council hereby approves the Continuing Disclosure Agreement between the City and BNY Western Trust Company, as dissemination agent, in substantially the form on file with the City Clerk, together with any changes therein or additions thereto ' approved by an Authorized Officer, provided that the execution thereof by an Authorized Officer shall be conclusive evidence of the approval of any such changes or additions. The Council hereby authorizes and directs an Authorized Officer to execute the final form of the Continuing Disclosure Agreement for and in the name of the City. Resolution No. 21130 Page 3 Section 6. Official Actions. Each Authorized Officer is hereby authorized and ' directed, for and in the name and on behalf of the City, to execute any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which he or she may deem necessary or advisable in order to consummate the issuance and sale of the Bonds and any of the other transactions contemplated by the documents approved pursuant to this Resolution. Whenever in this resolution any Authorized Officer is authorized to execute or countersign any document or take any action, such execution, countersigning or action may be taken on behalf of such officer by any person designated by such Authorized Officer to act on his or her behalf in the case such officer shall be absent or unavailable. Section 7. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. ADOPTED this 3rd day of November, 2004. AYES: Members Foat, McCulloch, Mills, Pougnet and Mayor Oden NOES: None ABSENT: None ATTEST: CITY OF PALM SPRINGS, CALIFORNIA BY R(',�ybCity Clerk City Manager / REVIEWED &APPROVED AS TO FORM City Attorney