HomeMy WebLinkAbout6/20/2001 - STAFF REPORTS (32) F
RESOLUTION NO. 20oz0
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PALM SPRINGS, CALIFORNIA, APPROVING AND
AUTHORIZING THE EXECUTION OF A
SUPPLEMENTAL TRUST AGREEMENT NO. 2 AND
OTHER LEGAL DOCUMENTS WITH RESPECT TO THE
CITY OF PALM SPRINGS FINANCING AUTHORITY
LEASE REVENUE REFUNDING BONDS, 2001 SERIES A
(CONVENTION CENTER PROJECT)
WHEREAS, on November 5, 1984, the City Council (the "City Council') of the City of
Palm Springs (the "City"), adopted a Resolution entitled "RESOLUTION AUTHORIZING
DELIVERY OF THE CITY OF PALM SPRINGS CERTIFICATES OF PARTICIPATION
(CONVENTION CENTER PROJECT) FOR THE PURPOSE OF FINANCING THE
ACQUISITION AND DEVELOPMENT OF A CONVENTION CENTER FACILITY (THE
"PROJECT") AND AUTHORIZING THE EXECUTION AND DELIVERY OF VARIOUS
DOCUMENTS PERTAINING TO THE PROJECT; and
WHEREAS, $36,670,000 aggregate principal amount of Certificate of Participation
(Convention Center Project) (the "Certificates of Participation") were sold and delivered on
November 5, 1984; and
WHEREAS, on December 31, 1984, the City Council adopted a Resolution entitled,
"RESOLUTION APPROVING THE FORM OF AN AMENDED AND RESTATED TRUST
AGREEMENT, DATED AS OF NOVENIBER 1, 1984, BY AND AMONG FIRST
INTERSTATE BANK OF CALIFORNIA, THE CITY OF PALM SPRINGS AND SENCA
PALM SPRINGS, INC.; AUTHORIZING THE EXECUTION THEREOF; AMENDING A
CERTAIN RESOLUTION OF THE CITY OF PALM SPRINGS ADOPTED ON NOVENIBER
1, 1984; AND PROVIDING AN EFFECTIVE DATE;" and
WHEREAS, on March 28, 1985, the City Council adopted a Resolution entitled,
"RESOLUTION APPROVING THE FORM OF A SECOND AMENDED AND RESTATED
TRUSTED AGREEMENT, DATED AS OF NOVEMBER 1, 1984, BY AND AMONG FIRST
INTERSTATE BANK OF CALIFORNIA, THE CITY OF PALM SPRINGS AND SENCA
PALM SPRINGS, INC.; APPROVING THE FORM OF AN AMENDED AND RESTATED
INSTALLMENT SALE AGREEMENT, DATED AS OF NOVEMBER 1, 1984, BY AND
BETWEEN SENCA PALM SPRINGS, INC. AND THE CITY OF PALM SPRINGS;
AUTHORIZING THE EXECUTION THEREEF; APPROVING THE FORM OF AN
AMENDED AND RESTATED DEVELOPMENT AGREEMENT, DATED AS OF
DECENIBER 31, 1985, BY AND BETWEEN THE CITY OF PALM SPRINGS AND EACH
OF ELEVEN LIMITED PARTNERSHIPS; AMENDING A CERTAIN RESOLUTION OF
THE CITY OF PALM SPRINGS ADOPTED ON DECEMBER 31, 1984; APPROVING THE
OFFICIAL STATEMENT AND RATIFYING THE USE OF THE PRELIMINARY OFFICIAL
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Resolution No. _
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STATEMENT RELATING TO THE REMARKETING OF THE CERTIFICATES OF
PARTICIPATION (CONVENTION CENTER PROJECT); APPOINTING A PAYING AGENT
WITH RESPECT TO SAID CERTIFICATES; AUTHORIZING THE REMARKETING OF
SAID CERTIFICATES; ACCEPTING THE RESIGNATION OF A REMARKETING AGENT
AND WAIVING A THIRTY DAY NOTICE PERIOD IN CONNECTION THEREWITH;
AUTHORIZING OFFICIALS OF THE CITY TO TAKE ANY AND ALL ACTION
NECESSARY IN CONNECTION WITH THE REMARKETING OF SAID CERTIFICATES;
RATIFYING, CONFIRMING AND APPROVING ALL ACTIONS HERETOFORE TAKEN
IN CONNECTION WITH SAID CERTIFICATES, AND PROVIDING AN EFFECTIVE
DATE; and
WHEREAS, the aforementioned Certificates of Participation were redeemed on
December 31, 1985 in accordance with the terns of the Second Amended and Restated Trust
Agreement; and
WHEREAS, on December 18, 1985 the City Council adopted a Resolution, entitled A
RESOLUTION OF THE CITY OF PALM SPRINGS APPROVING AND AUTHORIZING
THE EXECUTION OF SUBLEASE AGREEMENT RELATING TO CONVENTION CENTER
FACILITIES AND OTHER LEGAL DOCUMENTS WITH RESPECT THERETO, pursuant to
which the 1985 Certificates of Participation (Convention Center Project) (the "1985
Certificates") were issued in an aggregate principal amount of $35,000,000, the proceeds of
which were used to replace the proceeds of the Certificates of Participation authorized, sold and
delivered on November 5, 1984, which were not expended on the Project for which such
Certificates of Participation were issued; and
WHEREAS, the City Council approved the refunding by the City of Palm Springs
Financing Authority (the "Authority") of the 1988 Certificates through the issuance of the City
of Palm Springs Financing Authority Lease Revenue Bonds, 1991 Series A ("1991 Bonds") in
the aggregate amount of$50,668,512.10 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
WHEREAS, the City advance refunded a portion of the 1991 Bonds through the issuance
of the City of Palm Springs Financing Authority Lease Revenue Refunding Bonds, 1997 Series
A(Convention Center Project) (the"1997 Bonds"); and
WHEREAS, it is now desirable to current refund an additional portion of the 1991 Bonds
with a portion of the Lease Revenue Refunding Bonds, 2001 Series A (Convention Center
Project) (the"2001 Bonds"); and
WHEREAS, the City finds and determines that it is a public purpose that the City
approve and that the Authority deliver and sell the 2001 Bonds 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.
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Resolution No.
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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 2001
Bonds.
SECTION 3. The form of the Supplemental Trust Agreement No. 2 (the "Trust
Agreement"), dated as of August 1, 2001, by and among BNY Western Trust Company, as
Trustee (the "Trustee"), the City and the Authority, 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 Trust Agreement, 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 Trust Agreement No. 2.
SECTION 4. The form of Escrow Deposit Agreement, dated as of August 1, 2001, by
and between BNY Western Trust Company, as Escrow Agent, the Authority and City, a copy of
which is on file with the City Clerk, be and is hereby approved in substantially the form thereof,
or with such changes as may be approved by the Mayor or City Manager or Finance Director of
any other officers executing the same, said officer's execution thereof to constitute conclusive
evidence of said officer's approval of all such changes, and each of said officers be and is hereby
authorized to execute and deliver said Agreement.
SECTION 5. That the Preliminary Official Statement relating to the 2001 Bonds, a copy
of which is on file with the City Clerk, is approved for distribution by Stone & Youngberg, LLC,
to municipal bond broker-dealers, to banking institutions, and to members of the general public
who may be interested in purchasing the 2001 Bonds. The Mayor or City Manager or Treasurer
is authorized to approve the amendment of the Preliminary Official Statement, from time to time,
pending distribution of the Preliminary Official Statement as shall be required to cause such
Preliminary Official Statement to contain any further information necessary to accurately
describe the 2001 Bonds and the Mayor or City Manager or Treasurer is authorized to deem final
the Preliminary Official Statement as of its date for the purpose of Rule 15c2-12 under the
Securities Exchange Act of 1934 as amended. The final Official Statement relating to the 2001
Bonds shall be submitted to the Mayor or the City Manager or Treasurer for approval
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 Special Counsel, necessary or appropriate to perfect the assignments set
forth in the Trust Agreement and to consunnnate the transactions contemplated by this
Resolution and provided for in the aforementioned documents.
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Resolution No. _
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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
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 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 2001 Bonds are hereby
ratified, confirmed and approved.
SECTION 9. Any resolutions of the City Council adopted prior to this resolution are, to
the extent they are inconsistent or conflict with this resolution, hereby repealed and rescinded.
SECTION 10. This resolution shall take effect and be in force immediately upon its
adoption.
ADOPTED THIS day of June 2001.
AYES: Members
NOES: Members
ABSENT: Members
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By:
City Clerk City Manager
REVIEWED & APPROVED
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PT TRT JC,NOTTCF,OF PT TRT.TC,TM ARING
CITY OF PALM SPRINCTS
NOTICE IS HEREBY GIVEN that on Wednesday, June 20, 2001 at 7:00 p.m., or as soon as the
matter may be heard, the City Council of the City of Palm Springs will hold a public hearing in the
Council Chambers, 3200 E. Tahquitz Canyon Way, Palm Springs, California, to consider the
adoption of a Resolution, entitled:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, APPROVING AND
AUTHORIZING THE EXECUTION OF A SUPPLEMENTAL
TRUST AGREEMENT NO. 2, A SUPPLEMENTAL LEASE
AGREEMENT NO. 3 AND OTHER LEGAL DOCUMENTS WITH
RESPECT TO THE CITY OF PALM SPRINGS FINANCING
AUTHORITY LEASE REVENUE REFUNDING BONDS, 2001
SERIES A (CONVENTION CENTER PROJECT)
This Resolution provides for the approval of the issuance by the City of Palm Springs Financing
Authority of not to exceed $40,000,000 in aggregate principal amount of its Lease Revenue Bonds,
2001 Series A (Convention Center Project) as contemplated by the Joint Powers Law (Articles 1
through 4 of Chapter 5, Division 7, Title 1 of the California Govennnent Code). This Resolution also
provides for the approval of a Supplemental Trust Agreement No. 2, a Supplemental Lease Agreement
No. 3, an Escrow Deposit Agreement and a Preliminary Official Statement.
Any person interested in these matters is invited to appear and be heard with respect to the
proposed Resolution. The City of Palm Springs will accept written comments from interested
parties through the conclusion of the public hearing. If you challenge the proposed action in
court, you may be limited to raising only those issues you or someone else raised at the public
hearing described in this notice or in written correspondence delivered to the City Council at or
prior to the public hearing.
A copy of the full text of the proposed Resolution is available for review in the Office of the City Clerk
of the City of Palm Springs, 3200 E. Tahquitz Canyon Way, Palm Springs, California.
Patricia A Sanders, City Clerk
PUBLISH: June14, 2001
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ORDINANCE NO.
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF PALM SPRINGS, CALIFORNIA, APPROVING AND
AUTHORIZING THE EXECUTION OF A
SUPPLEMENTAL LEASE AGREEMENT NO. 3 RELATING
TO THE CITY OF PALM SPRINGS FINANCING
AUTHORITY LEASE REVENUE REFUNDING BONDS,
2001 SERIES A (CONVENTION CENTER PROJECT)
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS ORDAINS AS FOLLOWS:
SECTION 1. The form of the Supplemental Lease Agreement No. 3 Relating to
Convention Center Facilities, dated as of August 1, 2001, by and between Authority, as Lessor,
and the City of Palm Springs (the "City"), as Lessee (the "Lease Agreement'), 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 Lease Agreement, with
such changes therein not inconsistent with this resolution and not substantially adverse to the
City as may be permitted under the laws of the State and approved by the Mayor or City
Manager or Finance Director of 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 Lease Agreement.
SECTION 2. This Ordinance is subject to the referendum provisions contained in the
Charter of the City and state law otherwise applicable to the City.
SECTION 3. The City Clerk is hereby authorized and directed to certify to the passage
of this Ordinance, and to cause the same or a summary thereof to be published at least once in a
newspaper of general circulation in the City, within fifteen days after its adoption.
ADOPTED THIS day of June 2001.
AYES: Members
NOES: Members
ABSENT: Members
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By:
City Clerk Mayor
REVIEWED & APPROVED
2l a -
9F �,9 :
<ERK PROOF OF PUBLICATION This is space rnr county Clerk's Filing Stamp
(2015.5.C.C.P)
STATE OF CALIFORNIA - - ---
County of Riverside
I am a citizen of the United States and a resident of Proof of Publication of
the County aforesaid;I am over the age of eighteen --------
-------------years,and not a party to or interested in the Ni..04313
PUBLIC NOTICE OF PUBLIC HEARING
above-entitled matter.I am the principal clerk of a CITY OF PALM SPRINGS
printer of the,DESERT SUN PUBLISHING
COMPANY a newspaper of general circulation, NOTICE IS HEREBY GIVEN that on Wednesday,June 20, 2001 at 7 00 p.m,, or as soon as the
printed and published in the city of Palm Springs, matter may be heal d,the City Goo heI of the City
P P tYof Palm Springs will hold a ublic hearing in the
County of Riverside,and which newspaper has been council Chambers, 3200 l Tureen, Canyon
Way, Palm Springs, California, to consider the
adjudged a newspaper of general circulation by the adoption of a Resolution, enhtled:
Superior Court of the County of Riverside,State of A RESOLUTION OF THE CITY COUNCIL OF
California under the date of March 24,1988.Case APPROV CITY IN OF
AND AUTHORIZING THE OR XEOU-
Number 191236;that the notice of which the TION OF A SUPPLEMENTAL TRUST AGREE-
MENT NO. 2, A SUPPLEMENTAL LEASE
annexed is a printed copy(set in type not smaller AGREEMENT NO. 3 AND OTHER LEGAL DOC-
UMENTS WITH RESPECT TO THE CITY OF
than non pariel,has been published in each regular PALM SPRINGS FINANCING AUTHORITY
LEASE REVENUE REFUNDING BONDS, 2001
and entire issue of said newspaper and not in any SERIES A (CONVENTION CENTER PROJECT)
supplement thereof on the following dates,to wit: This Resolution provides for the approval of the
-_- -- - issuance by the City of Palm Sprinrs Financing
Authenty of not to exceed $40,000.0�0 in aggre- ,
June 14th pate pnnci al amount of its Lease Revenue
Bonds, 200t Sei ies A(Conven ion Center Pro'ect)
--------------------------------------------------------------- as contem Plated by the Joint Powers Law �Artr
cles through 4 of Chapter 5, Division 7, Tilly 1
of the California Government Coder. this Resole-
tion also provides for the approval of a Supple-
--------------------------------------------------------- ----- mental Trust Agreement No. 2, a Supplemental
Lease Agreement No. 3, an Escrow Deposit
Agreement and a Preliminary Offical Statement
All in the year 2001 Any person interested in these matters is invited
to appear and be heard with respect to the pro-
posed Resolution. The City of Palm Springs will
I accept written comments from interested parties
I certify(or declare)under penalty of perjury that the throe h the conclusion of me public hearing. If
foregoing is true and correct. you challenge the proposed action in court, you
g g may be limited to raising only those lashes you or
14th someone else raised at the public hearing de-
scribed in this notice or in written cerrespondarea
Dated at Palm Springs,California this--------------day delivered to the City Council at or prior to the
public hearing
June A copy of the full text of the proposed Resolu4on
s available for review Inthe Office of the City
ot--------------------------------------2001 Clerk of the City of Palm Spurns, 3200 E Tell-
pious Canyon Way, Palm Springs, California
�, (//f Patricia A Sanders, City C'rk
r ,r f/w ^✓„� — �-C PHR .ir,nn 1n cunt
Signature