HomeMy WebLinkAbout6/20/2001 - STAFF REPORTS (38) RESOLUTION NO.2M71
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS AUTHORIZING THE REFINANCING OF
CERTAIN OBLIGATIONS OF THE AUTHORITY, AND
TAKING CERTAIN OTHER ACTIONS IN CONNECTION
WITH THE ISSUANCE OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS 2001 HOUSING TAX ALLOCATION BONDS
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") is a Joint
Powers Authority (a public bond, corporate and politic) duly created, established and authorized
to transact business and exercise its powers, all under and pursuant to the Joint Powers Law
(Articles 1 through 4 of Chapter 5, Division 7, Title 1 of the California Government Code); and
WHEREAS, $14,030,000 aggregate principal amount of the Authority's Revenue (Tax
Allocation) Bonds, 1991 Series B (Agency Loans) (the "1991 Bonds") were sold and delivered
on September 5, 1991; and
WHEREAS, the Authority loaned the proceeds of the 1991 Bonds to the Agency for
deposit in the Low and Moderate Income Housing Fund (the "Housing Loan") and for deposit in
the Redevelopment Fund (the "Project Loans" and together with the Housing Loan, collectively,
the "1991 Loan") under and pursuant to a loan agreement, dated as of September 1, 1991 (the
"1991 Loan Agreement"); and
WHEREAS, a portion of the 1991 Bonds were previously refunded and the Agency now
finds it desirable to issue its 2001 Housing Tax Allocation Bonds (the "2001 Bonds") for the
purpose, among others, of prepaying the Housing Loan under the 1991 Loan Agreement; and
WHEREAS, the prepayment under the 1991 Loan Agreement will result in the refunding
of the outstanding 1991 Bonds; and
WHEREAS, the Agency and the Authority have each found and determined that it is
within the authority of the Agency and is a public purpose that the Agency approve the delivery
and sale of the 2001 Bonds for said purposes and that there are significant public benefits arising
from the taking of such action; and
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Resolution No. _
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WHEREAS, the City Council (the "City Council') of the City of Palm Springs hereby
finds and determines that it is within the authority of the Agency and is a public purpose that the
Agency approve the delivery and sale of the 2001 Bonds for said purposes and that there are
significant public benefits arising from the taking of such action; and
NOW, THEREFORE, BE IT RESOLVED, by the City of Palm Springs Financing
Authority, as follows:
SECTION 1. The above recitals are true and correct.
SECTION 2. Pursuant to the Law, the City Council hereby approves the issuance by the
Agency of the 2001 Bonds for the purpose of prepaying the remaining 1991 Loan which will
result in the refunding of the outstanding 1991 Bonds.
SECTION 3. That the Mayor, City Clerk, City Manager, Assistant City Manager,
Finance Director/Treasurer and other authorized officers of the City be and are hereby each
authorized to execute and deliver such certificates, requests, statements, agreements and other
documents and to take such other action as may be necessary to consummate the transactions
contemplated by each aforesaid Agreement.
SECTION 4. This resolution shall take effect and be enforceable immediately upon its
adoption.
ADOPTED THIS _day of June 2001.
AYES: Members
NOES: Members
ABSENT: Members
ATTEST: CITY OF PALM SPRINGS
By:
City Clerk City Manager
REVIEWED & APPROVED
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