HomeMy WebLinkAbout7/5/2001 - STAFF REPORTS (15) RESOLUTION NO. 20097
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS AMENDING THAT CERTAIN JOINT
EXERCISE OF POWERS AGREEMENT BY AND
BETWEEN THE CITY OF PALM SPRINGS AND THE
REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS, DATED AS OF FEBRUARY 1, 1991, FOR THE
PURPOSE OF EXTENDING THE TERM OF THE
AGREEMENT
WHEREAS, the City of Palm Springs (the "City') and the Community
Redevelopment Agency of the City of Palm Springs (the "Agency") entered into a Joint
Exercise of Powers Agreement (the "Agreement'), dated as of February 1, 1991,
pursuant to Article 1 and 2 of Chapter 5 of Division 7 of Title 1 of the Government Code
of California; and
WHEREAS, Section 4 of the Agreement created the City of Palm Springs
Financing Authority (the "Authority'); and
WHEREAS, Section 3 of the Agreement provides that the Agreement shall
become effective as of the date thereof and shall continue in full force and effect until
February 1, 2020, unless extended or earlier terminated by a supplemental agreement of
the Agency and the City; and
WHEREAS, the City Council hereby finds and determines that it is within the
authority of the City and is a public purpose that the City approve the extension of the
Agreement for the purpose of avoiding a conflict with the term of any debt instruments
that the Authority has issued or may issue;
NOW, THEREFORE, BE IT RESOLVED, by the City of Palm Springs, as follows:
SECTION 1. The above recitals are true and correct.
SECTION 2. That the Amendment to the Agreement, in substantially the form
submitted to the City Council at this meeting is hereby approved and the Mayor is
hereby authorized and directed to execute and deliver the Amendment to the
Agreement.
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Resolution No.
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SECTION 3. This resolution shall take effect and be enforceable immediately
upon its adoption.
ADOPTED THIS day of July 2001.
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS
By:
City Clerk City Manager
REVIEWED & APPROVED
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