HomeMy WebLinkAbout7/25/2001 - STAFF REPORTS RESOLUTION NO._
A RESOLUTION OF THE CITY OF PALM SPRINGS FINANCING
AUTHORITY AMENDING RESOLUTION NO. FA-22 REDUCING
THE AUTHORIZED PRINCIPAL AMOUNT OF LEASE
REVENUE REFUNDING BONDS, 2001 SERIES A
(CONVENTION CENTER PROJECT) FROM AN AMOUNT NOT
TO EXCEED $40,000,000 TO AN AMOUNT NOT TO EXCEED
$32,000,000 AUTHORIZING CERTAIN OTHER OFFICIAL
ACTIONS AND PROVIDING FOR OTHER MATTERS
PROPERLY RELATING THERETO
WHEREAS, the City of Palm Springs Financing Authority (the "Authority") is a Joint
Powers Authority (a public body, 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) (the
"Act") and the powers of such authority include the power to issue bonds for any of its corporate
purposes; and
WHEREAS, at its meeting of June 20, 2001, the Authority adopted its Resolution No.
FA-22, authorizing the issuance of its Lease Revenue Refunding Bonds, 2001 Series A 2001
(Convention Center Project) in aggregate principal amount not to exceed $40,000,0000; and
WHEREAS, the Authority has determined to reduce the amount of aggregate principal
amount of 2001 Bonds to be issued to an amount not to exceed $32,000,000; and
WHEREAS, the Authority has determined to authorize the extension of the term of the
2001 Bonds by an additional four (4) years beyond the maturity of its Lease Revenue Bonds,
1991 Series A (Convention Center Project) (the "1991 Bonds"); and
WHEREAS, the City of Palm Springs (the "City") has approved the issuance of the 2001
Bonds in accordance with Resolution No. FA-22, as amended by this Resolution; and
WHEREAS, the Authority finds and determines that it is within the authority of the
Authority and is a public purpose that the Authority 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, 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; and
NOW, THEREFORE, BE IT RESOLVED, by the City of Palm Springs Financing
Authority, as follows:
SECTION 1. That the above recitals are true and correct.
SECTION 2. That the Authority hereby amends Resolution No. FA-22 by amending the
authorized aggregate principal amount of not to exceed $40,000,000 set forth in SECTION 2
and SECTION 8 thereof to an authorized aggregate principal amount of$32,000,000.
Resolution No. FA--
Page 2
SECTION 3. That the extension of the term of the 2001 Bonds by an additional four(4)
years beyond the maturity of the Authority's 1991 Bonds is hereby approved.
SECTION 4. That except as otherwise set forth in this Resolution, all of the provisions
of Resolution No. FA-22 are hereby confirmed, ratified and shall remain in full force and effect.
SECTION 5. This resolution shall take effect and be enforceable immediately upon its
adoption.
ADOPTED THIS_ day of July 2001.
AYES: Members
NOES: Members
ABSENT: Members
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By:
Secretary Chairperson
REVIEWED &APPROVED
IRV#13302 v1 _2_