HomeMy WebLinkAbout7/25/2001 - STAFF REPORTS (2) RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, AMENDING RESOLUTION NO.
20070 BY SPECIFYING A REDUCED AMOUNT AUTHORIZED
TO BE ISSUED OF AGGREGATE PRINCIPAL AMOUNT OF
CITY OF PALM SPRINGS FINANCING AUTHORITY LEASE
REVENUE REFUNDING BONDS, 2001 SERIES A
(CONVENTION CENTER PROJECT) IN AN AMOUNT NOT TO
EXCEED $32,000,000
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
(Convention Center Project) (the "2001 Bonds") in aggregate principal amount not to exceed
$40,000,0000; and
WHEREAS, at its meeting of June 20, 2001, the City Council of the City of Palm Springs
(the "City Council') adopted its Resolution No. 20070, approving the issuance by the Authority
of its 2001 Bonds; 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 "l991 Bonds"); and
WHEREAS, the City Council finds and determines that it is a public purpose that the City
Council approve and that the Authority deliver and sell the 2001 Bonds in aggregate principal
amount not to exceed $32,000,000 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.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Palm Springs
that:
SECTION 1. That the above recitals are true and correct.
aco
Resolution No. _
Page 2
SECTION 2. That SECTION 2 of Resolution No. 20070 is hereby amended to read as
follows: 'Pursuant to the Act, the City hereby approves the issuance of the 2001 Bonds in
aggregate principal amount not to exceed $32,000,000."
SECTION 3. That except as set forth in this Resolution, all other provisions of
Resolution No. 20070 are hereby confirmed, ratified and shall remain in full force and effect.
SECTION 4. 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 5. 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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�ctERV� ,' PROOF OF PUBLICATION This is space for County Clerk's Piling 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 f Publication of _
the County aforesaid;I am over the age of eighteen No 0630
years,and not a party to or interested in the 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 NOTICE IS
REBYooIVENtoto Wednesday,
COMPANY a newspaper of general circulation, matter may be heard, the City Council of the City
of Palm Si hold a public hearing in the
printed and published in the city of Palm Springs, Council Chamber 3200 E. Tahguitz Canyon way,
Palm Spn rig California,to conader the adoption
County of Riverside,and which newspaper has been of a Resuict n, entitleds, :
adjudged a newspaper of general circulation by the A RESOLUTION OF THE CITY COUNCIL OF
Superior Court of the County of Riverside,State of THE CITY OF PALM SPRINGS, CALIFORNIA,
1 ty AMENDING RESOLUTION NO.20070 BY SPEC-
California under the[late of March 24,198$.CasC IFYING A REDUCED AMOUNT AUTHORIZED
'.TO BE ISSUED OF AGGREGATE PRINCIPAL
Number 191236;that the notice,of which the AMOUNT OF CITY OF PALM SPRINGS FI-
NANCING AUTHORITY LEASE REVENUE
annexed is a printed copy(set in type not smaller BONDS, 2001 SERIES A (CONVENTION CEN-
than non re ariel,has been published in each regular TER PROJECT) IN AN AMOUNT NOT TO EX-
CEED $32,000,000
and entire issue of said newspaper and not in any This Resolution amends Resolution No. 20070,
supplement thereof on the following dates,to wit: adopted by the City Council an June 20,2001, by
specifying a reduced amount authorized to be is-
sued of aggreg@ate Principal amount of City of
July 20t11
Palm Springs Financing Authority Lease Revenue
_— Bonds,2001 Series A`(Conventian Center Project).--
in an amount not to exceed $32,000,000. The--_-_ - --------------- -------------------------
Resolution,if adapted,confirms the City Caancll's
finding and determination that there are signifi-
cant public benefits arising from the taking of
__------------------------—-----____-------____------_--- such action, including, but not limited to, demon-
strate savings in effective interest late, bond
preparation, bond underwriting and financing
costs associated with-the issuancei t_he2 O
All in the year 2001 Bands, as conTemp(ated by Section 6n6 of the
Act All other provisions of Resolution No 20070
shall remain in full force and effect
I certify(or declare)under penalty of perjury that the
Any person interested in these matters is invited
foregoing is tree and correct. to appear and be heard with respect to the pro-
posed Resolution.co The is earn
Palm Springs will
s
9tb accept written comments from interested parties
qh the conclusion of the public hearing If
Dated at Palm Springs,California this--------------day you throwchallenge the proposed action in could, you
may be limited to raising only those issues you or
July someone else raised at the public he irm de-
of---------------------------------------2001 scribed in this notice or in written corresponr�ence
delivered to the City Council at of prict to the
lic
opy of the full
noshing text
lClkofthe^CyYfPImSpings3200 E, Tah-
Signature Canyon Springs,
Patricia A Sanders, City Clerk
PUB July 20, 2001 ____