HomeMy WebLinkAbout4/7/2004 - STAFF REPORTS (22) DATE: April 7, 2004
MEMO TO: City Council/Palm Springs Financing Authority
FROM: Director of Finance & Treasurer
RE: Convention Center Expansion Phase II
RECOMMENDATION:
It is recommended that the City Council and the Palm Springs Financing Authority, following a public
hearing on the matter, approve the bond documents for the Convention Center Expansion Phase II
and the refinancing of the 1997 Convention Center bonds, not to exceed $65,000,000
SUMMARY:
The proposed bond issue would finance the 93,000 square foot expansion of the Convention Center
(from 157,000 to 250,000 square feet) and refinance the remaining 1997 bonds (approximately $11
million). The actual project cost will be about $44.9 million. The balance of the $65 million is for the
Debt Service Reserve ($2.7 M), Capitalized Interest ($4.2 M), Bond Insurance ($1 M), and Cost of
Issuance ($1 M). The net interest cost is currently estimated at 4.4%. The bonds will be repaid from
the additional Transient Occupancy Tax (TOT) resulting from the rate increases which went into
effect on January 1, 2002 and January 1, 2004.
BACKGROUND:
The Convention Center was opened on December 31, 1987 and was expanded in 1992. The recently
completed Phase I project converted the Springs Theatre into meeting rooms, remodeled and
expanded the kitchen and upgraded storage facilities. The cost of Phase I has been paid for by the
additional TOT collections from the first rate increase.
Starting about 3 years ago, it became apparent that the Convention Center's competition was
increasingly large hotels with large meeting facilities. The hotels could afford to give away the
meeting rooms for free, since they could make it up on hotel room sales. The Convention Center is
obviously not in that position. In addition, the Center had become too small for a number of its best
clients, who loved Palm Springs as a venue, but had no choice but to look for larger
accommodations.
The Palm Springs' hoteliers understood the problem, and recommended that the TOT be increased
to fund an expansion. An initial review by the Convention Center General Manager and the City's
Director of Finance indicated that the project was feasible, and the City commissioned formal market
and financial analyses by Economic Research Associates (ERA). The studies confirmed our initial
conclusion that the expansion was financially feasible, as long as the debt service was covered by
the increased TOT. The TOT rate increases were approved by the voters in November, 2001 and
November, 2003 elections.
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The annual debt service for the new issue plus the existing bonds will be about $5.6 M. Of this,
about $3.1 M is coming from TOT that was dedicated to pay for the existing bonds. The savings
from refinancing the 1997 bonds represent about $115,000 per year, and the interest earnings from
the reserve fund about $100,000 annually. The remaining amount of about $2.3 M per year should
be covered by the
additional TOT from the rate increases.
The City's projections do not take into account the TOT, sales tax, or direct facility rental from the
additional business generated by the expanded Convention Center. To the extent the revenue is
increased (and not offset by increased operating expenses), this will be "profit" to the City. Of
course, the overriding reason for expanding the Convention Center is to improve the revenue figures
for the City's hotels, restaurants, retail stores, and other businesses.
We believe the expansion of the Convention Center will achieve those goals, and recommend
approval of the attached resolutions and ordinance.
Submitted by: Approved:
Thomas M. Kanarr David H. Ready
Director of Finance &Treasurer City Manager
Attachments: TEFRA Hearing Notice
Schedule of Funding
Sources & Uses of Funds
Resolution (City Council)
Resolution (Financing Authority)
Ordinance
Schedule of Actions
As of 3/25/2004
CITY OF PALM SPRINGS FINANCING AUTHORITY
LEASE REVENUE REFUNDING BONDS,2004 SERIES A
(CONVENTION CENTER EXPANSION PROJECT)
Schedule of Actions
Scheduled to be Completed Date to Complete
Financial Advisor distributes draft Preliminary OS February 18
Bond Counsel distributes draft Legal Documents February 20
City opens Construction bids March 24
Agenda Deadline March 26
Comments received on 2°d draft.Preliminary OS March 30
Submit Documents for Rating/Insurance March 31
City Council Awards Construction bids April 7
City Council/Authority Board Adopt Ordinance approving Financing Documents April 7
MBIA Presentation Apffi 8
Bond Insurance Commitment April 16
2°d Reading of Ordinance approving Financing Documents April 21
Obtain BIA Consent By May 7
Print Preliminary Official Statement May 14
Ordinance Effective Date May 20
Sign Purchase Contract May 25
Bond Counsel distributes Closing Documents June 1
Financial Advisor delivers Final OS to Printer June 2
Bond Preclosing June 9
Bond Closing June 10
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CITY OF PALM SPRINGS
CONVENTION CENTER EXPANSION FUNDING
wt i if f : • • e Y 'Y �• s • •• -• Y
11/1/2004 1,210,000 972,263 1,281,200 3,463463 (683,632) 1,737,077 (1,039,846) 3,477,062 13,599
11/1/2005 1,210,000 974,883 1,281,200 3,466:083 (974,883) 3,212,108 (2,325,123) 3,378,185 (87,898)
11/1/2006 1,215,000 976,208 1,281,200 3,472,408 (976,208) 6,013,508 (1,215,561) 7,294,146 3,821,739 5,090,000
11/1/2007 1,215,000 976,198 1,281,200 3,472,398 (976,198) 3,142,508 (106,600) 5,532,108 2,059,710 2,300,000
11/1/2008 1,290,000 975,268 1,281,200 3,546,468 (975,268) 3,139,508 (106,600) 5,604,108 2,057,640 2,300,000
11/1/2009 - - 977,943 2,141,200 3,119,143 (977,943) 3,410,908 (106,600) 5,445,508 2,326,365 2,300,000
11/1/2010 - 978,568 2,141,800 3,120,368 (978,568) 3,411,933 (106,600) 5,447,133 2,326,765 2,300,000
11/1/2011 - 977,318 2,146,000 3,123,318 (977,318) 3,407,433 (106,600) 5,446,833 2,323,515 2,300,000
11/1/2012 - 979,818 2,143,600 3,123,418 (979,818) 3,411,183 (106,600) 5,448,183 2,324,765 2,300,000
11/1/2013 - 979,368 2,164,800 3,144,168 (979,368) 3,387,683 (106,600) 5,445,883 2,301,715 2,300,000
11/1/2014 - 982,343 2,133,450 3,-115,793 (982,343) 3,418,183 (106,600) 5,445,033 2,329,240 2,300,000
11/1/2015 983,48T. 2,158,588 3,142,068= '(983,480) 3,394,933 (106,600) 5,446,920 2,304,853 2,300,000
11/1/2016 981,760= 2,164,525 - 3,146,285 (981,760) 3,390,433 (106,600) 5,448,358 2,302,073 2,300,000
11/1/2017 983,150' 2,162,050 3,145,200 (983,150) 3,393,683 (106,600) 5,449,133 2,303,933 2,300,000
1111/2018-`- -- 987,3807--.- -=2;161,425 . -3,148,805 (987;380) - .- 3,389,183;- (106,600) 5,444,008 2,295,203, 2,300,000
11/1/2019 984,180 2,167,388 3,151,568 (984,180) 3,387,183 (106,600) 5,447,970 2,296,403 2,300,000
11/1/2020 988,820 2,164',413 3,153,233 (988,820)- 3,389-,383- (106,600) 5,447,195 2,293,963 2,300,000
'11/1/2021 --990,760'= '-2,166;413 31157,173-= ' °(990,760) 3,38&960---- (106,600) 5,448,773 2,291,600 2,300,000
1//112022 3,159,663 -3,159,663- 2.395,865 - (106,600) 5,448,928 2,289,265 2,300,000
11/1/2023 3,159,413 3,159,413 2,3B1,133 (106,600) 5,443,945 2,284,533 2,300,000
11/1/2024 3,164,500 3,164,500 2,390,620 (106,600) 5,448,520 2,284,020 2,300,000
11/1/2025 3,171,000 3,171,000 - 2,384,090" (106,600) 5,448,490 2,277,490 2,300,000
11/1/2026 - - - 5,551,930 (106,600) 5,445,330 5,445,330 5,300,000
11/1/2027 - 5,552,843 (106,600) 5,446,243 5,446,243 5,300,000
11/1/202 - 5,551,635 (106,600) 5,445,035 5,445,035 5,300,000
"- 11/11202: - 5,551,135 (106,600) 5,444,535 5,444,535 5,300,000
11/1/2030 - 5,552,760 (106,600) 5,446,160 5,446,160 5,300,000
11/1/2031 - 5,551,060 (106,600) 5,444,460 5,444,460 5,300,000
11/1/2032 - 5,550,810 (106,600) 5,444,210 5,444,210 5,300,000
11/112033 - 5,551,560 (106,600) 5,444,960 5,444,960 5,300,000
11/1/2034 - 5,552,860 (106,600) 5,446,260 5,446,260 5,300,000
11/1/2035 - 5,554,260 (106,600) 5,447,660 5,447,660 5,300,000
6,140,000 17,649,703 47,076,225 70,865,928 (17,361,072) 126,508,342 (7,671,930) 172,341,268
(3) TOT figure for 2006 represents cumulative collections generated from Rate Increases during construction period
Starting in 2026, includes$3,000,000 that was previously used to pay debt service on 2001 Bonds
Revised 3/23
1 it
SOURCES AND USES OF FUNDS
City of Palm Springs Financing Authority
Lease Revenue Bonds, Series 2004
Dated Date 05/20/2004
Delivery Date 05/20/2004
Sources:
Bond Proceeds:
Paz Amount 63,505,000.00
Premium 1,369,532.00
64,874,532.00
Uses:
Project Fund Deposits:
Project Fund 40,367,866.03
Project Fund Increase 4,412,376.56
44,780,242.59
S Refunding Escrow Deposits:
Cash Deposit 0.28
SLG Purchases 11,289,259.00
11,289,259.28
Other Fund Deposits:
Debt Service Reserve Fund 2,665,000.00
Capitalized Interest Fund 4,216,776.80
6,881,776.80
Delivery Date Expenses:
Cost of Issuance 450,000.00
Underwriter's Discount 520,741.00
Bond Insurance 948,812.57
1,919,553.57
Other Uses of Funds:
Additional Proceeds 3,699.76
64,874,532.00
1
Prepared by Harrell&Company Advisors,LLC Page 1
CITY OF PALM SPRINGS
NOTICE OF PUBLIC HEARING
Section 6586.5 of the California Government Code
NOTICE IS HEREBY GIVEN that at 7 p.m. on April 7, 2004, or as
soon thereafter as practicable, at the Council Chamber of the City of Palm
Springs, 3200 Tahquitz Canyon Way, Palm Springs, California, 92262, the
City Council of the City of Palm Springs will hold a public hearing
regarding the proposed issuance of not to exceed $65,000,000 aggregate
principal amount of City of Palm Springs Financing Authority Lease
Revenue Bonds, 2004 Series A (Convention Center Expansion Project)
(the 'Bonds"). The proceeds of the Bonds will be used to refinance
certain outstanding bonds related to the Convention Center and to finance
the construction of an expansion to the Convention Center facilities. At
the hearing, the testimony of all interested persons will be heard. Written
comments may be submitted prior to April 7, 2004 to the City Clerk at the
above address.
Dated: March 31, 2004
CITY OF PALM SPRINGS
/s/ Patricia A. Sanders
Patricia A. Sanders, City Clerk
1 no
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PALM SPRINGS, APPROVING AND AUTHORIZING
THE EXECUTION OF A SUPPLEMENTAL TRUST
AGREEMENT NO. 3 AND OTHER LEGAL DOCUMENTS
WITH RESPECT TO THE CITY OF PALM SPRINGS
FINANCING AUTHORITY LEASE REVENUE BONDS,
2004 SERIES A (CONVENTION CENTER EXPANSION
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 Certificates 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 NOVEMBER 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
NOVEMBER 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
TRUST 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 THEREOF; APPROVING THE FORM OF AN
AMENDED AND RESTATED DEVELOPMENT AGREEMENT, DATED AS OF
DECEMBER 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
STATEMENT RELATING TO THE REMARKETING OF THE CERTIFICATES OF
PARTICIPATION (CONVENTION CENTER PROJECT); APPOINTING A PAYING AGENT
Resolution No.
Page 2
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 terms 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 1985 Certificates through the issuance of the City
of 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 I 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
B (Convention Center Project) (the"1997 Bonds"); and
WHEREAS, the City currently refunded 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, $2,125,539.90 initial principal amount of the 1991 Bonds, $11,205,000
aggregate principal amount of the 1997 Bonds and $26,230,000 aggregate principal amount of
the 2001 Bonds remain outstanding; and
WHEREAS, it is now desirable to currently refund the 1997 Bonds with a portion of the
Lease Revenue Bonds, 2004 Series A (Convention Center Expansion Project) (the "2004
Bonds"); and
Resolution No.
Page 3
i
WHEREAS, the City also desire to expand the Convention Center with a portion of the
2004 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 2004 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 2004 Bonds. In addition, the expansion of the
Convention Center will provide employment benefits and more efficient services for residential
and commercial development 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. The above recitals are true and correct.
SECTION 2. Pursuant to the Act, the City hereby approves the issuance of the 2004
Bonds in an aggregate principal amount not to exceed $65,000,000.
SECTION 3. The form of the Supplemental Trust Agreement No. 3 ("Supplemental
Trust Agreement No. 3"), dated as of April 1, 2004, 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, Supplement Trust Agreement No. 3,
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. 3.
SECTION 4. The form of the Supplemental Lease Agreement No. 4 ("Supplemental
Lease Agreement No. 4"), dated as of April 1, 2004, by and between 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
Supplemental Lease Agreement No. 4, 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 Lease Agreement No.
4.
SECTION 5. The form of Escrow Deposit Agreement, dated as of April 1, 2004 (the
"Escrow Agreement"), 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
/ST
Resolution No.
Page 4
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 the Escrow Agreement.
SECTION 6. That the Preliminary Official, Statement relating to the 2004 Bonds
(the "Preliminary Official Statement"), 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 2004 Bonds, The Mayor or City Manager or Finance Director 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 2004 Bonds and the
Mayor or City Manager or Finance Director 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 2004 Bonds shall be submitted to
the Mayor or the City Manager or Finance Director for approval.
SECTION 7. 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 Aleshire & Wynder, LLP, Bond Counsel, necessary or
appropriate to perfect the assignments set forth in the Supplemental Trust Agreement No. 3 and
Supplemental Lease Agreement No. 4 and to consummate the transactions contemplated by this
Resolution and provided for in the aforementioned documents.
SECTION 8. 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 resulting in these
formal actions, were in meetings open to the public in compliance with all legal requirements.
SECTION 9. All actions heretofore taken by City or any of its officials, officers or
employees in connection with the sale and delivery of remarketing of the 2004 Bonds are hereby
ratified, confirmed and approved.
SECTION 10. Any resolutions of the City Council adopted prior to this resolution
are, to the extent they are in consistent or conflict with this resolution, hereby repealed and
rescinded.
SECTION 11. This resolution shall take effect and be enforceable immediately upon
its adoption.
/ STY
Resolution No.
Page 5
ADOPTED THIS _day of 12004.
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By:
City Clerk City Manager
REVIEWED AND APPROVED BY:
ORDINANCE NO.
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF PALM SPRINGS, CALIFORNIA, APPROVING AND
AUTHORIZING THE EXECUTION OF SUPPLEMENTAL
LEASE AGREEMENT NO. 4 RELATING TO THE CITY OF
PALM SPRINGS FINANCING AUTHORITY LEASE
REVENUE BONDS, 2004 SERIES A (CONVENTION
CENTER EXPANSION PROJECT)
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS ORDAINS AS FOLLOWS:
SECTION 1. The form of the Supplemental Lease Agreement No. 4 Relating to
Convention Center Facilities, dated as of April 1, 2001, by and between the City of Palm Springs
Financing 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 the
City, the Lease Agreement, with such changes therein not inconsistent with this ordinance and
not substantially adverse to the City as may be permitted under the laws of the State of California
("State") and approved by the Mayor or City Manager or Finance Director or any other officers
executing the same on behalf of the 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.
Ordinance No.
Page 2
ADOPTED THIS day of 2004.
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By:
City Clerk Mayor
REVIEWED AND APPROVED BY:
I HEREBY CERTIFY that the foregoing Ordinance was duly adopted by the City Council
of the City of Palm Springs, California, in a meeting held on the day of
2004, and that same was published in the DESERT SUN, a newspaper of general circulation, on
PATRICIA A. SANDERS
City Clerk
I