CC Resolution 2001-090 RESOLUTION NO. 2001o90
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA QUINTA,
CALIFORNIA, APPROVING THE ISSUANCE BY THE LA QUINTA
REDEVELOPMENT AGENCY OF ITS LA QUINTA REDEVELOPMENT
PROJECT AREA NO. 1, TAX ALLOCATION BONDS, SERIES 2001 AND
MAKING CERTAIN DETERMINATIONS RELATING THERETO.
WHEREAS, the La Quinta Redevelopment Agency (the WAgency"), is a
redevelopment agency duly created, established and authorized to transact business
and exercise its powers, all under and pursuant to the Community Redevelopment Law
(Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety
Code of the State of California) and the powers of the Agency include the power to
issue bonds for any of its corporate purposes; and
WHEREAS, a Redevelopment Plan known as the "La Quinta Redevelopment
Agency, La Quinta Redevelopment Project Area No. 1" has been adopted and approved
by Ordinance No. 43 of the City of La Quinta (the wCity"), which became effective on
December 29, 1983 and all requirements of law for and precedent to the adoption and
approval of said Redevelopment Plan have been duly complied with; and
WHEREAS, the Agency has approved in substantial form its Resolution entitled:
RESOLUTION OF THE BOARD OF DIRECTORS OF THE LA
QUINTA REDEVELOPMENT AGENCY AUTHORIZING THE
ISSUANCE OF TAX ALLOCATION BONDS OF SAID
AGENCY IN A PRINCIPAL AMOUNT OF NOT TO EXCEED
FORTY-EIGHT MILLION DOLLARS ($48,000,000) TO
FINANCE A PORTION OF THE COSTS OF A
REDEVELOPMENT PROJECT KNOWN AS THE LA QUINTA
REDEVELOPMENT PROJECT AREA NO. 1 AND APPROVING
CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER
ACTIONS IN CONNECTION THEREWITH.
WHEREAS, under and pursuant to the above Resolution, the Agency will
authorize the issuance end sale of not to exceed $48,000,000 principal amount of its
"La Quinta Redevelopment Agency, La Quinta Redevelopment Project Area No. 1, Tax
Allocation Bonds, Series 2001" (the "Bonds");
Re~olutlon No. 2001-90
Redevelopment Project Area No. 1
Tax Allocation Bond.
Adopted: duly 3, 2001
Page 2
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE
CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA, AS FOLLOWS:
SECTION 1. AITl~roval of Issuance of Bonds. The issuance of a principal
amount not to exceed $48,000,000 of Bonds in order to aid in the financing of the La
Quinta Redevelopment Project Area No. 1 and for other purposes related thereto, all
of which constitute a "redevelopment activity", as such term is defined in Health and
Safety Code Section 33678, is hereby authorized and approved pursuant to Health and
Safety Code Section 33640.
SECTION 2. Authorization of Officers. The City Manager and Finance
Director of the City and the other officers and members of staff having responsibility
for the affairs of the Agency are hereby authorized to execute such documents and
certificates determined by Bond Counsel as necessary to assist the Agency in the
issuance of the Bonds.
SECTION 3. Effective Date. This Resolution shall take effect upon
adoption.
PASSED, APPROVED and ADOPTED this 3rd day of July, 2001, by the following
vote:
AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor Pe~a
NOES: None
ABSENT: None
ABSTAIN: None
T~x ,Nlooa~on Bond=
Adopted: July 3, 2001
P~ge 3
ATTEST:
JU~REEK, CMC,~
City of La Quinta, California
(City Seal)
APPROVED AS TO FORM:
M~K~T~ R~~~ney
City of La Quinta, California
STATE OF CALIFORNIA ) CLERK'S CERTIFICATE
COUNTY OF RIVERSIDE )ss. OF AUTHENTICATION
CITY OF LA QUINTA
I, JUNE S. GREEK, City Clerk of the City of La Quinta DO HEREBY CERTIFY that
the above and foregoing is a full, true and correct copy of Resolution No. 2001-90 of
the City and that the Resolution was adopted at the time and by the vote stated on
the above certificate, and has not been amended or repealed.
DATED: July 3, 2001
City of La Quinta, California