FA Resolution 2001-02 RESOLUTION NO. FA 2001-02
A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY
AUTHORIZING THE EXECUTION AND DELIVERY OF A PURCHASE
CONTRACT BY AND AMONG THE LA QUINTA REDEVELOPMENT
AGENCY, THE LA QUINTA FINANCING AUTHORITY, AND WEDBUSH
MORGAN SECURITIES
WHEREAS, the City of La Quinta (the "City") and the La Quinta Redevelopment
Agency (the "Agency") have entered into a Joint Exercise of Powers Agreement, dated
as of November 3, 1988 (the "Agreement"), creating the La Quinta Financing Authority
(the "Authority"); and
WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of the Government
Code of the State of California (the "Act") and the Agreement, the Authority is
authorized to purchase bonds issued by the Agency for financing public capital
improvements, working capital, liability and other insurance needs, or projects
whenever there are significant public benefits as determined by the Agency; and
WHEREAS, pursuant to the Act and the Agreement the Authority is further
__ authorized to sell bonds so purchased to public or private purchasers by public or
negotiated sale; and
WHEREAS, the Authority desires to purchase not to exceed $48,000,000
aggregate principal amount of bonds of the Agency designated "La Quinta
Redevelopment Agency, La Quinta Redevelopment Project Area No. 1 Tax Allocation
Bonds, Series 2001" (the "Bonds") solely from the proceeds received from the
Authority's concurrent sale of such Bonds to Wedbush Morgan Securities (the
"Underwriter"); and
WHEREAS, in accordance therewith, the Authority now desires to authorize the
execution of a bond purchase contract by and among the Authority, the Agency and
the Underwriter (the "Purchase Contract"); and
WHEREAS, the Agency has determined that "significant public benefits" as
defined in Section 6586 of the Act will be derived by the Agency in undertaking the
issuance of the Bonds and their sale to the Authority and resale to the Underwriter, in
furtherance of the corporate purposes of the Agency;
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BOARD OF THE LA
QUINTA FINANCING AUTHORITY AS FOLLOWS:
SECTION 1. The foregoing recitals are true and correct and this Authority so
finds and determines.
Re~olu~on No. FA 2001-O2
RDA]Y'Ina~ng Authority/W~lbu~h Morgan
Adopte~l: July 3, 2001
pag~ 2
SECTION 2. The proposed form of Purchase Contract by and among the
Agency, the Authority and the Underwriter, on file with the Secretary of the Governing
Board and incorporated into this Resolution by reference is hereby approved, provided
however, (i) the principal amount of the Bonds does not exceed $48,000,000; (ii) the
Underwriter's discount exclusive of original issue discount does not exceed 1.75%
of the principal amount of the Bonds; and (iii) the net interest cost does not exceed
5.5%. The Chairman or Executive Director or Finance Director is hereby authorized
and directed, for and in the name and on behalf of the Authority, to purchase the
Bonds from the Agency and to accept the offer of the Underwriter to purchase the
Bonds from the Authority, subject to the terms and conditions of the Purchase
Contract, and to execute and deliver the Purchase Contract in substantially said form,
with such changes or additions thereto that may hereafter become necessary in the
interests of the Authority and which are reviewed and approved by counsel to the
Authority, any such additions or changes to be conclusively evidenced by the
execution and delivery of said agreements.
SECTION 3. The officers of the Authority and members of the Governing Board
are hereby authorized to take such other actions and execute such documents and
certificates as are necessary or appropriate for the accomplishment of the purposes of
this resolution.
SECTION 4. This resolution shall take effect from and after its adoption.
PASSED, APPROVED and ADOPTED this 3'~ day of July, 2001, by the following
vote:
AYES: Board Members Adolph, Henderson, Perkins, Sniff, Chair PeSa
NOES: None
ABSENT: None
JOH~..~~. PFE~Chairm~t.~/.'. .
ABSTAIN:
None
La ~u~x~L~ r~nancing Aut ority
Re.ok~on No. FA 2001-02
__ RDA/Fln.nc~ng Aulhortty/Wedbu~t Morgan
Adopted: July 3, 2001
P~l~ge 3
ATFEST:
J U N E~I~, C~C', ~ecretary
La Quinta Financing Authority
{Authority Seal)
APPROVED AS TO FORM:
SON-~,~ounsel
La Quinta Financing Authority
Reaelution No. FA 2001-02
RDA/F]na~ctng Au~oHty/~/edbu~h Morg~
Aclopte~: July 3, 2001
page 4
SECRETARY'S CERTIFICATE
I, JUNE S. GREEK, Secretary of the La Quinta Financing Authority, do hereby
certify as follows:
The foregoing resolution is a full, true and correct copy of a resolution duly
adopted by a vote of a majority of the members of the Governing Board of said
Authority at a regular meeting of the Governing Board of said Authority duly and
regularly and legally held at the City of La Quinta, California, on July 3, 2001, of
which all of such members had due notice, as follows:
AYES: Board Members Adolph, Henderson, Perkins, Sniff, Chair Pe~a
NOES: None
ABSENT: None
ABSTAIN: None
As agenda of said meeting was posted at least 72 hours before said meeting at
the City Hall, a location freely accessible to members of the public, and a brief
description of said resolution appeared on said agenda.
I have carefully compared the foregoing with the original minutes of said
meeting on file and of record in my office, and the foregoing is a full, true and correct
copy of the original resolution adopted at said meeting and entered in said minutes.
Said resolution has not been amended, modified or rescinded since the date of
its adoption and the same is now in full force and effect.
DATED: July 3, 2001
La Quinta Financing Authority