CC Resolution 2002-066 RESOLUTION NO. 2002-66
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 2002
AND MAKING CERTAIN DETERMINATIONS RELATING THERETO.
WHEREAS, the La Quinta Redevelopment Agency (the "Agency"), 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 "City"), which became
effective o n 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 FIFTY MILLION DOLLARS ($50,000,000) TO
FINANCE A PORTION OF THE COSTS OF A REDEVELOPMENT
PROJECT KNOWN AS THE LA QUINTA REDEVELOPMENT PROJECT
AREA N0.1 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 and sale of not to exceed $50,000,000 principal amount of
its "La Quinta Redevelopment Agency, La Quinta Redevelopment Project Area No.
1, Tax Allocation Bonds, Series 2002 "(the "Bonds");
· ,
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE
CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA, AS FOLLOWS:
Resolution No. 2002-66
Approving Issuance of Tax Allocation Bonds
Redevelopment Project Area No. 1
Adopted: May 7, 2002
Page 2
Approval of Issuance of Bonds. The issuance of a principal amount not to
exceed $50,000,000 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.
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.
Effective Date. This Resolution shall take effect upon adoption.
PASSED, APPROVED, and ADOPTED at a regular meeting of the La Quinta
City Council this 7th day of May, 2002, by the following vote'
AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor PeAa
NOES' None
ABSENT: None
ABSTAIN' None
,JOHN P[~IA,
Cit inta, California
ATTEST:
JU~GREEK,-C~Ic, ~Clerk
City of La Quinta, California
(City Seal)
Resolution No. 2002-66
Approving Issuance of Tax Allocation Bonds
Redevelopment Project Area No. 1
Adopted: May 7, 2002
Page 3
APPROVED AS TO FORM'
~1. 'KA'I(HI~RINE JEI~SON, Cit~ Attorney
City of La Quinta, California
Resolution No. 2002-66
Approving Issuance of Tax Allocation Bonds
Redevelopment Project Area No. 1
Adopted: May 7, 2002
Page 4
CLERK'S CERTIFICATE
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )ss.
CITY OF LA QUINTA )
I, JUNE S. GREEK, City Clerk of the City of La Quinta, DO HEREBY CERTIFY
that the foregoing Resolution was duly adopted by said Council at a regular meeting
of said Council held on the 7th day of May, 2002.
AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor Pe~a
NOES- None
ABSENT: None
ABSTAIN' None
JUN~EEK, CMC, C-~y-~'lerk
City of La Quinta, California
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )ss.
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. 2002- 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- ,.G'//$ , 2002
.~1~. GREEK, CMC, C--~y~'~lerk
City of La Quinta, California