FA Resolution 2002-01 RESOLUTION NO. FA 2002-01
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 $50,000,000
aggregate principal amount of bonds of the Agency designated "La Quinta
Redevelopment Agency, La Quinta Redevelopment Project Area No. 1, Tax
Allocation Bonds, Series 2002" (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:
Resolution No. FA 2002-01
Purchase Contract / Wedbush Morgan Securities
Adopted: May 7, 2002
Page 2
SECTION 1. The foregoing recitals are true and correct and this Authority so
finds and determines.
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
$50,000,000; (ii) the Underwriter's discount exclusive of original issue discount
does not exceed 1.00% 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 by the La Quinta Financing Authority at
a regular meeting held this 7th day of May, 2002, by the following vote:
AYES: Members Adolph, Henderson, Perkins, Sniff, Chairman Pe~a
NOES: None
ABSENT: None
ABSTAIN: None
JOI~IN J~EI~IA, ({;l-)a~rman
La Ouinta Financing Authority
Resolution No. FA 2002-01
Purchase Contract / Wedbush Morgan Securities
Adopted: May 7, 2002
Page 3
ATTEST:
JU~EK, CM~Secretary
La Quinta Financing Authority
APPROVED AS TO FORM'
La Quinta Financing Authority
Resolution No. FA 2002-01
Purchase Contract / Wedbush Morgan Securities
Adopted: May 7, 2002
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 May 7, 2002, of
which all of such members had due notice, as follows:
AYES: Members Adolph, Henderson, Perkins, Sniff, Chairman 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: ~--~/~ ,2002
JUI/~S'/. GREEK,-CMC,-~uthority Secretary
La Quinta Financing Authority