CC Resolution 2003-070RESOLUTION NO. 2003-070
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, TAXABLE SERIES 2003 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 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
THIRYT MILLION DOLLARS ($30,000,000) 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 and sale of not to exceed $30,000,000 principal amount of its
"La Quinta Redevelopment Agency, La Quinta Redevelopment Project Area No. 1, Tax
Allocation Bonds, Taxable Series 2003 " (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. 2003-070
Tax Allocation Bonds Series 2003
Adopted: August 5, 2003
Page 2
Section 1. Approval of Issuance of Bonds. The issuance of a principal amount
not to exceed $30,000,000 of Bonds in order to aid in the financing of the La Quinta
Section 2. Redevelopment Project Area No. 1 and for other purposes related
thereto, all of which constitute a "redevelopment activity," as such term is defined in
Section 3. Health and Safety Code Section 33678, is hereby authorized and
approved pursuant to Health and Safety Code Section 33640.
Section 4. Authorization of Officers. The City Manager, the Assistant City
Manager, and the 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 5. Effective Date. This Resolution shall take effect upon adoption.
PASSED, APPROVED, and ADOPTED at a regular meeting of the La Quinta
City Council held on this 51h day of August, 2003, by the following vote:
AYES: Council Members Henderson, Osborne, Perkins, Sniff, Mayor Adolph
NOES: None
ABSENT: None
ABSTAIN: None
STANLEY SNIFF, Ma or Pro Te
City of La Quinta, Cali ornia
Resolution No. 2003-070
Tax Allocation Bonds Series 2003
Adopted: August 5, 2003
Page 3
ATTEST:
JUN . GREEK, CMC, City Clerk
City of La Quinta, California
(CITY SEAL)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Cit Atto ney
City of La Quinta, California