FA Resolution 2004-001
RESOLUTION NO. FA 2004-001
-
I A RESOLUTION OF THE LA QUINT A FINANCING
AUTHORITY APPROVING A LOAN AGREEMENT
BETWEEN THE LA QUINT A FINANCING AUTHORITY
AND THE LA QUINT A REDEVELOPMENT AGENCY
WHEREAS, the La Quinta Financing Authority (U AuthorityU) is a joint powers
authority duly created, established, .and authorized to transact business and
exercise its powers under and pursuant to the Joint Exercise of Powers Act,
Chapter 5 of Division 7 of Title 1 (commencing with Section 6500) of the.
Government Code of the State of California (the U JPA Law"); and
WHEREAS, the Authority, among other powers, is authorized by the JPA
Law to make loans to local public agencies; and
WHEREAS, the La Quinta Redevelopment Agency (UAgency") is a public
body, corporate and politic, duly created, established, and authorized to transact
business and exercise its powers, 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 (the uRedevelopment Law");
and
W.HEREAS, the Agency, among other powers, is authorized by the
Redevelopment Law to borrow money from any public agency for any
redevelopment project within its area of operation; and
WHEREAS, the Agency and Authority propose to enter into a Loan
Agreement pursuant to which the Authority is authorized to loan to the Agency,
and the Agency is authorized to borrow from the Authority, from time to time and
one or more times, in the aggregate amount of not to exceed One Hundred Ten
Million Dollars ($110,000,000), funds from the proceeds of Authority bonded
indebtedness, with individual specific loans to be effected through Supplemental
Loan Agreements separately approved by the Agency and the Authority, all as
described in the Loan Agreement.
NOW, THEREFORE, THE LA QUINT A FINANCING AUTHORITY DOES
HEREBY RESOLVE, ORDER, AND DETERMINE AS FOLLOWS:
Section 1. Each of the above recitals is true and correct. and are
í incorporated herein.
e
Resolution No. FA 2004-001
Loan I Financing Authority & Redevelopment Agency
Adopted: February 3. 2004
Page 2
Section 2. The Loan Agreement, in the form on file with the Authority
Secretary concurrent with the adoption of this Resolution, is hereby approved, and
the Authority Chairman is authorized and directed to sign the Loan Agreement on
behalf of the Authority.
Section 3. The Authority's approval of the Loan Agreement and the.
adoption of this Resolution are not subject to the California Environmental Quality
Act pursuant to CEQA Guidelines Section 15378(b)(4) [California Code of
Regulations Section 15378(b)(4)] because the Loan Agreement is a fiscal activity
which does not involve any commitment to any specific project which may result in
a potentially significant physical impact on the environment.
Section 4. Agency Legal Counsel is authorized and directed to file and
pursue to judgment a validating procedure with respect to the Loan Agreement in
accordance with Code of Civil Procedure Section 860 et seq.
PASSED, APPROVED and ADOPTED by the La Quinta Financing Authority at
a regular meeting held on this 3rd day of February 2004, by the following vote:
AYES: Members Henderson, Osborne, Perkins, Sniff, Chairman Adolph
NOES: None
ABSENT: None
ABSTAIN: None
DON ADOC H, hairman
La Quinta Financing Authority
ATTEST:
~.-d~«~
JU . GREEK, CMC, ority Secretary
La Quinta Financing Authority
(Seal)
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Resolution No. FA 2004-001
Loan I FInancing Authority 1& Redevelopment Agency
Adopted: February 3, 2004
Page 3
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. APPROVED AS TO FORM:
J1L./(~ .
M. KATHERINEJEr4'SON, Authority Counsel
La Quinta Financing Authority
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