CC Resolution 2004-062
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RESOLUTION NO. 2004-062
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. ! A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
!, LA QUINT A, CALIFORNIA APPROVING A LOAN
BETWEEN THE LA QUINT A REDEVELOPMENT AGENCY
AND THE LA QUINT A FINANCING AUTHORITY
WHEREAS, the City of La Quinta (the "City") and the La Quinta
Redevelopment Agency (the" Agency") have heretofore entered into a Joint.
, Exercise of Powers Agreement establishing the La Quinta Financing AuthoritŸ (the
"Authority") for the purpose of issuing its bonds to be used to provide financial
assistance t~ the City. and Agency; and
WHEREAS, the Authority intends to issue its Local Agency Revenue Bonds
2004 Series A (the" Authority Bonds") in order to make loans to refund and prepay
certain prior bonds (the "Prior Bonds") of the Agency and to provide additional
funds to the Agency (the" Agency Loan"); and
WHEREAS, the Agency Loan will be secured by a portion of the low- a~d
moderate-income housing tax increment revenues allocable to the Agency under
~ the Community Redevelopment Law, being Section 33000 and following of the
, California ~ealth and Safety Code, et. seC\:. (the "Act") with respect to various
project areas; and
WHEREAS, there have been presented at this meeting documents in
connection with the issuance of the Authority Bonds and the issuance of the
Agency Loan; and
WHEREAS, pursuant to the Act, the Agency has auth<?rized ~he Agency
Loan; and .
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of La
Quinta, California,. as follows:
SECTION 1. .ðID>roval of Issuance of Authority Bonds and Agency Loa'n. The
issuance of the Authority Bonds by the. Authority, the incurrence of the Agency
. Loan by the Agency, and the refunding of the Prior Bonds are hereby approved.
This approval is made, among other things, in order to meet the public approval
requirements of, among others, Government Code Section 6586.5(a)(2). The City
Council hereby finds and determines that the financing of the Project, which is the
subject of the Authority Bonds and Agency Loan, will produce a significant public
- benefit in accordance with the criteria set forth in Government Code
Section 6586(a), (c) and (d).
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Resolution No. 2004-062
Rnancing Authority Bonds & Agency Loan
- Adopted: June 1. 2004
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SECTION 2. .ðID>roval of Issuance of Authority and Agency Loan. The
issuance of a principal amount not to exceed $100,000,000 Authority Bonds and
principal amount not to exc~ed $100,000,000 Agency Loan in order to aid in the
financing of certain housing related redevelopment activities in Redevelopment
Project Area Nos. 1 and 2, and for other purposes related thereto, all of which
constitutes a "redevelopment activity," as such term is defined in Health and
Safety Code Section 33678, are hereby authorized and approved pursuant to
Health and Safety Code Section 33640.
SECTION 3. Other Acts. The officers and staff of the City are hereby
authorized and directed, jointly and severally, to do any and all things, and to
execute and deliver any and all documents, which, in consultation with counsel to
the City, they may deem necessary or advisable in order to effectuate the
provisions of this Resolution, and any and all actions previously taken by such
officers or staff members are hereby ratified and confirmed.
SECTION 4. 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 1 st day of June, 2004, by the following vote to wit:
AYES: Council Members Henderson, Osborne, Perkins, Sniff, Mayor Adolph
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
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JUN. REEK, CMC, City Clerk
City of La Quinta, California
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-~- -- ------- ----------- _on
Resolution No. 2004-082
financing Authority Bonds. Agency Loan
- -- - Adopted: Jun. 1, 2004
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APPROVED AS TO FORM:
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