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RDA Resolution 2004-010 - 0" RESOLUTION NO. RA 2004-010 ~ i A RESOLUTION OF THE LA QUINT A REDEVELOPMENT . AGENCY OF THE CITY OF LA QUINTA, CALIFORNIA APPROVING ITS FIRST SUPPLEMENTAL LOAN AGREEM~NT I ESCROW DEPOSIT AND TRUST AGREEMENT, OFFICIAL STATEMENT, PURCHASE CONTRACT I AUTHORIZING THE EXECUTIVE DIRECTOR TO SET THE FINAL TERMS OF THE APPROVAL OF THE .. AGENCY LOAN, APPROVING THE PAYMENT OF COSTS OF ISSUING THE AGENCY LOAN AND MAKING .CERT AIN 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, being Section 33000 and following 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, redevelopment plans for certain redevelopment projects (the "Projects"), have been adopted and approved and all requirements of law for, and precedent to, the adoption and approval of said plan have been duly complie~ with; and . WHEREAS, the Agency issued its $22,455,000 La Quinta Redevelopment Project Area Nos. 1 and 2 1995 Housing Tax Allocation Bonds (the "Prior Bonds"); and WHEREAS, the Agency proposes to enter into not to exceed $100,000,000 principal amount of its 2004 Loan (the "Agency Loan") to advance refund the Prior Bonds and provide funds for expansion of certain housing related redevelopment projects (the "Project") the repayment of which will be seçured by certain tax increment revenues from the Project areas; and WHEREAS, there has been presented at. this meeting a form of First Supplemental Loan Agreement and other documents providing for the approval of the Loan including a form of an escrow agreement relating to the Prior Bonds; and WHEREAS, there has been presented at this meeting forms of Preliminary Official Statements relating to the La Quinta Financing Authority (the" Authority") - Local Agency Revenue Bonds, 2004 Series A (the "Authority Bonds"); and Resolution No. RA 2004-010 Arst Supplemental Loan Agreement - - . Adopted: June 1. 2004 Page 2 NOW, THEREFORE, BE IT RESOLVED, by the La Quinta Redevelopment Agency of the City of La Quinta, California, as follows: SECTION 1. .ðQproval. of Agency Loans. The incurrence of not to exceed $100,000,000 principal amount of the Agency Loan in order to refund the Prior Bonds and to provide funds to accomplish lawful housing related redevelopment purposes is hereby authorized and approved. SECTION 2. .ðQpointment of Trustee. U.S. Bank National Association as Trustee is hereby appointed as Trustee (the "Trustee") pursuant to the Loan Documents, as defined below, to take any and all action provided for therein to be taken by the Trustee. SECTION 3. Official Statement. The form of Preliminary Official Statements relating to each series of the Authority Bonds and presented to this meeting are hereby approved. The preparation of a final Official Statement relating to each series of the Authority Bonds is hereby approved and the Executive Director or Assistant Executive Director or Treasurer is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver final official statements containing such changes from the Preliminary Official Statement as may be approved by the Executive Director or Assistant Executive Director or Treasurer and the distribution of such preliminary and final official statements in conne,ction with the sale of the Bonds is hereby authorized. The Executive Director or Assistant Executive Director or Treasurer is also authorized and directed to deem the Preliminary Official Statement final within the meaning of Rule 1 5c2-12 of the Securities Exchange Act of 1 934 (the "Rule"), omitting only such information as is permitted under such Rule, and to execute an appropriate certificate stating the Agency's determination that the preliminary official statements have been deemed final ~ithin the meaning of such Rule. SECTION 4. .ðQproval of Agency Loan and Loan Documents. The Agency hereby authorizes and approves the Agency Loan to be made to the Agency by the Authority fròm the proceeds of the Authority Bonds pursuant to the Loan Agreement, dated as of February 3, 2004, by and between the Agency and the Authority and the First Supplemental Loan Agreement dated as of June 1, 2004, by and among the Agency, the Authority and the Trustee (the "Supplemental Loan Agreement") (collectively, the "Loan Documents"). The Loans shall be made pursuant to and in accordance with the terms of the Loan Documents. The Agency hereby approves the Loan Documénts and any supplemental loan documents in substantially the forms on file with the Secretary together with any additions thereto or changes therein (including but not limited to the principal amounts of the Loans) deemed necessary or advisable by the Executive Director or Assistant Executive Director or Treasurer, whose" execution thereof shall be conclusive , . ---~ - --- - - --~.- - ~- --- - -- Re8olutlon No. RA 2004-01 0 FIrst Supplemental Loan Agr..ment -.. . Adopted: June .1,2004 Page 3 ~ evidence of approval of any such additions and changes. The Chairperson or ¡ Executive Director or Assistant Executive Director or Treasurer is hereby authorized . and directed to execute, and the Secretary is hereby authorized and directed to attest and affix the seal of the Agency to, the final form of the Loan Documents and any supplemental loan documents or and in the name and on behalf of the Agency. The proceeds of the Loans shall be applied by the Agency for the purposes and in the amounts set forth in the Loan Documents. The Agency hereby authorizes the delivery and performance of the Loan Documents. . SECTION 5. Escrow Agreement. The forms of Escrow Deposit and Trust Agreement by and among the Agency, the Authority, and U.S. Bank Nationa,l Association, as escrow holder (the "Escrow Agreement"), presented at this meeting are hereby approved and the Chairman or any other member of the Agency or the Executive Director or Assistant Executive Director or Treasurer and Secretary are hereby authorized and directed, for and in the name of and on behalf of the Agency, to execute, acknowledge and deliver said Escrow Agreement in substantially the form presented at this meeting with such insubstantial changes therein as the officers executing the same may approve,. such approval to be conclusively evidenced by the execution and delivery thereof. - SECTION 6. f!!guisitions. The Executive Director or Assistant Executive Director or Treasurer, or his/her designee, is hereby authorized and directed to . execute one or more requisitions authorizing the Trustee to pay the costs of issuing the Agency Loan from the proceed~ of the Authority Bonds or Agency Loan and the moneys, if any, deposited by the Agency with the Trustee for such purpose, all pursuant to the Loan Documents. SECTION 7.~. Agency hereby specifically pledges, by way of and pursuant to the issuance of Agency Loan and the Loan Documents, certain of the tax increment of Project Area Nos. 1 and 2 to payment of the Authority Bonds as set forth in the Loan Documents. SECTION 8. Public Benefit Finding. Su~sequent to a public hearing held pursuant to Government Code Section 6586.5, the Agency hereby finds and determines the financing of the Project with the proceeds of the Authority Bonds and Agency Loan will provide significant public benefits in accordance with. the criteria specified in Government Code Sections 6586(a), (c), and (d). SECTION 9. Other Acts. The officers and staff of the Agency are hereby authorized and directed, jointly and severally, to do. any and all things (including, but not limited to, obtaining a policy or policies of municipal bond insurance and/or - a rating from a national rating agency with respect to the bonds), or otherwise to effectuate the refund,ing of the Prior Bonds, or to otherwise effectuate the purposes . Resolution No. RA 2004-010 First Supplemental Loan Agreement Adopted: Jun. 1. 2004 Page 4 of this Resolution, and any and all such actions previously taken by such officers or staff members are hereby ratified and confirmed. SECTION 10. Effective Date. This Resolution shall take effect upon adoption. PASSED, APPROVED and ADOPTED at a ,regular meeting of the La Quinta Redevelopment Agency held on this 1 st day of June, 2004, by the following vote to wit:. AYES: Members Adolph, Osborne, Perkins, Sniff, Chair Henderson NOES: None ABSENT: None ABSTAIN: None ENDERSON~ Chairperson a Redevelopment Agency ATTEST: ~.- ~ - P7'. ~~ J) JU- GREEK, CMC, Agenc ecretary La Quiota Redevelopment Agency APPROVED AS TO FORM: . KA THER E JENSON, nsel La Quinta Redevelopme - .- - "-----.. --- -- - --------- --- - -