CC Resolution 2000-058 RESOLUTION NO. 2000-58
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA QUINTA,
CALIFORNIA AWARDING THE SALE OF ASSESSMENT DISTRICT NO.
2000-1 (PHASE VI IMPROVEMENTS) LIMITED OBLIGATION
IMPROVEMENT BONDS.
WHEREAS, the City Council of the City of La Quinta heretofore negotiated for
the sale of improvement bonds to be issued by the City of La Quinta Assessment
District No. 2000-1 (Phase VI Improvements) pursuant to the Improvement Bond Act
of 1 91 5 (the "Bonds"); and
WHEREAS, the underwriting firm of Miller & Schroeder Financial, Inc.
("Underwriter") has submitted a form of written Bond Purchase Agreement pursuant
to said negotiations which has been reviewed and considered.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LA QUINTA DOES
HEREBY RESOLVE, DETERMINE, AND ORDER AS FOLLOWS:
SECTION 1. The form of the Bond Purchase Agreement of the Underwriter for
~2,285,000.00 par value of the Bonds, subject to the terms of Section 2, shall be and
is hereby accepted, and upon their issuance the City Treasurer is hereby authorized
and directed to deliver the Bonds to the Underwriter upon payment to the City
Treasurer of the purchase price. The Bonds shall bear interest at the rates established
in said Bond Purchase Agreement, payable September 2, 2000, and semiannually
thereafter.
SECTION 2. The sale of the Bonds to the Underwriter at a purchase price of not
less than the aggregate principal amount of the Bonds less the Underwriter's
commission not to exceed 1.65% of the face value of the Bonds and at an interest
rate of not to exceed 7.00% is hereby authorized, approved and confirmed, and the
City Manager, Finance Director or Director of Public Works/City Engineer, or their
designees are hereby authorized, empowered and directed to do all such acts and
things and to execute all such documents as may be necessary to effectuate the sale
of the Bonds.
SECTION 3. Subject to the above terms, the form and content of the Bond
Purchase Agreement is hereby authorized, approved and confirmed, and the City
Manager, Finance Director or Director of Public Works/City Engineer or their designees
are hereby authorized, empowered and directed to accept the Bond Purchase
Agreement for and on behalf of the City in substantially the form and content now
before this Council but with such changes, modifications, additions or deletions therein
as shall to them seem necessary, desirable or appropriate, their acceptance thereof to
Resolution No. 2000-58
Sale of Bonds
Assessment District No. 2000-1
Adopted: June 6, 2000
Page 2
acceptance thereof to
constitute conclusive evidence of their approval of any and all changes, modifications,
additions, or deletions therein from the form and content of the Bond Purchase
Agreement now before this Council and that, from and after the execution and
delivery of the purchase contract, the City Manager or his designee is hereby
authorized, empowered and directed to do all such acts and things and to execute all
such documents as may be necessary to carry out and comply with the provisions of
the Bond Purchase Agreement as executed.
PASSED, APPROVED and ADOPTED this 6th day of June, 2000, by the
following vote:
AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor Pe~a
NOES: None
ABSENT: None
ABSTAIN: None
JOHNtjJ. PECf~A,~ Mayor
City of La Quints, California
ATTEST:
City of La Quinta, California
(City Seal)
Resolution No, 2000-58
Sale of Bonds
Assessment District No. 2000-1
Adopted: June 6, 2000
Page 3
APPROVED AS TO FORM:
DAWN C. HONEYWELL, City Attorney
City of La Quinta, California