FA Resolution 1988-02 4O3
LA QUINTA FINANCING AUTHORITY
RESOLUTION NO. FA 88-2
RESOLUTION AUTHORIZING THE EXECUTION AND
DELIVERY OF BOND PURCHASE CONTRACTS BY AND
AMONG THE LA QUINTA REDEVELOPMENT AGENCY, LA
QUINTA FINANCING AUTHORITY, AND PAINEWEBBER
INCORPORATED
WHEREAS, the City of La Quinta (the "City") and the
na Quinta Redevelopment Agency (the "Agency") have entered into
a Joint Exercise of Powers Agreement, dated as of November 3,
1988 (the "Agreement"), creating the La Quinta Financing
Authority (the "Authority");
WHEREAS, pursuant to Article 4 of Chapter 5 of
Division 7 of the Government Code of the State of California
(the "Act") and the Agreement, the Authority is authorized to
purchase bonds issued by the Agency for financing public
capital improvements, working capital, liability and other
insurance needs, or projects whenever there are significant
public benefits as determined by the Agency; and
WHEREAS, pursuant to the Act and the Agreement the
Authority is further authorized to sell bonds so purchased to
public or private purchasers by public or negotiated sale; and
WHEREAS, the Authority desires to purchase not to
exceed $8,000,000 aggregate principal amount of bonds of the
Agency designated "La Quinta Redevelopment Agency, La Quinta
Redevelopment Project, Tax Allocation Bonds, Series 1988" (the
"Bonds") solely from the proceeds received from the Authority's
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concurrent sale of such Bonds to PaineWebber Incorporated (the
'Underwriter'); and
WHEREAS, in accordance therewith, the Authority now
desires to authorize the execution of a bond purchase contract
between the Authority and the Agency (the 'Authority Purchase
Contract") and of a bond purchase contract by and among the
Authority, the Agency and the Underwriter (the "Underwriter
Purchase Contract"); and
WHEREAS, the Agency has determined that "significant
public benefits" as defined in Section 6586 of the Act will be
derived by the Agency in undertaking the issuance of the Bonds
and their sale to the Authority and resale to the Underwriter,
in furtherance of the corporate purposes of the Agency;
NOW, THEREFORE, BE IT RESOLVED by the Governing Board
of the La Quinta Financing Authority as follows:
Section 1: The foregoing recitals are true and
correct and this Authority so finds and determines.
Section 2: The proposed forms of Authority Purchase
Contract and the Underwriter Purchase Contract, by and among
the Agency and the Authority and the Agency, the Authority and
the Underwriter, respectively, on file with the Secretary of
the Governing Board and incorporated into this Resolution by
reference are hereby approved. The Chairman is hereby
authorized and directed, for and in the name and on behalf of
the Authority, to purchase the Bonds from the Agency and to
accept the offer of the Underwriter to purchase the Bonds from
the Authority, subject to the terms and conditions of the
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RESOLUTION NO. FA 88-2
Underwriter Purchase Contract, and to execute and deliver the
Authority Purchase Contract and the Underwriter Purchase
Contract, in substantially said form, with such changes or
additions thereto that may hereafter become necessary in the
interests of the Authority and which are reviewed and approved
by counsel to the Authority, any such additions or changes to
be conclusively evidenced by the execution and delivery of said
agreements.
Section 3. The officers of the Authority and members
of the Governing Board are hereby authorized to take such other
actions and execute such documents and certificates as are
necessary or appropriate for the accomplishment of the purposes
of this resolution.
Section 4. This resolution shall take effect from and
after its adoption.
PASSES AND ADOPTED on December ~, 1988, by the
following vote:
A~S: Mr. Bohnenberger, Mrs. Bosworth, Mrs. Rushworth, Mr. Sniff,
Chairman Pena
NOES: None
ABSENT: None
Financing Authority
APPROVED AS TO FO~:
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SECRETARY'S CERTIFICATE
I, SAUNDRA JUHOLA, Secretary of the La Quinta
Financing Authority, do hereby certify as follows:
The foregoing resolution is a full, true and correct
copy of a resolution duly adopted by a vote of a majority of
the members of the Governing Board of said Authority at an
adjourned regular meeting of the Governing Board of said
Authority duly and regularly and legally held at the City of
La Quinta, California, on December 2/1, 1988, of which all of
such members had due notice, as follows:
AYES: Mr. Bohnenberger, Mrs. Bosworth, Mr. Rushworth, Mr. Sniff,
Chairman Pena
NOES: None
ABSENT: None
An agenda of said meeting was posted at least 72 hours
before said meeting at 78-105 Calle Estado, La Quinta,
California, a location freely accessible to members of the
public, and a brief description of said resolution appeared on
said agenda.
I have carefully compared the foregoing with the
original minutes of said meeting on file and of record in my
office, and the foregoing is a full, true and correct copy of
the original resolution adopted at said meeting and entered in
said minutes.
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RESOLUTION NO. FA 88-2
Said resolution has not been amended, modified or
rescinded since the date of its adoption and the same is now in
full force and effect.
Dated: December 20 , 1988.
Financing Authority
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