FA Resolution 1991-02 RESOLUTION NO. 91-2
RESOLUTION OF THE BOARD OF DIRECTORS OF THE hA
QUINTA FINANCING AUTHORITY AUTHORIZING THE
SALE, EXECUTION AND DELIVERY OF $ 8,5!5~00D
PRINCIPAL AMOUNT OF ITS 1991 BONDS (CITY HALL
PROJECT) AND APPROVING CERTAIN DOCUMENTS AND
AUTHORIZING CERTAIN ACTIONS IN CONNECTION
THEREWITH
WHEREAS, the City of La Quinta, a municipal corporation
organized and existing under the laws of the State of
California (the "City"), desires to have constructed a City
Hall appurtenant and appurtenant works (the "Project); and
WHEREAS, La Quinta Financing Authority, a joint exercise of
powers authority created purzua~t to Chapter 5, Division 7 of
Title 1 (commencing with Section 6500) of the Government Code)
of the State of California (the "Authority"), has the authority
to assist in the financing of the Project on behalf of the
City; and
WHEREAS, the City and the Authority desire to enter into
(i) a lease agreement titled "Lease" dated as of November 1,
1991, by and between the City and the Authority relating to
$ ~,~]q,~0 La Quinta Financing Authority, 1991 Bonds (City Hall
Project) (the "Lease") whereby the City will lease to the
Authority the Project site and (ii) a sublease and option to
purchase titled "Sublease and Option to Purchase" dated as of
November 1, 1991, by and between the City and the Authority
relating to $8,515,000 La Quinta Financing Authority, 1991
_! -
Bonds (City Hall Project) (the "Sublease") wnereoy Ehe
Authority will lease back to the City the Project site and the
Project; and
WHEREAS, the City and the Authority desire cs enter into a
trust agreement by and among the Authority, the City and
Security Pacific National Bank (the "TEusuee") iitle:t "Trust
Agreement" dated as of November 1, 1991, relating to $ 8,515,000
La Quinta Financing Authority, 1991 Bonds (City Halt Project)
(the "Trust Aaree:r. ent"); and
WHEREAS,
under the Sublease will be assigned to the Trustee :}ursuant to
an assignment agreement by and between the AuthoriCy and the
Trustee, titled "Assignment off Leases and Agreement" dated as
of November 1, 1991, relating to $8,515,000 La Quinta Financing
Authority, 1991 Bonds (City Hall Project) (the "Assignment
Agreement"); a:~d
WHEREAS, Sutro & Co., Incorporated (the "Unde~u.rriner") has
offered to purchase the Bonds upon the terms and conditions set
forth in the Contract of Purchase (the "Contract of Purchase");
and
WHEREAS, Municipal Bond Investors Assurance Corporation has
made an offer to insure the Bonds; and
WHEREAS, there then has been presented to this Board of
Directors copies of each of the aforementioned documents and
certain other documents relating to the foregoing;
NOW, THEREFORE, the Board of Directors of the La Quinta
Financing Authority does hereby find, determine, resolve and
order as follows:
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NOW, THEREFORE, the Board of Directors of the La Quinta
Financing Authority does hereby find, determine, resolve and
order as follows:
SECTION 1. The fforegoing recitals, and each of them,
are true end correct.
SECTION 2. The Lease, Sublease, Trust Agreement and
Assignment Agreement are approved in substantially the form
presented at this meeting. The President and the Secretar' of
this Board of Directors are hereby authorized and directed, for
and in the name of the Authority, to execuue and deliver the
Lease, Sublease, Trust Agreement and Assignment Agreement with
such changes, insertions and omissions as said offficers may
approve, such approval to be conclusively evidenced by the
execution and delivery thereof.
SECTION 3. Pursuant to Article 4, Chapter 5, Division 7
of Title 1 (commencing with Section 6584) of the Government
Code of the State of California the Bonds, in an aggregate
principal amount of $ 8,515,000, are hereby authorized to be
issued in accordance with the terms and provisions set forth in
the Trust Agreement.
SECTION 4. The offer of Municipal Bond Investors
Assurance Corporation to insure the Bonds is accepted and the
President or Executive Director is authorized to execute the
acceptance of this offer.
SECTION 5. The Executive Director, the President, the
Vice President, the Secretary and any other proper officer of
the Authority are hereby authorized and directed, jointly and
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severally, to do any and all things and To execute and deliver
the Bonds and any and all documents necessary or ~oper for
carrying out the transactions contemplated by the Lease, the
Sublease, she Trust Agreement, the Assignment Agreement, the
Contract of Purchase and this Resolution.
SECTION 6. The Contract of Purchase hereby is approved
and the Bonds are sold to the Underwriter upon the terms and
conditions set forth in the Contract of Purchase.
SECTION 7. Any document the execution of ~nich by the
President of this Boar~ of Direcnors is authorized b'/~his
Resolution shall, in the absence or inability to act of the
President, be executed by the Vice PresidenC of this Board of
Directors. Any document the execution of which by the
Executive Director of the Authority is authorized by this
Resolution shall, in the absence or inability to act of the
Executive Director, be executed by his designee, or, in the
absence or inability to act of such designee, by the President
or the Vice President of this Board of Directors.
SECTION 8. All actions previously taken by this Board
of Directors and by the officers and staff of the Authority
with respect to the matters addressed by this Resolution hereby
are approved, ratified and confirmed.
SECTION 9. This Resolution shall take effect from and
after its date of adoption.
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ADOPTED, SIGNED AND APPROVED this 19th day of NovemDer,
1991.
President' ~ ,~
(SEAL)
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
I, Saundra Juhola, Secretary of the ~oard of Directors of
the La Quinta Financing Authority, do heresy certify that the
foregoing resolution was duly adopted by the Board of Directors
of said City at a Regular meeting held on the 19th day of
November, !991, c~d that it was so adooned by the following
vote:
AYES: DIRECTORS: Franklin, Sniff & Vice Chairman Rushworth
NOES: DIRECTORS: None
ABSENT: DIRECTORS: Chairman Pena
ABSTAIN: DIRECTORS:
Bohne rger
the Board of Directors of
La Quinta Financing Authority
(SEAL)
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8276u/2588/15 -6-
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
I, Saundra Juhola, Secretary of the Board of Directors of
the La Quinta Financing Authority, do hereby certify that the
above and foregoing is a full, true and correct copy of
RESOLUTION NO. 91-2 of said Board, and that the same has
not been amended or repealed.
DATED: November 19, 1991
Directors of La Quinta Financing
Authority
(SEAL)
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