FA Resolution 1995-01_ LA QUINTA FINANCING AUTHORITY
RESOLUTION NO. FA 95-1
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A
BOND PURCHASE CONTRACT BY AND AMONG THE LA QUINTA
REDEVELOPMENT AGENCY, LA QUINTA FINANCING AUTHORITY,
AND THE UNDERWRITERS NAMED THEREIN
REDEVELOPMENT PROJECT AREAS NO. 1 AND 2
1995 HOUSING TAX ALLOCATION BONDS
WHEREAS, the City of La Quinta (the "City") and the La Quinta Redevelopment
Agency (the "Agency") have entered into a Joint Exercise of Powers Agreement, dated as of
November 3, 1988, creating the La Quinta Financing Authority (the "Authority"), as mended
(the "Agreement"); and
WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of the Government
Code of the State of California (the 'Ac~") and the Agreement, the Authority is authorized to
purchase bonds issued by the Agency to finance public capital improvements 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 $28,000,000 aggregate
principal amoum of bonds of the Agency designated 'La Quinta Redevelopment Agency
Redevelopment Project Areas No. 1 and 2, 1995 Housing Tax Allocation Bonds' (the 'Bonds")
'solely from the proceeds received from the Authority's concurrent sale of such Bonds to Stone &
Youngberg (the "Underwriters"); and
WHEREAS, in accordance therewith, the Authority now desires to authorize the
execution of a bond purchase contract, by and among the Authority, the Agency and the
Underwriters (the "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 Underwriters, 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 form of the Purchase Contract, on file with the Secretary
of the Governing Board and incorporated into this Resolution by reference are hereby approved.
The Chairman of the Authority, or his designee, 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 Underwriters to purchase the Bonds from the Authority, subject to the terms and
'conditions of the Purchase Contract, and to execute and deliver the 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 the Chairman
of the Authority, or his designee, 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.
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Section 4. This resolution shall take effect from and after its adoption.
ADOPTED, SIGNED AND APPROVED this 20th day of June, 1995.
Chairrn~~~~k )~ ~
(SEAL)
puB~,:25797=l 114{ IF2.331{.49 3
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
I, SAUNDRA JUHOLA, Secretary of the Governing Board of the La Quinta
Financing Authority, do hereby certify that the foregoing resolution was duly adopted by the
Governing Board of the Authority at a special meeting held on the. 20th day of June, 1995, and
that it was so adopted by the following vote:
AYES: Board Members Bangerter, Cathcart, Perkins, Sniff,
Chairman Pena
NOES: None
ABSENT: None
ABSTAIN: None
r~Zming~ '
f the
La Quinta Financing Authority
PUBL:25797_I 1141 B2338.49 4
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
I, SAUNDRA JUHOLA, Secretary of the Governing Board of the La Quinta Financing
Authority, do hereby certify that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. FA 95-1 of said Board, and that the same has not been amended or
repealed.
DATED:~~9/, 1995
Secre~~of~ ernin~th
e
La Quinta Financing Authority
-- (SEAL)
PUnL:25797;lI14]B2338.49 5