RDA Resolution 2011-012RESOLUTION NO. RA 2011 - 012
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
LA QUINTA REDEVELOPMENT AGENCY AUTHORIZING
THE ISSUANCE OF TAXABLE TAX ALLOCATION BONDS
OF SAID AGENCY IN A PRINCIPAL AMOUNT OF NOT TO
EXCEED THIRTY -THREE MILLION DOLLARS
($33,000,000) TO FINANCE A PORTION OF THE COSTS
OF A REDEVELOPMENT PROJECT KNOWN AS THE LA
QUINTA REDEVELOPMENT PROJECT AREA N0. 1 AND
APPROVING CERTAIN DOCUMENTS AND TAKING
CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH
WHEREAS, the La Quinta Redevelopment Agency (the "Agency "), is a
redevelopment agency (a public body, corporate and politic) duly created,
established and authorized to transact business and exercise its powers, all under
and pursuant to the Community Redevelopment Law (Part 1 of Division 24
(commencing with Section 33000) 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, the Redevelopment Plan for a redevelopment project known and
designated as "La Quinta Redevelopment Project Area No. 1 " has been adopted
and approved by Ordinance No. 43 of the City of La Quinta, which became
effective on December 29, 1983, and all requirements of law for and precedent to
the adoption and approval of the Redevelopment Plan have been duly complied
with; and
WHEREAS, pursuant to Resolution No. RA 85 -5 the Agency issued Twenty
Million Dollars ($20,000,000) of "La Quinta Redevelopment Agency, La Quinta
Redevelopment Project, Tax Allocation Bonds, Series 1985" (the "Series 1985
Bonds "); pursuant to Resolution No. RA 88 -14 the Agency issued Eight Million
Dollars ($8,000,000) of Tax Allocation Bonds, Series 1989 (the "Series 1989
Bonds "); pursuant to Resolution No. RA 90 -4 the Agency issued Nineteen Million
Six Hundred Ninety -Five Thousand Dollars ($19,695,000) of Tax Allocation
Refunding Bonds, Series 1990 (the "Series 1990 Bonds "); pursuant to Resolution
No. RA 91 -12 the Agency issued Eight Million Seven Hundred Thousand Dollars
($8,700,000) of Tax Allocation Bonds, Series 1991 (the "Series 1991 Bonds ");
pursuant to an indenture of Trust, dated as of May 1,1994, between the Agency
and Bank of America National Trust and Savings Association (the "1994
Indenture "),the Agency issued Twenty -Six Million Six Hundred Sixty Five Thousand
Dollars ($26,665,000) of Tax Allocation Bonds, Series 1994 (the "Series 1994
Bonds"); pursuant to Resolution No. RA 98 -01 the Agency issued Fifteen Million
Seven Hundred Sixty Thousand Dollars ($15,760,000) of Tax Allocation Refunding
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Resolution No. RA 2011 -012
RDA Authorizing the Issuance of
Taxable Tax Allocation Bonds - Project Area 1
Adopted: March 15, 2011
Page 2
Bonds, Series 1998 (the "Series 1998 Bonds"); pursuant to Resolution No. RA
2001 -03 the Agency issued Forty -Eight Million Dollars ($48,000,000) of Tax
Allocation Bonds, Series 2001 (the "Series 2001 Bonds"); pursuant to Resolution
No. RA 2002 -08 the Agency issued Forty - Million Dollars of Tax Allocation Bonds,
Series 2002 (the "Series 2002 Bonds "); and pursuant to Resolution No. 2003 -14
the Agency issued its Twenty -Six Million Four Hundred Thousand Dollars of
Taxable Tax Allocation Bonds, Series 2003 (the "Series 2003 Bonds ").
WHEREAS, in order to raise additional funds for the implementation of the
Redevelopment Plan, the Agency deems it necessary at this time to issue allocation
bonds on a parity with the Series 1994 Bonds, Series 1998 Bonds, Series 2001
Bonds, Series 2002 Bonds and the Series 2003 Bonds for such purpose; and
WHEREAS, the corporate purposes of the Agency will be accomplished by
issuing at this time taxable tax allocation parity bonds in a principal amount of not
to exceed Thirty Three Million Dollars ($33,000,000) pursuant to this Resolution
and a supplemental hereto to be designated "La Quinta Redevelopment Agency, La
Quinta Redevelopment Project Area No. 1, Taxable Tax Allocation Bonds, Series
2011 (the "Bonds "); and
WHEREAS, the Agency is authorized to issue the Bonds pursuant to the
Community Redevelopment Law of the State of California (being Part 1 of Division
24 of the Health and Safety Code of the State of California, as amended) (the
"Law ").
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE LA QUINTA
REDEVELOPMENT AGENCY DOES HEREBY RESOLVE, ORDER AND DETERMINE
AS FOLLOWS:
Section 1. Each of the above recitals is true and correct and this Board so finds
and determines.
Section 2. The issuance of the Bonds in the principal amount of not to exceed
Thirty -Three Million Dollars ($33,000,000) is hereby authorized. The Bonds shall
mature on the dates, pay interest at the rates, shall be subject to redemption and
shall be governed by the terms and conditions set forth in an Indenture of Trust,
dated as of March 1, 2011, (the "Indenture ") to be prepared by Bond Counsel to
the Agency and executed by the Chair or Executive Director or Finance Director
and Secretary of the Agency (herein "Chair," "Executive Director," "Finance
Director" and "Secretary" respectively), which Indenture shall be substantially in
the form on file with the City Clerk, with such additions thereto and changes
therein as are recommended or approved by Bond Counsel to the Agency and the
officers executing the same, with such approval to be conclusively evidenced by
the execution and delivery of the Indenture. Capitalized terms used in this
Resolution which are not defined herein have the meaning ascribed to them in the
Indenture on file in the office of the City Clerk. The Chair, the Executive Director,
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Resolution No. RA 2011 -012
RDA Authorizing the Issuance of
Taxable Tax Allocation Bonds - Project Area 1
Adopted: March 15, 2011
Page 3
the Finance Director, the Secretary, or their designees are hereby authorized and
directed to execute and deliver the Indenture.
Section 3. The Bonds shall be executed on behalf of the Agency by the manual or
facsimile signature of the Chair or Executive Director and attested with the manual
or facsimile signature of the Secretary.
Section 4. The covenants set forth in the Indenture to be executed in accordance
with Section 2 above are hereby approved, shall be deemed to be covenants of the
Agency and shall be complied with by the Agency and its officers. The Indenture
shall constitute a contract between the Agency and the Owners of the Bonds.
Section 5. U. S. Bank, National Association, Los Angeles, California, is hereby
appointed to act as Trustee for the Bonds. The Executive Director of the Agency,
or his written designee, is hereby authorized to enter into an agreement with the
Trustee to provide such services to the Agency.
Section 6. The Purchase Contract by and between the Agency, the Authority and
the Underwriter on file with the Secretary offering to purchase the Bonds to bear
interest as set forth in the Indenture is hereby approved and the Executive Director
or Finance Director is authorized to execute and deliver the Purchase Contract in
said form with such changes thereon as the officers executing the same may
approve, such approval to be conclusively evidenced by the execution and delivery
thereof.
Section 7. The Chair or Executive Director or Finance Director is authorized to
execute a final Official Statement in substantially the form of the preliminary
Official Statement, and Continuing Disclosure Agreement relating thereto, which
have been presented at this meeting and are hereby approved, with such additions
thereto and changes therein as are recommended or approved by Bond Counsel to
the Agency and the officer executing the same, with such approval to be
conclusively evidenced by the execution and delivery of such documents. The
Underwriter is hereby authorized to distribute the Preliminary Official Statement to
prospective purchasers of the Bonds and to provide to the purchasers of the Bonds
from the Underwriter copies of the final Official Statement. The Executive Director
or Finance Director is hereby authorized to sign a certificate pursuant to Rule 15c2-
12 promulgated under the Securities Exchange Act of 1934 pertaining to the
Preliminary Official Statement.
Section 8. Each and every officer of the Agency is authorized to perform his or her
services on behalf of the Agency. The Executive Director or Finance Director, or his
written designee, is authorized to incur such costs and to contract for all services
necessary to affect the issuance of the Bonds. Such services shall include, but not
be limited to, printing the Bonds, printing the Preliminary Official Statement and the
Official Statement, obtaining legal services, fiscal agent services and any other
services deemed appropriate for the issuance of the Bonds including, without
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Resolution No. RA 2011 -012
RDA Authorizing the Issuance of
Taxable Tax Allocation Bonds - Project Area 1
Adopted: March 15, 2011
Page 4
limitation, the costs of Bond Insurance, and Rating Agency Services (referred to in
the Indenture as "Costs of Issuance ")and the payment for said Costs of Issuance
shall be approved by the Executive Director or Finance Director. The Executive
Director or Finance Director, or his written designee, is authorized to pay for such
Costs of Issuance with Bond proceeds established pursuant to the Indenture
without further approval of this Board of Directors.
Section 9. All actions heretofore taken by officers and agents of the Agency with
respect to the sale and issuance of the Bonds are hereby approved, confirmed and
ratified, and the Chair and Secretary and the other officers of the Agency
responsible for the fiscal affairs of the Agency are hereby authorized and directed
to take any actions and execute and deliver any and all certificates, instruments,
agreements and documents as are necessary to accomplish the issuance, sale and
delivery of the Bonds in accordance with the provisions of this Resolution and the
fulfillment of the purposes of the Bonds as described in the Indenture as
determined by Bond Counsel. In the event that the Chair or Executive Director
is /are unavailable to sign any document authorized for execution herein, the
Finance Director shall sign such document. Any document authorized herein to be
signed by the Secretary may be signed by a duly appointed deputy secretary.
Section 10. The Agency hereby determines that interest payable on the Bonds will
be subject to federal income taxation, and that the provisions of Section 5900 et
seq. of the California Government Code (the "Taxable Bond Act ") apply to the
Bonds. The Agency may take any action and exercise any power permitted to be
taken by it under the Taxable Bond Act in connection with the issuance and sale of
the Bonds as may be deemed advisable by the Executive Director.
PASSED, APPROVED and ADOPTED this 15th day of March, 2011, by the
following vote:
AYES: Council Members Evans, Franklin, Henderson, Mayor Adolph
NOES: Council Member Sniff
ABSENT: None
ABSTAIN: None
TERRY NDERSON, Chairperson
La Quin Redevelopment Agency
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Resolution No. RA 2011 -012
RDA Authorizing the Issuance of
Taxable Tax Allocation Bonds - Project Area 1
Adopted: March 15, 2011
Page 5
ATTEST
VERONICA J�NTECINO, Secretary
La Quinta Redevelopment Agency
(Agency Seal)
APPROVED AS TO FORM:
M. WHERINE JENSON, Agency
La ffuinta Redevelopment Agen94
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Resolution No. RA 2011 -012
RDA Authorizing the Issuance of
Taxable Tax Allocation Bonds — Project Area 1
Adopted: March 15, 2011
Page 6
SECRETARY'S CERTIFICATE
RE: ADOPTION OF RESOLUTION
STATE OF CALIFORNIA
)ss.
COUNTY OF RIVERSIDE )
l
I, VERONICA MONTECINO, Secretary of the La Quinta Redevelopment r.
Agency, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by
said Agency at a regular meeting of said Agency held on the 15th day of March,
2011.
AYES: Council Members Evans, Franklin, Henderson, Mayor Adolph:
NOES: Council Member Sniff
ABSENT: None
ABSTAIN: None
(AGENCY SEAL)
STATE OF CALIFORNIA
)ss.
COUNTY OF RIVERSIDE )
VERONICA J�ONTECINO, Agency Secretary
La Quinta Redevelopment Agency
I, VERONICA J. MONTECINO, Secretary of the La Quinta Redevelopment
Agency, DO HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Resolution No. RA 2011 -012 of said Agency and that said
Resolution was adopted at the time and by the vote stated on the above certificate,
and has not been amended or repealed.
Dated: 7� ZI , 2011
(AGENCY SEAL)
La Quinta
NTECINO, Agency Secretary
opment Agency
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