RDA Resolution 2011-013RESOLUTION NO. RA 2011 - 013
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 SIX MILLION DOLLARS ($6,000,000) TO
FINANCE A PORTION OF THE COSTS OF A
REDEVELOPMENT PROJECT KNOWN AS THE LA
QUINTA REDEVELOPMENT PROJECT AREA N0. 2 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. 2" has been adopted
and approved by Ordinance No. 139 of the City of La Quinta, which became
effective on June 15, 1989, and all requirements of law for and precedent to the
adoption and approval of the Redevelopment Plan have been duly complied with;
and
WHEREAS, in order to raise additional funds for the implementation of the
Redevelopment Plan, the Agency deems it necessary at this time to issue taxable
allocation bonds on a parity with the 1998 Bonds for such purpose; and
WHEREAS, the corporate purposes of the Agency will be accomplished by
issuing at this time tax allocation parity bonds in a principal amount of not to
exceed Six Million Dollars ($6,000,000) pursuant to this Resolution and a
supplemental hereto to be designated "La Quinta Redevelopment Agency, La
Quinta Redevelopment Project No. 2, 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").
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Resolution No. RA 2011 -013
Authorizing the Issuance of
Taxable Tax Allocation Bonds — Project Area 2
Adopted: March 15, 2011
Page 2
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 Six
Million Dollars ($6,000,000) 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, 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 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.
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Resolution No. RA 2011 -013
Authorizing the Issuance of
Taxable Tax Allocation Bonds - Project Area 2
Adopted: March 15, 2011
Page 3
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 limitation, the costs of 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.
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Resolution No. RA 2011 -013
Authorizing the Issuance of
Taxable Tax Allocation Bonds - Project Area 2
Adopted: March 15, 2011
Page 4
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
�k-k
TERRY ENDERSON, Chairperson
La Qui Redevelopment Agency
ATT
VERONI ACAC J6NTECINO, Agency Secretary
La Quinta Re evelopment Agency
(Agency Seal)
APPROVED AS TO FORM:
M. KATHl
La Quinta
ISON, Agency
pment Agency
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1158681.02 a03/15/11
Resolution No. RA 2011 -013
Authorizing the Issuance of
Taxable Tax Allocation Bonds - Project Area 2
Adopted: March 15, 2011
Page 5
SECRETARY'S CERTIFICATE
RE: ADOPTION OF RESOLUTION
STATE OF CALIFORNIA )
)ss.
COUNTY OF RIVERSIDE
I, Veronica J. Montecino, Secretary of the La Quinta Redevelopment 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
Veronica J. ntecino, Agency SI
La Quinta R development Agency
(AGENCY SEAL)
STATE OF CALIFORNIA
)ss.
COUNTY OF RIVERSIDE
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 -013 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: 3 yl 2011
Veronica Montecino, Agency Secretary
La Quinta Redevelopment Agency
(AGENCY SEAL)
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