RDA Resolution 2011-015RESOLUTION NO. RA 2011 - 015
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY OF THE CITY OF LA QUINTA, CALIFORNIA
APPROVING ITS SECOND SUPPLEMENTAL LOAN
AGREEMENT, OFFICIAL STATEMENT, PURCHASE
CONTRACT, AUTHORIZING THE EXECUTIVE DIRECTOR
TO SET THE FINAL TERMS OF THE APPROVAL OF THE
AGENCY LOAN, APPROVING THE PAYMENT OF COSTS
OF ISSUING THE AGENCY LOAN AND MAKING CERTAIN
DETERMINATIONS RELATING THERETO
WHEREAS, the La Quinta Redevelopment Agency (the "Agency "), is a
redevelopment agency duly created, established and authorized to transact
business and exercise its powers, all under and pursuant to the Community
Redevelopment Law, being Section 33000 and following 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, redevelopment plans for certain redevelopment projects (the
"Projects "), have been adopted and approved and all requirements of law for, and
precedent to, the adoption and approval of said plan have been duly complied with;
and
WHEREAS, the Agency proposes to enter into a not to exceed Twenty Eight
Million Eight Hundred Fifty Thousand Dollars ($28,850,000) principal amount of its
2011 Loan (the "Agency Loan ") to provide funds for expansion of certain housing
related redevelopment projects (the "Project') the repayment of which will be
secured by certain tax increment revenues from the Project Areas; and
WHEREAS, there has been presented at this meeting a form of Second
Supplemental Loan Agreement and other documents providing for the approval of
the Loan; and
WHEREAS, there has been presented to this meeting forms of the
Preliminary Official Statement relating to the La Quinta Financing Authority (the
"Authority ") Local Agency Taxable Revenue Bonds, 2011 Series A (the "Authority
Bonds").
NOW, THEREFORE, BE IT RESOLVED, by the La Quinta Redevelopment
Agency of the City of La Quinta, California, as follows:
SECTION 1. Approval of Agency Loan The incurrence of not to exceed Twenty
Eight Million Eight Hundred Fifty Thousand Dollars ($28,850,000) principal amount
of the Agency Loan in order to provide funds to accomplish lawful housing related
redevelopment purposes is hereby authorized and approved.
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Resolution No. RA 2011 -015
Resolution of the RDA Approving its
Second Supplemental Loan Agreement
Adopted: March 15, 2011
Page 2
SECTION 2. Appointment of Trustee U.S. Bank, National Association, Los
Angeles, California as Trustee is hereby appointed as Trustee (the "Trustee ")
pursuant to the Loan Documents, as defined below, to take any and all action
provided for therein to be taken by the Trustee.
SECTION 3. Official Statement The form of the Preliminary Official Statement
relating to the Authority Bonds and presented at this meeting is hereby approved.
The preparation of a final Official Statement relating to the Authority Bonds is
hereby approved and the Executive Director or Assistant Executive Director or
Treasurer is hereby authorized and directed, for and in the name and on behalf of
the Agency, to execute and deliver the final official statement containing such
changes from the Preliminary Official Statement as may be approved by the
Executive Director or Assistant Executive Director or Treasurer and the distribution
of such preliminary and final official statement in connection with the sale of the
Bonds is hereby authorized. The Executive Director or Assistant Executive Director
or Treasurer is also authorized and directed to deem the Preliminary Official
Statement final within the meaning of Rule 15c2 -12 of the Securities Exchange Act
of 1934 (the "Rule "), omitting only such information as is permitted under such
Rule, and to execute an appropriate certificate stating the Agency's determination
that the preliminary official statements have been deemed final within the meaning
of such Rule.
SECTION 4. Approval of Agency Loan and Loan Docume The Agency hereby
authorizes and approves the Agency Loan to be made to the Agency by the
Authority from the proceeds of the Authority Bonds pursuant to the Loan
Agreement, dated as of February 3, 2004, by and between the Agency and the
Authority and the Second Supplemental Loan Agreement dated as of March 1,
2011, by and among the Agency, the Authority and the Trustee (the
"Supplemental Loan Agreement ") (collectively, the "Loan Documents "). The Loan
shall be made pursuant to and in accordance with the terms of the Loan
Documents. The Agency hereby approves the Loan Documents and any
supplemental loan documents in substantially the forms on file with the Secretary
together with any additions thereto or changes therein (including but not limited to
the principal amount of the Loan) deemed necessary or advisable by the Executive
Director or Assistant Executive Director or Treasurer, whose execution thereof shall
be conclusive evidence of approval of any such additions and changes. The
Chairperson or Executive Director or Assistant Executive Director or Treasurer is
hereby authorized and directed to execute, and the Secretary is hereby authorized
and directed to attest and affix the seal of the Agency to the final form of the Loan
Documents and any supplemental loan documents or and in the name and on
behalf of the Agency. The proceeds of the Loan shall be applied by the Agency for
the purposes and in the amounts set forth in the Loan Documents. The Agency
hereby authorizes the delivery and performance of the Loan Documents.
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Resolution No. RA 2011 -015
Resolution of the RDA Approving its
Second Supplemental Loan Agreement
Adopted: March 15, 2011
Page 3
SECTION 5. Requisitions The Executive Director or Assistant Executive Director
or Treasurer, or his /her designee, is hereby authorized and directed to execute one
or more requisitions authorizing the Trustee to pay the costs of issuing the Agency
Loan from the proceeds of the Authority Bonds or Agency Loan and the moneys, if
any, deposited by the Agency with the Trustee for such purpose, all pursuant to
the Loan Documents.
SECTION 6. Pledge Agency hereby specifically pledges, by way of and pursuant
to the issuance of Agency Loan and the Loan Documents, certain of the tax
increment of Project Nos. 1 and 2 to payment of the Authority Bonds as set forth
in the Loan Documents.
SECTION 7. Public Benefit Finding Subsequent to a public hearing held pursuant
to Government Code Section 6586.5, the Agency hereby finds and determines the
financing of the Project with the proceeds of the Authority Bonds and Agency Loan
will provide significant public benefits in accordance with the criteria specified in
Government Code Sections 6586(a), (c), and (d).
SECTION 8. Other Acts The officers and staff of the Agency are hereby
authorized and directed, jointly and severally, to do any and all things (including,
but not limited to, obtaining a rating from a national rating agency with respect to
the bonds), or otherwise to effectuate the purposes of this Resolution, and any and
all such actions previously taken by such officers or staff members are hereby
ratified and confirmed.
SECTION 9. 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.
SECTION 10. Effective Date This Resolution shall take effect upon adoption.
PASSED. APPROVED and ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency held on this 15th day of March, 2011, by the following
vote to wit:
AYES: Council Members Evans, Franklin, Henderson, Mayor Adolph
NOES: Council Member Sniff
ABSENT: None
ABSTAIN: None
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Resolution No. RA 2011 -015
Resolution of the RDA Approving its
Second Supplemental Loan Agreement
Adopted: March 15, 2011
Page 4
TERRY NDERSON, Chairperson
La Quinta Redevelopment Agency
ATTES .
VERONICA J. NTECIIN Secretary
La Quinta Redevelopment Agency
r (Agency Seal)
APPROVED AS TO FORM:
4KH2
RINE JENSO , Agency Counsel
Quinta, nia
SECRETARY'S CERTIFICATE
RE: ADOPTION OF RESOLUTION
STATE OF CALIFORNIA )
)SS.
COUNTY OF RIVERSIDE 1
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
(AGENCY SEAL)
Veronica J. MoOecinti, Agency Secretary
La Quinta Redevelopment Agency
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Resolution No. RA 2011 -015
Resolution of the RDA Approving its
Second Supplemental Loan Agreement
Adopted: March 15, 2011
Page 5
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 -015 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 7► 2011
Veronica Montecino, Agency Secretary
La Quinta Redevelopment Agency
(AGENCY SEAL)
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