CC Resolution 2011-021RESOLUTION NO. 2011 - 021
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA, CALIFORNIA, APPROVING THE ISSUANCE
BY THE LA QUINTA REDEVELOPMENT AGENCY OF ITS
LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1,
TAXABLE TAX ALLOCATION BONDS, SERIES 2011 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 (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, a Redevelopment Plan known as the "La Quinta Redevelopment
Agency, La Quinta Redevelopment Project Area No. 1 " has been adopted and
approved by Ordinance No. 43 of the City of La Quinta (the "City "), which became
effective on December 29, 1983 and all requirements of law for and precedent to
the adoption and approval of said Redevelopment Plan have been duly complied
with; and
WHEREAS, the Agency has approved in substantial form its Resolution
entitled:
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, under and pursuant to the above Resolution, the Agency will
authorize the issuance and sale of not to exceed $33,000,000 principal amount of
its "La Quinta Redevelopment Agency, La Quinta Redevelopment Project Area No.
1, Taxable Tax Allocation Bonds, Series 2011 " (the "Bonds ").
124/015610 -0122
1152671 02 a03/16/I I
Resolution No. 2011 -021
City Approval of the Issuance by the RDA
of its RDA Project Area 1 Taxable Tax Allocation Bonds
Adopted: March 15, 2011
Page 2
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE
CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA, AS FOLLOWS:
Approval of Issuance of Bonds The issuance of a principal amount not to exceed
$33,000,000 of Bonds in order to aid in the financing of the La Quinta
Redevelopment Project Area No. 1 and for other purposes related thereto, all of
which constitute a "redevelopment activity," as such term is defined in Health and
Safety Code Section 33678, is hereby authorized and approved pursuant to Health
and Safety Code Section 33640.
Authorization of Officers The City Manager and Finance Director of the City and
the other officers and members of staff having responsibility for the affairs of the
Agency are hereby authorized to execute such documents and certificates
determined by Bond Counsel as necessary to assist the Agency in the issuance of
the Bonds.
Effective Date This Resolution shall take effect upon adoption.
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
DON AD(JLPH, Mayor
City of La Quinta, California
ATTEST-
/ ; ,.Z/
J. Mo cino, CMC City Clerk
City of La Quinta, California
(City Sea]). ,
124/015610 -0122
1152671 02 a03/16/11
Resolution No. 2011 -021
City Approval of the Issuance by the RDA
of its RDA Project Area 1 Taxable Tax Allocation Bonds
Adopted: March 15, 2011
Page 3
APPROVED AS TO FORM:
M. KATT�RINE JENSON City Attorney
City of Quinta, Californ
CLERK'S CERTIFICATE
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ►ss.
CITY OF LA QUINTA ►
I, Veronica J. Montecino, City Clerk of the City of La Quinta DO HEREBY
CERTIFY that the foregoing Resolution was duly adopted by said City Council at a
regular meeting of said City Council 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. Wntecino, City Clerk
City of La Uinta, California
124/015610 -0122
1152671.02 a03/16/1I
Resolution No. 2011 -021
City Approval of the Issuance by the RDA
of its RDA Project Area 1 Taxable Tax Allocation Bonds
Adopted: March 15, 2011
Page 4
STATE OF CALIFORNIA ►
COUNTY OF RIVERSIDE ►ss.
CITY OF LA QUINTA ►
I, Veronica J. Montecino, City Clerk of the City of La Quinta DO HEREBY
CERTIFY that the above and foregoing is a full, true and correct copy of Resolution
No. 2011-021 of the City and that the Resolution was adopted at the time and by
the vote stated on the above certificate, and has not been amended or repealed.
DATED: Z( 2011
Veronica J. M!?Ofecino, City Clerk
City of La Qulnta, California
124/015610 -0122
1152671.02 .03/16/11