CC Resolution 2011-023RESOLUTION NO. 2011 - 023
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 AREAS,
TAXABLE TAX ALLOCATION HOUSING 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, 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 HOUSING BONDS OF SAID AGENCY IN
A PRINCIPAL AMOUNT OF NOT TO EXCEED TWELVE MILLION FIVE
HUNDRED THOUSAND DOLLARS ($12,500,000) TO FINANCE A
PORTION OF THE LOW AND MODERATE HOUSING COSTS OF
REDEVELOPMENT PROJECTS 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 $12,500,000 principal amount of
its "La Quinta Redevelopment Agency, La Quinta Redevelopment Project Areas
Taxable Tax Allocation Housing Bonds, Series 2011 " (the 'Bonds ").
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
$12,500,000 of Bonds in order to aid in the financing of low and moderate housing
in the La Quinta Redevelopment Project Area Nos. 1 and 2 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.
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Resolution No. 2011 -023
City Approval of the Issuance by the RDA
of RDA Project Areas Taxable Tax Allocation Housing Bonds
Adopted: March 15, 2011
Page 2
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
V N�
DON ADOL H, May
City of La Quinta, California
ATTEST•
VERONICA J.
City of La Qul
(City Seal)
ta, California
APPROVED AS TO FORM:
M. KA`
City of
JE JENSON, Cf
inta, California
ity Clerk
Attorney
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Resolution No. 2011 -023
City Approval of the Issuance by the RDA
of RDA Project Areas Taxable Tax Allocation Housing Bonds
Adopted: March 15, 2011
Page 3
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
STATE OF CALIFORNIA ►
COUNTY OF RIVERSIDE )ss.
CITY OF LA QUINTA )
City of La
NTECINO, City Clerk
California
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. 2011-023 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: , 2011
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