CC Resolution 2011-024RESOLUTION NO. 2011 - 024
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA, CALIFORNIA APPROVING A LOAN
BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY
AND THE LA QUINTA FINANCING AUTHORITY
WHEREAS, the City of La Quinta (the "City ") and the La Quinta
Redevelopment Agency (the "Agency ") have heretofore entered into a Joint
Exercise of Powers Agreement establishing the La Quinta Financing Authority (the
"Authority ") for the purpose of issuing its bonds to be used to provide financial
assistance to the City and Agency; and
WHEREAS, the Authority intends to issue its Local Agency Revenue Bonds,
2011 Series A (the "Authority Bonds ") in order to make loans to provide additional
funds to the Agency (the "Agency Loan "); and
WHEREAS, the Agency Loan will be secured by a portion of the low and
moderate housing tax increment revenues allocable to the Agency under the
Community Redevelopment Law, being Section 33000 and following of the
California Health and Safety Code, et. se g. (the "Act ") with respect to various
project areas; and
WHEREAS, there have been presented at this meeting documents in
connection with the issuance of the Authority Bonds and the issuance of the
Agency Loan; and
WHEREAS, pursuant to the Act, the Agency has authorized the Agency
Loan.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of La
Quinta, California, as follows:
SECTION 1. Approval of Issuance of Authority Bonds and Agency Loan The
issuance of the Authority Bonds by the Authority, the incurrence of the Agency
Loan by the Agency, and the refunding of the Prior Bonds are hereby approved.
This approval is made, among other things, in order to meet the public approval
requirements of, among others, Government Code Section 6586.5(a)(2). The City
Council hereby finds and determines that the financing of the Project which is the
subject of the Authority Bonds and Agency Loan will produce a: significant public
benefit in accordance with the criteria set forth in Government Code
Section 6586(a), (c) and (d).
SECTION 2. A pproval of Issuance of Authority and Agency Loan The issuance of
a principal amount not to exceed $28,850,000 Authority Bonds and principal
amount not to exceed $28,850,000 Agency Loan in order to aid in the financing of
certain housing related redevelopment activities in Redevelopment Project Areas
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Resolution No. 2011 -024
Approval of a Loan between the RDA and the Financing Authority
Adopted: March 15, 2011
Page 2
Nos. 1 and 2, and for other purposes related thereto, all of which constitutes a
"redevelopment activity," as such term is defined in Health and Safety Code
Section 33678, are hereby authorized and approved pursuant to Health and Safety
Code Section 33640.
SECTION 3. Other Acts The officers and staff of the City are hereby authorized
and directed, jointly and severally, to do any and all things, and to execute and
deliver any and all documents, which, in consultation with counsel to the City, they
may deem necessary or advisable in order to effectuate the provisions of this
Resolution, and any and all actions previously taken by such officers or staff
members are hereby ratified and confirmed.
SECTION 4. Effective Date This Resolution shall take effect upon adoption.
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
City Council 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
ATTEST:
City of La O<
-(City Seal)
DON ADOLPH, M41or
City of La Quinta, California
MONTECINO, CMC, City Clerk
1ta,�California
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Resolution No. 2011 -024
Approval of a Loan between the RDA and the Financing Authority
Adopted: March 15, 2011
Page 3
APPROVED AS TO FORM:
M. KATHERINVMSON, City
City of La Qui , California
STATE OF CALIFORNIA I
COUNTY OF RIVERSIDE )ss.
CITY OF LA QUINTA)
CLERK'S CERTIFICATE
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:
NOES:
ABSENT:
ABSTAIN
Council Members Evans, Franklin, Henderson, Mayor Adolph
Council Member Sniff
None
None
STATE OF CALIFORNIA 1
COUNTY OF RIVERSIDE Iss.
CITY OF LA QUINTA 1
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 -024 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 JNTECINO, City Clerk
City of La Q Inta, California
124/015610-0122
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