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2013 06 04 SA Agendas and staff reports are now eb page: vvv-k`,pthms`-nqf SUCCESSOR AGENCY To The La Quinta Redevelopment Agency AGENDA CITY HALL COUNCIL CHAMBERS 78-495 Calle Tampico, La Quinta, CA REGULAR MEETING ON TUESDAY, JUNE 4, 2013 AT 4:00 P.M. CALL TO ORDER ROLL CALL: Agency Members: Evans, Franklin, Henderson, Osborne, Chairperson Adolph CLOSED SESSION - NONE PUBLIC COMMENT At this time, members of the public may address the Successor Agency on any matter not listed on the agenda. Please complete a "request to speak" form and limit your comments to three minutes. The Successor Agency values your comments; however in accordance with State law, no action shall be taken on any item not appearing on the agenda unless it is an emergency item authorized by GC 54954.2(b). CONFIRMATION OF AGENDA PRESENTATIONS NONE WRITTEN COMMUNICATIONS NONE APPROVAL OF MINUTES 1. MINUTES OF MAY 21, 2013 CONSENT CALENDAR 1.DEMAND REGISTER DATED JUNE 4, 2013 SUCCESSOR AGENCY TO RDA AGENDA 1 JUNE 4, 2013 DEPARTMENT REPORTS NONE BUSINESS SESSION 1. RESOLUTION OF THE SUCCESSOR AGENCY TO THE FORMER LA QUINTA REDEVELOPMENT AGENCY, AUTHORIZING THE ISSUANCE AND SALE OF SUBORDINATE TAX ALLOCATION REFUNDING BONDS IN TWO SERIES, APPROVING THE FORM OF AN INDENTURE OF TRUST, FIRST SUPPLEMENTAL INDENTURE OF TRUST, OFFICIAL STATEMENT, BOND PURCHASE CONTRACT, CONTINUING DISCLOSURE AGREEMENT, FORM OF ESCROW AGREEMENT, AND RELATED DOCUMENTS AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH \[RESOLUTION SA 2013- 004\] STUDY SESSION NONE ADJOURNMENT ************************************* The next regular meeting of the City as Successor Agency to the La Quinta Redevelopment Agency will be held on June 18, 2013 commencing with closed session at 3:00 p.m. and open session at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, Susan Maysels, Agency Secretary of the City as Successor Agency to the La Quinta Redevelopment Agency, do hereby declare that the foregoing agenda was posted near the entrance to the Council Chambers at 78-495 Calle Tampico and on the bulletin boards at the La Quinta Cove Post Office at 51-321 Avenida Bermudas and at the Stater Brothers Supermarket at 78-630 Highway 111, on May 31, 2013 DATED: May 31, 2013 SUSAN MAYSELS, Agency Secretary Successor Agency to the La Quinta Redevelopment Agency SUCCESSOR AGENCY TO RDA AGENDA 2 JUNE 4, 2013 Public Notices The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please call the 777-7103, twenty-four (24) hours in advance of the meeting and accommodations will be made. If special electronic equipment is needed to make presentations to the Successor Agency, arrangement should be made in advance by contacting the City Clerk's Office at 777-7103. A one (1) week notice is required. If background material is to be presented to the Successor Agency during a meeting, please be advised that eight (8) copies of all documents, exhibits, etc., must be supplied to the City Clerk for distribution. It is requested that this take place prior to the beginning of the meeting. Any writings or documents provided to a majority of the Successor Agency regarding any item on this agenda will be made available for public inspection at the City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal business hours. SUCCESSOR AGENCY TO RDA AGENDA 3 JUNE 4, 2013 SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY MINUTES TUESDAY, MAY 21, 2013 A regular meeting of the La Quinta City Council in their capacity as Successor Agency ) was called to order at 8:49 p.m. by Chairperson Adolph. PRESENT: Agency Members Evans, Franklin, Henderson, Osborne, Chair Adolph ABSENT: None PUBLIC COMMENT - None CLOSED SESSION - None CONFIRMATION OF AGENDA - Confirmed PRESENTATIONS - None WRITTEN COMMUNICATIONS - None APPROVAL OF MINUTES MOTION A motion was made and seconded by Agency Members Evans/Franklin to approve the minutes of May 7, 2013 as submitted. Motion passed: ayes 4, noes 0, abstain 1 (Chairperson Adolph was absent for the 5/7/2013 meeting). CONSENT CALENDAR 1. DEMAND REGISTER DATED MAY 21, 2013 2. 3. REVENUE AND EXPENDITURE REPORT DATED MARCH 31, 2013 MOTION A motion was made and seconded by Agency Members Franklin/Evans to approve the Consent Calendar as recommended. Motion passed unanimously. DEPARTMENT REPORTS - None BUSINESS SESSION SUCCESSOR AGENCY TO RDA MINUTES 1 MAY 21, 2013 1. TAX ALLOCATION BOND ISSUE REFUNDING City Manager Spevacek present Office. Robin Thomas of Southwest Securities provided additional information. MOTION A motion was made and seconded by Agency Members Franklin/Evans to initiate the process to refund the former in the amount of $197,575,000. Motion passed unanimously. STUDY SESSION 1. PRELIMINARY FISCAL YEAR 2013/2014 BUDGET Agency Members waived the staff report presentation because this was covered in the presentation and discussion held during the Council meeting. ADJOURNMENT There being no further business, it was moved by Agency Members Henderson/Osborne to adjourn at 8:54 p.m. Motion passed unanimously. Respectfully submitted, SUSAN MAYSELS, Agency Secretary Successor Agency to the dissolved La Quinta Redevelopment Agency SUCCESSOR AGENCY TO RDA MINUTES 2 MAY 21, 2013 ! ! !! June 4, 2013 CITY / SA / HA / FA MEETING DATE: AGENDA CATEGORY: BUSINESS SESSION: _____ DEMAND REGISTER DATED JUNE 4, 2013 ITEM TITLE: CONSENT CALENDAR: _____ STUDY SESSION: _____ PUBLIC HEARING: ______ __________________: ______ RECOMMENDED ACTION: It is recommended the Successor Agency of the La Quinta Redevelopment Agency receive and file the demand register dated June 4, 2013 of which $21,713.32 represents Successor Agency expenditures as detailed below: Vendor: Account #: Amount: Purpose: Rutan & Tucker 237-9001-702.32-01 $48.00 SA-Coral Mt. DDA Rutan & Tucker 237-9001-702.32-01 $15,225.32 SA-AB26 Implementation Rutan & Tucker 237-9001-702.32-01 $1,440.00 Retainer Lance,Soll & Lunghard 237-9001-702.32-13 $5,000.00 DDR Audit EXECUTIVE SUMMARY: None. FISCAL IMPACT: None. BACKGROUND/ANALYSIS: By adoption of Resolution No. 2012-002, the City of La Quinta has affirmatively elected to be the Successor Agency of the La Quinta Redevelopment Agency. Pursuant to Health and Safety Code Section 34177(a), the Successor Agency of the La Quinta Redevelopment Agency shall continue to make payments required pursuant to an adopted enforceable obligations payment schedule. Pursuant to Health and Safety Code Section 34173(e), the liability of the Successor Agency of the La Quinta Redevelopment Agency, when acting pursuant to the powers granted under ABX126, are limited to the extent of the total sum of property tax revenues it receives pursuant to part 1.85 of ABX126 (e.g., Health and Safety Code Sections 34170 34190) and the value of assets transferred to it as Successor Agency for the dissolved La Quinta Redevelopment Agency. ALTERNATIVES: None. Respectfully submitted, Report prepared by: Sandra Mancilla, Account Technician Report approved for submission by: Robbeyn Bird, Finance Director AGGENDA CATTEGORY: June 44, 2013 CITY / SA/ HA / FA MMEETING DATTE: RESOLUTION, AUUTHORIZINNG THE ITEM TITLLE: BUUSINESS SESSSION: 2 ISSUANCCE AND SAALE OF SUUBORDINATTE TAX COONSENT CALENDAR: ALLOCAATION REFUUNDING BOONDS IN TTWO SERIEES, APPROVVING THE FFORM OF AAN INDENTTURE OF STTUDY SESSION: TRUST, FIRST SUPPPLEMENTAL INDENTTURE OF TRUST, OFFICIAL STATEMENNT, BOND PURCHASSE PUUBLIC HEARIING: CONTRAACT, CONTTINUING DISCLOSURRE AGREEMMENT, FORM OF ESCROW AGRREEMENT, AAND RELATEDD DOCUMEENTS ANDD AUTHORIIZING CERTAIN OTHER AACTIONS IN CONNECCTION THEEREWITH RECOMMENDED AACTION: Adopt RResolution authorizinng the issuuance and sale of suubordinate tax allocaation refundinng bonds inn the approoximate ammount of $197,575,0000 to be issued as 22013 Series AA Bonds annd 2013 Taaxable Series B Bondds and authhorizing certain actionns in connecttion therewwith. EXECUTTIVE SUMMMARY: TThe former La Quinta Redeveloopment Aggency (RDDA) issued tax allocaation bonds in oorder to aadvance fuund public facility, infrastructure, econoomic developmennt and affoordable hoousing initiatives. WWhile the RRDA no loonger exists, the Successoor Agency is responnsible to fund bondd debt service payments uuntil all bonnds are reppaid (the final paymeent for the current boonds occurs in 20034). TThe currentt low intereest rate ennvironment affords thhe Successsor Agencyy the opportunity to refinannce $197,575,000 oof the formmdq?QC@┴ss 1998, 20001, 22002, 2003 and 20004 bonds. The resulting interest cost savings wwould reeduce annuual debt seervice by $1,200,0000. The proojected total cost savvings wwould be $22,000,0000 over thee next 20 yyears. Thee bond payyment datee and fiinal maturitty date (20034) will sstay the saame; the ouutstanding bond principal amount willl be reduceed by approoximately $$5 million. The school districts, County, City and other taxing agencies would benefit by receiving the property tax revenue that would otherwise be used for bond debt service. Refinancing these bonds at one time reduces issuance costs, which also increases the property tax revenue distributed to the taxing agencies. BACKGROUND/ANALYSIS: Please see the Council report on this same matter. It is agenda item Business 2. Report prepared by: Amy McCormick, Business Analyst Report approved for submission by: Frank Spevacek, Executive Director RESOLUTION NO. SA 2013 - A RESOLUTION OF THE SUCCESSOR AGENCY TO THE FORMER LA QUINTA REDEVELOPMENT AGENCY, AUTHORIZING THE ISSUANCE AND SALE OF SUBORDINATE TAX ALLOCATION REFUNDING BONDS IN TWO SERIES, APPROVING THE FORM OF AN INDENTURE OF TRUST, FIRST SUPPLEMENTAL INDENTURE OF TRUST, OFFICIAL STATEMENT, BOND PURCHASE CONTRACT, CONTINUING DISCLOSURE AGREEMENT, FORM OF ESCROW AGREEMENT, AND RELATED DOCUMENTS AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS,?sgd?K`?Pthms`?Qdcdudknoldms?@fdmbx?'sgd?═Oqhnq?@fdmbx║(?v`r?`? public body, corporate and politic, duly created, established and authorized to transact business and exercise its powers under and pursuant to the provisions of the Community Redevelopment Law (Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of California) (the ═K`v║(+?`mc?sgd?onvdqr?ne?sgd?K`?Pthmta Redevelopment Agency included the power to issue Bonds for any of its corporate purposes; and WHEREAS, a Redevelopment Plan for a redevelopment project known and cdrhfm`sdc?`r?sgd?═K`?Pthms`?Qdcdudknoldms?Oqnidbs?@qd`?Mn-?0║?g`r?addm?`cnosdc? and approved by Ordinance No. 43 of the City of La Quinta on November 29, 1983, and all requirements of the Law for and precedent to the adoption and approval of the Project Area No. 1 Redevelopment Plan, as amended, have been duly complied with; and WHEREAS, a Redevelopment Plan for a redevelopment project known and cdrhfm`sdc?`r?sgd?═K`?Pthms`?Qdcdudknoldms?Oqnidbs?Mn-?@qd`?1║?g`r?addm?`cnosdc? and approved by Ordinance No. 139 of the City of La Quinta on May 16, 1989, and all requirements of the Law for and precedent to the adoption and approval of the Project Area No. 2 Redevelopment Plan, as amended, have been duly complied with; and WHEREAS, the Prior Agency has previously issued $15,760,000 aggregate principal amount of the La Quinta Redevelopment Agency, La Quinta Redevelopment Project Area No. 1, Tax Allocation Refunding Bonds, Series 1998 'sgd?═0887?Oqnidbs?@qd`?Mn-?0?Anmcr║(:?`mc? WHEREAS, the Prior Agency has previously issued $6,750,000 aggregate principal amount of the La Quinta Redevelopment Agency, La Quinta Resolution No. SA 2013- (description) Adopted: (date) Page 2 Redevelopment Project Area No. 2, Tax Allocation Refunding Bonds, Issue of 1998 'sgd?═0887?Oqnidbs?@qd`?Mn-?1?Anmcr║(:?`mc? WHEREAS, the Prior Agency has previously issued $48,000,000 La Quinta Redevelopment Agency, La Quinta Redevelopment Project Area No. 1, Tax @kknb`shnm?Anmcr+?Rdqhdr?1//0?'sgd?═1//0?Oqnidbs?@qd`?Mn-?0?Anmcr║(:?`mc? WHEREAS, the Prior Agency has previously issued $40,000,000 La Quinta Redevelopment Agency, La Quinta Redevelopment Project Area No. 1, Tax @kknb`shnm?Anmcr+?Rdqhdr?1//1?'sgd?═1//1?Oqnidbs?@qd`?Mn-?0?Anmcr║(:?`mc? WHEREAS, the Prior Agency has previously issued $26,400,000 La Quinta Redevelopment Agency, La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Taxable Series 2003 (tgd?═1//2?Oqnidbs?@qd`?Mn-?0?S`w`akd? Anmcr║(:?`mc? WHEREAS, sgd?K`?Pthms`?Ehm`mbhmf?@tsgnqhsx?'sgd?═@tsgnqhsx║(?nm?adg`ke?ne? the Prior Agency has previously issued $90,000,000 La Quinta Financing @tsgnqhsx+?Knb`k?@fdmbx?Qdudmtd?Anmcr+?1//3?Rdqhdr?@?'sgd?═1//3?Gntrhmf? Anmcr║(?`mc?kn`mdc?sgd?oqnceeds to the Prior Agency pursuant to the terms of a Loan Agreement dated February 3, 2004, as supplemented by a First Supplemental Loan Agreement, dated as of June 0+?1//3?'sgd?═Kn`m?Nakhf`shnm║(:?`mc? WHEREAS, the Prior Agency has previously issued $6,000,000 La Quinta Redevelopment Agency, La Quinta Redevelopment Project Area No. 2 Subordinate Taxable Tax Allocation Bonds, Series 2010?'sgd?═1/00?Oqnidbs?@qd`?Mn-?1?S`w`akd? Anmcr║(:?`mc? WHEREAS, the Authority on behalf of the Prior Agency has previously issued $28,850,000 La Quinta Financing Authority, Local Agency Subordinate Taxable Qdudmtd?Anmcr+?1/00?Rdqhdr?@?'sgd?═1/00?S`w`akd?Gntrhmf?Anmcr║(?`mc?kn`mdc? the proceeds to the Prior Agency pursuant to the terms of a loan agreement dated February 3, 2004 and a Second Supplemental Indenture, dated as of March 1, 1/00?'sgd?═1/00?Kn`m?Nakhf`shnm║(:?`mc? WHEREAS, the Successor Agency has determined that it is cost effective and efficient to refund and defease, in their entirety, the 1998 Project Area No. 1 Bonds, the 1998 Project Area No. 2 Bonds, the 2001 Project Area No. 1 Bonds, the 2002 Project Area No. 1 Bonds, the 2003 Project Area No. 1 Taxable Bonds, and the Loan Obligation in connection with the 2004 Housing Bonds (collectively, sgd?═Qdetmcdc?Anmcr║(?nm?`?rtanqchm`sd?a`rhr?sn?sgd?1/00?Oqnidbs?@qd`?Mn-?1? Resolution No. SA 2013- (description) Adopted: (date) Page 3 Taxable Bonds and the 2011 Loan Obligation (collectively, the 2011 Project Area No. 2 Taxable Bonds and the 2011 Loan?Nakhf`shnm+?sgd?═Rdmhnq?Anmcr║(:?`mc? WHEREAS, the Successor Agency deems it necessary and proper to issue tax exempt tax allocation refunding bonds for the purpose of refunding and defeasing the 1998 Project Area No. 1 Bonds, the 1998 Project Area No. 2 Bonds, the 2001 Project Area No. 1 Bonds, the 2002 Project Area No. 1 Bonds, and approximately seventy-five percent (75%) of the Loan Obligation in connection with the 2004 Housing Bonds (the?═Qdetmcdc?S`w,Dwdlos?Anmcr║(:?`mc? WHEREAS, the Successor Agency deems it necessary and proper to also issue taxable tax allocation refunding bonds to refund and defease the 2003 Project Area No. 1 Taxable Bonds and the remaining approximate twenty-five percent (25%) of the Loan Obligation in connection with the 2004 Housing Bonds 'sgd?═Qdetmcdc?S`w`akd?Anmcr║(?`kk?nm?`?a`sis subordinate to the Senior Bonds; and WHEREAS, for the corporate purposes of the Successor Agency, the Successor Agency deems it necessary to issue at this time tax allocation refunding bonds in two series in a total approximate principal amount of approximately one hundred ninety seven million, five hundred seventy five thousand dollars '#086+464+///(?'sgd?═Anmcr║(+?`mc?sn?hrrevocably set aside a portion of the proceeds of such Bonds in a separate segregated trust fund which will be used to refund the outstanding Refunded Bonds of the Prior Agency, to pay costs in connection with the issuance of the Bonds, and to make certain other deposits as required by the Indenture (defined herein); and WHEREAS, Assembly Bill AB X1 26, effective June 29, 2011, together with @rrdlakx?Ahkk?0373?'═@A?0373║(?'bnkkdbshudkx+?sgd?═Chrrnktshnm?@bs║(?qdrtksdc?hm?sgd? La Quinta Redevelopment Agency being dissolved as of February 1, 2012; and WHEREAS, the authority, rights, powers, assets, duties and obligations of the Prior Agency were transferred on February 1, 2012 to the Successor Agency; and WHEREAS, AB1484 specifically authorizes the issuance of refunding bonds by the Successor Agency to refund the bonds or other indebtedness of the Prior Agency to provide savings to the Successor Agency, provided that (A) the total interest cost to maturity on the refunding bonds plus the principal amount of the refunding bonds shall not exceed the total remaining interest cost to maturity on the bonds to be refunded plus the remaining principal of the bonds to be refunded, and (B) the principal amount of the refunding bonds shall not exceed the amount Resolution No. SA 2013- (description) Adopted: (date) Page 4 required to defease the refunded bonds, to establish customary debt service reserves, and to pay related costs of issuance; and WHEREAS, the Successor Agency desires to issue its La Quinta Redevelopment Project No. 1 and La Quinta Redevelopment Project Area No. 2, Rtanqchm`sd?S`w?@kknb`shnm?Qdetmchmf?Anmcr+?1/02?Rdqhdr?@?'sgd?═Rdqhdr?@?Anmcr║(? `mc?1/02?S`w`akd?Rdqhdr?A?'sgd?═Rdqhdr?A?Anmcr║(?enq?sgd?otqonrd?ne?qdetmchmf?sgd? Refunded Bonds, to fund a debt service reserve account and pay costs of issuance; and WHEREAS, in order to provide for the authentication and delivery of the Bonds, to establish and declare the terms and conditions upon which the Bonds are to be issued and secured and to secure the payment of the principal thereof and interest and redemption premium (if any) thereon, the Successor Agency wishes to approve the issuance of the Bonds and authorize the execution and delivery of the Indenture; and WHEREAS, pursuant to Section 34179 of the Law, an oversight board (the ═Nudqrhfgs?An`qc║(?g`r?addm?drs`akhrhed for the Successor Agency and the Successor Agency has requested that the Oversight Board approve the issuance of the Bonds by the Successor Agency, as authorized by Section 34177.5(f) of the Law and the Indenture; and WHEREAS, the Successor Agency hereby certifies that all acts and proceedings required by law necessary to make the Bonds, when executed by the Successor Agency, and authenticated and delivered by the Trustee, the valid, binding and legal special obligations of the Successor Agency, and to constitute the Indenture a valid and binding agreement for the uses and purposes herein set forth in accordance with its terms, have been done or taken. WHEREAS, the Successor Agency wishes at this time to approve all matters relating to the issuance and sale of the Bonds; NOW, THEREFORE, BE IT RESOLVED by the Successor Agency to the Redevelopment Agency of La Quinta, California, as follows: SECTION 1. The Indenture of Trust, by and between the Successor Agency and U.S. Bank National Association, dated as of June 1, 2013, in substantially the form submitted at this meeting and made a part hereof as though set forth in full gdqdhm?'sgd?═Hmcdmstqd║(+?hr?gdqdax?`ooqnued. The Chair and the Secretary of the Resolution No. SA 2013- (description) Adopted: (date) Page 5 Successor Agency are hereby authorized and directed to execute and deliver the Indenture in the form presented at this meeting with such changes insertions and omissions as may be requested by Bond Counsel and approved by the Chair, said execution being conclusive evidence of such approval. SECTION 2. Subject to the provisions of the Indenture referred to in Section 1 hereof, the issuance of the Series A Bonds in the approximate aggregate principal amount of one hundred fifty four million, six hundred twenty five thousand dollars ($154,625,000) but not to exceed, along with Series B Bonds, two hundred million dollars ($200,000,000) on the terms and conditions set forth in, and subject to the limitations specified in, the Indenture, is hereby authorized and approved. The Series A Bonds will be dated, will bear interest at the rates, will mature on the dates, will be issued in the form, will be subject to redemption, and will be as otherwise provided in the Indenture, as the same will be completed as provided in this Resolution. The proceeds of the sale of the Series A Bonds shall be applied as provided in the Indenture. SECTION 3. The First Supplemental Indenture of Trust, by and between the Successor Agency and U.S. Bank National Association, dated as of June 1, 2013, in substantially the form submitted at this meeting and made a part hereof as sgntfg?rds?enqsg?hm?etkk?gdqdhm?'sgd?═Ehqrs?Rtookdldms`k?Hmcdmstqd║(+?hr?gdqdax? approved. The Chair and the Secretary of the Successor Agency are hereby authorized and directed to execute and deliver the Indenture in the form presented at this meeting with such changes insertions and omissions as may be requested by Bond Counsel and approved by the Chair, said execution being conclusive evidence of such approval. SECTION 4. Subject to the provisions of the First Supplemental Indenture referred to in Section 3 hereof, the issuance of the Series B Bonds in the approximate aggregate principal amount of forty two million, nine hundred fifty thousand dollars ($42,950,000) but not to exceed, along with Series A Bonds, two hundred million dollars ($200,000,000) on the terms and conditions set forth in, and subject to the limitations specified in, the Indenture, is hereby authorized and approved. The Series B Bonds will be dated, will bear interest at the rates, will mature on the dates, will be issued in the form, will be subject to redemption, and will be as otherwise provided in the First Supplemental Indenture, as the same will be completed as provided in this Resolution. The proceeds of the sale of the Series B Bonds shall be applied as provided in the First Supplemental Indenture. SECTION 5. The Bond Purchase Contract (tgd?═Anmc?Otqbg`rd?Bnmsq`bs║(?adsvddm? the Successor Agency and Southwest Secuqhshdr+?Hmb-?'sgd?═Tmcdqvqhsdq║(+?hm? substantially the form submitted at this meeting and made a part hereof as though Resolution No. SA 2013- (description) Adopted: (date) Page 6 set forth in full herein, is hereby approved. The Executive Director of the Successor Agency is hereby authorized and directed to execute the Bond Purchase Contract in the form presented at this meeting with such changes, insertions and omissions as may be approved by the Executive Director, said execution being conclusive evidence of such approval; provided, however, that the Bond Purchase Contract shall be signed only if the terms of the agreement are such that (i) the existing indebtedness is not accelerated, except to the extent necessary to achieve substantially level debt service, (ii) the principal amount of the Bonds will not exceed the amount required to finance the refunding of the Refunded Bonds and including establishing a customary debt service reserve fund and paying related bnrsr?ne?hrrt`mbd+?'hhh(?sgd?Tmcdqvqhsdq┴r?Chrbntms?mns?hmbktchmf?nqhfhm`k?hrrtd? discount, shall not exceed .825 percent (.825%) of the par value of the Bonds; and (iv) the net present value savings amount generated from the issuance of the Bonds, expressed as a percentage of the aggregate principal amount of the Refunded Bonds, will be at least 3.00%. SECTION 6. The Preliminary Official Statement relating to the Bonds (the ═Oqdkhlhm`qx?Neehbh`k?Rs`sdldms║(+?hm?sgd?form presented and on file with the Secretary, is hereby approved. The Executive Director is hereby authorized and directed, for and in the name and on behalf of the Successor Agency, to cause the Preliminary Official Statement in substantially said form, with such additions or changes therein as the Executive Director may approve, to be deemed final for the purposes of Rule 15c2-12 of the Securishdr?`mc?Dwbg`mfd?@bs?ne?0823?'═Qtkd? 04b1,01║(-??Sgd?Tmcdqvqhsdq?hr?gdqdax?`tsgnqhydc?sn?chrsqhatsd?sgd?Oqdkhlhm`qx? Official Statement to prospective purchasers of the Bonds in substantially the form hereby approved, together with such additions thereto and changes therein as are determined necessary by the Executive Director to make the Preliminary Official Statement final as of its date for purposes of Rule 15c2-12, including, but not limited to, such additions and changes as are necessary to make all information set forth therein accurate and not misleading. SECTION 7. The preparation and delivery of an Official Statement, and its use by the Successor Agency and the Underwriter, in connection with the offering and sale of the Bonds, is hereby authorized and approved. The Official Statement shall be in substantially the form of the Preliminary Official Statement with such changes, insertions and omissions as may be requested by Bond Counsel or the Underwriter and approved by the Chair of the Successor Agency, such approval to be conclusively evidenced by the execution and delivery thereof. The Executive Director is hereby authorized and directed to execute the final Official Statement and any amendment or supplement thereto, in the name of and on behalf of the Successor Agency, and thereupon to cause the final Official Statement and any such amendment or supplement to be delivered to the Underwriter. Resolution No. SA 2013- (description) Adopted: (date) Page 7 SECTION 8. The form of the Continuing Disclosure Agreement in substantially the form submitted at this meeting and made a part hereof as though set forth in full herein, is hereby approved. The Executive Director of the Successor Agency is hereby authorized and directed to execute and deliver the Continuing Disclosure Agreement(s) in the form presented at this meeting with such changes insertions and omissions as may be requested by Bond Counsel and approved by the Chair, said execution being conclusive evidence of such approval. SECTION 9. The form of the Escrow Agreement, by and among the Successor Agency, the Authority and U.S. Bank National Association, dated as of June 1, 2013, in substantially the form submitted at this meeting and made a part hereof as though set forth in full herein, is hereby approved. The Executive Director and the Secretary of the Successor Agency are hereby authorized and directed to execute and deliver the Escrow Agreement relating to each of the series of Refunded Bonds in the general form presented at this meeting with such changes insertions and omissions as may be requested by Bond Counsel and approved by the Executive Director, said execution being conclusive evidence of such approval. SECTION 10. The Chair of the Successor Agency, the Executive Director of the Successor Agency, the Secretary of the Successor Agency, and any other proper officer of the Successor Agency, acting singly, be and each of them hereby is authorized and directed to execute and deliver any and all documents and instruments, relating to the Bonds, and each series thereof, and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by the Indenture, the Bond Purchase Contract, the Official Statement, the Continuing Disclosure Agreement, the Escrow Agreement, this Resolution and any such agreements. SECTION 11. U.S. Bank National Association is hereby appointed as Trustee and Escrow Bank, Rutan & Tucker, LLP is hereby appointed as Bond Counsel, Stradling Yocca Carlson & Rauth, a Professional Corporation is hereby appointed as Disclosure Counsel. Harrell & Company Advisors is hereby appointed as Financial Advisor and the Executive Director of the Successor Agency is authorized to execute contracts for any or all such services pursuant to proposals on file with the Executive Director, and Willdan Financial Services is hereby appointed as Dissemination Agent and the Executive Director of the Successor Agency is authorized to execute contracts for any or all such services pursuant to proposals on file with the Executive Director. SECTION 12. The Successor Agency is hereby authorized to recover its costs of issuance with respect to the Bonds, including staff time and costs. Resolution No. SA 2013- (description) Adopted: (date) Page 8 SECTION 13. This Resolution shall take effect immediately upon its adoption. PASSED, APPROVED, and ADOPTED at a regular meeting of the La Quinta City Council held on this 4th day of June, 2013, by the following vote: AYES: NOES: ABSENT: ABSTAIN: _____________________________________ DON ADOLPH, Mayor City of La Quinta Acting as Successor Agency to the La Quinta Redevelopment Agency Resolution No. SA 2013- (description) Adopted: (date) Page 9 ATTEST: ___________________________________________ SUSAN MAYSELS, Secretary City of La Quinta Acting as Successor Agency To the La Quinta Redevelopment Agency (CITY SEAL) APPROVED AS TO FORM: _________________________________________________ M. KATHERINE JENSON, Successor Agency Counsel City of La Quinta Acting as Successor Agency To the La Quinta Redevelopment Agency