CC Resolution 1996-074^ L RESOLUTION NO. 96-74
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA
QUINTA AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$9,000,000 PRINCIPAL AMOUNT OF 1996 LEASE REVENUE
REFUNDING BONDS LA QUINTA CITY HALL PROJECT),
AUTHORIZING AND DIRECTING EXECUTION OF A FORM OF AN
INDENTURE OF TRUST, AN AMENDMENT TO LEASE, AN
AMENDMENT TO SUBLEASE AND OPTION TO PURCHASE, AN
OFFICIAL STATEMENT, AUTHORIZING THE SALE OF BONDS,
AUTHORIZE EXECUTION OF AGREEMENT FOR INVESTMENT
BANKING SERVICE AND PROVIDING OTHER MATTERS
PROPERLY RELATING THERETO.
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 finance the acquisition of bonds, notes, and other
obligations of, or for the purpose of making loans to, public entities, and to provide
financing for public capital improvements of public entities; and
WHEREAS, the Authority proposes at this time to issue its La Quinta Financing
Authority 1 996 Lease Revenue Refunding Bonds La Quinta City Hall Project) in an
aggregate principal amount of not to exceed $9,000,000 the Bonds") for the purpose
of refunding the prior lease revenue bonds relating to the acquisition and construction
of the La Quinta City Hall Project, the Project") for lease by the City to the Authority
and lease by the Authority back to the City in accordance with the terms of a Lease
and Sublease and Option to Purchase by and between the Authority and the City, both
dated as of November19, 1991; and
WHEREAS, the Bonds are to be issued pursuant to the Marks-Roos Local Bond
Pooling Act of 1985 the Act"), constituting Articles 1 through 4 commencing with
Section 6500) of Chapter 5 of Division 7 of Title 1 of the California Government Code,
and pursuant to an Indenture of Trust, dated as of October 1, 1 996 the Indenture"),
by and between the Authority and First Trust of California, National Association, as
trustee the Trustee"); and
WHEREAS, in connection with the offering of the Bonds, Miller & Schroeder
Financial, Inc. The Underwriter") has caused to be prepared a Preliminary Official
Statement and an Official Statement describing the Bonds, the preliminary forms of
which are on file with the City Clerk; and
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WHEREAS, the City Council has duly considered such transactions, including,
without limitation, the Indenture, the Lease Agreement, and the Official Statement,
and wishes at this time to approve said transactions in the public interest of the
Authority;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED, AND ORDERED by the
City Council of the City of La Quinta as follows:
1. Issuance of Bonds: Approval of Indenture. The City Council hereby
authorizes issuance of the Bonds under and pursuant to the Act and the Indenture in
the aggregate not to exceed principal amount of $9,000,000 for the purposes
hereinbefore described. The City Council hereby approves the Indenture in
substantially the form on file with the City Clerk together with any additions thereto
or changes therein deemed necessary or advisable by the City Manager or an
authorized representative, upon consultation with bond counsel, whose execution
thereof shall be conclusive evidence of approval of any such additions and changes.
The City Manager is hereby authorized and directed to execute and attest to the final
form of the Indenture for and in the name and on behalf of the City. The City Council
hereby authorizes the delivery and performance of the Indenture.
2. Aooroval of Amendment of Lease and Amendment of Sublease and Option
to Purchase. The City Council hereby approves the lease of the Project from the City
to the Authority and the lease of the Project back to the City pursuant to and in
accordance with the Amendment of Lease, if determined necessary by Bond Counsel
and in a form to be approved by Bond Counsel and the City Manager, and an
Amendment of Sublease and Option to Purchase in substantially the form on file with
the City Clerk together with any additions thereto or changes therein deemed
necessary or advisable by the City Manager or an authorized representative upon
consultation with Bond Counsel whose execution thereof shall be conclusive evidence
of approval of any such additions and changes. The City Manager is hereby authorized
and directed to execute and attest to the final form of the Amendment of Lease and
Amendment of Sublease and Option to Purchase for an in the name and on behalf of
the City.
3. Approval of Official Statement. The City Council hereby approves the
Preliminary Official Statement describing the Bonds in substantially the form submitted
b the Underwriter and on file with the City Clerk. Distribution of the Preliminary
Official Statement by the Underwriter is hereby approved.
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4. Approval of Purchase Contract. The form of Purchase Contract on file with
the City Clerk and the sale of the Bonds pursuant thereto upon the terms and
conditions set forth therein is hereby approved and the City Manager is authorized to
execute and deliver the Purchase Contract in the name of and on behalf of the City in
said form with such changes therein as the officer executing the same may approve
such approval to be conclusively evidenced by the execution and delivery thereof.
5. Escrow Agreements. The form of the Escrow Deposit and Trust Agreement
the Escrow Agreement'*) on file with the City Clerk is hereby approved. Subject to
the execution of the Purchase Contract by the City Manager, the City Manager is
hereby authorized and directed for and in the name of the City to execute the Escrow
Agreement in substantially the form hereby approved, with such additions thereto and
changes therein as the officers executing the same may approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
6. Official Action. The Mayor, Mayor Pro Tem, City Manager, City Clerk,
City Attorney, and any and all other officers of the City are hereby authorized and
directed, for and in the name and on behalf of the City, to do any and all things and
take any and all actions, including execution and delivery of any and all continuing
disclosure agreements, assignments, certificates, requisitions, agreements, consents,
instruments of conveyance, warrants, and other documents which they, or any of
them, may deem necessary or advisable in order to consummate the lawful issuance,
sale, and delivery of the Bonds to the Underwriter, the payment of issuance costs
incurred with respect to the Bonds and the lease and lease-back of the Project.
7. Effective Date. This Resolution shall take effect from and after the date
of its passage and adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council
held on this * day of October, 1996 by the following vote to wit:
AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor Holt
NOES: None
ABSTAIN: None
ABSENT: None
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GLENDA L. HOLT, Mayor
City of La Quinta, California
City of La Quinta, California
APPROVED AS TO FORM:
DAWN C. HONEYWELL, City Attorney
City of La Quinta, California
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^ L STATE OF CALIFORNIA
COUNTY OF RIVERSIDE ss
CITYOFLAQUINTA
I, Saundra L. Juhola, City Clerk of the City of La Quinta, hereby certify that the
above and foregoing Resolution No.96-74 was duly and regularly passed and adopted
by the said City at a regular meeting thereof, held on the * day of October, 1 996, by
the following roll call vote:
AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor Holt
NOES: None
ABSTAIN: None
ABSENT: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of
the City of La Quinta this 1 St day of October, 1 996.
City of La Quinta, California
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