CC Resolution 1998-129d_W* RESOLUTION NO.98-129
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LA QUINTA AWARDING THE SALE OF ASSESSMENT DISTRICT
NO.97-i LA QUINTA NORTE) LIMITED OBLIGATION
IMPROVEMENT BONDS
WHEREAS, the City Council of the City of La Quinta heretofore negotiated for
the sale of improvement bonds to be issued by the City of La Quinta Assessment
District No.97-i La Quinta Norte) pursuant to the Improvement Bond Act of 191 5
the Bonds"); and
WHEREAS, the underwriting firm of Miller & Schroeder Financial, Inc.
Underwriter") has submitted a form of written Bond Purchase Contract pursuant to
said negotiations which has been reviewed and considered.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LA QUINTA DOES
HEREBY RESOLVE, DETERMINE, AND ORDER AS FOLLOWS:
SECTION 1. The form of the Bond Purchase Contract of the Underwriter for
$________ par value of the Bonds, subject to the terms of Section 2, shall be and is
hereby accepted, and upon their issuance the City Treasurer is hereby authorized and
directed to deliver the Bonds to the Underwriter upon payment to the City Treasurer
of the purchase price. The Bonds shall bear interest at the rates established in said
Bond Purchase Contract, payable March 2, 1 999, and semiannually thereafter.
SECTION 2. The sale of the Bonds to the Underwriter at a purchase price of not
less than the aggregate principal amount of the Bonds less the Underwriter's
commission not to exceed 1 85% of the face value of the Bonds and at an interest
rate of not to exceed 7.00% is hereby authorized, approved and confirmed, and the
City Manager, Finance Director or Director of Public Works/City Engineer, or their
designees are hereby authorized, empowered and directed to do all such acts and
things and to execute all such documents as may be necessary to effectuate the sale
of the Bonds.
SECTION 3. Subject to the above terms, the form and content of the Bond
Purchase Contract is hereby authorized, approved and confirmed, and the City
Manager, Finance Director or Director of Public Works/City Engineer or their designees
are hereby authorized, empowered and directed to accept the Bond Purchase Contract
for and on behalf of the City in substantially the form and content now before this
Council but with such changes, modifications, additions or deletions therein as shall
to them seem necessary, desirable or appropriate, their acceptance thereof to
constitute conclusive evidence of their approval of any and all changes, modifications,
additions, or deletions therein from the form and content of the Bond Purchase
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Contract now before this Council and that, from and after the execution and delivery
of the purchase contract, the City Manager or his designee is hereby authorized,
empowered and directed to do all such acts and things and to execute all such
documents as may be necessary to carry out and comply with the provisions of the
Bond Purchase Contract as executed.
PASSED, APPROVED and ADOPTED this 3rd day of November, 1 998 by the
following vote:
AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor Pena
NOES: None
ABSENT: None
ABSTAIN: None
City of La Quinta, California
ATTEST:
L?AuNDRA L. JU14'OLA, City Clerk
City of La Quinta, California
APPROVED AS TO FORM:
i/?, 4?
DAWN C. HONEYWEL'L, City Attorney
City of La Quinta, California
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF LA QUINTA
I, SAUNDRA L. JUHOLA, City Clerk of the City of La Quinta, California, do
hereby certify that the foregoing Resolution No. 98-1 29 is a full, true and correct copy
as adopted by the City Council on November 3, 1 998.
Dated: November 5, 1 998
Mi&DRA L. JUHOLA, City Clerk
City of La Quinta, California
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