CC Resolution 1982-017& RESOLUTION NO. 8?17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA OUINTA, CALIFORNIA, PROVIDING FOR THE
ISSUANCE OF NEGOTIABLE NOTES IN AN AMOUNT NOT
TO EXCEED $15?OOO?
WHEREAS, funds are needed to meet the immediate requirements
of the City of La Quinta, including but not limited to the payment
of current expenses, capital expenditures, and the discharge of
any obligation or indebtedness of said City; and
WHEREAS, the City may borrow for said purposes, such indebt-
edness to be represented by a note or notes issued to the lender
pursuant to Article 6, Chapter Part 1, Division 2, Title 5,
of the Government Code of the State of California; and
WHBREAS, Security Pacific National Bank has offered to lend the
sum of $15,000.00 at an interest rate of 10 per annum, upon
negotiable notes to be made payable on June O, 1982, with interest
to date of payment;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of La Quinta, California, as follows:
SECTION 1. The Council finds that it is necessary for the City
to issue negotiable notes in an amount not to exceed $15,000.00, in
order to meet the immediate requirements of said City.
SECTION 2. The uncollected taxes, income, revenue, cash
receipts and other moneys to be received by the City during the
remainder of the Fiscal Year 1981-1982 and which will be available
in said fiscal year for the payment of said notes and the interest
thereon are estimated to be $18,000.00; the amount of the notes
hereby authorized to be issued, together with other notes outstanding,
if any, does not exceed 85? of said moneys.
SECTION 3. Said notes shall be dated as of the date of
delivery, shall be consecutively numbered and in such denominations
as is agreeable to the City Treasurer and the Lender, but all notes
shall be in a sum which is an even multiple of $1,000.00, shall not
exceed the aggregate principal amount of $15,000.00, shall be paid
on June 30, 1982, and shall bear interest at the rate of 10 7?
per annum, payable at the maturity thereof.
The right shall be reserved to said City to pay all or any
part of said notes prior to maturity, in which event the interest
due to date on the amount so paid shall be paid along with such
payment of principal, and interest shall cease on the amount of
principal so paid. No notice need be given prior to the exercise
of such right by the City.
SECTION Both principal of and the interest on said
notes shall be payable in lawful money of the United States of
America at the Lender's office located in Indio, California.
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& SECTION 5. Said notes shall be payable from general, Un-
restricted revenues of the City, including but not limited to
transient occupancy taxes, cigarette taxes, motor vehicle in lieu
fees, miscellaneous fines and motor vehicle code fines, to be received
during the Fiscal Year 1981-1982, said moneys being hereby pledged to
repay said notes; provided, however, that if said moneys or any portion
thereof when received by the City will be encumbered for a special
purpose other than the repayment of said notes, then pursuant to
Section 5?856 of the Government Code an equivalent amount of the proceeds
of said notes shall be set aside for and used fer said special purpose,
and, provided, further, to the extent not paid from said moneys, said
notes with interest thereon shall be paid from any other moneys of
the City lawfully available therefor.
SECTION 6. Said notes shall be signed by the Mayor and the
City Treasurer, and countersigned by the City Manager and shall be in
substantially the following form.'
CITY OF LA QUINTA
No NEGOTIABLE NOTE
FOR VALUE RECEIVED, the City of La Quinta, California,
a municipal corporation, promises to pay to Security Pacific
National Bank, or order, on 19 the sum
of with interest thereon,
payable at the maturity thereof, at the rate of 10 per annum
from the date hereof. Both principal and interest are payable
in lawful money of the United States of America at Indic,
California. The right is reserved to said City to pay all or
any part of this note prior to maturity, in which event the
interest due to date on the amount so paid shall be paid along
with such payment of principal, and interest shall cease on the
amount of principal so paid. No notice need be given prior
to the exercise of such right by the City.
The principal of and the interest on this note are
payable from general, unrestricted revenues of the City,
including but not limited to transient occupancy taxes, cigarette
taxes, motor vehicle in lieu fees, miscellaneous fines and motor
vehicle code fines, to be received during the Fiscal Year 1981-1982,
said moneys being hereby pledged to repay this note and the interest
hereon. To the extent not paid from said moneys, this note shall
be paid with interest hereon from any other moneys of the City
lawfully available therefor.
IT IS EREBY CERTIFIED, RECITED AND DECLARED that all acts,
conditions and things required by law to exist, happen and be
performed precedent to and in the issuance of this note have existed,
hap?ene d and been?e rformed in due time, form and manner as required
bylaw, and that the amount of this note, together with all other
indebtedness of the City, does not exceed any debt limit prescribed
by the laws or Constitution of the State of California.
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& IN WITNESS WREREOF, said City of La Quinta has caused
this note to be signed by the Mayor and the City Treasurer
of said City and countersigned by the City anager of said
City, and sealed with the corporate seal of said City, and
has caused this note to be dated the day of
1982.
MAYOR
COUNTERS IGNED
CITY MANAGER
SEAL) CITY TREASURER
SECTION The City Council hereby finds and determines that
it is necessary and desirable that the City borrow from Security
Pacific National Bank, a sum not to exceed $15,000.00, such indebted-
ness to be represented by the negotiable notes authorized hereby.
The Mayor and The City Treasurer are authorized to sign said notes
and the City 1anager is authorized to countersign said notes and to
date and seal said notes on the date of delivery thereof. Said
notes shall be issued according to the terms and substantially in the
form provided in this resolution.
SECTION 8. This resolution shall constitute acceptance of the
offer of security Pacific National Bank above referred to.
APPROVED and ADOPTED this 18th day of May 1982.
&vAJ
ATTEST
CI?Y
APPROVED AS TO FORM: APPROVED AS TO CONTENT.
Y;?<
ATTORNEY? CITY
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& 78 100 CALLE TAMPICO LA QUINTA CALIFORNIA 92253 714) 564-2246 714) 340-5445
May 21, 1982
LEGAL OPINION
TO: City Manager of La Quinta; Security Pacific National Bank, Attn:
Mr. Charles E. Stebbins, Manager, Indio Office; and to whom it may concern.
FROM: Raymond E. Ott, City Attorney, City of La Quinta, California
SUBJECT: Tax Anticipation Notes Authorized by Resolution No. 82-17
On May 18, 1982, the City Council of La Quinta, California, at a regular
meeting thereof, adopted the subject Resolution No. 82-17, a copy of which is
appended hereto for ready reference.
Said Resolution No. 82-17 was adopted pursuant to the authority of Article 7.6,
Chapter Fart 1, Division 2, Title 5 commencing with Section 53850) of the
Government Code of the State of California.
Said resolution contemplates the temporary borrowing of not to exceed $15,000
during the forthcoming period until June 30, 1982, and provides for repayment
of said borrowed funds as of the due date of June 30, 1982. The maximum
interest rate provided for is 10% pursuant to Sec. 5385?, 6vt. Code).
OPINION
In my opinion:
1 Upon issuance of the note or notes provided for by Resolution No. 82-17 and
the disbursement of funds therefor by Security Pacific National Bank, a
valid, binding and legally enforceable obligation will be assumed by the
City of La Quinta, California to repay the borrowed funds to the said Bank,
not later than the time indicated hereinabove, and with the intere?t payment
provided for in any such note or notes.
2. The City of La Quinta is a duly constituted municipal corporation of the
State of California and is legally authorized to issue the notes provided
for by said Resolution No. 82-17.
3. The action of the La Quinta City Council in adopting Resolution No. 82-17
is the final action necessary to authorize the contemplated transaction(s)
and no further action by any other body, agency or entity is necessary in
order to complete or ratify the said action by the La Quinta City Council.
OTT
City Attorney of La Quinta, California
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