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RDA Resolution 1985-010I RESOLUTION NO. RA-5-l0 RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY DECLARING ITS INTENTION TO SELL BONDS OF SAID AGENCY IN THE AMOUNT OF 20,OOO,0O0, FIXING TIME AND PLACE FOR TAKING BIDS AND DIRECTING PUBLICATION OF NOTICE INVITING BIDS WHEREAS, the La Quinta Redevelopment Agency the Aqency) deems it proper, and the necessity therefor appears, that bids be invited for te purchase of its $20,000,000 La uinta Redevelopment AgEncy, Redevelopment Project Tax Allocation Bonds, Series l985 the Bonds'), and that if bids are satisfactory the Bonds be sold in the manner and in the time and place hereinafter set forth, NOW, THEREFORE, the La Quinta Redevelopment Agency DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: SECTION 1. Sealed bids for the purchase of the Bonds shall be received by the Agency at the time and place hereinafter set forth in the Notice Inviting Bids. SECTION 2 The Executive Director is hereby authorized and directed to publish said Notice Inviting Bids by one insertion in the Indlo Daily News, newspaper of general circulation in the County of Riverside there being no newspaper of general circulation published in the City of La Quinta said publication to be at least five 5) days prior to the date of opening bids stated in said Notice, and by one insertion in The Bond Buyer, a newspaper circulated in the State of California, at least fifteen 15) days prior to the date of opening bids, said notices shall be in substantially the following form; SECTION 3. The Executive Director is further authorized and directed to cause to be furnished to prospective bidders copies of aid Notice Inviting Bids and of the Official Statement relating to the Bonds; but the failure, in whole or in part, to comply with this section shall not in any manner affect the validity of the sale of said Bonds. SECTION 4. Said notice shall be substantially as tol lows: BIB] 11-05-1996-U01 11:23:49AM-U01 RDARES-U02 85-U02 10-U02 I RESOLUTION NO. RA 85-10 NOTICE OF SALE $20,000,000 La Quinta Redevelopment Agency Riverside County, California La Ouinta Redevelopment Projct Tax Allocation Bonds Series 1985 OTICE TS HEREBY GIVE that on September 10, 1985, at 10:00 0 clock a.m., Pacific Standard Time, in the offices of Katz, Hollis, Coren & Associates, Inc. 550 South Hill Street, Suite 980, Los Angeles, California 90013-2410, the La Quinta Redevelopment Agency will receive bids for the sale of its La Quinta Redevelopment Project Tax Allocaion Bonds, Series 1985, in the principal amount of Twenty Million Dollars $20,000,000). The bonds are special obligations of the Agency, payable, both as to principle, interest and premium, if any, solely from certain Tax Revenues as defined in the Resolution of Issuance relating to said Bonds) and from other limited funds and accounts as provided in said Resolution. The Bonds will mature serially on September 1 in each of the years 1989 to 2012, inclusive. Interest will be paid semiannually on March 1 and September 1 of each year commencing March 1, 1986. The legal opinion of Stradling, Yacca, Carlson & Rauth, a Professional Corporation, will be furnished to the successful bidder. Further information may be obtained from Painewebber Incorporated, 100 California Street, 12th Floor, San Francisco, Califorania 94111, telephone number 415) 954-6897. FRANK USHER Executive Director of the La Quinta Redevelopment Agency 7222p/2338/01 2- BIB] 11-05-1996-U01 11:23:49AM-U01 RDARES-U02 85-U02 10-U02 I RESOLUTION NO. RA 85-10 SECTION 3. The Executive Director is further authorized and directed to cause to be furnished to prospective bidders copies of said Notice Inviting Bids and of the Official Statement relating to the Bonds; but the failure, in whole or in part, to comply with this section shall not in any manner affect the validity of the sale of said Bonds. SECTION 4. Said notice shall be substantially as follows: NOTICE INVITING BIDS ON THE LA QUINTA REDEVELOPMENT AGENCY LA QUINTA REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 1985 NOTICE IS FIEREBY GIVEN that sealed proposals for the purchase of $20,000,000 par value La Quinta Redeveopment Agency, La Quinta Redevelopment Project Tax Allocation Bonds, Series 1985 the Bonds) will be received and opened by a representative of the La Quinta Redevelopment Agency herein Agency") at the place and up to the time below soecified: TIME: 10:00 o clock a.m. ST, September 10, 1985 PLACE: Katz, Hollis, Coren & Coren Associates 550 South Hill Street, Suite 980 Los Angeles, CA 90013-2410 MAILED BIDS: Addressed to: Katz, Hollis, Coren & Coren Associates 550 South ill Street, Suite 980 Los Angeles, CA 90013-2410 OPENING OF BIDS AND AWARD OF BONDS: The bids will be opened at 10:00 o'clock a.m. PST, September 10, 1985 at the above stated location, and will be presented at a meeting of the Board of Directors of the Agency to be held later on said date in the City of La Quinta, California. ISSUE: $20,000,000 Bonds, all dated September 1, 1985, designated LA QUINTA REDEVELOPMENT AGENCY, LA QUINTA REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIS 1985". DENOMINATIONS AND NUMBERS: The Bonds will be in the denomination of $5,000 each or any integral multiple thereof. 7222p/2338/01 3- BIB] 11-05-1996-U01 11:23:49AM-U01 RDARES-U02 85-U02 10-U02 I RESOLUTION NO RA 85-10 MATURITIES: The Bonds will mature in consecutive numerical order on September 1 in the amounts and for each of the several years as follows. Years Principal Years Principal Inclusive Amount Inclusive Amount 1989 $ 245,000 2000 $ 720,000 1990 265,000 2001 790,000 1991 290,000 2002 865,000 1992 320,000 2003 945,000 1993 350,000 2004 1,035,000 1994 385,000 2005 1,135,000 1995 420,000 2006 1,245,000 1996 460,000 2007 1,360,000 1997 500,000 2008 1,490,000 1998 550,000 2009 1,630,000 1999 600,000 2010 1,785,000 2000 660,000 2011 1,955,000 ITERST: The 3shall bear interest at a rate or rates to be fixed upon the sale thereof payable semiannually an March 1 and September 1, commencing on March 1, 1986. PAYMENT: The Bonds are payable in lawful money of the United States of America at the main office of Security Pacific National Bank, Fiscal Agent, in the City of Los Angeles, California. The interest on the Bonds will be paid by check or draft mailed to the registered owner. ECURITY: The Bonds are issued pursuant to the Community Redevelopment Law Part 1 of Division 24, of the Health and Safety Code of the State of California). Said Bonds are special obligations of the Agency and are equally secured by a pledge of, and charge upon, and are payable as to the principal thereof and interest Lhereon and any premiums upon redemption of any thereof, solely from a pledge of Tax Revenues, as provided in the Resolution of Issuance. Reference is made to the Resolution of Issuance for a more exact and complete description of the security for the Bonds. REGISTRATION: The Bonds shall be issued in fully registered form only, and will be transferrable upon the terms set forth in the Resolution. REDEMPTION PROVISIONS: bonds maturing on or before September 1, 1995 are not subject to call and redemption prior to their stated maturities. Bonds maturing on or after September 1, 1996, are subject at the option of the Agency, to 7222p/2338/0l 4 BIB] 11-05-1996-U01 11:23:49AM-U01 RDARES-U02 85-U02 10-U02 I RESOLUTION NO. RA 85-10 call and redemption prior to eir stated maturities on any interest payment date commencing September 1, 1995, as a whole r in part, in inverse order of maturity and by lot within any one maturity, upon payment, from any source of funds available, of the principal amount, accrued interest, and a premium expressed as percentages of the principal amount of the Bonds to be redeemed) of two percent 2%) for Bonds redeemed on the first available redemption date decreasing by one-half percent 1/2%) for each year or fraction thereof between the first available redemption and the actual date of the call and redemption. PRPOSE OF ISSU. Said Bonds were authorized for the purposes of authorized activities of the Agency within the Redevelopment Project Area. TERMS OF SALE iNTEREST RATE: The maximum bid may not exceed twelve percent 12%) per annum, payable semiannually. Each rate bid must be a multiple of 1/8 or 1/20 of 1%. o Bond shall bear more than one interest rate, and all Bonds of the same maturity shall bear the same rate. Each Bond must bear interest at the rate specified in the bid from its date to its fixed maturity date. The rate on any maturity or group of maturities shall not be more than 2% higher than the interest rate on any other maturity or group of maturities. DIScOU: Bidders may specify a discount but the discount shall not exceed two percent 2%) of the par value of the Bonds. AWARD. The Bonds will be sold for cash only. All bids must be for not less than all of the Bonds bereby offered for sale and each bid shall state the total price offered for the Bonds, the premium, or the discount, if any, and the interest rate or rates which shall not exceed that specified herein) at which the bidder offers to buy said Bonds, and accrued interest to the date of delivery. Each bidder shall state in his bid the total net interest cost in dollars and the average net interest determined thereby, which shall be considered informative only and not a part of the bid. IGHEST BIDDER: The Bonds will be awarded to the highest responsible bidder or bidders considering the interest rate or rates specified and the premium or the discount offered, if any. The highest bid will be determined by deducting the amount of the premium bid if any) from the total amount of interest which the Agency would be required to pay from the date of said Bonds to the respective maturity dates thereof, 7222p/2338/Ol 5- BIB] 11-05-1996-U01 11:23:49AM-U01 RDARES-U02 85-U02 10-U02 I RESOLUTION NO. RA 85-10 at the rate or rates specified in the bid. The net cost to the Agency n any bid or bids offering less than par will he determined by adding the amount of the discount bid to the total amount of interest which the Agency would be required to pay from the date of said Bonds to the respective maturity dates thereof, at the rate or rates specified in the bid. The award will be made to the bidder or bidders offering the lowest net cost to the Agency. In the event that two or more bidders have bid the same lowest net cost to the Agency, the award shall be made by lot. The purchaser must pay accrued interest computed on a 360-day year basis) from the date of the Bonds to the date of delivery. The cost of printing the Bonds will be borne by the Agency. RIGHT OF REJECTION: The Agency reserves the right, in it discretion, to reject any and all bids and, to the extent not prohibited by law, to waive any irregularity or informality in any bid. PROMPT AWARD. The Agency and the Citv will take action awarding the Bonds or rejecting all bids not later than twenty-six 26) hours after the expiration of the time herein prescribed for the receipt of proposals7 provided that the award may be made after the expiration of the specified time if the bidder shall not have given to said Board notice in writing of the withdrawal of such proposal. PLACE OF DELIVERY: DeLivery of said Bonds will be made to the successful bidder in Los Angeles, California, or at any other place agreeable to both the Secretary of the Agency and the successful bidder. Payment for said Bonds shall be made in cash or Federal Reserve Bank Funds which are immediately available to the Agency. PROMPT DELIVERY, CANCELLATION FOR LATE DELIVERY: It is expected that said Bonds \4i11 be delivered to the successful bidder within thirty 30) days from the date of sale thereof. The successful bidder shall have the right, at his option, to cancel the contract of purchase if the Agency shall fail to execute the Bonds and tender them for delivery within sixty 60) days from the date of sale thereof, and in such event the successful bidder shall be entitled to the return of the check accompanying his bid. FORM OF BID: rach bid, together with the bid check, must be in a sealed envelope, addressed to the Agency, with th envelope and bid clearly rriarked: 7222p/233B/Ol 0- BIB] 11-05-1996-U01 11:23:49AM-U01 RDARES-U02 85-U02 10-U02 I RESOTJTION NO. RA 85-10 PROPOSAL FOR LA QUINTA REDEVELOPMENT AGENCY, LA QUINTA REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES l985.' BID CHECK. A certified or cashier's check drawn on a responsible bank or trust company in the amount of $100,000, payable to the order of the La Quinta Redevelopment Agency, must accompany each proposal as a guaranty that the bidder, if successful, will accept and pay for said Bonds in accordance with the terms of his bid. The check accompanying any accepted proposal shalL be applied on the purchase price, or, if such proposal is accepted but not performed, unless such failure of performance shaLl be caused by any act or omission of the Agency, shall then be cashed and the proceeds retained by the Agency and be applied by the Agency in partial satisfaction of whatever actual damages the Agency may suffer by reason of the successful bidder's failure to perform hereunder in accordance with the terms of sale. In such instance, should the Agency's actual damages be determined to be less than said amount, thirty 30) days after any such determination by a court having jurisdiction thereof, becomes final, the balance of said amount shall be returned to the successful bidder. Should the successful bidder fail to perform hereunder, the Agency may also recover all costs relating thereto, including a reasonable amount for attorney's fees. The check accompanying each unaccepted proposal will be returned promptly. CHANGE IN TAX EXEMPT STATUS: At any time before the Bonds are tendered for delivery the successful bidder may disaffirm and withdraw the proposal if the interest received by private holders from bonds of the same type and character shall be declared to be taxable income under present federal income tax laws, either by a ruling of the Internal Revenue Service or by a decision of any federal court or shall be declared taxable or shall be required to be taken into account in computing federal income taxes by the terms of any federal income tax enacted subsequent to the date of this notice. CLOSING PAPERS: Each proposal will be understood to be conditioned upon the Agency furnishing to the successful bidder, without charge, concurrently with payment for and delivery of the Bonds, the following closing papers, each dated the date of delivery; a) Legal Opinion. The opinion of Stradling, Yocca, Carlson & Rauth, a professional Corporation, Newport Beach, California, Bond Counsel, approving the validity of the bonds and stating that interest on the Bonds is exempt from income taxes of the United States of America under present federal income tax laws, and that such interest is also exempt from 7222p/2338/Ol 7- BIB] 11-05-1996-U01 11:23:49AM-U01 RDARES-U02 85-U02 10-U02 I RESOLUTION NO. RA 85-10 personal income taxes of the State of California under present State income tax laws. A copy of said opinion, certified by an officer of the Agency by facsimile signature, will be printed on the back of each Bond. No charge will be made to the purchaser for such printing or certification. b) Non-Arbitrage Certificate. A certificate of the Agency certifying that on the basis of the facts, estimates and circumstances in existence on the date of delivery, it is not expected that the proceeds of the Bonds will be used in a manner that would cause the Bonds to be arbitrage bond. c) No Litigation Certificate. At the time of payment for and delivery of said Bonds, the Agency will furnish the successful bidder certificate that there is no litigation pending affecting the validity of the Bonds. d) Signature Certificate. Certificate signed by officers and representatives of the Agency certifying that said officers and representatives have signed the Bonds, 4whether by facsimile or manual signature, and that they were respectively duly authorized to execute the same. e) Certificate re Official Statement. Certificate of the Agency, signed by the appropriate officer, acting in his official capacity, to the effect that to the best of his knowledge and belief, and after reasonable investigation. neither the Official Statement relating to the Bonds nor any amendment or supplement thereto contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein, in light of the circumstances in which they were made, not misleading; since Lhe date of the Official Statement no event has occurred which should have been set forth in an amendment or supplement to the Official Statement which has not been set forth in such amendment or supplement; nor 3) has there been any material adverse change in the operation or financial affairs of the City or the Agency since the date of such Official Statement. CERTIFICATE RE: CUSIP NUMBERS: Tt is anticipated that CUSIP identification numbers will be printed on the Bonds but neither the failure to print such number on any Bond nor any error with respect thereto shall constitute cause for failure or refusal by the purchaser thereof to accept delivery of and pa for said Bonds in accordance with the terms of the purchase contract. All expenses in relation to the printing of CUSIP numbers on said Bonds shall be paid by the issuer,' provided, 7222p/2338/Ol BIB] 11-05-1996-U01 11:23:49AM-U01 RDARES-U02 85-U02 10-U02 I RESOLUTION NO. RA 85-10 wever, that the CSIP Service Bureau charge for the ssignment of said numbers shall be the responsibility of and shall be paid for by the purchaser INFORMATION AVAILABLE: request for information concerning the City and the Agency should be addressed to: painewebber Incorporated 100 California Street, 12th Floor San Frncisco, CA 94111 4l) c546897 he Agency will provide the successful bidder 200 copies of the Official SLatement at the expense of the Agency. GIVEN by order of the Boa-d of Directors of the La Quinta Redevelopment Agency adopted on August 20, 1985. Executive Director of the La Quinta Redevelopment Agency 7222p/2338/01 9- BIB] 11-05-1996-U01 11:23:49AM-U01 RDARES-U02 85-U02 10-U02 I RESOLUTION NO. RA 85-10 ADOPTED AND APPROVED this 2Othday of August l95. Chairman of the La Quinta Redevelopment Agency SEAL) TTEST: I Secretary of th&4a Quinta Redevelopment Agency 7222p/28/Ol 10- BIB] 11-05-1996-U01 11:23:49AM-U01 RDARES-U02 85-U02 10-U02 I RESOLUTION NO. RA 85-10 STATE OF CALIFORNIA SECRETARY'S CERTIFICATE COUNTY OF RIVERIDE ss. RE ADOPTION OF RESOLUTION CITY OF LA QUINTA I, Frank M. Usher Secretary of the La Quinta Redevelopment Agency, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Agency at a meeting of the Agency held On the 20th day of August 1985, and that the same was passed and adopted by the following vote: AYES: Members Allen, Eohnenberer. Pena. Wolff and Chairman Ccx. NOES. Members None. ARSENT: Members None. ABTAIN: Members None. I Seretaryf te'La Quinta Redevelopment Agency SEAL) STATE OF CALIFORNIA SECRETARY'S CERTIFICATE COUNTY OF RIVERSIDE ss. OF AUTHENTICATION CITY OF LA QUINTA I, Frank M. Usher Secretary of the La Quinta Redevelopment Agency, DO HEREBY CERTIFY that the above and foregoing is a full, true and Correct copy of Resolution No. RA-85-lO of the Agency 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. Secretary of the ta Quinta Redevelopment Agency SEAL) 7222p/2338/Ol 11- BIB] 11-05-1996-U01 11:23:49AM-U01 RDARES-U02 85-U02 10-U02