FA Resolution 1992-01 LA QUINTA FINANCING AUTHORITY
RESOLUTION NO. FA 92-1
RESOLUTION AUTHORIZING THE EXECUTION AND
DELIVERY OF BOND PURCHASE CONTRACTS BY AND
AMONG THE LA QUINTA REDEVELOPMENT AGENCY, LA
QUINTA FINANCING AUTHORITY, AND
WESTHOFF-MARTIN & ASSOCIATES
WHEREAS, the City of La Quinta (the "City") and the
La Quinta Redevelopment Agency (the "Agency") have entered into
a Joint Exercise of Powers Agreement, dated as of November 3,
1988 (the "Agreement"), creating the La Quinta Financing
Authority (the "Authority");
WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7
of the Government Code of the State of California (the "Act")
and the Agreement, the Authority is authorized to purchase
bonds issued by the Agency for financing public capital
improvements, working capital, liability and other insurance
needs, or projects whenever there are significant public
benefits as determined by the Agency; and
WHEREAS, pursuant to the Act and the Agreement the
Authority is further authorized to sell bonds so purchased to
public or private purchasers by public or negotiated sale; and
WHEREAS, the Authority desires to purchase not to exceed
$6,000,000 aggregate principal amount of bonds of the Agency
designated "La Quinta Redevelopment Agency, La Quinta
Redevelopment Project Area No. 2, Tax Allocation Bonds, Issue
of 1992" (the "Bonds") solely from the proceeds received from
the Authority's concurrent sale of such Bonds to
Westhoff-Martin & Associates (the "Underwriter"); and
WHEREAS, in accordance therewith, the Authority now desires
to authorize the execution of a bond purchase contract between
the Authority and the Agency (the "Authority Purchase
Contract") and of a bond purchase contract by and among the
Authority, the Agency and the Underwriter (the "Underwriter
Purchase Contract"); and
WHEREAS, the Agency has determined that "significant public
benefits" as defined in Section 6586 of the Act will be derived
by the Agency in undertaking the issuance of the Bonds and
their sale to the Authority and resale to the Underwriter, in
furtherance of the corporate purposes of the Agency;
NOW, THEREFORE, BE IT RESOLVED by the Governing Board of
the La Quinta Financing Authority as follows:
Section 1. The foregoing recitals are true and correct and
this Authority so finds and determines.
Section 2. The proposed forms of Authority Purchase
Contract and the Underwriter Purchase Contract, by and among
the Agency and the Authority and the Agency, the Authority and
the Underwriter, respectively, on file with the Secretary of
the Governing Board and incorporated into this Resolution by
reference are hereby approved, provided, however, (i) the
principal amount of the Bonds does not exceed $6,000,000; (ii)
the underwriter's discount exclusive of original issue discount
does not exceed .825% of the principal amount of the Bonds; and
(iii) the net interest cost does not exceed 7.50%. The
Chairman is hereby authorized and directed, for and in the name
and on behalf of the Authority, to purchase the Bonds from the
Agency and to accept the offer of the Underwriter to purchase
the Bonds from the Authority, subject to the terms and
conditions of the Underwriter Purchase Contract, and to execute
and deliver the Authority Purchase Contract and the Underwriter
Purchase Contract, in substantially said form, with such
changes or additions thereto that may hereafter become
necessary in the interests of the Authority and which are
reviewed and approved by counsel to the Authority, any such
additions or changes to be conclusively evidenced by the
execution and delivery of said agreements.
Section 3. The officers of the Authority and members of
the Governing Board are hereby authorized to take such other
actions and execute such documents and certificates as are
necessary or appropriate for the accomplishment of the purposes
of this resolution.
Section 4. This resolution shall take effect from and
after its adoption.
11/25/92
2737Q/2338/15 -2-
PASSED AND ADOPTED on December 1, 1992, by the following
vote:
AYES: Mrs. Bangerter, Mr. Perkins, Mr. Sniff & Chairman Pena
NOES: None
ABSENT: Mrs. Franklin
ABSTAIN: None a~~~l
~h in
Ch f e La Qu' ta
Financing Authority
Financing Authority
APPROVED AS TO FORM:'
11/25/92
2737Q/2338/15 -3-
SECRETARY'S CERTIFICATE
I, SAUNDRA L. JUHOLA, Secretary of the La Quinta
Financing Authority, do hereby certify as follows:
The foregoing resolution is a full· true and correct
copy of a resolution duly adopted by a vote of a majority of
the members of the Governing Board of said Authority at an
adjourned regular meeting of the Governing Board of said
Authority duly and regularly and legally held at the City of
La Quinta, California, on December 1, 1992, of which all of
such members had due notice, as follows:
AYES: Mrs. Bangerter, Mr. Perkins, Mr. Sniff & Chairman Pena
NOES: None
ABSENT: Mrs. Franklin
ABSTAIN: None
An agenda of said meeting was posted at least 72 hours
before said meeting at 78-105 Calle Estado, La Quinta,
California, a location freely accessible to members of the
public, and a brief description of said resolution appeared on
said agenda.
I have carefully compared the foregoing with the
original minutes of said meeting on file and of record in my
office, and the foregoing is a full, true and correct copy of
the original resolution adopted at said meeting and entered in
said minutes.
Said resolution has not been amended, modified or
rescinded since the date of its adoption and the same is now in
full force and effect.
Dated: December 1 L992~re.~a Qui~~nta · 1992.
Financing Authority
11/25/92
2737Q/2338/15 -4-