FA Resolution 1998-002 LA QUINTA FINANCING AUTHORITY
RESOLUTION NO. FA 98-02
RESOLUTION AUTHORIZING THE EXECUTION AND
DELIVERY OF A BOND PURCHASE CONTRACT BY AND
AMONG THE LA QUINTA REDEVELOPMENT AGENCY, THE
LA QUINTA FINANCING AUTHORITY, AND MILLER AND
SCHROEDER FINANCIAL, INC.
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
$8,000,.000 aggregate principal amount of bonds of the Agency
designated "La Quinta Redevelopment Agency, La Quinta
Redevelopment Project Area No. 2, Tax Allocation Refunding Bonds,
Issue of 1998" (the "Bonds") solely from the proceeds received
from the Authority's concurrent. sale of such Bonds to Miller &
Schroeder-Financial,'Inc. (the"'Underwriter");'and
WHEREAS, in accordance therewith, the Authority now desires
to authorize .the execution of a bond purchase contract by and
among the Authority, 'the Agency and the Underwriter (the
"Purchase Contract"); and
WHEREAS, the Agency has determined that "significant public
ben'efits" 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=~o finds and determines.
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Section 2. The proposed form of Purchase Contract by and
among the Agency, the Authority and the Underwriter, 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 $8,000,000;
(ii) the underwriter's discount .exclusive of original issue
discount does not exceed 1.0% of the principal amount of the
Bonds; and (iii) the net interest cost does.not exceed 5.50% The
Chairman or Executive Director or Finance Director is hereby
authorized and directed, for and in the name and on behalf of the
Authority, to purchase the Bonds from the Ag'ency and to accept
the offer of the Underwriter to purchase the Bonds from the
Authority, subject to the terms and conditions of the Purchase
Contract, and to execute and deliver the 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 B6ard 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.
PASSED AND ADOPTED on April 7, 1998, by the following vote:
AYES: Board Members Adolph,.Benderson, Perkins, Sniff, Chair Pena
NOES: None
ABSENT: None
ABSTAIN: None an eoa Qui
Chai e nta
Fin rity
Ae~~/ofth~uinta
Financing Authority
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SECRETARY'S CERTIFICATE
t, SAUNDRA L. JUHOIA, Secretary of the na 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 April 7, 1998, of which all of such members had due notice, as
follows:
AYES: Board Members Adolph, Henderson, Perkins, Sniff, Chair Pena
NOES: None
ABSENT: NOne
ABSTAIN: None
An agenda of said meeting was posted at least 72 hours
before said meeting at the City Hall, a location freely
accessible to members of the public, and a brief description of
said resolution appeared on said agenda.
Ihave 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: May ~, 1998.
Secretary of the La Quinta
Financing Authority
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