RDA Resolution 2011-014RESOLUTION NO. RA 2011 - 014
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
LA QUINTA REDEVELOPMENT AGENCY AUTHORIZING
THE ISSUANCE OF TAXABLE TAX ALLOCATION
HOUSING BONDS OF SAID AGENCY IN A PRINCIPAL
AMOUNT OF NOT TO EXCEED TWELVE MILLION FIVE
HUNDRED THOUSAND DOLLARS ($12,500,000) TO
FINANCE A PORTION OF THE LOW AND MODERATE
HOUSING COSTS OF REDEVELOPMENT PROJECTS AND
APPROVING CERTAIN DOCUMENTS AND TAKING
CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH
WHEREAS, the La Quinta Redevelopment Agency (the "Agency "), is a
redevelopment agency (a public body, corporate and politic) duly created,
established and authorized to transact business and exercise its powers, all under
and pursuant to the Community Redevelopment Law (Part 1 of Division 24
(commencing with Section 33000) of the Health and Safety Code of the State of
California) and the powers of the Agency include the power to issue bonds for any
of its corporate purposes; and
WHEREAS, in order to raise additional funds for the implementation of the
low and moderate housing elements of its Redevelopment Plans, the Agency deems
it necessary at this time to issue allocation bonds on a parity with the 1994 Bonds,
2004 Authority Bonds, 2011 Authority Bonds for such purpose; and
WHEREAS, the corporate purposes of the Agency will be accomplished by
issuing at this time tax allocation parity bonds in a principal amount of not to
exceed Twelve Million Five Hundred Thousand Dollars ($12,500,000) pursuant to
this Resolution and a supplemental hereto to be designated "La Quinta
Redevelopment Agency, La Quinta Redevelopment Projects, Taxable Tax Allocation
Housing Bonds, Series 2011 (the "Bonds "); and
WHEREAS, the Agency is authorized to issue the Bonds pursuant to the
Community Redevelopment Law of the State of California (being Part 1 of Division
24 of the Health and Safety Code of the State of California, as amended) (the
"Law").
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE LA QUINTA
REDEVELOPMENT AGENCY DOES HEREBY RESOLVE, ORDER AND DETERMINE
AS FOLLOWS:
Section 1. Each of the above recitals is true and correct and this Board so finds
and determines.
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Resolution No. RA 2011 -014
Authorizing the Issuance of
Taxable Tax Allocation Housing Bonds
Adopted: March 15, 2011
Page 2
Section 2. The issuance of the Bonds in the principal amount of not to exceed
Twelve Million Five Hundred Thousand Dollars ($12,500,000) is hereby authorized.
The Bonds shall mature on the dates, pay interest at the rates, shall be subject to
redemption and shall be governed by the terms and conditions set forth in an
Indenture of Trust, dated as of March 1, 2011, (the "Indenture ") to be prepared by
Bond Counsel to the Agency and executed by the Chair or Executive Director or
Finance Director and Secretary of the Agency (herein "Chair," "Executive Director,"
"Finance Director" and "Secretary" respectively), which Indenture shall be
substantially in the form on file with the City Clerk, with such additions thereto and
changes therein as are recommended or approved by Bond Counsel to the Agency
and the officers executing the same, with such approval to be conclusively
evidenced by the execution and delivery of the Indenture. Capitalized terms used in
this Resolution which are not defined herein have the meaning ascribed to them in
the Indenture on file in the office of the City Clerk. The Chair, the Executive
Director, the Finance Director, the Secretary, or their designees are hereby
authorized and directed to execute and deliver the Indenture.
Section 3. The Bonds shall be executed on behalf of the Agency by the manual or
facsimile signature of the Chair or Executive Director and attested with the manual
or facsimile signature of the Secretary.
Section 4. The covenants set forth in the Indenture to be executed in accordance
with Section 2 above are hereby approved, shall be deemed to be covenants of the
Agency and shall be complied with by the Agency and its officers. The Indenture
shall constitute a contract between the Agency and the Owners of the Bonds.
Section 5. U. S. Bank, National Association, Los Angeles, California, is hereby
appointed to act as Trustee for the Bonds. The Executive Director of the Agency,
or his written designee, is hereby authorized to enter into an agreement with the
Trustee to provide such services to the Agency.
Section 6. The Purchase Contract by and between the Agency and the Underwriter
on file with the Secretary offering to purchase the Bonds to bear interest as set
forth in the Indenture is hereby approved and the Executive Director or Finance
Director is authorized to execute and deliver the Purchase Contract in said form
with such changes thereon as the officers executing the same may approve, such
approval to be conclusively evidenced by the execution and delivery thereof.
The Chair or Executive Director or Finance Director is authorized to execute a final
Official Statement in substantially the form of the preliminary Official Statement,
and Continuing Disclosure Agreement relating thereto, which have been presented
at this meeting and are hereby approved, with such additions thereto and changes
therein as are recommended or approved by Bond Counsel to the Agency and the
officer executing the same, with such approval to be conclusively evidenced by the
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Resolution No. RA 2011 -014
Authorizing the Issuance of
Taxable Tax Allocation Housing Bonds
Adopted: March 15, 2011
Page 3
execution and delivery of such documents. The Underwriter is hereby authorized
to distribute the Preliminary Official Statement to prospective purchasers of the
Bonds and to provide to the purchasers of the Bonds from the Underwriter copies
of the final Official Statement. The Executive Director or Finance Director is hereby
authorized to sign a certificate pursuant to Rule 15c2 -12 promulgated under the
Securities Exchange Act of 1934 pertaining to the Preliminary Official Statement.
Section 7. Each and every officer of the Agency is authorized to perform his or her
services on behalf of the Agency. The Executive Director or Finance Director, or his
written designee, is authorized to incur such costs and to contract for all services
necessary to affect the issuance of the Bonds. Such services shall include, but not
be limited to, printing the Bonds, printing the Preliminary Official Statement and the
Official Statement, obtaining legal services, fiscal agent services and any other
services deemed appropriate for the issuance of the Bonds including, without
limitation, the costs of Rating Agency Services (referred to in the Indenture as
"Costs of Issuance ") and the payment for said Costs of Issuance shall be approved
by the Executive Director or Finance Director. The Executive Director or Finance
Director, or his written designee, is authorized to pay for such Costs of Issuance
with Bond proceeds established pursuant to the Indenture without further approval
of this Board of Directors.
Section 8. All actions heretofore taken by officers and agents of the Agency with
respect to the sale and issuance of the Bonds are hereby approved, confirmed and
ratified, and the Chair and Secretary and the other officers of the Agency
responsible for the fiscal affairs of the Agency are hereby authorized and directed
to take any actions and execute and deliver any and all certificates, instruments,
agreements and documents as are necessary to accomplish the issuance, sale and
delivery of the Bonds in accordance with the provisions of this Resolution and the
fulfillment of the purposes of the Bonds as described in the Indenture as
determined by Bond Counsel. In the event that the Chair or Executive Director
is /are unavailable to sign any document authorized for execution herein, the
Finance Director shall sign such document. Any document authorized herein to be
signed by the Secretary may be signed by a duly appointed deputy secretary.
Section 9. The Agency hereby determines that interest payable on the Bonds will
be subject to federal income taxation, and that the provisions of Section 5900 et
seq. of the California Government Code (the 'Taxable Bond Act ") apply to the
Bonds. The Agency may take any action and exercise any power permitted to be
taken by it under the Taxable Bond Act in connection with the issuance and sale of
the Bonds as may be deemed advisable by the Executive Director.
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Resolution No. RA 2011 -014
Authorizing the Issuance of
Taxable Tax Allocation Housing Bonds
Adopted: March 15, 2011
Page 4
PASSED, APPROVED and ADOPTED this 15th day of March, 2011, by the
following vote:
AYES: Council Members Evans, Franklin, Henderson, Mayor Adolph
NOES: Council Member Sniff
ABSENT: None
ABSTAIN: None
TERRY NDERSON, Chairperson
La Quin Redevelopment Agency
ATTE
VERONICA J. ON ECINO, Secretary
La Quinta Re evelopment Agency
(Agency Seal)
APPROVEDAS TO FORM:
M7KPAHEMNE JENSO Agency
La Q In a Redevelopment
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Resolution No. RA 2011 -014
Authorizing the Issuance of
Taxable Tax Allocation Housing Bonds
Adopted: March 15, 2011
Page 5
SECRETARY'S CERTIFICATE
RE: ADOPTION OF RESOLUTION
STATE OF CALIFORNIA ►
)ss.
COUNTY OF RIVERSIDE ►
I, Veronica Montecino, Secretary of the La Quinta Redevelopment Agency,
DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by said
Agency at a regular meeting of said Agency held on the 15th day of March, 2011.
AYES: Council Members Evans, Franklin, Henderson, Mayor Adolph
NOES: Council Member Sniff
ABSENT: None
ABSTAIN: None
Veronica J. M �Oecino, Agency Secretary
La Quinta Redevelopment Agency
(AGENCY SEAL)
STATE OF CALIFORNIA )
►ss.
COUNTY OF RIVERSIDE ►
I, Veronica Montecino, 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 2011 -014 of said Agency and that said Resolution was
adopted at the time and by the vote stated on the above certificate, and has not
been amended or repealed.
Dated: 3 i f 2l 2011
Veronica J. M ntecino, Agency Secretary
La Quinta Redevelopment Agency
(AGENCY SEAL)
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