CC Resolution 1991-085^#? II
RESOLUTION NO. 91-85
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA AUTHORIZING THE SALE, EXECUTION AND
DELIVERY OF NOT TO EXCEED $9,000,000 PRINCIPAL
AMOUNT OF BONDS OF THE LA QUINTA FINANCING
AUTHORITY AND APPROVING CERTAIN DOCUMENTS IN
CONNECTION THEREWITH
WHEREAS, City of La Quinta, a municipal corporation
organized and existing under the laws of the State of
California the City"), desires to have constructed certain
improvements, including a City Hall and appurtenant facilities
the Project"); and
WHEREAS, the La Quinta Financing Authority, a *oint
exercise of powers authority organized and existing under the
laws of the State of California the Authority"), has the
authority to assist in the financing of the Project on behalf
of the City; and
WHEREAS, the City and the Authority desire to enter into
i) a lease agreement titled Lease" dated as of November 1,
1991, by and between the City and the Authority relating to not
to exceed $9,000,000 La Quinta Financing Authority, 1991 Bonds
City Hall Project) the Lease") whereby the City will lease
to the Authority the Project site and ii) a sublease and
option to purchase titled Sublease and Option to Purchase"
dated as of November 1, 1991, by and between the City and the
Authority relating to not to exceed $9,000,000 La Quinta
Financing Authority, 1991 Bond City Hall Project) the
Sublease") whereby the Authority will lease back to the City
the Project site and the Project; and
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WHEREAS, the City and the Authority desire to enter into a
trust agreement by and among the Authority, the City and
Security Pacific National Bank the Trustee") titled Trust
Agreement" dated as of November 1, 1991, relating to not to
exceed $9,000,000 La Quinta Financing Authority, 1991 Bonds
City Hall Project) the Trust Agreement"); and
WHEREAS, the Authority wishes to cause the sale, execution
and delivery of not to exceed $9,000,000 in principal amount of
bonds to be secured by the lease payments to be made by the
City pursuant to the Sublease the Bonds"); and
WHEREAS, all right, title and interest of the Authority
under the Sublease will be assigned to the Trustee pursuant to
an assignment agreement by and between the Authority and the
Trustee, titled Assignment of Leases and Agreement" dated as
of November 1, 1991 relating to not to exceed $g,ooo,ooo La
Quinta Financing Authority, 1991 Bonds City Hall Project) the
Assignment Agreement"); and
WHEREAS, Sutro & Company the Underwriter") desires to
purchase the Bonds; and
WHEREAS, a preliminary official statement with respect to
the Bonds the Preliminary Official Statement"), has been
prepared by Fieldman, Rolapp & Associates; and
WHEREAS, there then has been presented to this Board of
Directors copies of each of the aforementioned documents and
certain other documents relating to the foregoing;
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NOW, THEREFORE, the City Council of the City of La Quinta
does hereby find, determine, resolve and order as follows:
SECTION 1. The foregoing recitals, and each of them,
are true and correct.
SECTION 2. The Lease, Sublease, Trust Agreement and
Assignment Agreement are approved in substantially the form
presented at this meeting.
SECTION 3. The Underwriter is authorized to price the
Bonds and return to the Authority and the City with an offer to
purchase the Bonds at the interest rates and at a discount to
be considered for acceptance by the Authority and the City.
SECTION 4. The prep*ration and distribution of the
Preliminary Official Statement in substantially the form
presented at this meeting, with such changes, insertions and
omissions as may be approved by the City Manager of the City,
is hereby approved. The City Manager of the City is hereby
authorized to sign a certificate pursuant to Rule 15c2-12
promulgated under the Securities Exchange Act of 1934 relating
to the Preliminary Official Statement. The City Manager of the
City is further authorized and directed to approve, execute and
deliver the final Official Statement with respect to the Bonds,
which final Official Statement shall be in the form of the
Preliminary Official Statement with such changes, insertions
and omissions as may be approved by the City Manager, such
approval to be conclusively evidenced by the execution and
delivery thereof. The Underwriter is hereby authori*ed to
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distribute copies of the Preliminary Official Statement to
persons who may be interested in the initial purchase of Bonds
and is directed to deliver copies of the final Official
Statement to all actual initial purchasers of the Bonds.
SECTION 5. The City Manager, the Mayor, the City Clerk
and any other proper officer of the City are hereby authorized
and directed, jointly and severally, to do any and all things
and to execute and deliver any and all documents necessary or
proper for carrying out the transactions contemplated by this
Resolution.
SECTION 6. All actions previously taken by this City
Council and by the officers and staff of the City with respect
to the matters addressed by this Resolution hereby ate
approved, ratified and confirmed.
SECTION 7. This Resolution shall take effect from and
after its date of adoption.
ADOPTED, SIGNED AND APPROVED this 5th day of November, 1991.
Mayor
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STATE OF CALIFORNIA
33.
COUNTY OF RIVERSIDE
I, Saundra Juhola, City Clerk of the City of La Quinta, do
hereby certify that the foregoing resolution was duly adopted
by the City of COUncil of said City at a regular meeting held
on the 5th day of November, 1991, and that it was so adopted by
the following vote:
AYES: Council Members Franklin, Rushworth, Sniff & Mayor Pena
NOES: None
ABSENT: None
ABSTAIN: Council Member Bohnenberger
ffi*lerkof
*aundra Juhola, the City
of La Quinta
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^#?STATE OF CALIFORNIA
ss.
COUNTY OF RIVERSIDE
I, Saundra Juhola, City Clerk of the City of La Quinta, do
hereby certify that the above and foregoing is a full, true and
correct copy of RESOLUTION NO. g*-R* of said Council, and
that the same has not been amended or repealed.
DATED: November 5, 1991
C he
City of La Quinta
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