CC Resolution 1991-090^#@ II
RESOLUTION NO. 91-90
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA APPROVING THE SALE, EXECUTION AND
DELIVERY OF $8,515,000 PRINCIPAL AMOUNT OF LA
QUINTA FINANCING AUTHORITY 1991 BONDS CITY
HALL PROJECT) AND APPROVING CERTAIN DOCUMENTS
AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION
THEREWITH
WHEREAS, City of La Quinta, a municipal corporation
organized and existing under the laws of the State or
California the City"), desires to have constructed certain
improvements, including a City Hall and appurtenant facilities
the *Project'*) and
WHEREAS, the La Quinta Fin*nuinq Aut**or**, a *Oiflt
exerc3se of powers authority organized and *xisting under the
laws of the State of California the **Authority"), has the
authority to assist in the financing of the Pro]ect 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
$A*5I5*La Quinta Financing Authority, 1991 Bonds City Hall
Pro*ect) 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 La Quinta Financing Authority, 1991 *ond
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 $ 8,515,000
La Quinta Financing Authority, 1991 Bonds City Hall project)
the Trust Agreement"); 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 *eases and Agreement" *ated as
or November 1, 1991 relating to * Quinta Financing
Authority, 1991 Bonds City Hall Project) the Assignment
Agreement'); and
WHEREAS, the Authority will issue $_8,515,000 in principal
amount of its 1991 Bonds City Hall Project), secured by the
rental payments to be made by the City pursuant to the Sublease
the Bonds"); and
WHEREAS, Sutro & Co., Incorporated the Underwriter") has
offered to purchase the Bonds upon the terms and conditions set
forth in the Contract of Purchase the Contract of Purchase");
and
WHEREAS, the*e then has been presented to this Board of
Directors copies of each of the aforementioned documents and
certain other documents relating to the foregoing;
NOW, THEREFORE, the City Council of the City does hereby
find, determine, resolve and order as follows:
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^#@ I
SECTION 1. The foregoing *ecitals, and each of them,
are true and correct.
SECTION 2. The Lease, Sublease and Trust Agreement are
approved in substantially the form presented at this meeting.
The Mayor and the City Clerk of thi* City Council are hereby
authorized and directed, for and in the name of the City, *o
execute and deliver the Lease, the Sublease and the Trust
Agreement with such changes, insertions and omissions as said
officers may approve, such approval to be conclusivety
evid*nced by the execution and delivery thereof.
SECTION *. The sale of the Bonds by the Authority to
the Underwriter pursuant to the terms and conditions set forth
in the Contract of Purchase is approved.
SECTION 4. 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 5. 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 are
approved, ratified and confirmed.
SECTION 6. This Resolution shall take effect from and
after its date of adoption.
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^#@ ADOPTED, SIGNED AND APPROVED this 19th day of November,
1991
Mayor
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^#@ U
STATE OF CALIFORNIA
55.
COUNTY OF RIVERSIDE
I, Saundra Juhola, City Clerk of the City Council of the
City of La Quinta, do hereby certify that the foregoing
resolution was duly adopted by the City Council of said City at
* regular meeting held on the 19th day of November, 1991, and
*ha* i: was so adopred by the following vote:
AYES: DIRECTORS: Council Members Franklin, Sniff &
Mayor Pro Tern Rushworth
NOES: DIRECTORS: None
ABSENT: DIRECTORS: Mayor Pena
ABSTAIN: DIRECTORS: Coun;>. Member Bohnenberqer
*City Clerk of the *itY Council of City
of La Quinta
SEAL)
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^#@ STATE OF CALIFORNIA
ss*
COUNTY OF RIVERSIDE
I, Saundra Juhota, City Clerk of *he City C0uflcIl of the
City of La Quinta, do hereby certify that the above and
foregoing is a full, true and correct copy of RESOLUTION
NO. 91-90 of said Council, and that the same has not been
amended or repealed.
DATED: November 19, 1991
ity Clerk of the City Council of
City of La Quinta
SEAL)
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