CC Resolution 1982-023& RESOLUTION NO. 82-23
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LA QUINTA, CALIFORNIA, PROVIDING FOR THE
ISSUANCE OF NEGOTIABLE NOTES IN AN AMOUNT OT
TO EXCEED $30,000.00, INCLUSIVE OF FUNDS
BORROWED IN FISCAL YEAR l98l-?2.
WHEREAS, funds are needed to meet the immediate
requirements of the City of La Quinta, including but not
limited to the payment of current expenses, capital expendi-
tures and the discharge of any obligation or indebtedness of
said City; and
WHEREAS, the City may borrow for said purposes, such
indebtedness to be represented by a note or notes issued to the
lender pursuant to Article 7.6, Chapter 4, Part 1, Division 2,
Title 5, of the Government Code of the State of California; and
WHEREAS, Security Pacific National Bank has offered
to lend the sum of $30,000.00, inclusive of funds borrowed in
Fiscal Year 1981-02, at an interest rate of ten percent 10%)
per annum, upon negotiable notes to be made payable upon a date
which shall be no later than 15 months after the date of issue
and otherwise in accordance with Section 53854 of the Government
Code, with interest to date of payment
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of La Quinta, California, as follows:
SECTION 1. The Council finds that it is necessary
for the City to issue negotiable notes in an amount not
to exceed $30,000.00, inclusive of funds borrowed in
Fiscal Year 1981-82, in order to meet the immediate
requirements of said City.
SECTION 2. The uncollected taxes, income, revenue,
cash receipts and other moneys to be received by the
City during the remainder of the Fiscal Year l9d?2-83 and
which will be available in said Fiscal Year for the
payment of said notes and the interest thereon are
estimated to be $470,000.00; the amount of the notes
hereby authorized to be issued, together with other notes
outstanding, if any, does not exceed 85% of said moneys.
SECTION 3. Said notes shall be dated as of the date
of delivery, shall be consecutively numbered and In such
denominations as is agreeable to the City Treasurer and
the Lender, but all notes shall be in a sum which is an
even multiple of $1,000.00, shall not exceed the aggregate
principal amount of $30,000.00, inclusive of funds borrowed
in Fiscal Year 1981-82, shall be paid upon a date which
shall be no later than 15 months after the date of issue
and otherwise in accordance with Section 53854
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&of the Government Cod?, and shall bear inter?st at the
rate of ten percent 10%) per annum, payable at the
maturity thereof.
he right shall be reserved to said City to pay all or
any part of said notes prior Co maturity, in which event
the interest due to date on the amount so paid shall be
paid along with such payment of principal, and interest
shall cease on the amount of principal so paid. No
notice need be given prior to the exercise of such right
by the City.
SECTION 4. Both principal of and the interest on
said notes shall be payable in lawful money of tile United
States of America at the Lender?s office located in India,
California.
SECTION 5. Said notes shall be payable from general,
unrestricted revenues of the City, including but not
limited to sales tax, transient occupancy tax, franchise fees,
business license fees, cigarette tax, motor vehicle in-lieu
fees, planning/zoning fees, animal license fees, off-highway
vehicle license fees, miscellaneous fines and interest, to
be received during the Fiscal Year 1982-83, said moneys
being hereby pledged to repay said notes; provided, however,
that if said moneys or any portion thereof v?en received
by the City will be encumbered for a special purpose other
than the repayment of said notes, then pursuant to Section
53856 of the Government Code an equivalent amount of the
proceeds of said notes shall be set aside for and used for
said special purpose; and, provided, further, to the extent
not paid from said moneys, said notes with interest thereon
shall be paid from any other moneys of the City lawfully
available therefor.
SECTION 6. Said notes shall be signed by the Mayor
and the City Treasurer, and countersigned by the City
anager and shall be in substantially the following form:
CITY OF LA UI?TA
1?o.
NEGOTIABLE NOTE
FOR VALUE RECEIVED, the City of La Quinta, California,
a municipal corporation, promises to pay to security pacific
National Bank, or order, on 19 the sum
of with interest thereon, payable at
the maturity thereof, at the rate of 10% per annum from the
date hereof. Both principal and interest are payable in
lawful money of the United States of AmerIca at Indio,
California. The right is reserved to said City to pay all
2-
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& or any part of this note prior to maturity, in which event
the interest due to date on the amount so paid shall be
paid along with such payment of principal, and interest
shall cease on the amount of principal so paid. No notice
need be given prior to the exercise of such right by the
City.
1he principal of and the interest on this note are payable
from general, unrestricted revenues of the City, including
but not limited to sales tax, transient occupancy tax,
franchise fees, business license fees, cigarette tax, motor
vehicle in-lieu fees, planning/zoning fees, miscellaneous
fines and interest, to be received during the Fiscal Year
1982-83, said moneys being hereby pledged to repay this note
and the interest hereon. o the extent not paid from said
moneys, this note shall be paid with interest hereon from
any other moneys of the City lawfully available therefor.
IT IS FIEREBY CERTIFIED, RECITED AND DECLARED that all acts,
conditions and things reguired by law to exist, happen
and be performed precedent to and in the issuance of this
note have existed, happened and been performed in due time,
form and manner as required by law, and that the amount of
this note, together with all other indebtedness of the
City, does not exceed any debt limit prescribed by the laws
or Constitution of the State of California.
IN WITNESS WHEREOF, said City of La Quinta has caused
this note to be signed by the Mayor and the City Treasurer
of said City and countersigned by the City Manager of said
City, and sealed with the Corporate Seal of said City, and
has caused this note to be dated the day of
1982.
MAYOR
COUNTERSIGNED:
CITY MANAGER
CITY TREASURER
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& SEAL)
SECTIO? 7. The City Council does hereby find and
determIne that it is necessary and desirable that the City
borrow from Security Pacific National Bank, a sum not to
exceed $30,000.00, inclusive of funds borrowed in Fiscal
Year l9?l-82, such indebtedness to be represented by the
negotiable notes authorized hereby. The yor and the
City Treasurer are authorized to sign said notes and the
City Manager is authorized to countersign said notes and to
date and seal said notes on the date of delivery thereof.
Said notes shall be issued according to the terms and
substantially in the form provided in this resolution.
SECTION 8. This resolution shall constitute accep-
tance of the offer of Security Pacific National Ban]? above
referred to.
DULY APPROVED and ADOPfED his 15th day of June
1982.
ATTEST:
CITY?CLERK
AFFROVED AS TO FORi? APPROVED AS TO CONTENT:
AT?
TOR??EY CTTY MAI?AGER
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& ifii,f)fj?f'i?I?IAi'1J(1A
78 100 CALL? TAMPICO LA OUINTA CALIFORNIA 92253 714) 564-2246 714)340-5445
June 16, 1982
LEGAL OPINION
TO: City Manager of La Quinta; Security Pacific National Bank, Attn:
Mr. Charles E. Stebbins, Manager, Indio Office; and to whom it
may concern.
ThOM: Raymond E. Ott, City Attorney, City of La Quinta, California
SUBJECT: Tax Anticipation Notes Authorized by Resolution No. 82-23
On June 15, 1982, the City Council of La Quinta, California, at a regular
nieeting thereof, adopted the subject Resolution No. 82-23, a copy of which
is appended hereto for.ready reference.
Said Resolution No. 82-23 was adopted pursuant to the authority of Article 7.6,
Chapter Part 1, ivision 2, Title 5 commencing with Section 53850) of the
Government Code of the State of California.
Said resolution conte?plates the temporary borrowing of not to exceed $30,000
during the forthcoming period until June 30, 1983, and provides for repayment
of said borrowed funds as of due dates no later than 15 months after the
dates of issuance of the respective notes. The maximum interest rate provided
for is 10% pursuant to Sec. 385?, Govt. Code).
OPINION
In my opinion:
1. Upon issuance of the note or notes provided for by Resolution No. 82-23 and
the disbursement of funds therefor by Security Pacific National Bank, a
valid, binding and legally enforceable obligation will be assumed by the
City of La Quinta, California, to repay the borrowed funds to the said Bank,
not later than the time(s) indicated in the note or notes, and with the
interest payment provided for in any such note or notes.
2. The City of La Quinta is a duly constituted municipal corporation of the
State of California and is legally authorized to issue the notes provided
for by said Resolution No. 2-23.
3. The action of the La Quinta City Council in adopting Resolution No. 82L23
is the final action necessary to authorize the contemplated transaction(s)
and no further action by any other body, agency or entity is necessary in
order to complete or ratify the said action by the La Quinta City Council.
City Attorney of La Quinta, California
A Cr'A A C?A rimoR A
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