FA Resolution 1991-01 RESOLUTION NO. FA 91-~<
RESOLUTION OF THE BOARD OF DIRECTORS OF
THE CITY OF LA QUINTA FINANCING AUTHORITY
AUTHORIZING THE SALE, EXECUTION AND
DELIVERY OF NOT TO EXCEED $9,000,000
PRINCIPAL AMOUNT OF BONDS AND APPROVING
CERTAIN DOCUMENTS IN CONNECTION THEREWITH
WHEREAS, City of La Quinta Financing Authority, a joint
exercise of powers authority organized and existing under the
laws of the State of California (the "Authority"), is
authorized to assist in the financing of the construction of
certain improvements, including a City Hall and appurtenant
facilities (the "Project") on behalf of the City of La Quinta
(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 title "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 Bonds (City Hall Project) (the
"Sublease") whereby the Authority will lease back to the city
the Project site and the Project; and ,
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 $9,000,000 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 Board of Directors of the La Quinta
Financing Authority 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 this Authority with an offer to purchase
the Bonds at the interest rates and at a discount to be
considered for acceptance by the Authority.
SECTION 4. The preparation 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 Executive Director or
Treasurer of the Authority, is hereby approved. Mr. Ron
Kiedrowski is appointed Executive Director of the Authority.
The Executive Director or Treasurer of the Authority are 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 Executive Director
or Treasurer of the Authority 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
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Statement with such changes, insertions and omissions as may be
approved by the Executive Director or Treasurer, such approval
to be conclusively evidenced by the execution and delivery
thereof. The Underwriter is hereby authorized to 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. Security Pacific National Bank is appointed
Trustee under and pursuant to the Trust Agreement, with the
powers and duties of said office as set forth therein.
SECTION 6. The firm of Stradling, Yocca, Carlson &
Rauth is appointed Bond Counsel pursuant to the terms and
conditions of its letter of employment dated November 1, 1991.
SECTION 7. The Executive Director or Treasurer of the
Authority is authorized to select a municipal bond insurer to
insure payments of principal of and interest with respect to
the Bonds if the Executive Director or Treasurer determines
that a municipal bond insurance policy issued by such insurer
will result in a lower interest rate or yield to maturity with
respect to Bonds.
SECTION 8. The Executive Director, the Treasurer, the
President, the Vice President, the Secretary and any other
proper officer of the Authority are hereby authorized and
directed, jointly and severally, to do any and all things and
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to execute and deliver any and all documents necessary or
proper for carrying out the transactions contemplated by this
Resolution.
SECTION 9. All actions previously taken by this Board
of Directors and by the officers and staff of the Authority
with respect to the matters addressed by this Resolution hereby
are approved, ratified and confirmed.
SECTION 10. This Resolution shall take effect from and
after its date of adoption.
ADOPTED, SIGNED AND APPROVED this 5th day of November ,
1991.
( SEAL )
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
I, Saundra Juhola, Secretary of the La Quinta Financing
Authority, do hereby certify that the foregoing resolution was
duly adopted by the Board of Directors of said Authority at a
special meeting held on the 5th day of November, 1991, was so
adopted by the following vote:
AYES: DIRECTORS: Franklin, Rushworth, Sniff & Chairman Pena
NOES: DIRECTORS: None
ABSENT: DIRECTORS: None
ABSTAIN: DIRECTORS: Bohne erger
(SEAL)
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
I, Saundra Juhola, Secretary of the La Quinta Financing
full, true c S T O of said
Council, and that the same has not been amended or repealed.
DATED: November 5, 1991
(SEAL)
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