RDA Resolution 1985-11U ESOLUTION NO. RA-85-11
RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY
AMENDING RESOLUTION NO. RA 85-5 AUTHORIZING THE
ISSUANCE OF TAX ALLOCATION BONDS OF SAID AGENCY IN A
PRINCIPAL AMOUNT NOT TO EXCEED TWENTY MILLION DOLLARS
$20,000,000) TO FINANCE PORTION OF THE COST OF A
REDEVELOPMENT PROJECT KNOWN AS THE LA QUINTA
REDEVELOPMENT PROJECT
WHEREAS, the La Quinta Redevelopment Agency the Agency")
adopted Resolution NO. 85-5 entitled Resolution of the La
Quinta Redevelopment Agency authorizing the issuance of Tax
Allocation Bonds of said Agency in a principal amount not to
exceed Twenty Million Dollars $20,000,000) to finance portion
of the cost of a redevelopment project known as the La Quinta
Redevelopment Project the Resolution'), and
WHEREAS, it is the desire of the Agency to amend the
Resolution to provide for a Debt Service Special Fund,
Section 1. Section 13 of the Resolution is amended by
adding item 3) to subsection A to read as follows:
3) Deposit in the Debt Service Special Fund
$778,000" and to renumber items 3) and 4), 4) and
5) respectively.
Section 2. The second sentence of Section 12 of the
Resolution is amended to read as follows:
There is hereby created with the Fiscal Agent a
special trust fund called the La Quinta Redevelopment
Project, Special Fund with special trust funds
contained therein and known as the Bond Interest Fund,
Bond Payment Fund, the Debt Service Reserve Fund and
the Debt Service Special Fund."
Section 3. Section 15 of the Resolution is amended by
adding thereto the following subsection e) to read as follows:
e) Debt Service Special Fund. The money held in the
Debt Service Special Fund, together with interest
earned on said money, shall be transferred to the Bond
Interest Fund and the Bond Payment Fund, to pay
interest on and principal of the Bonds as it becomes
due to the extent Tax Revenues are insufficient
therefore. Transfers for said purpose shall be made
from the Debt Service Special Fund prior to the
transfer of any money for said purpose from the Debt
BIB]
11-05-1996-U01
11:25:24AM-U01
RDARES-U02
85-U02
11-U02
U RESOLUTION NO. RA 85-11
Service Reserve Fund. On the date that a) the
Reserve Requirement is held in the Debt Service
Revenue Fund and b) the Tax Revenues for the then
current Bond year are at least equal to 1.25 times the
Maximum Annual Debt Service on the Outstanding Bonds,
as certified by an Independent Financial Consultant,
the Fiscal Agent shall transfer all money in the Debt
Service Special Fund to the Agency for deposit in the
Redevelopment Fund.
Section 4. Section 15 of the Resolution is amended by
striking the date 1985 in the first paragraph and in lieu
thereof inserting the date 1986.
Section 5. Effective Date. This Resolution shall take
effect upon adoption.
ADOPTED AND APPROVED the 2th day of August 1985.
Chairman of the La Quinta
Redevelopment Agency
SEAL)
ATTEST
Secretary of the La Quinta
Redevelopment Agency
7209p/2338/Ol 2
BIB]
11-05-1996-U01
11:25:24AM-U01
RDARES-U02
85-U02
11-U02
U SOLUTION NO. RA B5-11
STATE OF CALIFORNIA SECRETARYS CERTIFICATE
COt]NTY OF RIVERSIDE 5s. RE ADOPTION OF RESOLUTION
CITY OF LA QUINTA
I, Frak M Tgbr Secretary of the La
Quinta Redevelopment Agency, DO HEREBY CERTIFY that the
foregoing Resolution was duly adopted by the Agency at a
meeting of the Agency held on the 27th day of August
1985, and that the.same was passed and adopted by the following
vote:
AYES: Members Allen, Wolff and Chairman Cox.
NOES: Members None.
ABSENT: Members Bohnenberger and Pena.
ABSTAIN: Members None.
Secretary of the La Quinta
Redevelopment Agency
SEAL)
STATE OF CALIFORNIA SECRETARYS CERTIFICATE
COUNTY OF RIVERSIDE ss. OF AUTHENTICATION
CITY OF LA QUINTA
I, Frank M. Usher 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-85-1l of the Agency and that the Resolution was adopted
at the time and by the vote stated on the above certificate,
and has not been amended or repealed.
Secretary of the La Quinta
Redevelopment Agency
SEAL)
7222p/2338101
BIB]
11-05-1996-U01
11:25:24AM-U01
RDARES-U02
85-U02
11-U02