RDA Resolution 1990-02 RESOLUTION NO. RA *-:*
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
LA QUINTA REDEVELOPMENT AGENCY AUTHORIZING THE
ISSUANCE OF TAX ALLOCATION REFUNDING BONDS,
SERIES 1990 OF SAID AGENCY IN A PRINCIPAL AMOUNT
NOT TO EXCEED NINETEEN MILLION SEVEN HUNDRED A*D
FIFTY-FIVE THOUSAND DOLLARS $19,755,000).
APPROVING A PRELIMINARY OFFICIAL STATEMENT AND A
BOND PURCHASE CONTRACT WITH PAINEWEBBER
INCORPORATED
WHEREAS, the La Quinta Redevelopment Agency the
Agency"), is a redevelopment agency a public body, corporate
and politic) duly created, established and authorized to
transact business and exercise its powers, all under and
pursuant to the Community Redevelopment Law Part 1 of Division
24 commencing with Section 33000) of the Health and Safety
Code of the State of California) and the powers of the Agency
include the power to issue bonds and refunding bonds for any of
its corporate purposes; and
WHEREAS, the Redevelopment Plan for a redevelopment
project known and designated as La Quinta Redevelopment
project" has been adopted and approved by Ordinance No. 43 of
the City of La Quinta, which became effective on December 29,
1983, and all requirements of law for and precedent to the
adoption and approval of the Redevelopment Plan have been duly
complied with; and
WHEREAS, pursuant to Resolution No. RA 85-5 the Agency
issued Twenty Million Dollars $20,000,000) of La Quinta
Redevelopment Agency, La Quinta Redevelopment Project, Tax
Allocation Bonds. Series 1985" the 1985 Bonds"); and
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RESOLUTION NO. RA 90-2
WHEREAS, the corporate purposes of the Agency will be
accomplished by issuing at this time tax allocation refunding
bonds in a principal amount of not to exceed Nineteen Million
Seven Hundred and Fifty-five Thousand Dollars $19,755,000) to
be designated La Quinta Redevelopment Agency, La Quinta
Redevelopment Project, Tax Allocation Refunding Bonds, Series
1990 the Bonds") to refund the Agency* S Tax Allocation Bonds,
Series 1985; and
WHEREAS, the Agency is authorized to issue the Bonds
pursuant to the Community Redevelopment Law of the State of
California being Part I of Division 24 of the Health and
Safety Code of the State of California, as amended); and
WHEREAS, the Agency has received an offer from
Painewebber Incorporated the Underwriter") to purchase the
Bonds from the Agency; and
WHEREAS, the Underwriter has prepared a preliminary
official statement setting forth matters relating to the Agency
and the issuance of the Bonds the Preliminary Official
Statement"), copies of which have been presented to this Board
of Directors; and
WHEREAS1 this Board of Directors desires to proceed to
issue the Bonds; and
WHEREAS, this Board of Directors also desires to
approve the sale of the Bonds to the Underwriter and to
authorize the execution by the Agency of a Purchase Contract by
and between the Agency and the Underwriter the Purchase
Contract");
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RESOLUTION NO. RA 90-2
NOW, THEREFORE, the Board of Directors of the La
Quinta Redevelopment Agency DOES HEREBY RESOLVE, ORDER AND
DETERMINE AS FOLLOWS:
SECTION 1. Each of the above recitals is true and
correct and this Board so finds and determines.
SECTION 2. The issuance of the Bonds in the principal
amount not to exceed $l9*755,OOO is hereby authorized. The
*bonds shall mature on the dates, pay interest at the rates and
shall be subject to redemption as set forth in the Purchase
Contract to be executed on behalf of the Agency in accordance
with Section 3 hereof. All other provisions of the Bonds shall
be governed by the terms and conditions set forth in a
Resolution of Issuance to be prepared by Bond Counsel to the
Agency and adopted by the Agency following the pricing of the
Bonds by the Underwriter at which time the exact amount of the
Bonds to be issued, the maturity schedule of the Bonds and the
interest rates that the Bonds will bear will have been
determined.
SECTION 3. The Purchase Contract presented at this
meeting is approved and the Chairman is hereby authorized and
directed to execute the Purchase Contract after the pricing of
the Bonds provided that the Underwriter's fee does not
exceed % of the par amount of the Bonds to be issued and
the net interest cost of the Bonds does not exceed
SECTION 4. The Preliminary Official Statement is approved
in substantially the form which has been presented at this
meeting with such additions thereto and changes therein as are
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RESOLUTION NO. RA 90-2
recommended or approved by Bond Counsel to the Agency and the
Executive Director of the Agency. The Underwriter is hereby
authorized to distribute the preliminary Official Statement to
prospective purchasers of the Bonds and to provide*to the
purchasers of the Bonds from the Underwriter with copies of the
final Official Statement. The Chairman of the Agency is
authorized to execute a final Official Statement in
*substantially the form of the preliminary Official Statement
with such additions thereto and changes therein as are
recommended or approved by Bond Counsel to the Agency, the
Executive Director and the Chairman.
SECTION 5. All actions heretofore taken by officers
and agents of the Agency with respect to the sale and issuance
of the Bonds are hereby approved, confirmed and ratified, and
the Chairman and Secretary and the other officers of the Agency
responsible for the fiscal affairs of the Agency are hereby
authorized and directed to take any actions and execute and
deliver any and all certificates, instruments and documents as
are necessary to accomplish the issuance sale and delivery of
the Bonds in accordance with the provisions of this Resolution
and the Resolution of Issuance to be adopted by the Board of
Directors. In the event that the Chairman is unavailable to
sign any document authorized for execution herein, the Chairman
may designate the Executive Director or the Finance Director to
sign such document. Any document authorized herein to be
signed by the Secretary may be signed by a duly appointed
deputy secretary.
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RESOLUTION NO. RA 90-2
ADOPTED AND APPROVED this 14th day of March 1990.
LA QUINTA REDEVELOPMENT AGENCY
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RESOLUTION NO. RA 90-2
STATE OF CALIFORNIA SECRETARY*S CERTIFICATE
ss. RE ADOPTION OF RESOLUTION
COUNTY OF RIVERSIDE
I, SAUNDRA L. JUHOLA, Secretary of the La Quinta
Redevelopment Agency, DO HEREBY CERTIFY that the f6regoing
Resolution was duly adopted by said Agency at an adjourned
regular meeting of said Agency held on the 14th day of March,
1990, and that the same was passed and adopted by the following
vote to wit:
AYES: BOHNENBERGER, RUSH*RTh, SNIFF & * PENA
NOES:
ABSENT: BoS**
ABSTAIN:
* ecretary of
Redevelopment Agency
SEAL)
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RESOLUTION NO. RA 90-2
STATE OF CALIFORNIA SECRETARY*S CERTIFICATE
s*. OF AUTHENTICATION
COUNTY OF RIVERSIDE
I, SAUNDRA L. JUHOLA, Secretary of the La Quinta
Redevelopment Agency, DO HEREBY CERTIFY that the above and
foregoing is a full1 true and correct copy of Resolution No.
RA * of said Agency and that said Resolution was adopted at
the time and by the vote stated on the above certificate, and
has not been amended or repealed.
Dated: March 14, 1990
*ecretary of the*a Quinta
Redevelopment Agency
SEAL)
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