RDA Resolution 1992-18 RESOLUTION NO. RA 92-18
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
LA QUINTA REDEVELOPMENT AGENCY APPROVING DRAFT
INDENTURE OF TRUST SECURING NOT TO EXCEED
$6,000,000 LA QUINTA REDEVELOPMENT PROJECT AREA
NO. 2, TAX ALLOCATION BONDS, ISSUE OF 1992 AND
APPROVING A PRELIMINARY OFFICIAL STATEMENT
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 Area No. 2" has been adopted and approved by Ordinance
No. 139 of the City of La Quinta, which became effective on
June 15, 1989, and all requirements of law for and precedent to
the adoption and approval of the Redevelopment Plan have been
duly complied with; 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
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RESOLUTION NO. RA 92-18
WHEREAS, the Agency has been presented with a draft of
an Indenture of Trust, La Quinta Redevelopment Project Area
No. 2, Tax Allocation Bonds, Issue of 1992, dated as of
October 1, 1992, by and between La Quinta Redevelopment Agency
and First Interstate Bank of California, as Trustee; and
WHEREAS, the Agency proposes to sell the Bonds to the
La Quinta Financing Authority and has recommended that
Westhoff-Martin & Associates the Underwriter") purchase the
Bonds from the La Quinta Financing Authority;
WHEREAS5 Fieldman, Rolapp & Associates, Financial
Consultant 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
WHEREAS, this Board of Directors desires to proceed to
issue the Bonds.
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 $6,000,000 is hereby authorized. The
Bonds shall mature on the dates, and shall be subject to
redemption and other terms and conditions set forth in the
Indenture hereby approved in substantially the form presented
to this Board of Directors, said Indenture shall be modified by
Bond Counsel and presented to the Agency and adopted by the
09*09/92
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RESOLUTION NO. RA 92-18
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 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 recommended or approved by the Financial Consultant, the
Underwriter and/or 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.
ADOPTED AND APPROVED this 15th day of September 1992.
LA QUINTA REDEV*QPMENT AGENCY
Chairman
ecretary
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IL
RESOLUTION NO. RA 92-18
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 foregoing
Resolution was duly adopted by said Agency at an adjourned
regular meeting of said Agency held on the 15th day of
September, 1992, and that the same was passed and adopted by
the following vote to wit:
AYES: Mr. Bohnenberger, Mrs. Franklin, Mr. Rushworth, Mr. Sniff
and Chairman Pena
NOES: None
ABSENT: None
ABSTAIN: None
i;ta<%o#*inta
Redevelopment Agency
SEAL)
09/09/92
202lO/2**R/1* A
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RESOLUTION NO. RA 92-18
STATE OF CALIFORNIA SECRETARY*S CERTIFICATE
ss. 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 full, true and correct copy of Resolution No.
RA 92-18 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: September 15, 1992
ecretary of the Quinta
Redevelopment Agency
SEAL)
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