RDA Resolution 1994-07^# IL
RESOLUTION NO. RA 94-7
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
LA QUINTA REDEVELOPMENT AGENCY AUTHORIZING
THE ISSUANCE OF ITS LA QUINTA REDEVELOPMENT
PROJECT TAX ALLOCATION REFUNDING BONDS, SERIES
1994 PROJECT AREA NO. I) OF SAID AGENCY IN A
PRINCIPAL AMOUNT OF NOT TO EXCEED TWENTY-SIX
MILLION SIX HUNDRED SIXTY-FIVE THOUSAND
DOLLARS $26,665,000) TO REFUND CERTAIN BONDS OF
THE AGENCY, APPROVING CERTAIN DOCUMENTS AND
TAKING CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH
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 I 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 or notes for
any of its corporate purposes; and
WHEREAS, the Redevelopment Plan for a redevelopment project known and designated
as the La Quinta Redevelopment Project" has been adopted and approved by Ordinance No.43
of the City of La Quinta the City") which became effective on December 29, 1983, and all
requirements of law for and precedent to the adoption and approval of th.* P.cdevelopment Plan
and the subsequent amendments to such Plan have been duly complied with; and
WHEREAS, for the corporate purposes of the Agency, the Agency deems it necessary to
issue at this time its La Quinta Redevelopment Project Tax Allocation Refunding Bonds.
Series 1994 Project Area No. I) in an aggregate principal amount of not to exceed Twenty-Six
Million Six Hundred Sixty-Five Thousand Dollars $26,665,000) the Bonds") pursuant to an
Indenture of Trust, dated as of the date thereof the Indenture"), by and between the Agency
and Bank of America National Trust and Savings Association, as trustee the Trustee") and to
use the proceeds of the Bonds i) to refund, as determined appropriate and desirable by the
Executive Director of the Agency, the Agency's Tax Allocation Refunding Bonds, Issue of 1989,
in the outstanding principal amount of $7,075,000 and the Agency's Tax Allocation Bonds, Issue
of 1990 in the outstanding principal amount of $18,015,000, ii) to pay costs in connection with
the issuance of the Bonds, and iii) to make certain other deposits as required by the Indenture;
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) the Law"); and
WHEREAS, there has been created pursuant to Chapter 5, Division 7, Title 1,
commencing at Section 5500 of the Government Code of the State of California the Act"). a
joint powers entity designated the La Quinta Financing Authority" the Authority") with
authority to acquire the Agency's bonds as provided in Section 6588 of the Government Code of
the State of California; and
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^#RESOLUTION NO. RA 94-7
WHEREAS, this Board of Directors desires to authorize the delivery and issuance of the
Bonds: and
WHEREAS, this Board of Directors has determined, in accordance with Government
Code Section 6588, that a negotiated sale of the Bonds to the Authority and the simultaneous sale
of the Bonds by the Authority to the Underwriters, all in accordance with the terms of the
Purchase Contract the Purchase Contract"), by and arnong the Agency, the Authority and
PaineWebber Incorporated and Sutter Securities Incorporated. as underwriters the
Underwriters"), will result in a lower overall cost to the Agency; and
WHEREAS, the Agency has determined that significant public benefits" as defined in
Section 6586 subsidiaries a). c) and d) of the Act will be derived by the Agency in undertaking
the issuance of the Bonds and their sale to the Authority and resale to the Underwriters. in
furtherance of the corporate purposes of the Agency:
WHEREAS. a draft of the Preliminary Official Statement has been prepared: and
WHEREAS, a portion of the proceeds of the sale of the Bonds will be deposited in an
Escrow Fund established by the Escrow Agreement, dated as of the date thereof the Escrow
Agreement.'), by and between the Agency and Bank of America National Trust and Savings
Association. as escrow agent: and
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 Agency hereby authorizes the issuance of bonds to be designated
La Quinta Redevelopment Agency La Quinta Redevelopment Project Tax Allocation Refunding
Bonds, Series 1994 Project Area No. 1)" the Bonds") in the principal amount of not to exceed
$26,665,000. The terms and conditions relating to the Bonds shall be established by an Indenture
substantially in the form on file with the Secretary of the Agency and by this reference
incorporated herein, with such additions and deletions as approved by the Executive Director of
the Agency, based on the recommendations of Fieldman, Rolapp & Associates, the Agency's
Financial Advisor, the Underwriters and Bond Counsel. The Chairman and Secretary of the
Agency herein Chairman'. and Secretary" respectively) are authorized to execute the Indenture
in the form approved and any changes thereto which are authorized in accordance with the
preceding sentence, such approval to be evidenced conclusively by such officer's execution
thereof. Capitalized terms used in this Resolution which are not defined herein have the meaning
ascribed to them in the Indenture.
SECTION 3. The Bonds shall be executed on behalf of the Agency by the manual or
facsimile signature of the Chairman and attested with the manual or facsimile signature of the
Secretary. The seal of the Agency, or a facsimile thereof, hereby adopted as the seal of the
Agency, shall be impressed or imprinted thereon.
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RESOLUTION NO. RA 94-7
SECTION 4, The covenants set forth in the Indenture to be executed in accordance with
Section 2 a*ove are hereby approved. shall be deemed to be covenants of the Agency and shall
be complied with by the Agency and its officers, The Indenture shall constitute a contract
between the Agency and the Owners of the Bonds.
SECTION 5. The Agency hereby approves the form of the Escrow Agreement. with
such additions or deletions therein as approved by the Executive Director, based on the
recommendations of the Agency's Financial Advisor. the Underwriters and Bond Counsel. The
Executive Director is hereby authorized to execute an Escrow Agreement in the form approved
and any changes thereto which are authorized in accordance with the preceding sentence. such
approval to be evidenced conclusively by such officer's execution thereof. The Executive
Director is authorized and directed to attest and affix the seal of the Agency to the final form of
the Escrow Agreement for and in the name and on behalf of the Agency.
SECTION 6. The Agency hereby approves the initial draft of the Preliminary Official
Statement, and the Underwriters are authorized to complete the Preliminary Official Statement
and distribute the Preliminary Official Statement to prospective purchasers in the form hereby
approved. together with such conforming changes therein and additions thereto as are deemed
necessary by the Executive Director to make such Preliminary Official Statement complete and
accurate as of its date. The Executive Director is hereby authorized to certify that the
Preliminary Official Statement is final within the meaning of Rule 15c-2-12 of the Securities
Exchange Act of 1934, as amended. The Executive Director is hereby directed to execute and
deliver, for and in the name and on behalf of the Agency, the final Official Statement relating to
the Bonds, which shall be in substantially the form of the Preliminary Official Statement with
such changes therein and additions thereto as are deemed necessary by the Executive Director as
so amended, the Official Statement"), such approval to be conclusively evidenced by the
execution and delivery thereof. The Underwriters are further authorized to distribute the Official
Statement to all actual purchasers of the Bonds.
SECTION 7. The form of the Purchase Contract presented at this meeting is hereby
approved and the Executive Director is hereby authorized and directed to execute the Purchase
Contract with such additions thereto or changes therein deemed necessary or advisable by the
Executive Director; provided, however, the maximum Underwriters' discount, exclusive of
original issue discount, shall not exceed 1.25% of the par amount of the Bonds and the net
interest cost shall not exceed 8%.
SECTION 8. The Executive Director 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
and the Agency's Financial Advisor determine 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 and to
undertake all acts necessary to obtain such insurance. If the Executive Director shall determine
that it is in the best interest of the Agency to obtain a surety bond for all or a portion of the
Reserve Requirement, as required under the Indenture, the Executive Director may enter into an
agreement with a surety provider selected by the Executive Director.
SECTION 9. The Executive Director, or his written designee, is authorized to incur such
costs and to contract for all services necessary to effect the issuance of the Bonds. Such services
shall include, but not be limited to, printing the Bonds, printing the Preliminary Official
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RESOLUTION NO. RA 94-7
Statement and the Official Statement, obtaining legal services, fiscal agent services and any other
services deemed appropriate for the issuance of the Bonds referred to in the Indenture as *Costs
of Issuance") and the payment for said Costs of Issuance shall be approved by the Executive
Director.
SECTION 10. 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, the Secretary and the Executive Director 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 4*eliver 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 fulfillment of the purposes of the Bonds as described in the
Indenture. In the event tl*at the Chairman or the Executive Director is unavailable to sign any
document authorized for execution herein, such documents shall be signed by their respective
designee. Any document authorized herein to be signed by the Secretary may be signed by a
duly appointed deputy secretary.
IN WITNESS WHEREOF. this Resolution is adopted and approved the3rd day
of May 1994.
Agency
SEAL)
A
retary
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RESOLUTION NO. RA 94-7
STATE OF CALIFORNIA SECRETARY'S CERTIFICATE
COUNTY*bF RIVERSIDE 55. OF AUTHENTICATION
CITY OF LA QUINTA
I, SANDRA JUHOLA Secretary of the La Quinta Redevelopment Agency.
California, DO HEREBY CE*FY that the foregoing Resolution was duly adopted by said
Agency at a regular meeting of said Agency held on the 3rd day of May 1994, and
that the same was passed and adopted by the following vote. to wit:
AYES: Council Members Bangerter, McCartney, Perkins,
Pena, Chairman Sniff
NOES: None
ABSENT: None
ABSTAIN: None
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RESOLUTION NO. RA 94-7
STATE OF CALIFORNIA SECRETARY'S CERTIFICATE
COUNTY*F RIVERSIDE ss. OF AUTHENTICATION
CITY OF LA QUINTA
I, SANDRA 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. RA94-*f 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 r led
Secretary
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