RDA Resolution 1995-06^# I
RESOLUTION RA 95-06
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY REGARDING ITS INTENTION TO ISSUE TAX-
EXEMPT OBLIGATIONS
WHEREAS, the Agency Board of the La Quinta Redevelopment Agency the
Issuer") desires to finance the costs of acquiring certain public facilities and improvements, as
provided in Exhibit A" attached hereto and incorporated herein the Project");
WHEREAS, the Issuer intends to finance the acquisition of the Project or portions
of the Project with the proceeds of the sale of obligations the interest upon which is excluded
from gross income for Federal Income Tax purposes the Obligations"); and,
WHEREAS, prior to the issuance of the Obligations the Issuer desires to incur
certain expenditures with respect to the Project from available monies of the Issuer which
expenditures are desired to be reimbursed by the Issuer from a portion of the proceeds of the sale
of the Obligations;
NOW, THEREFORE, the Board of the La Quinta Redevelopment Agency does
hereby resolve, order and determine as follows:
SECTION 1. The Issuer hereby states its intention and reasonably expects to
reimburse Project costs incurred prior to the issuance* of the Obligations with proceeds of the
Obligations. Exhibit A" describes either the general character, type, purpose, and function of
the project, or the flind or account from which Project costs are to be paid and the general
functional purpose of the flind or account.
SECTION 2. The reasonably expected maximum principal amount of the
Obligations is Twenty Million Dollars $20,000,000).
SECTION 3. This resolution is being adopted on or prior to the date the
F Expenditures Dates or Dates") that the Issuer will expend monies for the portion of the Project
costs to be reimbursed from proceeds of the Obligations.
SECTION 4. Except as described below, the expected date of issue of the
Obligations will be within eighteen months of the latter of the Expenditure Date or Dates and the
date the Project is placed in service; provided, the reimbursement may not be made more than
three years after the original expenditure is paid. For Obligations subject to the small Issuer
exception of Section I 48(f)(4)(D) of the Internal Revenue Code, the eighteen-month limit" of
the previous sentence is changed to three years" and the limitation of the previous sentence
beginning with"; provided,..." is not applicable.
RESORDA.OOS
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^# I *
Resolution RA 95-OB
SECTION 5. Proceeds of the Obligations to be used to reimburse for Project
costs are not expected to be used, within one year of reimbursement, directly or indirectly to pay
debt service with respect to any obligation other than to pay current debt service coming due
within the next succeeding one year period on any tax-exempt obligation of the Issuer other than
the Obligations) or to be held as a reasonably required reserve or replacement flind with respect
to an obligation or the Issuer or any entity related in any manner to the Issuer, or to replace flinds
that are or will be used in such manner.
SECTION 6. This resolution is consistent with the budgetary and financial
circumstances of the Issuer, as of the date hereof. No monies from sources other than the
Obligation issue are, or are reasonably expected to be reserved, allocated on a long-term basis, of
otherwise set aside by the Issuer or any related patty) pursuant to their budget or financial
policies with respect to the Project costs. To the best of our knowledge, this Board is not aware
of the previous adoption of official intents by the Issuer that have been made as a matter of
course for the purpose of reimbursing expenditures and for which tax-exempt obligations have
not been issued.
SECTION 7. The limitations described in Section 3 and Section 4 do not apply
to a) costs of issuance of the Obligations, b) an amount not in excess of the lesser of $100,000
or five percent 5%) of the proceeds of the Obligations, or Oc any preliminary expenditure, such
as architectural, engineering, surveying, soil testing, and similar costs other than land acquisition,
site preparation, and similar costs incident to commencement of construction no in excess of
twenty percent 20% of the aggregate issue price of the Obligation that finances the Project for
which the preliminary expenditures were incurred.
SECTION 8. This resolution is adopted as official action of the Issuer in order 10
comply with Treasury Regulation Section 1.150-2 and any other regulations of the Internal
Revenue Service relating to the qualification for reimbursement of Issuer expenditures incurred
prior to the date of issue of the Obligations, is part of the Issuer's official proceedings, and will
be available for inspection by the general public at the main administrative office of the Issuer.
SECTION 9. All the recitals herein are true and correct and this Board so finds,
determines and represents.
SECTION 10. The Agency Secretary shall certify to the adoption of this
Resolution.
PASSED, APPROVED, AND ADOPTED this 16th day of May, 1995, by the
following vote:
RESORDA.008
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^# II
Resolution RA 95*a6
AYES: Agency Members Cathcart, Perkins, Chairman Sniff
NOES: None
ABSENT: Agency Members Bangerter, Pena
ABSTAIN: None
*LEYSMFF,hairman
La Quinta Redevelopment Agency
ATTEST:
SAUNDRA L. Ju A, Secretary
La QUINTA Redevelopment Agency
APPROVED TO FORM:
DAWN HONEYWELL, City Attorney
La Quinta Redevelopment Agency
RESOROA.008
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^# Exhibit tiAti
1995 Bond Financing
Proposed Project Costs to be Reimbursed from Bond Proceeds
Anticipated Expenditures: March 16, 1995 June 30, 1995)
Project Identification Functional Purpose(s) Account No. Revenue Need
Coachella Valley Land Property Acquisition 676-000 S 3,400,000
Williams Development Infrastructure Improvements 677-000 1,379,445
Building Horizons Property Improvements 678-000 210,000
Jefferson & 48th Streets Land Acquisition 695-901 225,015
Associated Legal Costs Administer Above Projects 601-523 40,000
Assoc Consultant/Staff Costs Administer Above Projects 603-000 & 901-000 154,082
TOTAL COSTS TO BE REIMBURSED: S 5,4O*,54Z
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