The URL can be used to link to this page

Home My WebLink AboutRES NO 217-14RESOLUTION NO. 217- 14 • RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF • FIRST AMENDMENT TO STANDBY BOND PURCHASE AGREEMENT AND DOCUMENTS RELATED TO THE EXTENSION OF THE STANDBY BOND PURCHASE AGREEMENT SUPPORTING THE CITY OF BAKERSFIELD, CALIFORNIA WASTEWATER REVENUE REFUNDING BONDS, SERIES 2012A. (Wastewater Revenue Refunding Bonds Series 2012A) WHEREAS, the City of Bakersfield (the "City ") is a charter city organized and existing under the laws of the State of California (the "State "); and WHEREAS, the City now owns and operates a municipal sewer system; and WHEREAS, the City Council (the "Council ") of the City, acting under and pursuant to the powers reserved to the City under Sections 3, 5 and 7 of Article XI of the Constitution of the State of California and Section 33.3 of the Charter of the City, has enacted the City of Bakersfield Enterprise Revenue Bond Law (the "Law "), being Chapter 3.55 of the Municipal Code of the City, which incorporates, to the extent made applicable by the Law, the Revenue Bond Law of 1941, being Chapter 6 of Division 2 of Title 5 of the California Government Code, as enacted and as thereafter amended; and WHEREAS, the Law authorizes the City to issue enterprise revenue bonds for the purposes set forth therein; and WHEREAS, the City previously issued its City of Bakersfield, California Wastewater Revenue Refunding Bonds, Series 2012A (the "Series 2012A Bonds ") in the initial aggregate principal amount of $25,000,000; and WHEREAS, to provide liquidity support for the Series 2012A Bonds, the City previously entered into a Standby Bond Purchase Agreement, dated as of January 1, 2012 (the "Original Standby Bond Purchase Agreement'), by and among the City, JPMorgan Chase Bank, National Association (the "Liquidity Provider ") and U.S. Bank National Association, as trustee (the "Trustee "); and WHEREAS, the City has determined that it is in its best interest to extend the termination date of the Original Standby Bond Purchase Agreement; and WHEREAS, in connection with the extension of the termination date of the Original Standby Bond Purchase Agreement, it is necessary for the City to enter into amendments to the Original Standby Bond Purchase Agreement and an amended and restated fee letter with the Liquidity Provider; WHEREAS, there have been prepared and submitted to the City Clerk for consideration of this Council forms of the following documents: O 4�Rhr.9� ORICII%1AI 4831 -4616- 7584.1 (a) a form of the First Amendment to Standby Bond Purchase Agreement (the "First Amendment to Standby Bond Purchase Agreement," and together with the Original Standby Bond Purchase Agreement, the "Standby Bond Purchase Agreement "); and (b) a form of the Amended and Restated Fee Letter (the "Amended and Restated Fee Letter "), between the City and the Liquidity Provider, which will set forth certain fees and expenses payable by the City to the Liquidity Provider in connection with the Liquidity Provider agreeing to purchase (upon the occurrence of certain events) the Series 2012A Bonds tendered by the holders thereof, upon the terms and conditions set forth in the Standby Bond Purchase Agreement; WHEREAS, said documents will be modified and amended to reflect the various details of the extension of the termination date of the Original Standby Bond Purchase Agreement; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Bakersfield as follows: Section 1. Approval of Documents; Authorization for Execution. The form, terms and provisions of the First Amendment to Standby Bond Purchase Agreement and the Amended and Restated Fee Letter (together, the "Documents "), are in all respects approved and the Mayor of the City, the City Manager, the Finance Director of the City, the City Attorney and such other officers as are specified by each of the respective Documents (together with any designee in writing of any such officer; all references hereinafter in this resolution to any officer of the City shall be deemed to include any designee in writing of such officer) are hereby authorized, empowered and directed to execute, acknowledge and deliver each of the Documents including counterparts thereof, in the name and on behalf of the City. The Documents, as executed and delivered, shall be in substantially the forms now before this meeting and hereby approved, or with such changes therein as shall be approved by the officer or officers of the City executing the same; the execution thereof shall constitute conclusive evidence of the City's approval of any and all changes or revisions therein from the forms of the Documents now before this meeting; and from and after the execution and delivery of the Documents, the officers, agents and employees of the City are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Documents.. Section 2. Additional Authorization. The Mayor of the City, the City Manager, the Finance Director of the City, the City Attorney and all officers, agents and employees of the City, for and on behalf of the City, be and they hereby are authorized and directed to do any and all things necessary to effect the execution and delivery of the Documents and to carry out the terms thereof. The Mayor of the City, the City Manager, the Finance Director of the City, the City Attorney and all other officers, agents and other employees of the City are further authorized and directed, for and on behalf of the City, to execute all papers, documents, certificates and other instruments that may be required in order to carry out the authority conferred by this Resolution and by the Documents or to evidence the same authority and its exercise. The foregoing authorization includes, but is in no way limited to, authorizing City staff to pay legal fees in connection with the Documents. C �AkFfq�gAKE9� T 2 m 4831 -4616- 7584.1 ;J 0 p ORv- , ORIGINAL Section 3. Severability. The provisions of this Resolution are hereby declared to be severable and, if any section, phrase or provisions shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions hereof. Section 4. Governing Law. This resolution shall be construed and governed in accordance with the laws of the State of California. Section 5. Repeal of Inconsistent Resolutions. All other resolutions of the City, or parts of resolutions, inconsistent with this Resolution, are hereby repealed to the extent of such inconsistency. Section 6. Effective Date of Resolution. This Resolution shall take effect immediately upon its passage. 3 4831 - 4616 - 7584.1 v o ORIGINAL I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the City Council of the City of Bakersfield at a regular meeting thereof held on December 10, 2014, by the following vote: RIVERA, MAXWELL, WEIR, SMITH, HANSON, SULLIVAN, PARLIER rp ✓ ✓ ✓. ✓ Vol' AYES- COUNCILMEMBER a AAA W2) t-� ►tee✓ S: COUNCILMEMBER (V00j IN: COUNCILMEMBER ABSENT• COUNCILMEMBER _ 4--6� �Z� City Clerk and Ex Officio Cle of the Council of the City of Bakersfield APPROVED this i�7 day of December, 2014 HARVEY L. HALL Mayor of the City of$aken;j APPROVED AS TO FORM: VIRGINIA GENNARO City Attorne By: �,c cc. VIRG AA GENKARO City Attorney AK- m r- 0 O 4 ORIGINAL 4831 - 4616 - 7584.1