HomeMy WebLinkAboutRES NO 075-15RESOLUTION NO. 075-19,
A RESOLUTION OF THE CITY OF BAKERSFIELD DECLARING
PRELIMINARY INTENTION TO REFUND SPECIFIED LIMITED
OBLIGATION IMPROVEMENT BONDS AND DIRECTING THE
PREPARATION OF A REPORT THEREON FOR REASSESSMENT DISTRICT
NO. 15 -1 (CONSOLIDATED REASSESSMENT DISTRICT)
WHEREAS, the City Council (the "Council ") of the City of Bakersfield (the "City "), by
proceedings duly had and taken, previously provided for the issuance of the following bonds
(hereinafter referred to as the "Prior Bonds "):
1) City of Bakersfield Assessment District No. 04 -1 (Countryside /The Homestead/
Cherry Hill /Olive Park III) Limited Obligation Improvement Bonds, in the original
principal amount of $4,195,000, dated February 9, 2005, currently outstanding in the
principal amount of $2,245,000; and
2) City of Bakersfield Assessment District No. 04 -2 (Brighton Parks /Brighton Village/
Stockdale at Allen Commercial /Cherry Hill II) Limited Obligation Improvement
Bonds in the original principal amount of $4,915,000, dated July 13, 2005, currently
outstanding in the principal amount of $2,605,000; and
3) City of Bakersfield Assessment District No. 04 -3 (Solera/Rio Vista) Limited
Obligation Improvement Bonds (Taxable) in the original principal amount of
$3,380,000, dated June 28, 2005, currently outstanding in the principal amount of
$2,075,000; and
4) City of Bakersfield Assessment District No. 05 -3 (Liberty II/Village Green/Tesoro-
Encanto /Lin/Rider /Diamond Ridge) Limited Obligation Improvement Bonds in the
original principal amount of $8,705,000, dated March 2, 2006, currently outstanding
in the principal amount of $4,410,000; and
5) City of Bakersfield Assessment District No. 06 -1 (Etcheverry /Lin II/University Park)
Limited Obligation Improvement Bonds in the original principal amount of
$5,010,000, dated May 2, 2007, currently outstanding in the principal amount of
$3,520,000; and
WHEREAS, the Council is authorized by the Refunding Act of 1984 for 1915
Improvement Act Bonds (being Division 11.5 of the California Streets and Highways Code) (the
"Refunding Act ") to issue refunding bonds in two series (the "Refunding Bonds ") for the
purpose of refunding the outstanding principal amounts of the Prior Bonds under and pursuant to
the conditions and terms of the Refunding Act, and may provide for the levy and collection of
reassessments as security for the Refunding Bonds;
WHEREAS, the Council has determined, preliminarily, to proceed with such refunding,
provided that it can be accomplished without notice and hearing on the basis of the three
conditions prescribed by Section 9525 of the Refunding Act, with satisfaction of such conditions
being evidenced by the written report to be prepared and submitted in conformity with Sections
9523 and 9524 of the Refunding Act; and
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WHEREAS, the Council is fully advised in this matter;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, AS FOLLOWS:
Section 1. The City Council finds and determines that the foregoing recitals are true
and correct.
Section 2. The Council hereby preliminarily determines that the public interest and
necessity require the refunding of the Prior Bonds under and pursuant to the Refunding Act,
subject to further proceedings under the Refunding Act.
Section 3. The Council hereby preliminarily declares that it intends to issue the
Refunding Bonds to refund the Prior Bonds and to levy and collect reassessments as security for
the Refunding Bonds under and pursuant to the Refunding Act.
Section 4. The Council hereby refers the matter of the proposed refunding of the
Prior Bonds and the levy and collection of reassessments as security for the Refunding Bonds to
Koppel & Gruber Public Finance (the "Reassessment Engineer "), as the qualified engineer
appointed by the City in these proceedings, and hereby directs said Reassessment Engineer to
prepare and file with the City Clerk a report in writing containing the matters specified in Section
9523 of the Refunding Act.
Section 5. When the report provided for in Section 4 hereof is filed with the City
Clerk, the City Clerk is directed to present said report to the Council for consideration, pursuant
to Sections 9524 and 9525 of the Refunding Act.
Section 6.
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This resolution shall take effect immediately upon its adoption.
[SIGNATURE PAGE FOLLOWS]
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I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the
Council of the City of Bakersfield at a regular meeting thereof held on June 3, 2015, by the
following vote:
AYE COUNCIL MEMBER P, %Ara,MCRKWO.WeK SMA . qarisw .Sul Ivan► (-xj►tr
NOES: COUNCIL MEMBER N()(U-,
ABSTAIN: COUNCIL MEMBER NOW-
ABSENT: COUNCIL MEMBER NOT4.,
ROBERTA GAFFORD, C
CITY CLERK AND EX OFF CIO of the
Council of the City of Bakersfield
APPRO
HARVEY L. HALL
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
y
OSHA H. RUDNICK
Deputy City Attorney
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