HomeMy WebLinkAboutRES NO 062-02RESOLUTION NO. 0 00. - 0 2
RESOLUTION APPROVING FORM AND SUBSTANCE OF ACQUISITION
AND DISCLOSURE AGREEMENTS AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 01-3
(MADISON GROVE/SAN LAUREN/MOUNTA1N VISTA/WESTLAKE)
WHEREAS, there have been filed with the City Clerk of the City of Bakersfield
(the "City") four agreements, each having Exhibits A through D, inclusive, attached thereto, and
each entitled "Acquisition and Disclosure Agreement" (collectively, the "Acquisition and
Disclosure Agreements"), each dated April 24, 2002, as follows:
a. The first such agreement is by and between the City and Campus Park
Development, LLC ("Campus Park Development");
b. The second such agreement is by and between the City and Communities at
Westlake, LLC ("Communities at Westlake");
c. The third such agreement is by and between the City and Kyle Carter Homes, Inc.
("Kyle Carter Homes"); and
d. The fourth such agreement is by and between the City and Rosedale Construction
Company ("Rosedale Construction").
WHEREAS, this City Council wishes to approve the Acquisition and Disclosure
Agreements as to form and substance, with provision for making changes thereto, and to
authorize the execution thereof;
NOW, THEREFORE, THE CITY COUNCIL HEREBY FINDS, DETERMINES
AND RESOLVES as follows:
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1. This City Council approves the form and substance of the Acquisition and
Disclosure Agreements and each of them, providing (1) the terms and conditions under which
Campus Park Development, Communities at Westlake, Kyle Carter Homes and Rosedale
Construction, respectively, will provide for the construction and installation of certain prescribed
improvements and (2) the terms and conditions under which the City will use its best efforts to
issue and sell limited obligation improvement bonds of Assessment District No. 01-3 (Madison
Grove/San Lauren/Mountain Vista/Westlake) and, upon satisfaction of certain prescribed
conditions, utilize a prescribed portion of the proceeds of sale of such bonds to acquire the
completed improvements, it being expressly provided in the Acquisition and Disclosure
Agreements, among other things, that the purchase price of the subject improvements is payable
solely from such proceeds of sale and from no other source whatsoever. A copy of each of the
Acquisition and Disclosure Agreements is attached to this resolution.
2. This City Council hereby authorizes the making of modifications to said
Acquisition and Disclosure Agreements and to each of them, individually or collectively, prior to
execution thereof, provided that any such modifications, including additions, changes, and
deletions, be approved by the City Attorney prior to such execution, such approval to be
conclusively established by the City Attorney's execution thereof.
3. The Mayor is authorized to sign the Acquisition and Disclosure
Agreements, the Finance Director is authorized to countersign the Acquisition and Disclosure
Agreements as signed by the Mayor, and all other officers and representatives of the City and of
the City's Bond Counsel for Assessment District No. 01-3 are authorized to execute where
indicated.
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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 April 24, 2002, by the
following vote:
CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SALVAGOIO
AYES: Councilmember
NOES: Councilmember
ABSTAIN: Councilmember
ABSENT: Councilmember
City Clerk and Ex Officio
Clerk of the Council of the
City of Bakersfield
APPROVED this 24th day of April, 2002
HARVEY L. HALL
APPROVED AS TO FORM:
ORRICK, HERR1NGTON & SUTCLIFFE LLP
Bond Counsel
APPROVED AS TO FORM:
BART J. THILTGEN
City Attomey
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