HomeMy WebLinkAboutRES NO 057-16RESOLUTION NO. 057- 1 6
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD APPROVING THE ISSUANCE OF THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY REFUNDING REVENUE BONDS
(KERN REGIONAL CENTER PROJECT), SERIES 2016 IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $18,000,000
FOR THE PURPOSE OF FINANCING AND REFINANCING THE
ACQUISITION, REHABILITATION, IMPROVEMENT AND EQUIPPING
OF OFFICE BUILDINGS AND CERTAIN OTHER MATTERS RELATING
THERETO.
WHEREAS, the Developmental Services Support Foundation, a California
nonprofit public benefit corporation and an organization described in Section 501(c)(3)
of the Internal Revenue Code of 1986 (the "Borrower'), has requested that the
California Municipal Finance Authority (the "Authority ") participate in the issuance of one
or more series of refunding revenue bonds in an aggregate principal amount not to
exceed $18,000,000 (the "Bonds') for the refinancing of certain debt obligations that
were issued to finance the acquisition of certain real property and improvements,
including for the construction, equipping and /or renovation of certain improvements, of
two buildings, for use primarily as office facilities (the "Facilities "), owned and operated
by the Borrower, and leased to the Kern Regional Center, a nonprofit public benefit
organization, and located within the City of Bakersfield (the "City "), and the financing of
certain additional improvements to the Facilities (collectively, the "Project'); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986
(the "Code'), the issuance of the Bonds by the Authority must be approved by the City
because the Project is located within the territorial limits of the City; and
WHEREAS, the City Council of the City of Bakersfield (the "Council') is the
elected legislative body of the City and is an applicable elected representative required
to approve the issuance of the Bonds under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the Council approve the issuance
of the Bonds by the Authority to satisfy the public approval requirement of Section 147(f)
of the Code and the requirements of Section 4 of the Joint Exercise of Powers
Agreement Relating to the California Municipal Finance Authority, dated as of January
1, 2004 (the "Agreement'), among certain local agencies, including, the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the Council has, following
notice duly given, held a public hearing regarding the issuance of the Bonds, and now
desires to approve the issuance of the Bonds by the Authority.
o�eAxF9.�
m
� m
� r
U O
NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF BAKERSFIELD, AS
FOLLOWS:
Section 1. The foregoing recitals are true and correct.
Section 2. The Council hereby approves the issuance of the Bonds by the
Authority for the purposes of financing and refinancing, among other things, the Project.
It is the purpose and intent of the Council that this resolution constitute approval of the
issuance of the Bonds by the Authority for the purposes of (a) Section 147(f) of the
Code by the applicable elected representative of the governmental unit having
jurisdiction over the area in which the Project is located, in accordance with such
Section 147(f), and (b) Section 4 of the Agreement.
Section 3. The City Manager of the City and his designees are hereby
authorized and directed, jointly and severally, to do any and all things and to execute
and deliver any and all documents that they deem necessary or advisable in order to
carry out, give effect to, and comply with the terms and intent of this resolution and the
financing transaction approved hereby.
Section 4. This resolution shall take effect immediately upon its adoption.
of 0AKF9m
m
U p
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
APR 7 R MIR by the following vote:
AY E COUNCIL MEMBER RIVEERA, MAXWELL, WEIR, H SON, SMITH, PARLIER
NOES: COUNCILMEMBER NlEh2
A9316IN '. COUNCIL MEMBER
ARSE COUNCIL MEMBER
CITY CLERK and Ex cio Clerk of the
Council of the City of Bakersfield
APPROVED APR 10 2016
Harold Hanson
Vice -Mayor
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
Y
JOSHUA H. RUDNICK
Deputy 'ityAttorneyll
o``gpKF9�
r
� m
U O
ORIGINAL