HomeMy WebLinkAboutRES NO 129-02RESOLUTION NO. '~ 2 9 ' 0 ~
RESOLUTION APPROVING FORM AND SUBSTANCE OF ACQUISITION
AND DISCLOSURE AGREEMENTS AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 02-1
(AVALON/BELSERA/MONTARA/THE WOODS)
WHEREAS, there have been filed with the City Clerk of the City of Bakersfield
(the "City") three 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 July 31, 2002, as follows:
a. The first such agreement is by and between the City and Bakersfield Avalon LLC
("Bakersfield Avalon");
b. The second such agreement is by and between the City and Centex Homes
("Centex Homes"); and
c. The third such agreement is by and between the City and FSI Developers LLC
("FSI Developers").
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:
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
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Bakersfield Avalon, Centex Homes and FSI Developers, 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. 02-1 (Avalon/Belsera/Montara/The Woods) 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. 02-1 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 July 31, 2002, by the
following vote:
CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SALVAGGIO
AYES; Councilmember
NOES~ Councilmember ~
ABSTAIN: Councilmember IN"tq~4x'a~
ABSENT~ Councilmember /""~ .~
APPROVED this 31stdayofJuly, 2002
MARK SALVAGGIO
VICE-MAYOR
City Clerk and Ex Officio
Clerk of the Council of the
City of Bakersfield
APPROVED AS TO FORM:
ORRICK, HERRINGTON & SUTCLIFFE LLP
APPROVED AS TO FORM:
BART J. THILTGEN
City Attorney
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