HomeMy WebLinkAboutRES NO 084-19RESOLUTION NO. 0 8 Q' 19 X-Rel-*-�l
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY REVENUE BONDS (KERN REGIONAL CENTER PROJECT) IN
ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED $13,500,000 FOR THE PURPOSE OF REFINANCING THE
ACQUISITION, REHABILITATION, IMPROVEMENT AND EQUIPPING OF
OFFICE BUILDINGS FOR THE KERN REGIONAL CENTER 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 revenue bonds in an aggregate principal
amount not to exceed $13,500,000 (collectively, the "Bonds") for the purpose of
refinancing of certain debt obligations that were issued to finance the
acquisition, improvement, construction, and equipping of two buildings, for use
primarily as office facilities (the "Facilities"), owned and operated by the
B�rrower, and leased to the Kern Regional Center, a nonprofit public benefit
organization, and located within the City of Bakersfield (the "City") at 3200 and
3300 North Sillect Avenue (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 6pNFa
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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.
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Bakersfield
as follows:
The City Council finds and declares that the foregoing recitals are
true and correct and are incorporated herein by reference.
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.
3. The City Manager of the City and his designees are hereby
authorized and directed to do any and all things and to execute
and deliver any and all documents that they deem necessary or
advisable to carry out, give effect to, and comply with the terms
and intent of this resolution and the financing transaction approved
hereby.
4. The City Clerk shall attest and certify to the passage and adoption
of this Resolution and it shall become effective immediately upon its
approval.
oQ6AKE 01
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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
JUN 2 3 2019 by the following vote:
✓ ✓ ✓ ✓ ✓ ✓
VES' COUNCIL MEMBER RIVfRA, GONZALES, WEIR, SMRH, FREEMAN, SULLIVAN, PARLIER
NOES: COUNCIL MEMBER Nd�
COUNCIL MEMBER (Y)Dr'.
BSE COUNCIL MEMBER RWW'A
�L VW
JU IE DRIMAKIS, CMC
CITY CLERK and Er Officio Clerk of
the Council of the City of Bakersfield
APPROVED JUN 2 3 2019
Bye
401
KAREN GOH
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
OSH
yUA H. RUDNICK
Keputy City Attorney
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