HomeMy WebLinkAboutRES NO 094-2020094 -202 0
RESOLUTION NO.
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. 2020-1 (CITY IN THE HILLS)
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 City of Bakersfield
Assessment District No. 05-1 (City in the Hills) Limited Obligation Improvement Bonds, in the
original principal amount of $15,595,000, dated December 21, 2005, currently outstanding in the
principal amount of $5,890,000 (hereinafter referred to as the "Prior Bonds"); 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 (the "Refunding Bonds") in one or more series 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; and
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
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.
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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. This resolution shall take effect immediately upon its adoption.
[SIGNATURE PAGE FOLLOWS]
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JOaIGNAL
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 15, 2020, by the
following vote:
vES) COUNCIL MEMBER( DQALES W&I9,SM1iN VW MAN SOUAVAN FA41EK
NOES: COUNCIL MEMBER NO NE
ABSTAIN: COUNCIL MEMBER NONE
ABSENT: COUNCILMEMBER 2INUP,
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JULIE DRIMAKIS, CMC
CITY CLERK AND EX OFFICIO of the
Council of the City of Bakersfield
APPROVED: JUL 15 2010
By
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KAREi K. OH
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
(jS,HUA H. RUDNICK
y City Attorney
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