HomeMy WebLinkAboutRES NO 061-2023RESOLUTION NO. 06 1- 2023
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD, CALIFORNIA, APPROVING THE ISSUANCE BY THE
CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY OF NOT TO
EXCEED $45,000,000 AGGREGATE PRINCIPAL AMOUNT OF THE
CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY'S
MULTIFAMILY HOUSING REVENUE NOTES FOR THE PURPOSE OF
FINANCING, REFINANCING AND/OR REIMBURSING THE COST OF
ACQUISITION, CONSTRUCTION, INSTALLATION, EQUIPPING AND
FURNISHING OF CERTAIN FACILITIES FOR THE BENEFIT OF
RENAISSANCE AT BAKER LP AND OTHER MATTERS RELATING
THERETO HEREIN SPECIFIED.
WHEREAS, Renaissance at Baker LP, a California limited partnership (the
"Borrower"), has requested the California Enterprise Development Authority (the
"Authority") to issue, from time to time, pursuant to a plan of finance, of one or
more series of its tax-exempt bonds, notes, or other evidence of indebtedness in
an amount not to exceed $45,000,0000 (the "Notes") for the benefit of the
Borrower pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of
the State (commencing with Section 6500) (the "Act"); and
WHEREAS, all or a portion of the proceeds of the Notes loaned to the
Borrower will be applied to (a) finance, refinance and/or reimburse the cost of
acquisition, construction, installation, equipping and furnishing an 85 unit, four-
story multi -family housing project with parking facilities and an approximate 4,500
square foot community center located at 1001 Baker Street, Bakersfield, California
93305, and (b) paying capitalized interest on the Notes, funding a reserve fund
for the Notes if required, and paying certain costs of issuance in connection with
the Notes (collectively, the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986
(the "Code"), the issuance of the Notes by the Authority must be approved by
the City Council of the City of Bakersfield (the "City") because the Project is to be
located within the territorial limits of the City; and
WHEREAS, the City Council of the City (the "City Council") is the elected
legislative body of the City and is one of the "applicable elected representatives"
required to approve the issuance of the Notes under Section 147(f) of the Code;
and
WHEREAS, the Authority has requested that the City Council approve the
issuance of the Notes by the Authority in order to satisfy the public approval
requirements of Section 147(f) of the Code; and
011;6 N
> T
- Page 1 of 3 Pages - `'pRIGINAL7
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has,
following notice duly given, held a public hearing regarding the issuance of the
Notes, and now desires to approve the issuance of the Notes by the Authority.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Bakersfield as follows:
1. The foregoing recitals are true and correct.
2. The City Council hereby approves the issuance, in one or more series,
from time to time, pursuant to a plan of finance, of tax-exempt and/or
taxable Notes by the Authority in an amount not to exceed
$45,000,000 for financing, refinancing and/or reimbursing the cost of
the Project. It is the purpose and intent of the City Council that this
resolution constitutes approval of the issuance of the Notes by the
Authority for the purposes of Section 147(f) of the Code by an
applicable elected representative of the governmental unit having
jurisdiction over the area in which the Project is located, in
accordance with said Section 147(f). This resolution shall also
constitute the approval of the issuance of the Notes by the Authority
within the meaning of the Act.
3. The issuance of the Notes shall be subject to the approval of the
Authority of all financing documents relating thereto to which the
Authority is a party. The City shall have no responsibility or liability
whatsoever with respect to the Notes.
4. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing with respect to the
Project; (ii) approve any application or request for or take any other
action in connection with any planning approval, permit or other
action necessary with respect to the Project; (iii) make any
contribution or advance any funds whatsoever to the Authority or the
Borrower; or (iv) take any further action with respect to the Authority
or its membership therein.
5. The officers of the City are hereby authorized and directed, jointly
and severally, to do any and all things and to execute and deliver
any and all documents which 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.
6. This resolution shall take effect immediately upon its adoption.
o�,;6AKF�,�
s
?- m
- Page 2 of 3 Pages - o
ORIGINAL
7. The City Manager is hereby authorized to take whatever actions are
necessary and appropriate to carry out the purpose and intent of this
Resolution.
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
MAY 1 0 2023 by the following vote:
✓ V, ✓ v
COUNCILMEMBER ARIAS, GONZALES, WEIR, Sttffl1, FREEMAN, GRAY, KAUR
NOES: COUNCILMEMBER
ABSTAIN: COUNCILMEMBER
< COUNCILMEMBER !7-5cv�,
vi il" &"k�o —
LIE DRIMAKIS, CPMC, MMC
CITY CLERK and Ex Officio of the Council
of the City of Bakersfield
APPROVED: MAY 1 1112023
4000,
By
KAREN GOH
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
SHUA H. RUDNICK
puty City Attorney II
JHR/ag
S:\COUNCIL\Resos\22-23\Renaissance at Baker LP Bakersfield Resolution 2022 PWB.docz
- Page 3 of 3 Pages -
o��PKF'�s
T
> m
`ORIGINAL