HomeMy WebLinkAboutRES NO 26-97A RESOLUTION AUTHORIZING DISTRIBUTION OF
PRELIMINARY OFFICIAL STATEMENT PERTAINING TO
CITY OF BAKERSFIELD CERTIFICATES OF
PARTICIPATION (CONVENTION CENTER EXPANSION --
ARENA PROJECT, 1997) PRIOR TO PROJECT APPROVAL
WHEREAS, the City Council of the City of Bakersfield (the "City") is considering a
program of public financing with respect to the proposed Convention Center Expansion --
Arena Project, 1997 (the "Project"), utilizing certificates of participation (the "Certificates
of Participation") to be executed and delivered upon the security of lease payments to be
made by the City pursuant to a lease agreement; and
WHEREAS, the City Clerk has been presented with a form of Preliminary Official
Statement respecting the Project and the Certificates of Participation by Pitcher, Nichols
and Meeks ("Disclosure Counsel") as Disclosure Counsel to the City for the proposed
program of public financing; and
WHEREAS, the City Council will not make a final decision regarding the Project
until March 12, 1997; and
WHEREAS, George K. Baum and Company ("the Underwriter") needs to distribute
and use the Preliminary Official Statement prior to March 12, 1997 to ensure timely
marketing, pricing, sale and closure of the Certificates of Participation in the event Council
decides to proceed with the Project; and
WHEREAS, it is necessary for the City Council to approve the form and substance
of the Preliminary Official Statement prior to approval of the Project, with authorization to
make such modifications as the City's Finance Director may approve after consultation
with Disclosure Counsel, such approval to be conclusively evidenced by transmission of
the Preliminary Official Statement to George K. Baum and Company (the "Underwriter")
for distribution and use by the Underwriter in connection with the Underwriter's pre-
marketing and pricing efforts respecting the Certificates of Participation, and the City
Council wishes to authorize distribution of the Preliminary Official Statements by the
Underwriter.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Bakersfield
as follows:
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SECTION 1.
The form and substance of the Preliminary Official Statement, in substantially the
form on file with the City Clerk and presented to this meeting, is hereby approved. The
City's Finance Director is hereby authorized and directed to deliver said Preliminary
Official Statement to the Underwriter in substantially said form with such changes as the
Finance Director approves, after consultation with Disclosure Counsel, such approval to
be conclusively evidence by such delivery. Provided, however, that the City Council will
not determine whether to proceed with the Project and whether to proceed with the
financing described in such Preliminary Official Statement until March 12, 1997.
SECTION 2.
The Underwriter is hereby authorized to distribute and use the Preliminary Official
Statement in connection with the pre-marketing and pricing of the Certificates of
Participation.
SECTION 3.
Nothing in this resolution shall obligate City Council to authorize the sale of the
Certificates of Participation, to approve any of the financing documents, or any Project-
related documents.
SECTION 4.
This Resolution shall take effect immediately upon its passage.
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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 FEB ! 9 1~7 ,
1997, by the following vote:
AYES: COUNCILMEMBER BeMOND, CARSON, SMITH, McDERMOTr, lil~ll~ES, SULUVAN, SALVAGGIO
NOES: COUNCILMEMBER
ABSTAIN: COUNCILMEMBER
~SENT: COUNCILMEMBER
CITY CLERK and EX OFFIC, JO of the
Council of the City of Bakersfield
APPROVED: ~ ! g 1997
BOB PRICE, MAYOR
CITY OF BAKERSFIELD
APPROVED AS TO FORM:
JUDY K. SKOUSEN
CITYATTORNEY
Assistant City Attorney
City of Bakersfield
JS:dlr\ff
S:~COUNClLL~ES~POSAUTH.RES
--Februaw 13, lg97
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