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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: -- Page 1 of 3 Pages -- 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. -- Page 2 of 3 Pages -- 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 -- Page 3 of 3 Pages -- OR, ~