HomeMy WebLinkAboutRES NO 57-97RESOLUTION NO.
A RESOLUTION APPROVING,
DIRECTING EXECUTION OF
AGREEMENT
AUTHORIZING AND
REIMBURSEMENT
WHEREAS, the City and the Central District Development Agency (the "Agency")
have determined that it is in the best interest of the community, including the City and the
Agency, to provide for (i) the refunding of the remaining outstanding Certificates of
Participation (Civic Auditorium improvement Project) of the City, (ii) the refunding of the
remaining outstanding Tax Allocation Refunding Bonds, Issue of 1993 (Downtown
Bakersfield Redevelopment Project) of the Agency (the "Agency's Prior Bonds"), and (iii)
financing the costs of constructing, furnishing and equipping a multipurpose arena (the
"Arena") as a new component of the existing Convention Center complex (the "Project"),
together with associated costs and expenses of planning, engineering and architectural
design, environmental review, site preparation, legal and financial advisors, bond
insurance, debt service reserve surety bond premium, title insurance and other insurance
premiums, and other costs associated with the issuance of the Certificates of Participation
(Convention Center Expansion --Arena Project, 1997) (the "Certificates") to be executed
and delivered pursuant to a Trust Agreement (the "Trust Agreement"), to be dated as of
April 1, 1997, by and among the City, the Agency and First Trust of California, N.A., as
trustee (the "Trustee"); and
WHEREAS, in connection with the City's proposed financing plan to refund the
Agency's Prior Bonds and to finance the cost and expense of the Project, construction of
which is in furtherance of implementation of the Redevelopment Plan for the Downtown
Bakersfield Redevelopment Project in which the Convention Center and the Project are
located, the City and the Agency proposed to enter into a reimbursement agreement (the
"Reimbursement Agreement") pursuant to which the Agency will pay to the City not to
exceed $1,200,000 annually from tax increment funds to be received by the Agency on
account of the Downtown Bakersfield Redevelopment Project and from any other funds of
the Agency legally available for the purpose, in consideration for the City's refunding of the
Agency's Prior Bonds and the City's financing of the cost and expense of the Arena Project
with proceeds of the Certificates and with other funds of the City legally available for the
Project; and
WHEREAS, the City has conducted the public hearing and by separate resolution,
made the findings required by Sections 33679 and 33445, respectively, of the California
Health and Safety Code; and
WHEREAS, a form of Reimbursement Agreement has been filed with the City Clerk
for approval as to form and substance by this City Council, and this City Council, having
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been advised in this matter by its staff wishes to approve said Reimbursement Agreement
as to form and substance and to authorize the execution and delivery thereof.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Bakersfield
as follows:
SECTION 1.
The form and substance of the Reimbursement Agreement on file with the City Clerk
and presented to this meeting are hereby approved. The requisite City officials are hereby
authorized and directed to execute said Reimbursement Agreement, with such changes
and modifications as may be approved by such officials, which approval shall be
conclusively established by such execution.
SECTION 2.
This Resolution shall take effect immediately upon its passage.
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NO~.S CO~ ;~.i~,ilMEMBER
t~,5--q-l~l~ COUNCILMEMBER
A~.NT: C0UNClLMEMBER
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
1997, by the following vote: tt~.'~ ! ! ff]07 ,
~,,,,'~': CnUNCILMEMBER DeMOND, CARSON, ~MII'N, I,Ic(~:~V~T,~, SULLIVAN, ~AL¥~O
CITY CLERK and EX OFF(I~IO of the
Council of the City of Bakersfield
APPROVED:
CITY OF BAKERSFIELD
APPROVED AS TO FORM:
JUDY K. SKOUSEN
CITY ATTORNEY
S:~COUNCIL~RES~REIMBUR.RES
--March 27, 1997
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