HomeMy WebLinkAboutRES NO 061-03RESOLUTION NO. 0 6 I ' 0 $
RESOLUTION APPROVING FORM AND SUBSTANCE OF
ACQUISITION AND DISCLOSURE AGREEMENT AND
AUTHORIZING CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 03-1
(BRIGHTON PLACE/SILVER CREEK II)
WHEREAS, there have been filed with the City Clerk of the City of Bakersfield
(the "City") an agreement, having Exhibits A through D, inclusive, attached thereto, and entitled
"Acquisition and Disclosure Agreement," dated April 30, 2003 (the "Acquisition and Disclosure
Agreement"), between the City and Castle & Cooke California, Inc. ("Castle & Cook California,
Inc."); and
WHEREAS, this City Council wishes to approve the Acquisition and Disclosure
Agreement as to form and substance, with provision for making changes thereto, and to authorize
the execution thereof;
NOW, THEREFORE, THE CITY COUNCIL HEREBY FINDS, DETERMINES
AND RESOLVES as follows:
1. This City Council approves the form and substance of the Acquisition and
Disclosure Agreement, providing (1) the terms and conditions under which Castle & Cooke
California, Inc. will provide for the construction and installation of certain prescribed
improvements and (2) the terms and conditions under which the City will use its best efforts to
issue and sell limited obligation improvement bonds of Assessment District No. 03-1 (Brighton
Place/Silver Creek II) ("Assessment District No. 03-1") and, upon satisfaction of certain
prescribed conditions, utilize a prescribed portion of the proceeds of sale of such bonds to
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acquire the completed improvements, it being expressly provided in the Acquisition and
Disclosure Agreement, among other things, that the purchase price of the subject improvements
is payable solely from such proceeds of sale and from no other source whatsoever. A copy of the
Acquisition and Disclosure Agreement is attached to this resolution.
2. This City Council hereby authorizes the making of modifications to the
Acquisition and Disclosure Agreement, individually or collectively, prior to execution thereof,
provided that any such modifications, including additions, changes, and deletions, be approved
by the City Attorney prior to such execution, such approval to be conclusively established by the
City Attorney's execution thereof.
3. The Mayor is authorized to sign the Acquisition and Disclosure
Agreement, the Finance Director is authorized to countersign the Acquisition and Disclosure
Agreement as signed by the Mayor, and all other officers and representatives of the City and of
the City's Bond Counsel for Assessment District No. 03-1 are authorized to execute where
indicated.
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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 April 30, 2003, by the
following vote:
CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SALVAGGIO
AYES] Councilmember
NOES; Councilmember
ABSTAIN] Councilmember
ABSENT: Councilmember
City Clerk and Ex Officio
Clerk of the Council of the
City of Bakersfield
APPROVED this 30th day of April, 2003
HARVEY L. HALL
Mayor~ ~y o~~f City of sfield
APPROVED AS TO FORM:
ORRICK, HERRINGTON & SUTCLIFFE LLP
Bond Coun~l
APPROVED AS TO FORM:
BART J. THILTGEN
City Attorney
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