HomeMy WebLinkAboutRES NO 073-03RESOLUTION NO. 0 7 8 ' 0 8
RESOLUTION APPROVING FORM AND SUBSTANCE OF
ACQUISITION AND DISCLOSURE AGREEMENTS AND
AUTHORIZING CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 03-2
(BUENA VISTA RANCH/BELSERA II/MONTARA II/OLIVE PARK II)
WHEREAS, there have been filed with the City Clerk of the City of Bakersfield
(the "City") two agreements, each having Exhibits A through D, inclusive, attached thereto, and
each entitled "Acquisition and Disclosure Agreement," each dated May 14, 2003 (collectively,
the "Acquisition and Disclosure Agreements"), as follows:
a. The first such agreement is by and between the City and Centex Homes ("Centex
Homes"); and
c. The second such agreement is by and between the City and Olive Park Land
Company ("Olive Park Land Company"); and
WHEREAS, this City Council wishes to approve the Acquisition and Disclosure
Agreements 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 Agreements and each of them, providing (1) the terms and conditions under which
Centex Homes and Olive Park Land Company, respectively, 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. 03-2 (Buena Vista Ranch/Belsera II/Montara II/Olive Park II)
("Assessment District No. 03-2") and, upon satisfaction of certain prescribed conditions, utilize a
prescribed portion of the proceeds of sale of such bonds to acquire the completed improvements,
it being expressly provided in the Acquisition and Disclosure Agreements, 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 each of the Acquisition and Disclosure
Agreements is attached to this resolution.
2. This City Council hereby authorizes the making of modifications to each
of the Acquisition and Disclosure Agreements and to each of them, 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 thereofi
3. The Mayor is authorized to sign the Acquisition and Disclosure
Agreements, the Finance Director is authorized to countersign the Acquisition and Disclosure
Agreements 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. 03-2 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 May 14, 2003, by the
following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SALVAGGIO
Councilmember
Councilmember
Councilmember
Councilmember ~
City Clerk and Ex Officio /J
Clerk of the Council of the
City of Bakersfield
APPROVED this 14th day of May, 2003
HARVEY L. HALL
APPROVED AS TO FORM:
ORRICK, HERRINGTON & SUTCLIFFE LLP
APPROVED AS TO FORM:
BART J. THILTGEN
City Attorney
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40213 31 SS4 3