HomeMy WebLinkAboutRES NO 132-97 132-97
RESOLUTION NO.
RESOLUTION APPROVING FORM AND SUBSTANCE OF ACQUISITION
AND DISCLOSURE AGREEMENTS AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 97-1
(SPRING MEADOWS II/STOCKDALE HIGHWAY COMMERCIAL)
WHEREAS, there has been filed with the City Clerk of
the City of Bakersfield (the "city") two agreements, each having
Exhibits A through C, inclusive, attached thereto, and each
entitled "Acquisition and Disclosure Agreement" (the "Acquisition
and Disclosure Agreements"), dated September 10, 1997, one of
which is by and between the City and Castle & Cooke California,
Inc., and Castle & Cooke Commercial - CA, Inc. (collectively,
"Castle & Cooke"), and the other of which is by and between the
city and BHA Properties LLC ("BHA Properties") (Castle & Cooke
and BHA Properties being referred to collectively hereafter as
"the Developers"); 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 each of the two Acquisition and Disclosure Agreements,
providing the terms and conditions under which the Developers
will provide for the construction and installation of certain
prescribed improvements and (2) the terms and conditions under
ORIGtNAL
which the city will use its best efforts to issue and sell
limited obligation improvement bonds of Assessment District No.
97-1 and utilize a prescribed portion of the proceeds of sale of
such bonds to acquire the completed improvements, it being
expressly provided in each of said 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
Acquisiton and Disclosure Agreements is attached to this
resolution.
2. This City Council hereby authorizes the making of
modifications to either or both of said Acquisition and
Disclosure Agreements 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 agreements or
either of them, the Finance Director is authorized to countersign
either of the agreements as is signed by the Mayor, and all other
officers and representatives of the city and of the City's Bond
Counsel for this assessment district are authorized to execute
where indicated.
I HEREBY CERTIFY that the foregoing resolution was
passed and adopted by the Council of the City of Bakersfield at a
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regular meeting thereof held on September 10, 1997, by the
following vote:
AYES: COUNCILMEMBER ~-..~% C,~, ~o~{ ~, ~]4-c ~W~ .%,11;~ ~ ~ ~ ~
NOES: COUNCILMEMBER ~,
ABSTAIN: COUNCILMEMBER ~
ABSENT: COUNCILMEMBER ~ · -
city Clerk &rid Ex
Clerk of the Council ~f the
City of Bakersfield
APPROVED this 10th day of September,
Bakersfield
1997
APPROVED AS TO FORM:
ORRICK, }{ERRINGTON & SUTCLIFFE LLP
COUNTERSIGNED:
CITY ATTORNEY of the
City of Bakersfield
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