HomeMy WebLinkAboutRES NO 32-95 RESOLUTION NO. S 2 - 9 5
RESOLUTION AUTHORIZING /~MENDMENT TO
RESOLUTION NO. 180-94
CITY OF BAKERSFIELD
&SSESSMENT DISTRICT NO.
(CALIFORNIA-OAK)
93-3
RESOLVED BY THE CITY COUNCIL (the "Council") OF THE CITY
OF BAKERSFIELD (the "City") as follows:
WHEREAS, on November 16, 1994, the Council adopted
Resolution No. 180-94, titled, "Resolution Determining Unpaid
Assessments and Providing for Issuance of Bonds" (the "Resolution
of Issuance"), which resolution sets forth the terms and conditions
for the issuance of the City of Bakersfield Assessment District No.
93-3 Limited Obligation Improvement Bonds (the "Bonds"); and
WHEREAS, since the adoption of the Resolution of
Issuance, the amount of capitalized interest necessary as a
component of the financing of the Bonds has been reduced, which
will reduce the final par amount of Bonds issued; and
WHEREAS, since the final par amount of Bonds issued will
be reduced, the amount to be held in the Reserve Fund (as defined
in the Resolution of Issuance) will also be reduced; and
WHEREAS, since the Resolution of Issuance set forth the
specific amount of $151,700 to be transferred to the Reserve Fund,
the Resolution of Issuance must be amended to reflect the reduced
amount to be transferred to the Reserve Fund, in light of the
reduction of the capitalized interest amount.
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND
ORDERED AS FOLLOWS:
1. Section 11 of the Resolution of Issuance is hereby
amended to read as follows:
"Upon placement of the proceeds from the sale of the
Bonds in the Improvement Fund, the Treasurer shall
forthwith transfer the sum of the lesser of (a) 10
percent of the par amount of the Bonds, (b) maximum
annual debt service on the Bonds, or (c) 125 percent of
average annual debt service on the Bonds, into a Reserve
2/10/95(6372.1)
Fund, which shall be designated by the name and/or number
of the improvement or assessment district. The money in
the Reserve Fund shall be administered by the Treasurer
in accordance with and pursuant to the provisions of Part
16 of the Act, provided that only proceeds from (1)
investment of moneys in the Reserve Fund and (2)
redemption or sale of the properties with respect to
which payment of delinquent assessments and interest
thereon was paid from the Reserve Fund, shall be credited
to the Reserve Fund only to the extent that the amount
credited to the Reserve Fund will not result in the Bonds
becoming Arbitrage Bonds for the purposes of Section 148
of the Code and the Regulations. To the extent that such
proceeds, or any portion thereof, would cause the Bonds
to becomeArbitrage Bonds if credited to the Reserve Fund
and invested in Higher Yielding Investments, then such
proceeds, or portion thereof, shall be credited upon the
assessments; provided only that in the event credit of
any portion of such proceeds upon assessments not
theretofore paid in full in cash would result in moneys
in the Redemption Fund remaining therein for a period of
more than 12 months, then any portion of such moneys
which would otherwise remain in the Redemption Fund for
a period of more than 12 months shall be used to call
Bonds prior to their maturity date on the earliest call
date next succeeding the deposit thereof in the
Redemption Fund."
2/10/95(6372.1)
ORiGiNAL
I HEREBY CERTIFY that the foregoing Resolution was passed
and adopted by the City Council of the City of Bakersfield at a
regular meeting thereof held on the 22nd day of February 1995, by
the following vote:
AYES: COUNCILMEMBER DeMOND, CARSON, SMITH, McDF~RMOTT, ROWLES, C~OW, SALVAGGIO
NOES: COUNCILMEmBER ~ 0~] O
ABS?aXN: COUNCXU . ER
ABSENT: COUNCILM~!BER ~OFL~
City Clerk and Ex Officio Clerk of
the Council of the City of
Bakersfield
APPROVED this 22nd Day of February,
MAYOR of th~ C~ity of Bakersfield
1995:
APPROVED AS TO FOP~M:
GROVE, ~ond Counsel
COUNTERS I GNED:
CITY ATTOP~NEY ty o
Bakersfield
2/10/95(6372.1)
ORIGINAL