HomeMy WebLinkAboutRES NO 41-95 RESOLUTION APPROVING FORIf ~D SUBBT~i'CB OF
PRELIMINARY OFFICIAL ~TATEMENT ~ BOND PURC!I~.~E CONTRACT;
~UTHOR~S~NG ~OD~F~C~T~ON~ THBRETO~
~UTHORISING EXECUTION THEREOF~ ~
AUTHOR~S~NG RELATED DOCU~ENT~ ~ND ACTIONS
CZTY OF B~KBRSFZELD
ASBESB~ENT DZ~TRZCT NO. 94-2
(GOBFORD/~hZTE)
WHEREAS, in connection with the proposed issuance, sale
and delivery of the City of Bakersfield, Limited Obligation
Improvement Bonds, Assessment District No. 94-2
(Gosford/White) (the "Bonds"), the City has retained Pitcher,
Nichols & Meeks as Disclosure Counsel ("Disclosure Counsel"), to
prepare and submit to this City Council a Preliminary Official
Statement for use and distribution by Sutro & Co., as Underwriter
of the Bonds (the "Underwriter',) in connection with issuance,
sale and distribution of the Bonds to the public; and
WHEREAS, Disclosure Counsel has prepared and filed with
the city Clerk of this City a proposed Preliminary Official
Statement (the "Preliminary Official Statement"), and this City
Council, acting upon the recommendation of Disclosure Counsel,
hereby finds and determines that it is in the public interest and
for the public benefit that the Preliminary Official Statement be
approved; and
WHEREAS, Disclosure Counsel has also prepared and filed
with the City Clerk of this City a proposed Bond Purchase
Contract, which has been reviewed and approved as to form by
Orrick, Herrington & Sutcliffe, Bond Counsel to the City for the Bonds.
S~-39593.1 0~'~[ 4~1~-12-SS4~2/14/95
NOW, THEREFORE, THE CITY COUNCIL HEREBY FINDS,
DETERMINES AND RESOLVES as follows:
SECTION 1. APPROVAL OF PRELIMINARY OFFICIAL STATEMENT.
This City Council hereby approves the Preliminary Official
Statement, and in connection therewith, hereby finds, determines
and declares (1) that the facts contained in the Preliminary
Official Statement as presented on the date hereof are true and
correct in all material respects and (2) that the Preliminary
Official Statement neither contains any untrue statement of a
material fact nor omits to state any material fact necessary to
make any statement therein not misleading in light of the
circumstances under which it was made. The Preliminary Official
Statement shall be deemed "nearly final" for purposes of
compliance with U.S. Securities and Exchange Commission Rule
15c(2)-12, and the Finance Director of the City is hereby
authorized, upon request of the Underwriter, to execute and
deliver a certificate respecting such finality along with the
executed Preliminary official Statement.
SECTION 2. EXECUTION AND DISTRIBUTION OF PRELIMINARY
OFFICIAL STATEMENT AUTHORIZED. This City Council hereby
authorizes the execution of the Preliminary Official Statement
and any Official Statement substantially derived therefrom by the
Finance Director of the City. The Underwriter is authorized to
distribute said Preliminary Official Statement and the Official
Statement substantially derived therefrom in connection with its
offering or reoffering of the Bonds to the public.
srz-~¢sv3.t 2 D ~
OR;Gir.iAL 40213- t 2-8s44y2/14/95
This City Council hereby authorizes the making of
corrections to or additions to the Preliminary Official Statement
by supplement or an amendment thereto or by appropriate
insertions into the Preliminary Official Statement and further
authorizes the preparation of an Official Statement to be
substantially derived therefrom.
SECTION 3. BOND PURCHASE CONTRACT APPROVED. The
proposed Bond Purchase Contract is hereby approved as to form and
substance, and the Financial Director of the City is hereby
authorized to execute the same. Said Finance Director is further
authorized to approve changes and modifications to said Bond
Purchase Contract prior to execution, which approval shall be
conclusively demonstrated by execution thereof by the Finance
Director; provided that (1) the principal amount of the Bonds
shall not exceed $1,034,000, (2) the average coupon interest rate
(exclusive of bond discount) shall not exceed ten percent (10%)
per annum, and (3) the bond discount (including both
Underwriter's Discount and Original Issue Discount, if any) shall
not exceed one and one-half percent (1.5%) of the principal
amount of the Bonds.
SECTION 4. AUTHORIZATION FOR RELATED ACTIONS. Any
appropriate officer, employee or representative of the City is
hereby authorized to take any action and to execute and deliver
any document reasonably required to accomplish the issuance, sale
and delivery of the Bonds.
5FE-39593.1 3 ~'~ ~
OR,~'~,, ,,,-,L
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 F~ 2'~5
by the following
vote:
~YES:
NOES: COUNCILMEmBER
· BSTAIN: COUNCILMEMBER
ABSENT: COUNCILMEMBER
COUNCILMEMBER DeMOND, CARSON, SMITH, McDERMOTT, ROWLES, CHUN, SALVAGGIO
Cl=y Clerk and Ex Officio
Clerk of the Council of the
City of Bakersfield
FEB ~ ~
APPROVED
MAYOR of h~of Bakersfield
APPROVED AS TO FORM:
ORRICK, HERRINGTON & SUTCLIFFE
Bond Co~~/
COUNTERSIGNED:
CITY ATTORNEY of the
City of Bakersfield
SF2-39593 A
4
OR;Gi,~;AL