HomeMy WebLinkAboutRES NO 89-95RESOLUTION NO. 8 9 ' 9 5
RESOLUTION APPROVING FOI~M AND SUBSTi%NCE OF ACQUISITION
AND DISCLOSURE ~GHEEMENT AND AUTHORIZING CHANGES
THERETO/~ND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO.
(HENFRO/HUGHES)
94-1
WHEREAS, this City Council has been presented a form of
agreement between the CITY OF BAKERSFIELD and STO-REN PROPERTIES-
II LLC, entitled "Acquisition and Disclosure Agreement", dated
June 1, 1995, a copy of which Acquisition and Disclosure
Agreement is attached hereto as Exhibit A and by this reference
incorporated herein, which agreement provides (1) the terms and
conditions under which Sto-Ren Properties-II LLC will provide for
the construction and installation of certain prescribed
improvements and (2) the terms and conditions under which the
City of Bakersfield will use its best efforts to issue and sell
limited obligation improvement bonds of Assessment District No.
94-1 and utilize a prescribed portion of the proceeds of sale of
such bonds to acquire the completed improvements, it being
expressly provided in said 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;
NOW, THEREFORE, THE CITY COUNCIL HEREBY RESOLVES as
follows:
SECTION 1. APPROVAL OF FORM AND SUBSTANCE OF
AGREEMENT. This City Council hereby approves the form and
substance of the Acquisition and Disclosure Agreement attached
hereto as Exhibit A. This City Council hereby authorizes the
making of modifications to said Acquisition and Disclosure
Agreement 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.
The Mayor is authorized to sign the agreement, the Finance
Director is authorized to countersign the agreement, 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
regular meeting thereof held on June 14, 1995 by the following
AYES; COUNCILME~Vi~,~cR D~r/,OND, CARSON, SMITH, McDERMOTt, f~w~=~, CHOW, SALVAGGIO
vote; NOES: COUNCII.MEMD~.~
A~STAIN: COUNC{LMEMBER
ABSENT: COUNCILMEMBER J~ [~ ~ I I ~-~A~/
Assistantcity Clerk and Ex Offi
Clerk of the Council of the
City of Bakersfield
APPROVED this 14th ~ay of June, 1995
APPROVED AS TO FORM:
ORRICK, HERR/NGTON & SUTCLIFFE
COUNTERSIGNED:
CITY ATTORNEY of the
City of Bakersfield