HomeMy WebLinkAboutRES NO 141-99~E$OLUTIO~ NO. -~
RESOLUTION APPROViNG FORM AND SUBSTANCE OF
PRELIMiNARY OFFICIAL STATEMENT AND BOND PURCHASE
CONTRACT, AUTHORIZING MODIFICATIONS THERETO,
AUTHORIZING EXECUTION THEREOF, AND AUTHORIZiNG
RELATED DOCUMENTS AND ACTIONS
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 99-1
(Polo Greens/River Oaks)
WHEREAS, in connection with the proposed issuance, sale and delivery of the
City of Bakersfield, Limited Obligation Improvement Bonds, Assessment District No. 99-1 (Polo
Greens/River Oaks) (the "Bonds"), the City has retained Lofton De Lancie as Disclosure
Counsel ("Disclosure Counsel"), to assist the City in the preparation of a Preliminary Official
Statement for use and distribution by M.L. Stem & 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 filed with the City Clerk of this City a
proposed Preliminary Official Statement (the "Preliminary Official Statement"), and this City
Council 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 LLP, Bond Counsel to the City for the Bonds.
NOW, THEREFORE, THE CITY COUNCIL HEREBY FINDS, DETERMINES
AND RESOLVES as follows:
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40213-22-SS4
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 Preliminary Official Statement.
SECTION 2. EXECUTION AND DISTRIBUTION OF PRELIMINARY
OFFICIAL STATEMENT AUTHORIZED. This City Council hereby authorizes the Finance
Director of the City to execute the Official Statement to be substantially derived from the
Preliminary Official Statement. The Underwriter is authorized to distribute the Preliminary
Official Statement and the Official Statement substantially derived therefrom in connection with
its offering or reoffering of the Bonds to the public.
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.
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4O21 ~ -22-SS4 2
SECTION 3. BOND PURCHASE CONTRACT APPROVED. The proposed
Bond Purchase Contract is hereby approved as to form and substance, and the Finance 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 $2,455,000, (2) the average
coupon interest rate (exclusive of bond discount) shall not exceed seven percent (7.0%) per
annum, and (3) the bond discount (including both Underwriter's Discount and Original issue
Discount, if any) shall not exceed two percent (2.0%) 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.
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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 September 22, 1999,
by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
CARSON, DEMOND, MAGGARD, COUCH, ROWLES, SULLIVAN, SALVAGGIO
COUNC1LMEMBER
COUNC1LMEMBER b,~
COUNC1LMEMBER I~Oal~ ~.
COUNCILMEMBER ~(~q~
Clerk and Ex Officio
City
Clerk of the Council of the
City of Bakersfield
APPROVED this 22nd day of September, 1999
MAYO~C it~v o:B~aker sfi eld
APPROVED AS TO FORM:
ORRICK, HERRINGTON & SUTCLIFFE LLP
Bond Counsel
'~5OUNTERSIGNED:
CITY ATTORNEY of the Cit~jlffBakersfie~'d
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