HomeMy WebLinkAboutRES NO 125-99RESOLUTION NO. 125'99
RESOLUTION APPROVING FORM AND SUBSTANCE OF ACQUISITION
AND DISCLOSURE AGREEMENT AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 99-1
(POLO GREENS/RIVER OAKS)
WHEREAS, there has been filed with the City Clerk of the City of Bakersfield
(the "City") an agreement, having Exhibits A through D, inclusive, attached thereto, and entitled
"Acquisition and Disclosure Agreement" (the "Acquisition and Disclosure Agreement"), dated
August 25, 1999, by and between the City and Coleman Homes, Inc. ("Coleman Homes"); and
WHEREAS, this City Council wishes to approve the Acquisition and Disclosure
Agreement 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 the Acquisition and
Disclosure Agreement, providing (1) the terms and conditions under which Coleman Homes will
provide for the construction and installation of certain prescribed improvements and (2) the terms
and conditions under which the City will use its best efforts to issue and sell limited obligation
improvement bonds of Assessment District No. 99-1 and, upon satisfaction of certain prescribed
conditions, utilize a prescribed portion of the proceeds of sale of such bonds to acquire the
completed improvements, it being expressly provided in the Acquisition and Disclosure
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Agreement, among other t~nings, that the pumhase price of (ne subject improvements is payable
solely from such proceeds of sale of the bonds and from no other soume whatsoever. As used in
the foregoing sentence, the term "proceeds of sale of the bonds" shall be deemed to include that
portion of the investment earnings on the prescribed amount of such proceeds as are deposited in
the Improvement Fund to be established for Assessment District No. 99-1 pursuant to the
resolution authorizing issuance of the bonds (the "Resolution"), which portion is not required to
be set aside for rebate to the United States of America pursuant to the provisions of the
Resolution pertaining to such rebate set-aside procedures. A copy of the Acquisition and
Disclosure Agreement is attached hereto and made a part hereof.
2. 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.
3. The Mayor is authorized to sign the agreement, the Finance Director is
authorized to countersign the Acquisition and Disclosure Agreement as 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.
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2
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 August 25, 1999, by
the following vote:
AYESZ
NOES~
ABSTAINi
ABSENTi
Carson, Demond, ~ Couch, Rowles, Sullivan, Salvaggio
Councilmember [q b ~ ~
Councilmember [']f~l~,~,l~t) ~ f
Councilmember ~,l~'l Ixl~_
City Clerk and Ex Officio
Clerk of the Council of the
City of Bakersfield
APPROVED this 25th day of August, 1999
APPROVED AS TO FORM:
ORRICK, HERR1NGTON & SUTCLIFFE LLP
Bond Counsel
APPROVED AS TO FORM:
BART J. THILTGEN
City Attorney
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