HomeMy WebLinkAboutRES NO 054-04 054-04
RESOLUTION NO.
RESOLUTION APPROVING FORM AND SUBSTANCE OF ACQUISITION
AND DISCLOSURE AGREEMENTS AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 03-3
(SEVEN OAKS WEST III/BRIGHTON PLACE II/FAIRWAY OAKS SOUTH)
WHEREAS, there have been filed with the City Clerk of the City of Bakersfield
(the "City") two agreements, each having Exhibits A through D, inclusive, attached thereto, and
each entitled "Acquisition and Disclosure Agreement" (collectively, the "Acquisition and
Disclosure Agreements"), each dated February 25, 2004, as follows:
a. The first such agreement is by and between the City and Castle & Cook
California, Inc. ("Castle & Cooke"); and
b. The second such agreement is by and between the City and Fairway Oaks South,
L.P. ("Fairway Oaks South").
WHEREAS, this City Council wishes to approve the Acquisition and Disclosure
Agreements 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 Agreements and each of them, providing (1) the terms and conditions under which
Castle & Cooke and Fairway Oaks South, respectively, will provide for the construction and
installation of certain prescribed improvements and (2) the terms and conditions under which the
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City will use its best efforts to issue and sell limited obligation improvement bonds of
Assessment District No. 03-3 (Seven Oaks West Ill/Brighton Place II/Fairway Oaks South)
("Assessment District No. 03-3") 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 Agreements, 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. A copy of each of the Acquisition and Disclosure
Agreements is attached to this resolution.
2. This City Council hereby authorizes the making of modifications to said
Acquisition and Disclosure Agreements and to each of them, individually or collectively, 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 Acquisition and Disclosure
Agreements, the Finance Director is authorized to countersign the Acquisition and Disclosure
Agreements as signed by the Mayor, and all other officers and representatives of the City and of
the City's Bond Counsel for Assessment District No. 03-3 are authorized to execute where
indicated.
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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 March 10, 2004, by
the following vote:
Councilmember.
NOES ~ Councilmcmber.
ABSTAIN: Councilmember.
ABSENT; Councilmember.
CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SALVAGGIO
Clerk and Ex Officio ['/
City
Clerk of the Council of the
City of Bakersfield
APPROVED this 10th day of March, 2004
HARVEY L. HALL
M~ ayor of~~
APPROVED AS TO FORM:
ORRICK, HERR1NGTON & SUTCLiFFE LLP
Bond Counsel
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
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