HomeMy WebLinkAboutRES NO 180-94 ESOLUT ON NO. I 8 0 - 9
RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO,
(CALIFORNIA-OAK)
93-3
RESOLVED BY THE CITY COUNCIL (the "Council") OF THE CITY
OF BAKERSFIELD (the "City") AS FOLLOWS:
WHEREAS, on May 4, 1994, the Council passed and adopted
its Resolution of Intention (the "Resolution of Intention"),
regarding the construction and/or acquisition of improvements (the
"Improvements") under and pursuant to the provisions of the
Municipal Improvement Act of 1913, and therein provided that serial
and/or term bonds would be issued thereunder pursuant to the
provisions of the Improvement Bond Act of 1915, reference to said
Resolution of Intention hereby being made for further particulars;
and
WHEREAS, notice of the recordation of the assessment and
of the time within which assessments are to be paid in cash was
published and mailed in the manner provided by law, and the time so
provided for receiving payment of cash has expired, and the Finance
Director of the City, the official who has been designated by the
Council as Collection Officer for cash payments of the assessments,
has filed herewith for presentation to the Council a list of all
assessments which remain unpaid; and
WHEREAS, the Council has duly considered the list and has
determined that the same is an accurate statement thereof;
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND
ORDERED AS FOLLOWS:
SECTION 1. Definitions. Unless the context otherwise
requires, the terms defined in this Section 1 shall, for all
purposes of this Resolution, have the meanings herein specified and
shall be equally applicable to both the singular and plural forms
of any of the terms herein defined.
"Act" means the Improvement Bond Act of 1915, Division 10
of the Streets and Highways Code of the State of California.
10-31-940529.5)
"Aoent" means the transfer agent, registrar and paying
agent appointed pursuant to Section 32 of this Resolution.
"Arbitraoe Bonds" means each and all bonds in an issue
when any portion of the proceeds of the issue are reasonably
expected (at the time of issuance of the bonds) to be used directly
or indirectly (1) to acquire Higher Yielding Investments, or (2) to
replace funds which were used directly or indirectly to acquire
Higher Yielding Investments. A bond which was not an Arbitrage
Bond at the time it was issued can become an Arbitrage Bond if the
issuer intentionally uses any portion of the proceeds of the issue
of which such bond is a part for one of the purposes described in
(1) or (2) above.
"Bond" or "Bonds" means the City of Bakersfield
Assessment District No. 93-3 Limited Obligation Improvement Bonds,
issued pursuant to the Act and this Resolution, in the form
substantially provided in Exhibit A attached hereto and made a part
hereof.
"Bond Counsel" means the law firm of Burke, Williams &
Sorensen, Fresno, California.
"Bond Date" means the dated date of the Bonds, which is
February 8, 1995.
"Bond Denomination" means the amount of $5000.00, which
is the minimum amount in which the Bonds may be issued. If
required, a Bond will be issued which will include the amount by
which the principal amount of the issue exceeds the largest
integral multiple of $5,000.00 contained therein.
"Bond Year" means the twelve-month period beginning on
September 2 of each year and ending September i of the following
year. The first Bond Year shall begin on the Closing Date and end
September 1, 1995.
"Closin~ Date" means the date upon which there is an
exchange of the Bonds for the proceeds representing the purchase of
the Bonds by the Original Purchaser.
"Code" means the Internal Revenue Code of 1986, as
amended. Any reference in this Resolution to any section of the
Code shall be deemed to and shall refer to any section of similar
import enacted in lieu or in amendment of such section or contained
in any Internal Revenue Code enacted in lieu of the Internal
Revenue Code of 1986, as amended.
"Debt Service" means the scheduled amount of interest and
amortization of principal payable on the Bonds during the period of
computation, either over the life of the Bonds or during any Bond
~0-3~-94(3529.5) 2
ORIGINAL
Year, as the context may indicate, excluding amounts scheduled
during such period which relate to principal which has been retired
before the beginning of such period.
"Determination Date" means the last day of each Rebate
Year and the date on which the Bonds are prepaid or mature.
"Gross Proceeds" means the sum of the following amounts:
(i) original proceeds, namely, net amounts (after
payment of all expenses of issuing the Bonds) received by or
for the Issuer as a result of the sale of the Bonds, excluding
original proceeds which become transferred proceeds
(determined in accordance with applicable Regulations) of
obligations issued to refund in whole or in part the Bonds;
(ii) investment proceeds, namely, amounts received
at any time by or for the Issuer, such as interest and
dividends, resulting from the investment of any original
proceeds (as referred to in clause (i) above) or investment
proceeds (as referred to in this clause (ii)) in Nonpurpose
Investments, increased by any profits and decreased (if
necessary, below zero) by any losses on such investments,
excluding investment proceeds which become transferred
proceeds (determined in accordance with applicable
Regulations) of obligations issued to refund in whole or in
part the Bonds;
(iii) sinking fund proceeds, namely, amounts, other
than original proceeds or investment proceeds (as referred to
in clauses (i) and (ii) above) of the Bonds, which are held in
the Redemption Fund or any other fund to the extent that the
Issuer reasonably expects to use such other fund to pay Debt
Service on the Bonds;
(iv)
established as
fund;
amounts in the Reserve Fund or in any fund
a reasonably required reserve or replacement
(v) Investment Property pledged as security for
payment of Debt Service on the Bonds by an ultimate obligor or
a related person or by the Issuer;
(vi) amounts, other than as specified in this
definition, used to pay Debt Service on the Bonds; and
(vii) amounts received as a result of investing
amounts described in this definition.
10-31-94(3529.5)
"Hi~her Yieldin~ Investments" means any Investment
Property which produces a Yield over the term of the issue which is
materially higher than the Yield on the issue.
"Improvement Fund" means the fund established by the
Treasurer into which shall be placed the proceeds received from the
sale of the Bonds, including any premium, all pursuant to Section
9 hereof.
"Interest Payment Date" means the dates upon which
interest on the Bonds is payable, commencing on September 2, 1995,
and semiannually thereafter on March 2 and September 2 of each year
to maturity.
"Investment Property" means any security (as said term is
defined in Section 165(g) (2) (A) or (B) of the Code), obligation,
annuity or investment-type property, excluding, however,
obligations the interest on which is exempt from income tax under
Section 103 of the Code.
"Issuance Costs" means all applicable costs and expenses
of issuance of the Bonds, including, but not limited to:
(i) Underwriters, fees other than those taken in
the form of a discount on the Closing Date;
(ii) counsel fees, including Bond Counsel, Under-
writers' counsel, Issuer's counsel and special tax counsel
fees, as well as any other specialized counsel fees incurred
in connection with the borrowing and approved in advance and
by the Issuer;
(iii) financial advisor fees incurred in connection
with the issuance of the Bonds;
(iv) rating agency fees, if any;
(v) trustee fees and trustee counsel fees, if any;
(vi) transfer agent, registrar and paying agent
fees, and certifying and authenticating agent fees related to
issuance of the Bonds;
(vii) accountant fees related to issuance of the
Bonds;
(viii) printing costs of the Bonds and of the
preliminary and final official statement;
(ix) publication costs associated with the financing
proceedings; and
10-31-~40529.5)
4
OR~Gli~]AL
(x) costs of engineering and feasibility studies
necessary to the issuance of the Bonds.
"Issuer" means the issuer of the Bonds, which is the City
of Bakersfield, County of Kern, State of California.
"Net Proceeds of the Bonds" means proceeds of the Bonds
received by or for the Issuer on the Closing Date, less amounts
used to pay Issuance Costs and less amounts deposited on the
Closing Date in the Reserve Fund, if any.
"Nonpurpose Investment" means any Investment Property
which is acquired with the Gross Proceeds of the Bonds and is not
acquired in order to carry out the governmental purpose of the
Bonds.
"Oriqinal Purchaser" means the purchaser of the Bonds
from the Issuer on the Closing Date.
"Private Business Use" means use directly in a trade or
business carried on by a natural person or in any activity carried
on by a person other than a natural person, excluding, however, use
by a governmental unit and use as a member of the general public.
"Private Activity Bond" means any bond or certificate
issued by a governmental entity the proceeds of which are used
directly or indirectly to pay for or finance private non-govern-
mental activities or facilities in a trade or business or a person
unrelated to the governmental entity.
"Progect" means the construction and/or acquisition of
improvements described in the Resolution of Intention.
"Purchase Price," for the purpose of computation of the
Yield of the Bonds, as provided in the Code, means, in general, the
initial offering price to the public (not including bond houses and
brokers, or similar persons or organizations acting in the capacity
of underwriters or wholesalers) at which price a substantial amount
of the Bonds is sold or, if the Bonds are privately placed, the
price paid by the first buyer of the Bonds or the acquisition cost
of the first buyer. The term "Purchase Price," for the purpose of
computation of the Yield of Nonpurpose Investments, means the fair
market value of the Nonpurpose Investments on the date of use of
Gross Proceeds of the Bonds for acquisition thereof, or if later,
on the date such Investment Property becomes a Nonpurpose
Investment of the Bonds.
"Rebate Certificate" means that certificate, relating to
the requirements of Section 148 of the Code and the Regulations
thereunder, signed by the Issuer on the date the Bonds are issued,
10-31-94(~529.5) 5
as the same may be amended or supplemented in accordance with its
terms.
"Rebate Fund" means the fund by that name established
pursuant to Section 25.
"Rebate Requirement" means an amount equal to the sum of
(i) the excess of the aggregate amount earned on all Nonpurpose
Investments over the amount that would have been earned if such
Nonpurpose Investments had a Yield equal to the Yield on the Bonds,
plus (ii) any income attributable to the excess described in (i).
The Rebate Requirement is more specifically defined and calculated
in the Rebate Certificate.
"Redemption Fund" means the fund established by the
Treasurer into which shall be placed any accrued interest for the
period from the Bond Date to the Closing Date and all sums received
from the collection of unpaid assessments and of the interest and
penalties thereon, all as provided in Section 10 hereof.
"Redemption Premium" means three percent (3%) of the
principal amount of the Bonds to be redeemed, if any, during the
period from September 2, 1995, through September 2, 2004, two
percent (2%) of the principal amount of the Bonds to be redeemed,
if any, from March 2, 2005, through September 2, 2005, one percent
(1%) of the principal amount of the Bonds to be redeemed, if any,
from March 2, 2006, through September 2, 2006, and zero percent
(0%) of the principal amount of the Bonds to be redeemed, if any,
from March 2, 2007, and thereafter. The Redemption Premium will be
paid on Bonds redeemed prior to maturity as stated in Section 13
hereof.
"Regulations" means temporary and permanent regulations
promulgated under Section 148 of the Code.
"Reserve Fund" means the fund established by the
Treasurer into which shall be placed a portion of the proceeds
received from the sale of the Bonds as provided in Section 11
hereof.
"Treasurer" means the Finance Director of the City of
Bakersfield.
"Underwriter" means Sutro & Co., San Francisco,
California.
"Yield" means, for purposes of Section 148 of the Code,
the amount of income from an investment expressed as a percentage
of the issue price (within the meaning of Sections 1273 and 1274 of
the Code). Calculation of a Yield is more specifically set forth
in the Rebate Certificate.
SECTION 2. List of UnDaid Assessments. The assessments
now remaining unpaid are as shown on the list filed and presented
herewith to the Council and are in the aggregate amount of
$1,517,000. For a particular description of the lots or parcels of
land bearing the respective assessment numbers set forth in said
list, reference is hereby made to the assessment and to the diagram
recorded in the office of the Director of Public Works of the
Issuer after confirmation thereof by the Council.
SECTION 3. Issuance of Bonds. Bonds, in the aggregate
principal amount of not to exceed $1,517,000, shall be issued as
hereinafter provided upon the security of the unpaid assessments in
accordance with, under and pursuant to the provisions of the
Resolution of Intention and the proceedings thereunder duly had and
taken. The Bonds shall be issued only in fully registered form in
the amount of the Bond Denomination or any integral multiple
thereof (if required, however, one Bond will be issued which will
include the amount, if any, by which the principal amount of the
issue exceeds the largest integral multiple of $5,000.00 contained
therein), and shall mature in the amounts and on the dates and at
the rates of interest set forth in the Underwriter,s bond purchase
contract as approved by the Issuer. The Bonds shall be numbered
consecutively from 1 upward, and shall be payable in numerical
order, consecutively, commencing with the lowest number within the
maturity.
The Bonds may be issued through a book-entry system,
whereby one certificate for each maturity of the Bonds (including
one, if required, for the one Bond which exceeds the largest
integral multiple of $5,000.00, as described in the paragraph
above), in the principal amount of the respective maturity, may be
registered in the name of a securities depository or its nominee.
The Issuer may treat the depository or its nominee as the sole and
exclusive owner of the Bonds registered in its name for all
purposes under this Resolution. The Issuer shall not have any
responsibility or obligation to any participant of the depository,
any person claiming a beneficial ownership interest in the Bonds
under or through the depository or a participant, or any other
person with respect to the accuracy of any records maintained by
the depository or any participant, the giving or failing to give
notice by the depository or any participant, or the payment or
failure to pay by the depository or any participant of any portion
of principal and Redemption Premium, if any, or interest on the
Bonds. The Issuer shall pay all principal and Redemption Premium,
if any, and interest on the Bonds only to the depository, and all
such payments shall be valid and effective to fully satisfy and
discharge the Issuer's obligations with respect to the principal
and Redemption Premium, if any, and interest on the Bonds to the
extent of the sum or sums so paid.
10-31-94(3529.5) 7
If the Issuer determines that it is in the best interest
of the beneficial owners that they be able to obtain Bonds and
delivers a written certificate to the depository to that effect,
the depository shall notify the participants of the availability of
Bonds through the depository. In such event, the Issuer shall
issue, transfer and exchange Bonds as requested by the depository
and other owners in appropriate amounts. The depository may
determine to discontinue providing its services with respect to the
Bonds at any time by giving notice to the Issuer and discharging
its responsibilities with respect thereto under applicable law.
Under such circumstances (if there is no successor securities
depository), the Issuer shall be obligated to deliver Bonds to the
beneficial owners thereof as described in the first paragraph of
this Section 3.
SECTION 4. Form of Bonds. The Bonds shall be substan-
tially in the form set forth in Exhibit A.
SECTION 5. Pavment of Bonds. The Bonds shall bear
interest at the rate or rates determined by the Council at the time
of sale of the Bonds (not to exceed twelve percent (12%) per annum,
or such higher rate of interest as may be authorized by applicable
law at the time of sale of the Bonds), payable on each Interest
Payment Date. Interest on the Bonds shall be payable on each
Interest Payment Date to the registered owner thereof at such
owner's address as it appears on the registration books of the
Agent.
Each Bond shall bear interest from the Interest Payment
Date next preceding the date on which it is authenticated and
registered, unless authenticated and registered (i) prior to an
Interest Payment Date and after the close of business of the
fifteenth (15th) day of the month immediately preceding such
Interest Payment Date, in which event it shall bear interest from
such Interest Payment Date, or (ii) prior to the close of business
on the fifteenth (15th) day of the month preceding the first
Interest Payment Date, in which event it shall bear interest from
the Bond Date; provided, however, that if at the time of
authentication interest is in default, each Bond shall bear
interest from the date to which interest has been paid. Each Bond
will continue to bear interest after maturity at the rate stated
therein, provided it is presented at maturity and payment thereof
is refused on the sole ground that there is not sufficient money in
the Redemption Fund with which to pay same; if it is not presented
at maturity, interest thereon will run only until maturity.
SECTION 6. Execution. The Bonds shall be executed on
behalf of the Issuer and under its official seal by its Treasurer
and by the City Clerk, whose signatures shall be manually placed on
the Bonds or reproduced by engraved, printed or lithographed
facsimile thereof, and the official seal may be placed on the Bonds
10-31-94(~5293) 8
in like manner; such signing and sealing shall constitute and be a
sufficient and binding execution of each and every one of the
Bonds. If said Bonds are executed under seal by facsimile, the
Bonds shall then be delivered to the Treasurer or the Agent for
authentication by the Treasurer or Agent.
If any officer whose signature appears on the Bonds
ceases to be such officer before the authentication and delivery of
the Bonds to the purchaser thereof, such signature shall be as
valid as if such officer had remained in office until the authen-
tication and delivery of the Bonds.
SECTION 7. Authentication. Only those Bonds which bear
thereon a certificate of authentication substantially in the form
below, manually executed by the Treasurer or the Agent, shall be
valid or obligatory for any purpose or entitled to the benefits of
this Resolution. For Bonds bearing a certificate of
authentication, such certificate shall be conclusive evidence that
the Bonds so authenticated have been duly executed, authenticated
and delivered hereunder and are entitled to the benefits of this
Resolution. The certificate of authentication on any Bond
requiring authentication shall be deemed to be duly executed if
signed by an authorized officer or signatory of the Treasurer or
the Agent, but it shall not be necessary that the same officer or
signatory sign the certificate of authentication on all the Bonds
issued hereunder.
[FORM OF CERTIFICATE OF AUTHENTICATION AND P~GISTRATION]
This is one of the Bonds described in the Resolution Determining
Unpaid Assessments and Providing for Issuance of Bonds referred to
herein.
[Name Of Authenticating Entity]
By
Authorized Representative
SECTION 8. Sale. Preparation and Delivery of Bonds. The
Bonds shall be sold by private negotiated sale. The Treasurer is
hereby directed to cause the Bonds to be prepared in accordance
with this Resolution and to authenticate and deliver the Bonds to
the purchaser thereof, upon receipt of the purchase price therefor,
and upon the performance of the conditions contained in the
accepted purchase contract for the Bonds. Upon receipt of the
purchase price, the Treasurer shall deliver written instructions to
the Agent authorizing and ordering the Agent to authenticate and
deliver the Bonds in accordance herewith.
SECTION 9. Improvement Fund. The Treasurer shall
establish the Improvement Fund designated by the name and/or number
of the improvement or assessment district into which shall be
placed the proceeds received from the sale of the Bonds, including
10-31-94(3529.5) 9
any premium (except that any interest accrued from the date of the
Bonds to the date of delivery thereof shall be placed in the
Redemption Fund provided for herein). All moneys in the
Improvement Fund shall be withdrawn only upon checks or drafts of
the Issuer and shall be applied exclusively to the payment of the
cost of the acquisitions and/or construction of the improvements
described in the proceedings under and pursuant to said Resolution
of Intention, as now or hereafter changed or modified by
appropriate legal proceedings, and all expenses incidental thereto.
Any surplus remaining after payment of all costs and all legal
charges, claims and expenses shall be used as set forth in said
proceedings.
SECTION 10. Redemption Fund. The Treasurer shall
establish the Redemption Fund designated by the name of the Bonds,
into which shall be placed any accrued interest, if any, for the
period from the Bond Date to the date of delivery thereof, funded
interest to the maximum permitted by law as of the Bond Date, and
all sums received from the collection of unpaid assessments
provided for in Section 12 hereof, and of the interest and
penalties thereon. From the Redemption Fund, disbursements shall
be made to pay the principal or advance redemption price of the
Bonds and the interest due thereon.
SECTION 11. Reserve Fund. Upon placement of the
proceeds from the sale of the Bonds in the Improvement Fund, the
Treasurer shall forthwith transfer the sum of $151,700 from the
Improvement Fund into a Reserve Fund, which shall be designatedby
the name and/or number of the improvement or assessment district.
The money in the Reserve Fund shall be administered by the
Treasurer in accordance with and pursuant to the provisions of Part
16 of the Act, provided that only proceeds from (1) investment of
moneys in the Reserve Fund and (2) redemption or sale of the
properties with respect to which payment of delinquent assessments
and interest thereon was paid from the Reserve Fund, shall be
credited to the Reserve Fund only to the extent that the amount
credited to the Reserve Fund will not result in the Bonds becoming
Arbitrage Bonds for the purposes of Section 148 of the Code and the
Regulations. To the extent that such proceeds, or any portion
thereof, would cause the Bonds to become Arbitrage Bonds if
credited to the Reserve Fund and invested in Higher Yielding
Investments, then such proceeds, or portion thereof, shall be
credited upon the assessments; provided only that in the event
credit of any portion of such proceeds upon assessments not
theretofore paid in full in cash would result in moneys in the
Redemption Fund remaining therein for a period of more than 12
months, then any portion of such moneys which would otherwise
remain in the Redemption Fund for a period of more than 12 months
shall be used to call Bonds prior to their maturity date on the
earliest call date next succeeding the deposit thereof in the
Redemption Fund.
OR;~if~AL
SECTION 12. Collection of Unpaid Assessments. The
unpaid assessments shown on the list, together with the interest
thereon, shall be payable in annual series corresponding in number
to the number of serial maturities of the Bonds issued. An annual
proportion of each unpaid assessment shall be payable in each year
preceding the date of maturity of each of the several series of
Bonds issued, sufficient to pay the Bonds when due, and such
proportion of each unpaid assessment coming due in any year,
together with the annual interest thereon, shall be payable in the
same manner and at the same time and in the same installments as
the general taxes on real property are payable, and become
delinquent at the same times and in the same proportionate amounts
and bear the same proportionate penalties and interest after
delinquency as do the general taxes on real property. All sums
received from the collection of the unpaid assessments and of the
interest and penalties thereon shall be placed in the Redemption
Fund.
SECTION 13. Redemption Prior to Maturity. Each Bond, or
any portion thereof in the amount of the Bond Denomination or any
integral multiple thereof, outstanding may be redeemed and paid in
advance of maturity upon any Interest Payment Date in any year by
giving at least 30 days notice by registered mail to the registered
owner at such owner's address as it appears on the registration
books of the Agent and by paying the principal amount thereof
together with the Redemption Premium, if any, plus interest to the
date of advanced maturity, unless sooner surrendered, in which
event said interest will be paid to the date of payment, all in the
manner and as provided in the Act.
The Treasurer shall cause to be called for redemption and
retire Bonds upon prepayment of assessments in amounts sufficient
therefor, or whenever sufficient surplus funds are available
therefor in the Redemption Fund. In selecting Bonds for
retirement, the lowest numbered Bonds of the various annual
maturities shall be chosen pro rata in a manner intended to disturb
as little as possible the relationship of unpaid assessments to
Bonds outstanding.
The provisions of Part 11.1 of the Act are applicable to
the advance payment of assessments and to the calling of the Bonds.
SECTION 14. Effect of Redemption; Defeasance. From and
after the date fixed for redemption pursuant to Section 13 hereof,
if funds available for the payment of the principal of and interest
(and redemption premium, if any) on the Bonds or portion of Bonds
so called for redemption have been duly provided, then Bonds or
portions of Bonds so called for redemption will become due and
payable at the redemption price therein specified, and from and
after such date (unless the City shall default in the payment of
the redemption price or interest) such Bonds or portions of Bonds
10-31-940529.5) 11
shall be defeased and shall cease to be entitled to any benefit or
security under this Resolution (other than the right to receive
payment of the redemption price and interest) and shall cease to
bear interest. The failure by the bond owner of a Bond actually to
receive notice of redemption shall not be a condition precedent to
redemption and shall not affect the validity of the proceedings for
the redemption of such Bond or the cessation of interest.
SECTION 15. Exchange of Bonds. Any Bond, upon surrender
thereof at the office of the Treasurer, together with an assignment
duly executed by the registered owner thereof or his attorney or
legal representative in such form as shall be satisfactory to the
Treasurer, may, at the option of such owner, be exchanged for an
aggregate principal amount of Bonds equal to the principal amount
of the Bond so surrendered, and of any authorized denomination or
denominations. The Issuer shall make provision for the exchange of
Bonds at the office of the Treasurer.
SECTION 16. Ne~otiability, Registration and Transfer of
Bonds. The Treasurer or Agent shall keep books for the
registration, and for the registration of transfers, of the Bonds
as provided in this Resolution, which shall at all times be open to
inspection by the Issuer. The transfer of any Bond may be
registered only upon such books upon surrender thereof to the
Treasurer or Agent together with an assignment duly executed by the
owner or his attorney or legal representative in such formas shall
be satisfactory to the Treasurer or Agent. Upon any such
registration of transfer, the Issuer shall execute and the
Treasurer or Agent shall authenticate and deliver in exchange for
such Bond a new Bond or Bonds registered in the name of the
transferee, of any denomination or denominations authorized by this
Resolution, and in an aggregate principal amount equal to the
principal amount of such Bond or Bonds so surrendered.
In all cases in which Bonds shall be exchanged, the
Issuer shall execute and the Treasurer or Agent shall authenticate
and deliver at the earliest practicable time Bonds in accordance
with the provisions of this Resolution. All Bonds surrendered in
any such exchange or registration of transfer shall forthwith be
cancelled by the Treasurer or Agent. The Issuer may make a charge
for every such exchange or registration of transfer of Bonds suffi-
cient to reimburse it for any tax or other governmental charge
required to be paid with respect to such exchange or registration
of transfer, but no other charge shall be made to any owner for the
privilege of exchanging or registering the transfer of Bonds under
the provisions of this Resolution. The Issuer shall not be
required to make such exchange or registration of transfer of Bonds
during the period from the 15th day of the month immediately
preceding any Interest Payment Date and such Interest Payment Date.
1~31-940529.~ 1 2
SECTION 17. Bonds Mutilated. DestroYed, Stolen or Lost.
If any Bond becomes mutilated, the City, at the expense of the
Owner of such Bond, will execute, and the Agent will authenticate
and deliver, a new Bond in exchange and substitution for the Bond
so mutilated, but only upon surrender to the Agent of the Bond so
mutilated. Every mutilated Bond surrendered to the Agent will be
canceled. If any Bond becomes lost, destroyed, or stolen, evidence
of such loss, destruction, or theft may be submitted to the Agent
and, if such evidence is satisfactory to the Agent and indemnity
satisfactory to the Agent is given, the City, at the expense of the
Owner, will execute, and the Agent will authenticate and deliver,
a new Bond in lieu of and in replacement for the Bond so lost,
destroyed, or stolen (or if any such Bond has matured or has been
called for redemption, instead of issuing a replacement Bond, the
Agent may pay the same without surrender thereof upon receipt of
the aforementioned indemnity). The City may require payment by the
Owner of a sum not exceeding the actual cost of preparing each
replacement Bond and of the expenses which may be incurred by the
City and the Agent. Any Bond issued in lieu of any Bond alleged to
be lost, destroyed, or stolen will constitute an original
additional contractual obligation on the part of the City whether
or not the Bond so alleged to be lost, destroyed, or stolen is at
any time enforceable by anyone, and will be entitled to the
benefits of this Resolution with all other Bonds secured by this
Resolution.
SECTION 18. Ownership of Bonds. The person in whose
name any Bond shall be registered shall be deemed and regarded as
the absolute owner thereof for all purposes and payment of or on
account of the principal, and Redemption Premium, if any, of any
such Bond, and the interest on any such Bond, shall be made only to
or upon the order of the registered owner thereof or such owner's
legal representative. All such payments shall be valid and
effectual to satisfy and discharge the liability upon such Bond,
including the Redemption Premium, if any, and interest thereon to
the extent of the sum or sums so paid.
SECTION 19. Limited ObliGation. Pursuant to Section
8769 of the Act, the Issuer has determined that the Issuer will not
obligate itself to advance available funds from the City treasury
to cure any deficiency which may occur in the Redemption Fund.
Such determination shall not prevent the Issuer from, in the
Issuer's sole discretion, so advancing funds.
SECTION 20. Covenant to Foreclose. The Issuer hereby
covenants with and for the benefit of the owners of the Bonds that
it will commence or cause to be commenced within 150 days following
the date of delinquency, and thereafter diligently prosecute, an
action in the superior court to foreclose the lien of any
assessment or installment thereof not paid when due, pursuant to
and as provided in Sections 8830 through 8836, inclusive, of the
10-31-~40529.5) 13
Streets and Highways Code of the State of California, provided that
the alternative method of tax apportionment (Sections 4701 through
4717 of the California Revenue and Taxation Code) is no longer
applied by the County of Kern to special assessments, for which
bonds have been issued pursuant to the Act, for any reason
whatsoever.
SECTION 21. Investment of Funds. Moneys in the
Improvement Fund, Redemption Fund, and the Reserve Fund shall,
whenever practicable, be invested in legal investments for the
Issuer under applicable law for the moneys held pursuant to this
Resolution at the time when any of such moneys are to be invested
therein. Any income therefrom or interest thereon shall accrue to
and be deposited in the fund from which said moneys were invested,
except as otherwise provided in Section 25 hereof and the Rebate
Certificate.
(a) Nonpurpose Investments. Except to the extent that the
limitations on Nonpurpose Investments are avoided by
qualifying the investments under the "temporary period" rules
of the Code, the Treasurer shall adhere to the following
limitations and requirements for Nonpurpose Investments to
avoid treatment of the Bonds as Arbitrage Bonds and the loss
of the interest exclusion from federal income tax.
(1) At no time during any Bond Year may the amount
invested in Nonpurpose Investments with a Yield
materially higher than the Yield on the Bonds exceed 150
percent of the "Debt Service" on the Bonds for the Bond
Year, and
(2) the aggregate amount invested as provided in (1)
above shall be promptly and appropriately reduced as the
amount of outstanding Bonds is reduced.
(b) Temporary Period Investments. Proceeds of the issue may
be invested in Higher Yielding Investments for a temporary
period until such proceeds are needed for the purpose for
which the Bonds were issued and/or for temporary investment
periods related to Debt Service. The temporary period for
Bond proceeds used for construction shall be two years. The
temporary period for all other Bond proceeds shall be six
months.
In addition to the foregoing general instructions, the
Treasurer shall adhere to the following guidelines with
respect to the Redemption Fund (debt service fund) and the
Improvement Fund (purpose for which the Bonds were issued):
(1) Proceeds derived from the sale of the Bonds and
deposited in the Redemption Fund are considered a "debt
10-31-940529.5)
14
service fund." If the gross earnings on a bona fide debt
service fund are less than $100,000 in the Bond Year,
then such earnings are not to be taken into account in
determining the aggregate amount earned on Nonpurpose
Investments for purposes of determining the Rebate
Requirement pursuant to the Rebate Certificate.
(2) Proceeds derived from the sale of the Bonds
deposited in the Improvement Fund to be expended to pay
costs of construction of the Improvements, and all
expenses incident thereto, are entitled to a temporary
period extending until such proceeds are expended within
the time limits of Paragraph (b) of this Section 21 for
construction of such Improvements and, therefore, such
proceeds may be invested in Higher Yielding Investments.
(3) The Issuer will review all investments within five
(5) months (or twenty-three (23) months for construction
funds) after the date which the Bonds are issued and
determine which of the Nonpurpose Investments rely on the
temporary period investment exception, and within six (6)
months (or twenty-four (24) months for construction
funds) after which the Bonds are issued reinvest all such
investments in government bonds or 501(c) (3) bonds which
are excluded from the definition of Nonpurpose
Investments.
(4) Amounts deposited in the Reserve Fund have no
temporary period (but see Paragraph (c) below for special
rule).
(c) Minor Portion Exception. Notwithstanding Paragraphs (a)
and (b) above, the Bonds will not be treated as Arbitrage
Bonds if in addition to the amounts excepted under the
"temporary period" exception (Paragraph (b) above), an amount
is invested in Higher Yielding Investments which does not
exceed the lesser of $100,000 or five percent of the proceeds
of the issue, as defined by Section 1.148-8 (d) of the
Regulations.
(d) Restricted Investments. Gross Proceeds, other than
amounts eligible for a temporary period as described in
Paragraph (b) or the exception for minor portions in Paragraph
(c), shall be invested in obligations the interest on which is
excluded from gross income for federal income tax purposes
under Section 103(a) of the Code, or in Nonpurpose Investments
at a composite yield not in excess of the Yield on the Bonds
(in the case of Nonpurpose Investments acquired with Gross
Proceeds derived from the sale of the Bonds and investment
earnings thereon, the Yield on the Bonds plus 1/8 of one
percent).
10-31-940529.5)
15
SECTION 22. No Arbitrage or Hedge Bonds.
(a) NO Arbitrage. The Issuer shall not, except as permitted
by law without violating provisions of the Code relating to
arbitrage restrictions on tax-exempt proceeds, use any portion
of the proceeds from the issuance of the Bonds, directly or
indirectly, (1) to acquire Higher Yielding Investments, (2) to
replace funds which were used directly or indirectly to
acquire Higher Yielding Investments, and will (3) rebate to
the federal government all arbitrage profits, (4) comply with
limitations on the amount of Bond proceeds that may be
invested in Nonpurpose Investments and (5) comply with all of
the other provisions of Section 148 of the Code in order to
avoid treatment of the Bonds as Arbitrage Bonds subject to
federal income taxation by reason of Code Section 103(b).
(b) No Hedae Bonds. The Issuer reasonably expects to spend
eighty-five percent (85%) of the "spendable proceeds" of the
issue (the "Spendable Proceeds") within the three (3) year
period beginning on the issue date of the Bonds. For these
purposes, the "Spendable Proceeds" are sale proceeds of the
Bonds less proceeds used for costs of issuance, reasonably
required reserve or replacement funds and Debt Service. If
the Bonds are classified as hedge bonds, the Issuer shall
comply with all requirements for maintaining the tax exempt
status of the Bonds pursuant to Code Section 149(g).
SECTION 23. Certificate as to No-Arbitraae or Hedge
Bonds. On the basis of the facts, estimates and circumstances now
in existence and in existence on the date of issuance of the Bonds,
as determined by the Treasurer, the Treasurer is authorized and
directed to certify that it is not expected that the proceeds of
the Bonds will be used in a manner that would cause the Bonds to be
arbitrage or hedge bonds, as defined by the Code. Such
certification shall be delivered to the Original Purchaser of the
Bonds at the time of delivery of and payment for the Bonds. As
part of such certification, the Treasurer shall make certain
elections as allowed by the Code for the calculation of arbitrage
and payment of rebate to the federal government.
SECTION 24. [RESERVED]
SECTION 25. Rebate Requirement. Notwithstanding any
unrestricted investment for a temporary period, Section 148 of the
Code and accompanying Regulations require that the Rebate
Requirement be paid to the United States Treasury. The Treasurer
shall establish and maintain the Rebate Fund designated by the name
of the Bonds and shall deposit into the Rebate Fund the Rebate
Requirement as determined and calculated pursuant to the Rebate
Certificate, the Code and the Regulations. Moneys held in the
Rebate Fund are hereby pledged to secure payments of the Rebate
Requirement to the United States Treasury, and the Issuer will pay
or cause to be paid to the United States the Rebate Requirement at
the times and in the amounts set forth in the Rebate Certificate.
Moneys in the Rebate Fund will be invested in legal investments for
the Issuer under applicable law for such moneys, and all investment
earnings with respect thereto will be deposited in the Rebate Fund.
SECTION 26. Private Activity and Private Loan
Prohibitions.
(a) Private Activity Prohibition. The Issuer shall assure
that (i) not in excess of 10 percent of the Net Proceeds of
the Bonds are used for a Private Business Use if, in addition,
the payment of more than 10 percent of the principal or 10
percent of the interest due on the Bonds during the term
thereof is, under the terms of the Bonds or any underlying
arrangement, directly or indirectly, secured by any interest
in property used or to be used for a Private Business Use or
in payments in respect of property used or to be used for a
Private Business Use or is to be derived from payments,
whether or not to the Issuer, in respect of property or
borrowed money used or to be used for a Private Business Use;
and (ii) that, in the event that both (A) in excess of five
percent of the Net Proceeds of the Bonds are used for a
Private Business Use, and (B) an amount in excess of five
percent of the principal or five percent of the interest due
on the Bonds during the term thereof is, under the terms of
the Bonds or any underlying arrangement, directly or
indirectly, secured by any interest in property used or to be
used for said Private Business Use or in payments in respect
of property used or to be used for said Private Business Use
or is to be derived from payments, whether or not to the
Issuer, in respect of property or borrowed money used or to be
used for said Private Business Use, then said excess over said
five percent of Net Proceeds of the Bonds used for a Private
Business Use shall be used for a Private Business Use related
to the governmental use of the Project.
(b) Private Loan Prohibition. The Issuer shall assure that
not in excess of five percent of the Net Proceeds of the Bonds
is used, directly or indirectly, to make or finance loans
(other than loans constituting Nonpurpose Investments or
assessments) to persons other than governmental units.
(c) Disbursement Statement. Upon each disbursement of Net
Proceeds of the Bonds deposited in the Improvement Fund, the
Treasurer shall prepare and execute a statement setting forth
the portion, if any, of the Net Proceeds of the Bonds to be
used for a Private Business Use or to make or finance a
private loan (other than a loan constituting a Nonpurpose
Investment or an assessment) and certifying that there has
17
been compliance with Paragraphs (a) and (b) above. Such
statements shall be maintained as a part of the permanent
business records of the Issuer pertaining to the Bonds.
SECTION 27. No Federal Guarantee. The Issuer shall take
no action nor permit nor suffer any action to be taken if the
result of the same would cause the Bonds to be a federally
guaranteed obligation within the meaning of Section 149(b) of the
Code.
SECTION 28. Amendment. Without the consent of the Bond
owners, the Issuer hereafter may amend this Resolution to add,
modify or delete provisions if the same is necessary or desirable,
in the opinion of the Bond Counsel of the Issuer, to assure the
exemption of interest on the Bonds from federal income taxation,
provided that the security interest of the Bond owners is not
adversely affected thereby.
SECTION 29. Authority of Treasurer. All actions
mandated by this Resolution to be performed by the Treasurer may be
performed by the designee thereof or such other official of the
Issuer or independent contractor, contractor or trustee duly
authorized by the Treasurer to perform such action or actions in
furtherance of all or a specific portion of the requirements
hereof.
SECTION 30. Official Statement. The Council hereby
approves the preliminary official statement describing the Bonds in
the form submitted to the Council concurrently with this Resolution
(the "Preliminary Official Statement") and deems it materially
accurate, complete and final as of its date except for the addition
of offering prices, interest rates, selling compensation, aggregate
principal amount, principal amount per maturity; delivery dates,
ratings, other terms of the Bonds which depend on the foregoing,
any other information which may be changed or omitted pursuant to
17 Code of Federal Regulations Section 240.15c2-12 ("Rule 15c2-
12"). Distribution of the Preliminary Official Statement in such
form by the Underwriter to all potential purchasers of the Bonds is
hereby approved. The Treasurer, upon consultation with Bond
Counsel, is hereby authorized and directed to approve any changes
or additions from the Preliminary Official Statement in a final
Official Statement, provided such changes and additions are
permitted by Rule 15c2-12. The Treasurer, or his authorized
representative, shall execute the final Official Statement in such
form (the "Final Official Statement") on behalf of the Issuer and
such execution shall be conclusive evidence of the Council's
approval of any changes from and additions to the Preliminary
Official Statement. The Council hereby authorizes the distribution
of the Final Official Statement in such form by the Underwriter for
the purposes specified in Rule 15c2-12.
10-31-940529.$) 18
.%.
SECTION 31. Legal Opinion. The Issuer will furnish the
legal opinion of Richard H. Hargrove of Burke, Williams & Sorensen
approving the legality of the proceedings and the issuance of the
Bonds.
SECTION 32. ApPointment of A~ent. The Treasurer of the
City of Bakersfield is authorized to appoint a qualified financial
institution to serve as Agent, and such appointment is at the sole
determination of the Treasurer. The Issuer may act as its own
Agent.
SECTION 33. Certified Copies. The City Clerk shall
furnish a certified copy of this Resolution to the Treasurer, the
Agent, and to the Auditor of the County of Kern.
10-31-940529.5) 19
I HEREBY CERTIFY that the foregoing Resolution was passed
and adopted by the City Council of the City of Bakersfield at a
regular meeting thereof held on the 16th day of November 1994, by
the following vote:
AYES: COUNCILMEMB,~R$ McDERMOTT, EDWA. P,,DS, DeMOND, SMITH, BRUNNI, ROWLES, SALVAGGIO
NOES: COUNCILMEMBERS
ABSTAIN: COUNCILMEMBERS
A~SENT: COUNCILMEMBERS
City Clerk and Ex officio Clerk of
the Council of the City of
Bakersfield
APPROVE~is 16th day of November 1994:
Mayor/6f ~he Cit~ of Bakersfield
APPROVED AS TO FORM:
BURKE, WILLIAMS & SORENSE~
Bond CQunsel /~
CO~TERSIGNED:
a e r: I0. EY of the
10-31-94(3529.5) 2 0
EXHIBIT
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF KERN
NUMBER $
CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 93-3
LIMITED OBLIGATION IMPROVEMENT BONDS
INTEREST RATE
MATURITY DATE
BOND DATE CUSIP
REGISTERED OWNER:
PRINCIPAL AMOUNT:
Under and by virtue of the Improvement Bond Act of 1915,
Division 10 (commencing with Section 8500) of the California
Streets and Highways Code (the "Act"), the City of Bakersfield,
california (the "City"), will, out of the Redemption Fund on the
maturity date specified above for the payment of the Bonds issued
upon the unpaid portion of assessments made for the acquisitions,
work, and improvements more fully described in proceedings taken
pursuant to that certain resolution entitled, "Resolution of
Intention," adopted by the City Council of the City on May 4, 1994,
pay to the registered owner hereof, or registered assigns, on the
maturity date stated above, the principal sum shown hereon in
lawful money of the United States and in like manner pay interest
at the rate per annum stated above, payable semiannually on March
2 and September 2 in each year commencing March 2, 1995. This Bond
bears interest from the interest payment date next preceding its
date of authentication and registration unless it is authenticated
and registered (i) prior to an interest payment date and after the
close of business of the fifteenth (15th) day of the month
immediately preceding such interest payment date, in which event it
shall bear interest from such interest payment date, or (ii) prior
to the close of business on the fifteenth (15th) day of the month
immediately preceding March 2, 1995, in which event it shall bear
interest from its date, until payment of such principal sum shall
have been discharged. Both the principal hereof and redemption
premium hereon, if any, are payable upon presentation and surrender
hereof at the Office of the Finance Director of the City, or its
successors, as Transfer Agent, Registrar and Paying Agent (the
"Agent"), and the interest hereon is payable by check or draft
mailed to the owner hereof at such owner's address as it appears on
the registration books of the Agent, or at such address as may have
been filed with the Agent for that purpose, as of the fifteenth
(15th) day of the month immediately preceding each interest payment
date.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE SIDE HEREOF WHICH SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN.
This Bond will continue to bear interest after maturity
at the rate above stated, provided that it is presented at maturity
and payment thereof is refused upon the sole ground that there are
not sufficient moneys in said Redemption Fund with which to pay
same. If it is not presented at maturity, interest hereon will run
only until maturity.
This Bond shall not be entitled to any benefit under the
Act, the Code or the Resolution entitled "Resolution Determining
Unpaid Assessments and Providing for Issuance of Bonds", adopted by
the City Council of the City on November 16, 1994 (the "Resolution
of Issuance"), or become valid or obligatory for any purpose, until
the certificate of authentication and registration hereon endorsed
shall have been dated and signed by the Treasurer or the Agent.
IN WITNESS WHEREOF, the City of Bakersfield has caused
the Bond to be signed in facsimile by the Treasurer of said City
and by its City Clerk and has caused its corporate seal to be
reproduced in facsimile hereon all as of , 1994.
CITY OF BAKERSFIELD, CALIFORNIA
City Clerk
Treasurer
CERTIFICATE OF AUTHENTICATION AND REGISTRATION
This is one of the Bonds described in the within
mentioned Resolution of Issuance, which has been registered on
as Transfer Agent, Registrar
and Paying Agent
Authorized Officer
10-31-940533.2) A-2
[TEXT ON REVERSE SIDE OF BOND]
CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 93-3
LIMITED OBLIGATION IMPROVEMENT BONDS
This Bond is one of several annual series of Bonds of
like date, tenor and effect, but differing in amounts, maturities
and interest rates, issued by said City under the Act, the Code and
the Resolution of Issuance in the aggregate principal amount of not
to exceed $1,522,000 for the purpose of providing means for paying
for the improvements and acquisitions described in said
proceedings, and is secured by the moneys in said Redemption Fund
and by the unpaid portion of said assessments made for the payment
of said improvements and acquisitions, and, including principal and
interest, is payable exclusively out of said Redemption Fund.
This Bond is transferable by the registered owner hereof,
in person or by the owner's attorney duly authorized in writing, at
said office of the Agent, subject to the terms and conditions
provided in the Resolution of Issuance, including the payment of
certain charges, if any, upon surrender and cancellation of this
Bond. Upon such transfer, a new registered Bond or Bonds, of any
authorized denomination or denominations, of the same maturity, and
for the same aggregate principal amount, will be issued to the
transferee in exchange therefor.
Bonds shall be registered only in the name of an
individual (including joint owners), a corporation, a partnership
or a trust.
Neither the City nor the Agent shall be required to make
such exchange or registration of transfer of Bonds between the
fifteenth (15th) day of the month immediately preceding any March
2 or September 2 and such March 2 or September 2.
The City and the Agent may treat the owner hereof as the
absolute owner for all purposes, and the City and the Agent shall
not be affected by any notice to the contrary.
This Bond, or any portion of it in the amount of Five
Thousand Dollars ($5,000.00) or any integral multiple thereof, may
be redeemed and paid in advance of maturity upon the 2nd day of
March or September in any year by giving at least thirty (30) days'
notice by registered mail to the registered owner hereof at such
owner's address as it appears on the registration books of the
Agent and by paying principal and accrued interest together with a
premium, as set forth in the following table:
Redemption Date
RedemPtion Premium
March 2, 1995, through September 2,
March 2 or September 2, 2005
March 2 Or September 2, 2006
March 2, 2007, and thereafter
2004
3%
2%
1%
0%
The city will not obligate itself to advance available
funds from the City treasury to cure any deficiency which may occur
in the Bond Redemption Fund.
LEGAL OPINION
I hereby certify that the following is a correct copy of
the signed legal opinion of Burke, Williams & Sorensen, Attorneys
at Law, Fresno, California, Bond Counsel, addressed to the City of
Bakersfield and on file in my office, dated the date of delivery of
and payment for the Bonds therein described.
City Clerk
[Insert Legal Opinion]
ASSIGNMENT
For value received, the undersigned do(es) hereby sell,
assign and transfer unto
the within-mentioned Bond and hereby irrevocably constitute(s) and
appoint(s)
attorney, to transfer the
same on the books kept for registration hereof with full power of
substitution in the premises.
Dated:
~o-3~-940s33.2) A- 4
LIST OF UNPAID ASSESSMENTS
CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 93-3
(CALIFORNIA. OAK)
UNPAID
ASSESSMENT
AMOUNT
AMENDED AMENDED PARCEL (TOTAL
ASMT AMENDED PROPERTY OWNER AMENDED
NUMBER PARCEL DESCRIPTION .NAME ASSESSMENT)
PARCEL MAP WAIVER 5-94 (PMW 5-94) SUBDIVIDES ALL OF EXISTING ASSESSMENTS 1, 2, 4, AND 5,
CREATED BY ORIGINAL ASSESSMENT FOR A.D. 93-3, INTO FIVE PARCELS (PARCELS 1 THROUGH 5
IN PMW 5-94). PARCELS 1 THROUGH 5 IN PMW 5-94 ARE ASSIGNED NEW ASSESSMENT NUMBERS 6
THROUGH 10, RESPECTIVELY. THE ASSESSMENT PRINCIPAL AMOUNTS PER CHANGE AND
MODIFICATION NO. I FOR EXISTING ASSESSMENTS 1, 2, 4, AND 5 ARE $360,596.66, $91,016.82,
$11,925.69, AND $1,053,460.83, RESPECTIVELY. THE TOTAL PRINCIPAL AMOUNTS FOR EXISTING
ASSESSMENTS 1, 2, 4, AND 5 ARE APPORTIONED TO PARCELS I THROUGH 5 IN PMW 5-94. THE
TOTAL ASSESSMENT AMOUNT APPORTIONED TO EACH PARCEL IS SHOWN UNDER THE COLUMN
ENTITLED "TOTAL AMENDED ASSESSMENT AMOUNT." EXISTING ASSESSMENTS 1,2, 4, AND 5 ARE
DELETED FROM THE ASSESSMENT ROLL FOR ASSESSMENT DISTRICT NO. 93-3.
6 PMW 5-94 PARCEL 1 CALOAK DEVELOPMENT PROPERTIES $93,467.60
7 PMW 5-94 PARCEL 2 CALOAK DEVELOPMENT PROPERTIES $270,675.35
8 PMW 5-94 PARCEL 3 CALOAK DEVELOPMENT PROPERTIES $233,951.62
9 PMW 5-94 PARCEL 4 CALOAK DEVELOPMENT PROPERTIES $544,797.58
10 PMW 5-94 PARCEL 5 CALOAK DEVELOPMENT PROPERTIES $374,107.85
$1,517,000.00
NOTE:
FOR A DETAILED DESCRIPTION OF THE LINES, DIMENSIONS AND LOCATIONS OF ASSESSMENTS 6
THROUGH 10 REFERENCE THE CERTIFICATE OF COMPLIANCE FOR PARCEL MAP WAIVER 5-94,
RECORDED SEPTEMBER 28, 1994, AS DOCUMENT NO. 141928, IN THE OFFICE OF THE KERN COUNTY
RECORDER.
PREPARED BY:
WILSON AND ASSOCIATES
APPROVED:
EDWARD J. WILSON, R.C.E. 23269 (EXPIRES 12-31-97)
DATE:
29149UNP ,,._
~ 1 11/14/94