HomeMy WebLinkAboutRES NO 199-93RESOLUTION NO. ~ 9 9 - 9 3
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVING THE FORMS OF AND AUTHORIZING EXECUTION OF A LEASE
AGREEMENTt A SUBLEASE-PURCHASE AGREEMENTt AN ASSIGNMENT
AGREEMENT~ AND AN AGENCY AGREEMENT AND AUTHORIZING NECESSARY
ACTIONS IN CONNECTION WITH THE 1993 CONVENTION CENTER BALLROOM
LEASE FINANCING
RESOLVED BY THE CITY COUNCIL (the "Council") OF THE CITY
OF BAKERSFIELD (the "City") as follows:
WHEREAS, the City is
organized and existing under the
and
a municipal corporation duly
laws of the State of California;
WHEREAS, the Bakersfield Public Financing Authority (the
"Authority") is a joint exercise of powers agency duly organized
and validly existing under the laws of the State of California; and
WHEREAS, pursuant to a Joint Exercise of Powers Agreement
(the "Joint Agreement"), the City and the Bakersfield Central
District Development Agency have created the Authority for the
purpose of facilitating the acquisition and construction of certain
municipal improvements; and
WHEREAS, pursuant to a lease agreement (the "Lease") the
City would lease the Leased Facilities (as defined in the Lease) to
the Authority; and
WHEREAS, pursuant to a sublease-purchase agreement (the
"Sublease") the Authority with the City acting as its Agent
pursuant to an Agency Agreement, would acquire and construct the
Project (as defined in the Sublease) and lease the Project and
sublease the Leased Facilities to the City; and
WHEREAS, pursuant to the Sublease, the City would be
obligated to make Base Rental Payments (as defined in the Sublease)
to the Authority for the lease of the Project and sublease of the
Leased Facilities; and
WHEREAS, it is proposed that all rights to receive such
Base Rental Payments (together with the Additional Rental Payments
provided for in the Sublease) will be assigned without recourse by
the Authority to the trustee (the "Trustee") for the Bakersfield
Public Financing Authority Revenue Bonds, Series 1993D, pursuant to
an assignment agreement between the Authority and the Trustee (the
"Assignment Agreement"); and
WHEREAS, the City has full legal right, power and
authority under the Constitution and the laws of the State of
California to enter into the transactions hereinafter authorized;
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND
ORDERED AS FOLLOWS:
Section 1. All of the recitals herein contained are true
and correct and the Council so finds.
Section 2. The Council hereby finds and determines that
it is in the public interest, convenience and welfare and for the
common benefit of the inhabitants of the City to enter into the
Lease, the Sublease, the Agency Agreement and the Assignment
Agreement.
Section 3. The form of Lease, on file with the City
Clerk is hereby approved and the Mayor and the City Clerk are
hereby authorized to execute and deliver the Lease in substantially
said form, with such changes therein as may be approved by Bond
Counsel, such approval to be conclusively evidenced by the
execution and delivery thereof.
Section 4. The form of Sublease on file with the City
Clerk is hereby approved and the Mayor and the City Clerk are
hereby authorized to execute and deliver the Sublease in
substantially said form, with such changes therein as may be
approved by Bond Counsel, such approval to be conclusively
evidenced by the execution and delivery thereof.
Section 5. The form of Assignment Agreement on file with
the City Clerk is hereby approved and the Mayor and the City Clerk
are hereby authorized to execute and deliver the Assignment
Agreement in substantially said form, with such changes therein as
may be approved by Bond Counsel, such approval to be conclusively
evidenced by the execution and delivery thereof.
Section 6. The form of Agency Agreement on file with the
City Clerk is hereby approved and the Mayor and the City Clerk are
hereby authorized to execute and deliver the Agency Agreement in
substantially said form, with such changes therein as may be
approved by Bond Counsel, such approval to be conclusively
evidenced by the execution and delivery thereof.
Section 7. The net interest cost of the interest
components of the scheduled Base Rental Payments shall not exceed
the maximum rate authorized by law and the aggregate amount of the
principal component of the Base Rental Payments shall not exceed
$2,160,000.
Section 8. The officers of the City are hereby
authorized and directed, jointly and severally, to do any and all
things that they may deem necessary or advisable in order to
consummate the transactions herein authorized and otherwise to
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carry out, give effect to and comply with the terms and intent of
the officers of the City are hereby authorized and directed to
execute and deliver any and all documents, certificates and
representations necessary and desirable to accomplish the
transactions set forth above.
Section 9. This resolution shall take effect
immediately.
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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 15th day of December, 1993, by
the following vote:
AYES: COUNCILMEMBERS: MCDERMOIT, EDWARDS, DEMOND, SMITH, BRUNNI
ROWLES, SALVAGGIO
NOES: COUNCILMEMBERS: NONE
ABSENT:
COUNCILMEMBERS: NONE
ABSTENTIONS:
COUNCILMEMBERS: NONE
the Council of the City of
Bakersfield
APPRO~~~h day of December, 1993:
Mayo~ Of the city of Bakersfield
APPROVED AS TO FORM:
icha~a~gr~nd Counsel
COUNTERSIGNED: ~
City of
B~ersfle~
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