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HomeMy WebLinkAboutRES NO 198-93RESOLU?IO~ ~o. ~ 9 S - 9 ~ RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD APPROVING THE FOl%MS OF AND AUTHORIZING EXECUTION OF A LEASE AGREEMENT, A SUBLEASE-PURCHASE AGREEMENTt AN ASSIGNMENT AGREEMENT, AND AN AGENCY AGREEMENT AND AUTHORIZING NECESSARY ACTIONS IN CONNECTION WITH THE 1993 CONVENTION CENTER MEETING ROOM LEASE FINANCING RESOLVED BY THE CITY COUNCIL (the "Council") OF THE CITY OF BAKERSFIELD (the "City") as follows: WHEREAS, the City is a municipal corporation duly organized and existing under the laws of the State of California; and 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 1993A, 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 $585,000. Section 8. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all -2- things that they may deem necessary or advisable in order to consummate the transactions herein authorized and otherwise to carry out, give effect to and comply with the terms and intent of this Resolution. The Mayor, the City Manager, the City Clerk and 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. -3- 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: NOES: COUNCILMEMBERS: MCDEPADTr, EDWARDS, DEMOND, SMITH, BRUNNI, ROWLES, SALVAGGIO COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTENTIONS: COUNCILMEMBERS: NONE City Clerk and Ex Officio Clerk of the Council of the City of Bakersfield APPROVE~is~day of December, 1993: Mayor~6f the city of Bakersfield APPR~OVED A~ TO FORM: Richard H. Hargrov~, Bond-~Counsel iie/AERSIGNED: ~ TTORN~Y of the City of sfiel~ -4-