HomeMy WebLinkAboutRES NO 197-93RESOLUTION NO. ~ 9 ~ - 9 3
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVINO THE FORMS OF AND AUTHORIZING EXECUTION OF
AN INSTALLMENT PURcHaSE AGREEMENT AND A SITE LEASE AND
AUTHORISING NECESSARY ACTIONS IN CONNECTION WITH THE 1993
BRIDGE/ROAD IMPROVEMENT PROJECT
RESOLVED BY THE CITY COUNCIL (the "Council,,) OF THE CITY
OF BAKERSFIELD (the "City") as follows:
WHEREAS, the City desires to make modifications,
improvement and additions to certain bridges and roads within the
City (the "Project,,); 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
pursuant to a Joint Exercise of Powers Agreement by and between the
City and the Bakersfield Central District Development Agency for
the purpose of supplying a means for financing public improvements
like the Project; and
WHEREAS, the Authority proposes to construct the Project
and sell the improvements to the City through an installment
purchase agreement; and
WHEREAS, in connection therewith, it is in the public
interest and for the public benefit that the City authorize and
direct execution of a sit~ lease, an installment-purchase a reeme
and certain other financing documents in connection therewith. nt
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND
ORDERED AS FOLLOWS:
1. All of the recitals herein contained are true and
correct and the Council so finds.
2. The form of the documents identified below and on
file with the City Clerk are hereby approved, and the Mayor, City
Manager, Finance Director and City Clerk, or such other City
officials as may be designated on the documents, are hereby
authorized and directed to execute and deliver said documents, with
such changes, insertions and omissions as may be approved~by such
officials upon recommendation of Bond Counsel. ~
3. The documents referenced in Section 2
follows: are as
(a) A Site Lease by which the City shall lease to the
Authority the Facilities for a one time lease payment in
an amount not to exceed $1.00.
(b) An Installment-Purchase Agreement by which the City
shall purchase the Project from the Authority. The term
of the Agreement shall not exceed 30 years and the
aggregate principal amount to be paid under the Agreement
shall not exceed $10,250,000 with annual interest rate
not to exceed 12 percent.
4. The Mayor, City Manager, Finance Director, City
Clerk and other designated officials of the City are hereby
authorized and directed to execute such other agreements, documents
and certificates as may be necessary to effect the purposes of this
resolution and the financing herein authorized.
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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:
NOES:
COUNCILMEMBERS:
COUNCILMEMBERS:
M~EI~, ~WARDS, DE~,SMI~, BRUNNI,
ROWLES, S~VA~IO
NO~
ABSENT:
COUNCILMEMBERS: NONE
ABSTENTIONS:
COUNCILMEMBERS: NONE
City Clerk and Ex Officio Clerk of
the Council of the City of
Bakersfield
APPROVED..this !5th day of December,
May°r oI e~f Bakersfield
1993:
APPROVED AS TO FORM:
icnard H. Hargro~e, Bond Counsel
i~yTERS IGNED:
~ersfie~
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