HomeMy WebLinkAboutRES NO 124-93RESOLUTION NO. 1 ~ 4 - ~ 3
RESOLUTION AUTHORIZING ENTRY INTO A JOINT EXERCISE OF POWERS
AGREEMENT WITH THE CENTRAL DISTRICT DEVELOPMENT AGENCY OF THE
CITY OF BAKERSFIELD FOR THE PURPOSES OF
THE MARK-ROOS LOCAL BOND POOLING ACT OF 1985
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD (the "City") as follows:
WHEREAS, the City Council has determined that the
financing of acquisition or construction projects by the City and
the Central District Development Agency of the City, (hereinafter
defined as the "Agency") acting separately may result in
duplication of effort, inefficiencies in administration, and
excessive cost, all of which, in the judgment of the City, could be
eliminated if the financing of the acquisition or construction of
projects was capable of being performed through a single public
agency;
WHEREAS, the Marks-Roos Local Bond Pooling Act of 1985
authorizes agencies formed under the Joint Exercise of Powers Law
(hereinafter defined as the "Act") to assist in the financing of
public capital improvements to be owned by any of its members of
any other city, county, city and county, authority, district or
public corporation of the State of California; and
WHEREAS, the public interest and general welfare will be
served by the City entering into a joint exercise of powers
agreement with the Agency, which agreement is consistent with the
Act, the joint powers agency then appointing and employing special
counsel for the preparation and conducting of the proceedings and
work in connection with the financing of the acquisition or
construction of projects which are capable of being performed
through a single public agency.
NOW, THEREFORE, IT IS HEREBY ORDERED AS FOLLOWS:
The "Joint Exercise of Powers Agreement, Bakersfield
Public Financing Authority" presented herewith is hereby approved,
and the Mayor is hereby authorized and directed to execute said
agreement, with such changes, insertions and omissions as may be
approved by the Mayor and the City Attorney, and the Secretary is
hereby authorized and directed to attest to the Mayor's signature
and to place the Seal of the City upon said documents, as required.
ORIGINAL
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 7th day of July of 1993, by the
following vote:
AYES: COUNCILMEMBERS: MCDERMOl~, EDWARDS, Dk~MOND, ~MITH, BRL~INI,
ROWLES, SALVAGGIO
NOES: COUNCILMEMBERS: NONE
ABSENT:
COUNCILMEMBERS: NONE
ABSTENTIONS:
COUNCILMEMBERS:
NONE
Cit~-Clerk and Ex Officio
Clerk of the Council of the
City of Bakersfield
APPROVED this 7th day of July 1993:
MAYORa6f'the~ity of Bakersfield
APPROVED AS TO FORM:
JACKSON HARGROVE EMERICH PEDREIRA
& NAHIGIAN, Bond Counsel
By: Thomas/~. Keene
COUNTERSIGNED:
~ATTORNEY of the City of
Bakersfield
700393TK. RiA
-2-
ORIGINAL
CITY OF BAKERSFIELD
PUBLIC FINANCING AUTHORITY
SCHEDULE OF PROJECTS
PRO FORMA
Public Facilities Corporation o Treatment Plant No. 3
Certificates of Participation of 1988 Outstanding
at June 30, 1993 (to be retinaneed)
$20,855,000*
Northeast Assessment District
Sewer Trunkline
Gas line
9,000,000
2,000,000
Bridge & Road Construction
Calloway Drive - Local Share (100%)
Coffee Road - Local Share (45%)
6,000,000
3,600,000
Convention Center Complex Hotel Completion
Public Improvements - Ballroom/Meeting Rooms
Subtotal
Debt Service Reserve
11,000,000
2.000.000
$54,455,000
6,300,000
Issuance Cost
2,245,000
$63,000,00q
*Escrow amount to be determined at time of Bond Issue.
ORI(~INAL