HomeMy WebLinkAboutRES NO 39-93RESOLUTION NO. 8 9- 9 ~
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD, CALIFORNIA, APPROVING THE ISSUANCE
BY THE CENTRAL DISTRICT DEVELOPMENT AGENCY OF
THE CITY OF BAKERSFIELD OF ITS DOWNTOWN
BAKERSFIELD REDEVELOPMENT PROJECT, REFUNDING TAX
ALLOCATION BONDS, ISSUE OF 1993 AND MAKING
CERTAIN DETERMINATIONS RELATING THERETO
WHEREAS, the Central District Development Agency of
the City of Bakersfield (the "Agency"), is a redevelopment
agency duly created, established and authorized to transact
business and exercise its powers, all under and pursuant to the
Community Redevelopment Law (Part 1 of Division 24 (commencing
with Section 33000) of the Health and Safety Code of the State
of California) and the powers of the Agency include the power
to issue bonds for any of its corporate purposes; and
WHEREAS, the Agency desires to refund said obligations
by the issuance of its Downtown Bakersfield Redevelopment
Agency Refunding Tax Allocation Bonds; and
WHEREAS, the Redevelopment Plan for a redevelopment
project known and designated as the "Downtown Bakersfield
Redevelopment Project" has been adopted and approved by
Ordinance No. 2033 of the City of Bakersfield, which became
effective on August 14, 1972, as amended by Ordinance No. 2216
adopted on November 25, 1974, by Ordinance No. 2291 adopted on
August 30, 1976, by Ordinance No. 2539 adopted on December 12,
1979, and by Ordinance No. 3082 adopted on December 10, 1986,
and all requirements of law for and precedent to the adoption
and approval of the Redevelopment Plan have been duly complied
with; and
WHEREAS, the Agency has incurred the obligations
described as follows: (1) Redevelopment Agency of the City of
Bakersfield, Downtown Bakersfield Redevelopment Project, Tax
Allocation Bonds, 1983 (the "1983 Bonds"); (2) RA6-86
Attachment No. 7 Purchase Agreement by and between the
Bakersfield Redevelopment Agency and the Bakersfield Convention
Center Hotel Associates, Ltd., dated as of November 24, 1986
(the "American National Bank Loan"); (3) Agreement No. RA87-12
by and between the Central District Development Agency and the
City of Bakersfield, dated as of August 17, 1987 (the "1987
City Loan, Site Acquisition"); (4) Agreement No. RA87-16 by and
between the Central District Development Agency and the City of
Bakersfield, dated as of December 7, 1987 (the "1987 City Loan,
Parking Site Acquisition"); (5) Agreement No. RA89-1 by and
between the Central District Development Agency and the City of
Bakersfield, dated as of January 16, 1989 (the "1989 City
Loan"); and (6) City loan to the Agency to pay Agency's
,ORIGINAL
allocation to the Kern County Auditor pursuant to Section 33681
of the Health and Safety Code of the State of California (the
"1992 City Loan") (collectively the 'Prior Obligations"); and
WHEREAS,
entitled:
the Agency has adopted its Resolution
RESOLUTION NO. RA 1-93
RESOLUTION OF THE CENTRAL DISTRICT DEVELOPMENT
AGENCY OF THE CITY OF BAKERSFIELD AUTHORIZING THE
ISSUANCE OF TAX ALLOCATION BONDS OF SAID AGENCY IN
A PRINCIPAL AMOUNT OF NOT TO EXCEED TEN MILLION
DOLLARS ($10,000,000) TO REFUND CERTAIN OBLIGATIONS
OF THE CENTRAL DISTRICT DEVELOPMENT AGENCY OF THE
CITY OF BAKERSFIELD, DOWNTOWN BAKERSFIELD
REDEVELOPMENT PROJECT AND APPROVING CERTAIN
DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN
CONNECTION THEREWITH, as amended; and
WHEREAS, under and pursuant to the above Resolution,
the Agency will authorize the issuance and sale of not to
exceed $10,000,000 principal amount of its "Central District
Development Agency of the City of Bakersfield, Downtown
Bakersfield Redevelopment Project, Refunding Tax Allocation
Bonds, Issue of 1993" (the "Bonds");
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED
BY THE CITY COUNCIL OF THE CITY OF BAKERSFIELD, CALIFORNIA, AS
FOLLOWS:
Section 1. Approval of Issuance of Bonds. The
issuance of a principal amount of Bonds not to exceed
$10,000,000 in order to refund the obligations set forth in the
recitals hereof and for other purposes related thereto, all of
which constitute a "redevelopment activity", as such term is
defined in Health and Safety Code Section 33678, is hereby
authorized and approved pursuant to Health and Safety Code
Section 33640.
Section 2. Authorization of Officers. The Finance
Director of the City and the other officers and members of
staff having responsibility for the affairs of the Agency are
hereby authorized to execute such documents and certificates
necessary to assist the Agency in the issuance of the Bonds.
Section 3. Effective Date. This Resolution shall
take effect upon adoption.
03/15/93 ~
4191Q/2130/02 -2- ~
ORIGINAL
1993.
(SEAL)
PASSED, APPROVED AND ADOPTED this 24th day of
Bakersfield, California
March ,
ATTE ST:
Clerk of the City of
Bakersfield, California
APPROVED:
APPROVED AS TO FORM:
LAWRENCE M. LUNARDINI
City Attorney
NOES: COUNCILMEMBER
ABSENT COUNCILMEIV~ERS:
ABSTAIN COUNCILMEME~E RS'
03/15/93
4191Q/2130/02 -3-
ORIGINAL