HomeMy WebLinkAboutRES NO 010-93RESOLUTION N0..% 0 9 ~
RESOLUTION OF THE COUNCIL OF THE CITY OF BAKERSFIELD
CONFIRMING AND RATIFYING THE PREVIOUS
AUTHORIZATION OF THE ISSUANCE, SALE AND DELIVERY OF
NOT TO EXCEED $65,000,000 CITY OF BAKERSFIELD HOSPITAL REVENUE
BONDS (BAKERSFIELD MEMORIAL HOSPITAL)
AND TAKING CERTAIN
OTHER ACTIONS IN CONNECTION WITH THE FOREGOING
WHEREAS, the City of Bakersfield (the "City") is a
municipal corporation and charter city duly organized and
existing under a freeholders' charter pursuant to which the City
has the right and power to make and enforce all laws and
regulations in respect to municipal affairs and certain other
matters in accordance with and more particularly provided in
Sections 3, 5 and 7 of Article XI of the Constitution of the
State of California and Section 12 of the Charter of the City
(the "Charter");
WHEREAS, the City Council of the City (the "Council"),
acting under and pursuant to the powers reserved to the City
under Sections 3, 5 and 7 of Article XI of the Constitution of
the State of California and Section 12 of the Charter, has
established by the adoption of the City of Bakersfield Health
Facilities Financing Bond Law (the "Law") a procedure for the
authorization, issuance and sale of revenue bonds by the City for
the purpose, inter alia, of providing financing for health
facilities as specified therein;
WHEREAS, at the request of Bakersfield Memorial
Hospital (previously known as Greater Bakersfield Memorial
Hospital Association) (the "Corporation"), pursuant to Resolution
No. 175-92 (the "Prior Resolution"), the City has previously
authorized the issuance of a series of revenue bonds in the
principal amount of not to exceed sixty-five million dollars
($65,000,000) (the "Authorized Bonds"), for the purpose of
providing moneys to make a loan to the Corporation to assist in
refinancing the construction, furnishing and equipping of certain
improvements to the Corporation's existing health facility in the
City;
WHEREAS, the Corporation has determined that in order
to realize important cost savings through the refinancing of
certain of its outstanding indebtedness it is advisable to issue
Authorized Bonds and has requested said issuance of bonds by the
City;
WHEREAS, assisting in the foregoing promotes the
purposes of the Law, is in the public interest, serves a public
purpose, promotes the health, welfare and safety of the citizens
of the City, and constitutes a municipal affair; and
O~/~AL
WHEREAS, all conditions and things required by the Law
and by all other laws of the State of California to exist, to
have happened or to have been performed precedent to and in
connection with the issuance, sale and delivery of all or part of
the remaining portion of the Authorized Bonds exist, have
happened and have been performed in regular and due time, form
and manner as required by the Law and the city is now duly
authorized and empowered pursuant to each and every requirement
of law, to issue the said bonds.
NOW, THEREFORE, BE IT RESOLVED by the city Council of
the City of Bakersfield, as follows:
Section 1. The Council hereby confirms and ratifies
the authorization and other actions taken with respect to the
issuance of bonds contained in the Prior Resolution, with only
such changes as set forth herein.
Section 2. The bonds to be issued pursuant to the
Prior Resolution shall be designated as the City of Bakersfield
Hospital Revenue Refunding Bonds (Bakersfield Memorial Hospital),
Series 1993A (the "series 1993A Bonds).
Section 3. The Council does hereby find and declare
that the above recitals are true and correct and that the
issuance, sale and delivery of the Series 1993A Bonds is a
municipal affair and proper public purpose.
Section 4. The officers of the city are hereby
authorized and directed, jointly and severally, to do any and all
things and to execute and deliver any and all documents which
they may deem necessary or advisable in order to consummate the
issuance, sale and delivery of the Series 1993A Bonds and
otherwise to effectuate the purposes of this resolution,
including the execution and delivery of any documents which they
may deem necessary or advisable in order to procure insurance or
other credit enhancement with respect to the Series 1993A Bonds.
Section 5. This resolution shall take effect
immediately upon its passage.
ORIGINAL
I HEREBY CERTIFY that the foregoing Resolution was
passed and adopted by the Council of the City of Bakersfield at a
regular meeting thereof held on the 20th day of January , 1993,
by the following vote:
CITY CLERK of the City Council of
the City of Bakersfield
APPROVED THIS 20thday of January ,
MAYOR of ~h~'~y of Bakersfield
1993
APPROVED as to form:
R. Michael Bacon, Orrick,
& Sutcliffe, Bond Counsel
Herrington
COUNTERSIGNED:
CITY ATTORNEY
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