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HomeMy WebLinkAboutRES NO 133-92RESOLUTION NO. 133-92 A RESOLUTION OF THE COUNCIL OF THE CITY OF BAKERSFIELD CONFIRMING THAT A PUBLIC HEARING WAS HELD REGARDING THE ISSUANCE, SALE AND DELIVERY OF NOT TO EXCEED $25,000,000 OF THE CITY OF BAKERSFIELD HOSPITAL REVENUE BONDS (BAKERSFIELD MEMORIAL HOSPITAL), SERIES 1992A, APPROVING THE PROJECT RELATING THERETO AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION WITH THE FOREGOING TRANSACTION 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 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"), the City has, subject to the public hearing and approval required by Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), adopted Resolution No. 123-92 on July 1, 1992, authorizing the issuance of a series of revenue bonds, designated as the "City of Bakersfield Hospital Revenue Bonds (Bakersfield Memorial Hospital), Series 1992A" (the "Series 1992A Bonds"), in an aggregate principal amount of not to exceed twenty-five million dollars ($25,000,000) for the purpose of providing moneys to make a loan to the Corporation to assist in financing the construction, furnishing and equipping of certain improvements (the "Project") to the Corporation's existing health facility in the City; WHEREAS, pursuant to Section 147(f) of the code, the Series 1992A Bonds are required to be approved by the elected representative of the issuer of the Bonds following a public hearing; WHEREAS, this City Council is the electe~ ,~ representative of the City of Bakersfield; and WHEREAS, this City Council has caused a notice to appear in The Bakersfield Californian, which is a newspaper of general circulation in the City of Bakersfield, on June 29, 1992, to the effect that a public hearing would be held by this City Council on July 15, 1992, regarding the issuance of the Series 1992A Bonds, in an amount not to exceed $25,000,000, and the nature and location of the Project; and WHEREAS, assisting in the foregoing promotes the purposes of the Law, is in the public interest, serves a public purpose, promotes the health, welfare and safety of the citizens of the City, and constitutes a municipal affair. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Bakersfield, as follows: Section 1. The City Council of the City of Bakersfield hereby confirms that it held said public hearing on July 15, 1992, at which time an opportunity was provided for the public to present arguments both for and against the issuance of the Series 1992A Bonds and the nature and location of the project. Section 2. This City Council hereby approves the Project and the issuance of the Series 1992A Bonds for the purposes of, and in accordance with the terms of, Section 147(f) of the Code. Section 3. The City Council hereby confirms and ratifies the authorization to issue the Series 1992A Bonds and the approval of the proposed forms of Bonds Indenture, Loan Agreement, Bond Purchase Agreement and Official Statement, as provided in Resolution No. 123-92. Section 4. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they may deem necessary or advisable in order to consummate the issuance, sale, and delivery of the Series 1992A Bonds and otherwise to effectuate the purposes of this resolution and Resolution No. 123-92. Section 5. This Resolution shall take effect immediately upon its passage. .......... o0o ......... I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the Council of the City of Bakersfield at a regular meeting thereof held on 15th day of July, 1992, by the following vote: ~YES: COU~CILM, EMBERS: ED)~ARDS. DeMOND, SMITH ~ Ai]OE$; COU,ICILMEMSERS: ~ ~ , PEARSON. McDERMO~, ~A[VA~GIO SENT COUNCiLMEMBERS: ~ ~'1 ...... ABSTAIN* COUNCILMEMBERS ~0~ ' CITY CLERK and Ex Officio Clerk of the Council of the City of Bakersfield APPROVED __ July 15, 1992 MAYOR of the City of Bakersfield APPROVED as to form: CITY ATTORNEY ~ the City of Bakersfield R. MICHAEL BACON BOND COUNSEL ORRICK, HERRINGTON & SUTCLIFFE krc D:BONDS