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