HomeMy WebLinkAboutRES NO 123-92RESOLUTION NO. 123-92 OF THE CITY COUNCIL
OF THE CITY OF BAKERSFIELD
AUTHORIZING 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,
AND CERTAIN OTHER ACTIONS IN CONNECTION WITH
THE FOREGOING TRANSACTIONS
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
determined to issue 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, 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
WHEREAS, all acts, 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 the
Series 1992A 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 Series 1992A
Bonds for the purpose, in the manner and upon the terms herein
provided;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Bakersfield, as follows:
Section 1. The issuance, sale and delivery of the
Series 1992A Bonds in a principal amount of not to exceed twenty-
five million dollars ($25,000,000) is hereby authorized;
provided, however, that such authorization is subject to the
approval of the City Council following the public hearing
required by Section 147(f) of the Internal Revneue Code of 1986.
Section 2. 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 1992A Bonds is a
municipal affair and proper public purpose.
Section 3. The proposed form of Bond Indenture, dated
as of July 1, 1992 (the "Indenture"), between the City and a
corporate trustee to be designated (the "Trustee"), presented at
this meeting, is hereby approved, and the Mayor, City Manager or
Finance Director are hereby authorized and directed, for and in
the name and on behalf of the City, to execute, acknowledge and
deliver to the Trustee said Bond Indenture in substantially said
form, with such changes therein as the officers executing the
same, with the advice of the City Attorney, may approve, such
approval to be conclusively evidenced by the execution and
delivery thereof. The date, maturity date, interest rate or
rates, privileges, manner of execution, place or places of
payment, terms of redemption and other terms of the Series 1992A
Bonds shall be as provided in said Bond Indenture, as finally
executed.
Section 4. The proposed form of Loan Agreement, dated
as of July 1, 1992 (the "Loan Agreement"), presented at this
meeting, is hereby approved, and the Mayor, City Manager or
Finance Director are hereby authorized and directed, for and in
the name and on behalf of the City, to execute, acknowledge and
deliver said Loan Agreement in substantially said form, with such
changes therein as the officers executing the same, with the
advice of the City Attorney, may approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
Section 5. The Mayor, or the Mayor's designated
representative, is hereby authorized and directed to execute, for
and in the name and on behalf of the City and under its seal, the
Series 1992A Bonds in an aggregate principal amount not to exceed
C:\DATA\DOC~BAKERSFIELD\CITY.RES
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OR;G',~AL
twenty-five million dollars ($25,000,000) in accordance with the
terms of the Bond Indenture.
Section 6. The proposed form of Bond Purchase
Agreement, between Shearson Lehman Brothers Inc. (the
"Underwriter") and the City, as presented to this meeting, is
hereby approved, and the Mayor, City Manager or Finance Director
are hereby authorized and directed, for and in the name and on
behalf of the City, to execute, acknowledge and deliver said Bond
Purchase Contract in substantially said form, with such changes
therein as the officers executing the same, with the advice of
the City Attorney, may approve, such approval to be conclusively
evidenced by the execution and delivery thereof.
Section 7. The proposed form of Official Statement
relating to the sale of the Series 1992A Bonds, as presented to
this meeting is hereby approved, and the Mayor, City Manager or
Finance Director, is hereby authorized and directed, for and on
behalf of the City, to execute said Official Statement in
substantially said form, with such changes therein as the
officers executing the same, with the advice of the City
Attorney. may approve, such approval to be conclusively evidenced
by the execution and delivery thereof.
Section 8. The Underwriter is hereby authorized to
distribute said Official Statement, with such changes therein as
may be approved or required by the City Attorney, to the
purchasers of the Series 1992A Bonds and to distribute the
official Statement in preliminary form to potential purchasers of
the Series 1992A Bonds.
Section 9. The Series 1992A Bonds, when executed
pursuant to this resolution, shall be delivered to the Trustee
for authentication. The Trustee is hereby requested and directed
to authenticate said bonds by executing the Trustee's certificate
of authentication appearing thereon, and to deliver said bonds,
when duly executed and authenticated, to the purchaser or
purchasers thereof, in accordance with written instructions
executed on behalf of the City by the Mayor, City Manager or
Finance Director, which instructions said officers are hereby
authorized and directed, in the name and on behalf of the City,
to execute and deliver to the Trustee. Said instructions shall
provide for the delivery of said bonds to the purchaser or
purchasers thereof upon payment of the purchase price thereof.
Section 10. 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.
3 ,.~ % ',~(~ 40213-5-087 06/09/9~
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Section 11. This resolution shall take effect
immediately upon its passage.
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 1st day of July, 1992, by the
following vote:
AYES:
McDermott, Edwards, DeMond, Smith, Peterson, Salvaggio
NOES: i~ne
ABSENT: Brunni
ABSTAINING:None
CITY CLERK of the City Council of
the City of Bakersfield
APPROVED THIS 1st day of July , 1992
~YC R~o f t~t he~ity~o Ea~e~
APPROVED as to form:
~__~ty At~or4~y~9_f__ ~_~rl~of Bakersfield
OR;G[~A~
40215-5-0~7 06/09/92