HomeMy WebLinkAboutRES NO 144-90RESOLUTION NO. 144-90
RESOLUTION OF THE COUNCIL OF THE CITY OF BAKERSFIELD
CONCERNING CERTAIN CERTIFICATES OF PARTICIPATION
($5,500,000) ON BEHALF OF UNITED COMMUNITY AND HOUSING
DEVELOPMENT CORPORATION TO FINANCE A CERTAIN LICENSED
RESIDENTIAL CARE FACILITY FOR THE ELDERLY AND
AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL
STATEMENT IN CONNECTION THEREWITH.
WHEREAS, the City of Bakersfield, a municipal
corporation and charter city duly organized and existing under
and pursuant to the Constitution and laws of the State of
California (the "City"), has full legal right, power and
authority under provisions of the California Government Code,
particularly Chapter 5 of Part 2 of Division 3 of Title 4
thereof as found at Section 37350 et seq. (the "Act"), to
purchase, sell and lease both personal and real property for
the common benefit and as is necessary or proper for municipal
purposes;
WHEREAS, United Community and Housing Development
Corporation, being a nonprofit corporation organized under the
nonprofit corporation law of the State of California and an
organization described in Section 501(c) (3) of the Internal
Revenue Code of 1986, as amended (the "Company"), has proposed
that the City provide financing for the development of a
certain fifty (50) unit licensed residential care facility for
the elderly to be located within the City (the "Facility"),
including but not limited to the acquisition, construction,
equipping and operation of the Facility and payment of fees and
expenses incurred in connection with the foregoing financing,
which financing shall be accomplished by means of a purchase
and sale arrangement (the "Project"); and
WHEREAS, on June 13, 1990, the City adopted a
resolution (the "Initial Resolution") giving its preliminary
approval to the proposed execution and delivery of certain
$5,500,000 Certificates of Participation (Bakersfield Assisted
Living Center), 1990 Series (the "Certificates"), to finance
the Facility; and
WHEREAS, the City has previously held a duly noticed
public hearing on August 22, 1990, concerning the financing of
the Project at which time the City received no comments or
questions regarding the Project or the financing thereof; and
ORIGINAL
WHEREAS, the City has caused the preparation of a
Preliminary Official. Statement in connection with the sale of
the Certificates; and
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Bakersfields. California, as follows:
(1) The Certificates are not to be secured by the
taxing powers or general credit of the City.
(2) The form of the Preliminary Official Statement
presented to this meeting and on file with the City Clerk
is hereby approved. J.C. Bradford & Co. (the
"Underwriter") is hereby authorized to distribute the
Preliminary Offkcial Statement, in substantially the form
presented to this meeting, with such changes as are
approved by Special Counsel, Sabo & Green.
(3) The City Manager or such other person designated
by the City Manager is hereby authorized to take any and
all actions and to execute and deliver any and all
documents which they may deem necessary or advisable in
order to carry out, give effect to and comply with the
terms and intent: of this Resolution. Such actions
heretofore taken by such officers are hereby ratified,
confirmed and approved.
(4) This Resolution shall take effect immediately
~pon 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 October 17, 1990, by the
following vote:
AYES; COUNCILMEMBERS: EDWARDS, O~t, pNO. SMITH, ~:~;,;;;;,;;, PETERSON, McDEP, MOTI', SALVAGGIO
NOES; COUNCILMEMBERS: ~; ,~,/,E
ABSENT COUNCILMEMBERS: ~?j~4'/V'/V / .
ABSTAIN: COUNCILMEMBERS' /V~A,,'~' /
CITY ~K~an ~X~OF~O~C~K~ f
Council of the City of Bakersfield
the
APPROVED _ 00~ 1 ? 1990
~ .
CL~I~ENCE E. MEDDERS
b~YOR of the City of Bakersfield
APPROVED as to form:
Robert M. Sherfy ~
ACTING CITY ATTORNEY ~f the City of Bakersfield
ORIGtNA~