HomeMy WebLinkAboutRES NO 320-04RESOLUTION NO. 3 2 0 "' 0 4
RESOLUTION APPROVING FORM AND SUBSTANCE OF ACQUISITION
AND DISCLOSURE AGREEMENTS AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 04-2
(BRIGHTON PARKS/BRIGHTON VILLAGE/
STOCKDALE AT ALLEN COMMERCIAL/CHERRY HILL 1I)
WHEREAS, there have been filed with the City Clerk of the City of Bakersfield
(the 'City") two agreements, each having Exhibits A through D, inclusive, attached thereto, and
each entitled "Acquisition and Disclosure Agreement" (collectively, the "Acquisition and
Disclosure Agreements''), each dated December 15, 2004, as follows:
a. The first such agreement is by and between the City and Castle & Cooke
California, Inc.; and
b. The second such agreement is by and between the City and Cherry Hill, Inc.; and
WHEREAS, this City Council wishes to approve the Acquisition and Disclosure
Agreements as to form and substance, with provision for making changes thereto, and to
authorize the execution thereof;
NOW, THEREFORE, THE CITY COUNCIL HEREBY FINDS, DETERMINES
AND RESOLVES as follows:
1. This City Council approves the form and substance of the Acquisition and
Disclosure Agreements and each of them, providing (1) the terms and conditions under which
Castle & Cooke California, Inc. and Cherry Hill, Inc., respectively, will provide for the
construction and installation of certain prescribed improvements and (2) the terms and conditions
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under which the City will use its best efforts to issue and sell limited obligation improvement
bonds of Assessment District No. 04-2 (Brighton Parks/Brighton Village/Stockdale at Allen
Commercial/Cherry Hill II) ("Assessment District No. 04-2') and, upon satisfaction of certain
prescribed conditions, utilize a prescribed portion of the proceeds of sale of such bonds to
acquire the completed improvements, it being expressly provided in the Acquisition and
Disclosure Agreements, among other things, that the purchase price of the subject improvements
is payable solely from such proceeds of sale and from no other source whatsoever. A copy of
each of the Acquisition and Disclosure Agreements is attached to this resolution.
2. This City Council hereby authorizes the making of modifications to said
Acquisition and Disclosure Agreements and to each of them, individually or collectively, prior to
execution thereof, provided that any such modifications, including additions, changes, and
deletions, be approved by the City Attorney prior to such execution, such approval to be
conclusively established by the City Attorney's execution thereofi
3. The Mayor is authorized to sign the Acquisition and Disclosure
Agreements, the Finance Director is authorized to countersign the Acquisition and Disclosure
Agreements as signed by the Mayor, and all other officers and representatives of the City and of
the City's Bond Counsel for Assessment District No. 04-2 are authorized to execute where
indicated.
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ORh~INAL
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 December 15, 2004,
by the following vote:
NOES: Councilmember.
ABSTAIN: Councilmember_
ABSENT; Councilmember_
e/ / / / / ~,~ ~-
CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLWAN, SC~VNER
City Clerk and Ex Of~
Clerk of the Council of the
City of Bakersfield
APPROVED this 15th day of December, 2004
HARVEY L. HALL
APPROVED AS TO FORM:
ORRICK, HERR1NGTON & SUTCLIFFE LLP
BondqC~ A
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
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