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HomeMy WebLinkAboutRES NO 21-83RESOLUTION NO. 21-83 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD INDICATING ITS INTENT TO PROVIDE FOR THE ISSUANCE OF OBLIGATIONS TO PROVIDE FINANCING IN CONNECTION WITH THE IMPROVEMENT OF THE 17TH AND K STREETS PARKING GARAGE PROPOSED BY MILTON YOUNGER AND CURTIS DARLING. WHEREAS, the City Council of the City of Bakersfield is authorized pursuant to Ordinance No. 2737 adopted pursuant to the Charter of the City, to provide financial assistance to aid in proviaing improvements in the City that will create employment, provide industry and commerce and provide for the general welfare of its citizens; and WHt~'CAS, Milton Younger and Curtis Darling (the "Company") has requested financial assistance in connection with the construction of improvements to the 17th and K Streets Parking Garage in Ehe City of Bakersfield (the "Project"); and WHEREAS, ~he City as an inducement to the Company, is willing to autho~ize the issuance of obligations in an amount sufficient to provide financing for the Project subject to the restrictions of all epplicable state and federal laws as they presently exist, and providing that the Project receives all necessary goverr~,lental approvals. NOW, ~il7EREFORE, BE IT RESOLVED by the City Council of the City of Bakersfield as follows: 1. The City Council hereby determines that the undertakin% of the financing of the proposed Project by the City will be a substsntial factor in the accrual of public benefits to be received from the Project, shoula the Project be approved and constructed, and that the proposed financing is in accord with the purposes and requirements of Ordinance No. 2737. 2. Subject to the completion of the proceedings and other matters relating thereto~ to the full satisfaction of the City Council, and subject to the proposed Project receiving all necessary governmental approvals, the City Council hereby agrees to provide financial assistance to the Company or such other person or entity approved by the City, through the issuance of obligations in an amount of approximately $1,000,000 or such higher amount as is necessary to finance the Project. 3. The obligations to be used shall be a special obligation of the City payable solely from revenues to be received by the City pursuant to a loan or other financing agreement in a form acceptable to the City and the Company and shall not be a general obligation of the City, State, or any political subdivision of the State. 4. The City Manager of the City is hereby directed to indicate the willingness on the part of the City to proceed with and effect such financing and to advise the Company that subject to compliance with all requirements of law and the obtaining of all necessary consents and approvals and to the happening of all acts and conditions, the City will take all necessary action to issue obligations in the amount hereinabove provided to pay the cost of the Project. 5. The City is hereby authorized to commence the Project and advance such funds as may be necessary therefor, subject to reimbursement for all expenditures, out of the pro- ceeds of the obligations herein authorized if and when such obligations are issued by the City and said Project is finally approved for such financing. It is intended that this Resolution shall constitute "some other similar official action" toward the issuance of indebtedness within the meaning of the Internal Revenue Code of 1954, as amended. 6. The adoption of this iResolution shall not bind the City to issue bonds until and unless all other necessary actions and approvals are taken or received in accordance with all applicable laws. The adoption of this Resolution does not and shall not limit in any manner whatever, the City's full discretion to deny any further permit or approval that may be necessary for ultimate completion of the proposed Project. upon adoption. This Resolution shall take effect immediately 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 2nd Day of February, 1983, by the following vote: AYES: COUNCILMEN: BARTON, CHRISTENSEN, MEANS, PAYNE, R~T~,,', ROCKOFF, STRON~ CITY CLERK/and ' 'J ~rk of the Council of the City of Bakersfield MAYOR of/?tH~'L~fby'of BaY<~Tsfield APPROVED as to form: C ity of Bakersfield