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