HomeMy WebLinkAboutRES NO 58-88RESOLUTION NO. 58-88
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF BAKERSFIELD, CALIFORNIA APPROVING AN
AMENDED AND RESTATED LEASE AGREEMENT, AN
ASSIGNMENT AND TRUST AGREEMENT, AN ESCROW
AGREEMENT AND A PRELIMINARY OFFICIAL
STATEMENT (WASTEWATER TREATMENT PLANT 3)
WHEREAS, the City of Bakersfield (the "City") and the City
of Bakersfield Public Facilities Corporation (the
"Corporation") have previously entered into a Bakersfield
Facilities Site Lease and Project Lease (Wastewater Treatment
Plant 3) dated as of January 1, 1985; and
WHEREAS, the Corporation has issued its 1985 Leasehold
Mortgage Revenue Bonds in the principal amount of $15,010,000
(the "Bonds") for the purpose of financing the construction of
additions to the City's Wastewater Treatment Plant 3, which
Bonds are secured by an Indenture of Mortgage and Deed of Trust
between the Corporation and Security Pacific National Bank, as
Trustee, dated as of January 1, 1985; and
WHEREAS, the City deems it necessary and appropriate to
finance certain improvements to the Wastewater Treatment
Plant 3 and wishes to provide for the refunding of the Bonds
and the financing of such additional improvements through the
sale and delivery of Certificates of Participation evidencing
proportionate interests of the holders thereof in the Base
Rental Payments to be made by the City pursuant to an Amended
and Restated Lease Agreement (the "Certificates of
Participation"); and
WHEREAS, the City desires to approve the issuance of such
Certificates of Participation pursuant to an Assignment and
Trust Agreement, to be dated as of April 1, 1988, among the
City, the Corporation and Security Pacific National Bank, as
Trustee; and
WHEREAS, the City's financial consultant has prepared and
submitted to the City the form of a Preliminary Official
Statement which meets with the approval of the City, and the
City now desires to approve the distribution of such
Preliminary Official Statement; and
WHEREAS, there have been presented to the City,
Amended and Restated Lease Agreement, an Assignment
Agreement and an Escrow Agreement, each dated as of April 1,
1988, and the City now desires to approve the form of such
agreements, subject to the limitations set forth herein;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
SECTION 1. The recitals hereof are true and correct.
SECTION 2. The proposed form of the Amended and
Restated Lease Agreement (the 'Lease Agreement") presented at
this meeting is hereby approved. The Mayor is hereby
authorized and directed, for and in the name of the City, to
forms of an
and Trust
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execute the Lease Agreement with the Corporation. Said
Agreement shall be executed in substantially the form hereby
approved (subject to the limitation that in no event shall the
maximum annual base rental payment payable thereunder, as set
forth in Exhibit B to said Agreement, exceed the amount of
$2,475,000), but with such additions to said Lease Agreement
and changes therein as are approved by the City Manager, such
approval to be conclusively evidenced by the execution and
delivery thereof.
SECTION 3. The proposed form of the Assignment and
Trust Agreement (the 'Trust Agreement") presented at this
meeting is hereby approved. Security Pacific National Bank is
hereby appointed to act as Trustee pursuant to said Trust
Agreement. The Mayor is hereby authorized and directed, for
and in the name of the City, to execute the Trust Agreement
with the Corporation and the Trustee. Said Trust Agreement
shall be executed in substantially the form hereby approved,
but with the limitation that the maximum principal amount of
the Certificates of Participation to be issued pursuant to said
Trust Agreement shall not exceed $25,000,000, and with such
other additions thereto and changes therein as are approved by
the City Manager, such approval to be conclusively evidenced by
the execution and delivery thereof.
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SECTION 4. The proposed form of the Escrow Agreement
(the "Escrow Agreement") presented at this meeting is hereby
approved. Security Pacific National Bank is hereby appointed
to act as holder of the Escrow Fund pursuant to said Escrow
Agreement. The Mayor is hereby authorized and directed, for
and in the name of the City, to execute the Escrow Agreement
with the Corporation and the Trustee. Said Escrow Agreement
shall be executed in substantially the form hereby approved,
with such additions thereto and changes therein, as are
approved by the City Manager, such approval to be conclusively
evidenced by the execution and delivery thereof.
SECTION 5. The proposed form of the Preliminary
Official Statement relating to the Certificates of
Participation presented at this meeting is hereby approved and
Rauscher Pierce Refsnes, Inc. is hereby authorized to make such
Preliminary Official Statement available to prospective
purchasers of the Certificates.
SECTION 6. The officers of the City are hereby
authorized and directed, jointly and severally, to do any and
all things to execute and deliver any and all documents
(including, but not limited to, a f~nal Official Statement
relating to the Certificates) which they may deem necessary or
advisable in order to consummate the issuance, sale and
delivery of the Certificates, and otherwise to effectuate the
purposes of this Resolution; and such actions previously taken
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by such officers in connection with the issuance of the
Certificates, and otherwise, with respect to the matters
referred to herein, are hereby ratified, confirmed and accepted
by the City.
SECTION 7.
immediately upon
ADOPTED, SIGNED AND APPROVED this 30th day of March,
This Resolution shall take effect
its adoption.
1988.
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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 March 30, 1988, by the following vote:
ASSENT: COUNC~LM~ MS~[~H: None
ABSTAINING: COUNCILMEMBERS None
CITY CEERK and Ex Officio Clerk of the
Council of the City of Bakersfield
APPROVED March 30, 1988
MAYOR of the City of Ba)~ersfield
APPROVED as to form:
NSSIGNPG