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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 03/24/88 9118k/2160/09 -2- 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. 03/24/88 9118k/2160/09 -3- 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 03/24/88 9118k/2160/09 -4- 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. 03/24/88 9118k/2160/09 -5- 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