The URL can be used to link to this page

Home My WebLink AboutRES NO 09-87RESOLUTION NO. 9-87 A RESOLUTION OF THE COUNCIL OF THE CITY OF BAKERSFIELD CONSENTING TO THE PREPARATION, SALE AND DELIVERY OF NOT TO EXCEED $5,250,000 PRINCIPAL AMOUNT OF CERTIFICATES OF PARTICIPATION (CIVIC AUDITORIUM IMPROVEMENTS) AND APPROVING CERTAIN DOCUMENTS AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH WHEREAS, the Redevelopment Agency of the City of Bakersfield (the "Agency") is a community redevelopment agency organized and existing under the laws of the State of California and is authorized to assist the City of Bakersfield (the "City") in the financing and construction of the Civic Auditorium Improvements Project; and WHEREAS, the City has agreed to lease to the Agency certain prop- erty (the "Site") owned by the City as more fully described in the Site Lease by and between the City and the Agency (the "Site Lease") and the Agency has agreed to construct the Civic Auditorium Improvements Project (the "Facilities") as described in the Lease Agreement by and between the City and the Agency (the "Lease Agreement") and lease the Site and Facilities back to the City; and WHEREAS, the Agency and the City agree that it would be in the best interest of the parties to issue Certificates of Participation (the "Certificates") pursuant to the Assignment and Trust Agreement, by and among the Agency, the City and the institution selected to serve as trustee (the "Trustee") (the "Trust Agreement"); and WHEREAS, the Agency and the City agree that it would be in the best interest of the parties to have the Agency reimburse the City for a portion of the City's payments under the Lease Agreement pursuant to a Reimbursement Agreement between the Agency the City (the "Reimbursement Agreement"); and WHEREAS, pursuant to Sections 33679 of the Act, the City Council of the City has held a public hearing on whether the Agency and the City should enter into the Reimbursement Agreement; and WHEREAS, at said hearing, the City found it desirable to approve the Reimbursement Agreement; and WHEREAS, the Agency and the City have determined that it would be in the best interest of the Agency, the City and the citizens of the community to provide for the preparation, sale and delivery of the Certificates of Participation in an aggregate amount not to exceed $5,250,000, which Certificates the holder thereof in the base the Lease Agreement; and evidence a proportionate interest of rental payments to be made pursuant to WHEREAS, the Agency desires to assign the right to receive such base rental payments from the City to the Trustee pursuant to the Trust Agreement, and to provide for disposition as provided therein of proceeds of sale of the Certificates; and WHEREAS, the City desires to approve the form of a Purchase Agreement (the "Purchase Agreement") by and among the City, the Agency and Stone & Youngberg (the "Purchaser") pursuant to which the Purchaser has agreed to buy the Certificates on the terms and condi- tions set forth therein; and --2-- WHEREAS, the City desires to approve the form of a Preliminary Official Statement relating to the Certificates (the "Preliminary Official Statement"); and WHEREAS, there has been presented to this City Council the follow- ing documents: 1. Site Lease 2. Lease Agreement 3. Assignment and Trust Agreement 4. Reimbursement Agreement 5. Purchase Agreement 6. Preliminary Official Statement NOW, THEREFORE, the City Council of the City of Bakersfield does hereby Resolve, Determine and Order as follows: SECTION 1: This City Council hereby consents to the preparation, sale and delivery of the Certificates in an aggregate principal amount of not to exceed $5,250,000 in accordance with the terms and provi- sions of the Trust Agreement. The purposes for which the proceeds and the Certificates shall be expended are to pay the costs of the sale and delivery of the Certificates and provide funds for capitalized interest and for the construction of the Facilities. SECTION 2: The City Manager is hereby authorized and directed to select as trustee under the Trust Agreement the institution which he determines will most effectively and efficiently perform the duties of trustee thereunder and the institution so selected is hereby appointed as trustee on behalf of the holders of the Certificates with the duties and powers of such trustee as set forth in the Trust Agreement. --3-- SECTION 3: The proposed forms of the Site Lease and the Lease Agreement presented at this meeting are hereby approved. The Mayor and City Clerk are hereby authorized and directed for and in the name of the City to execute the Site Lease and the Lease Agreement in sub- stantially the form hereby approved, with such additions thereto and changes therein as are recommended or approved by Bond Counsel to the City and approved by such officers, such approval to be conclusively evidenced by the execution and delivery thereof. The Mayor and the City Clerk are hereby authorized and directed to execute, acknowledge and deliver any and all documents required to consummate the transac- tions contemplated by the Site lease and the Lease Agreement. SECTION 4: The proposed form of Reimbursement Agreement presented at this meeting is hereby approved. The Mayor and the City Clerk are hereby authorized and directed for and in the name of the City to execute said Reimbursement Agreement in substantially the form hereby approved, with such additions thereto and changes therein as are rec- ommended or approved by Bond Counsel to the City and approved by such officers, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 5: The proposed form of the Trust Agreement presented at this meeting is hereby approved. The Mayor and City Clerk of the City are hereby authorized and directed for and in the name of the City -4- to execute, acknowledge and deliver to the Trustee the Trust Agreement in substantially the form hereby approved, with such additions thereto or changes therein as recommended or approved by Bond Counsel to the City and approved by such officers, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 6: The proposed form of the Purchase Agreement presented at this meeting and the sale of the Certificates pursuant thereto are hereby approved and the City Manager is authorized and directed to evidence the City's acceptance of the terms and provisions of the Purchase Agreement by executing and delivering the Purchase Agreement in substantially the form hereby approved, with such additions thereto and changes therein as are recommended or approved by Bond Counsel to the City and approved by the City Manager, such approval to be conclu- sively evidenced by the execution and delivery thereof. The amount of the discount shall not exceed 2.25% of the principal amount of the Certificates, and the net interest cost shall not exceed 7.50%. SECTION 7: The proposed form of the Certificates as set forth in the Assignment and Trust Agreement is hereby approved. SECTION 8. The proposed form of the Preliminary Official Statement presented at this meeting and the distribution of said Preliminary Official Statement to prospective purchasers of the Certificates are hereby approved, and the City Manager is hereby authorized and directed[ to execute and deliver the Preliminary -5- Official Statement in accordance with the Purchase Agreement in sub- stantially the form hereby approved, with such additions thereto and changes therein as are recommended or approved by Bond Counsel to the City and approved by the City Manager, such approval to be conclu- sively evidenced by the execution and delivery thereof. SECTION 9: The Mayor, the City Manager, the City Clerk, and the Finance Officer of the City are hereby authorized and directed, jointly and severally, to do any and all things and to exe- cute and deliver any and all documents which they may deem necessary and advisable in order to consummate the sale and delivery of the Certificates and otherwise effectuate the purposes of this Resolution, and such actions previously taken by such officers are hereby ratified and confirmed SECTION 10: This Resolution shall take effect from and after its date of adoption. -6- 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 21st day of 3anuar¥ , 1987, by the following vote: AYES: COUNCILMEM'~ERS: CHILDS, CHRISTENSEN, SMIT~.I,"~, MOORE, DICKERSON, SALVAGGIO NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBErS: ABSTAINING: C OU N CI b',l E',.; r]E R S: CITY CLERK and Ex Officio Clerk of the Council of the City of Bakersfield APPROVED this 21st day of January MAYOR of the City of Bakersfield 1987 of the City of Bakersfield bz 4:R.CCCAI1