HomeMy WebLinkAboutRES NO 166-86RESOLUTION NO. ~66-86
A RESOLUTION OF THE COUNCIL OF THE
CITY OF BAKERSFIELD, CALIFORNIA,
APPROVING THE SALE OF BONDS IN THE
MATTER OF ASSESSMENT DISTRICT NO. 86-2,
AWARDING SALE OF SERIES "A" BONDS,
APPROVING FORM OF OFFICIAL STATEMENT AND
AUTHORIZING EXECUTION OF PURCHASE CONTRACT
WHEREAS, the Council of the City of Bakersfield (the
"City") has heretofore adopted its resolution authorizing the
issuance of the City of Bakersfield Assessment District No. 86-2
Improvement Bonds (the "Bonds") and in particular Series A of the
Bonds (the "Series A Bonds") for the purposes set forth in Resolu-
tion of Intention No. 1004 adopted June 4, 1986, by the Council
of the City; and
WHEREAS, negotiations in connection with the sale of
the Bonds and in particular Series A Bonds has resulted in the
presentation to the Council of the City of a Purchase Contract
and a proposed form of Official Statement describing the Series A
Bonds; and
WHEREAS, it is appropriate at this time for the City to
approve all of said proceedings in connection with the sale of
the Bonds and in particular the Series A Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Bakersfield as follows:
1. The City hereby ratifies all proceedings heretofore
taken by or on behalf of the City for the sale by negotiation of
the Bonds and in particular the Series A Bonds.
2. The City hereby accepts the bid of M L Stern & Co.
Inc., and approves the Purchase Contract presented heretofore for
the purchase of the Bonds and the Series A Bonds. The Bonds and
the Series A Bonds shall be sold to said purchaser upon all of
the terms set forth in said Purchase Contract. The Series A
Bonds shall bear interest at the respective rates set forth in
said Purchase Contract. The Mayor of the City is hereby autho-
rized to execute said Purchase Contract on behalf of the City.
3. A form of the Official Statement, presented this
date, relating to the Bonds and the Series A Bonds having been
submitted to the City by M L Stern & Co. Inc., the City hereby
approves said Official Statement in the form submitted together
with any changes deemed advisable by the Financial Consultant of
the City, Bartle Wells Associates. The Mayor of the City is here-
by authorized and directed to execute the final Official State-
ment for and in the name of the City.
4. Richard H. Hargrove, Bond Counsel to the City for
the Bonds, is directed to cause to be printed a sufficient number
of blank bonds of suitable quality and to cause the blank spaces
therein to be filled in to comply with the Purchase Contract and
to procure their execution by the proper officers of the City.
The Mayor, Finance Director, City Clerk, and the City
Attorney, or any of them are further authorized and directed to
make, execute and deliver to the purchaser of the Bonds such cer-
tificates, requisitions, agreements
consummate the sale and delivery of
thereof.
and documents required to
the Bonds to the purchaser
......... o0o .........
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 November 5, 1986
, by the follow-
ing roll call vote:
CITY CL~K and ~z Officio ClePK of the
Council of the Cit~ o[ B~kerst'iela
APPROVED November 5, 1986
MAYOR of the City of Balgersfield
C '~/A'~TO/RNEY of the City of
Bakersf ]eld
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