HomeMy WebLinkAboutRES NO 112-05
RESOLUTION NO.
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RESOLUTION APPROVING FORM AND SUBSTANCE
OF REIMBURSEMENT AND DISCLOSURE AGREEMENT AND
AUTHORIZING CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 04-3
(SOLERAlRIO VISTA)
WHEREAS, there has been filed with the City Clerk (the "City Clerk") ofthe City
of Bakersfield (the "City") an agreement entitled "Reimbursement and Disclosure Agreement,"
dated as of May 25, 2005 (the "Reimbursement and Disclosure Agreement"), between the City
and Pulte Home Corporation ("Puite"); and
WHEREAS, this City Council wishes to approve the Reimbursement and
Disclosure Agreement as to form and substance, with provision for making changes thereto, and
to authorize the execution thereof;
NOW, THEREFORE, THE CITY COUNCIL HEREBY FINDS, DETERMINES
AND RESOLVES as follows:
I. This City Council approves the form and substance of the Reimbursement
and Disclosure Agreement on file with the City Clerk, providing (1) the terms and conditions
under which Pulte will provide for the construction and installation of certain prescribed water
system improvements to be owned and operated by California Water Service Company ("Cal
Water"), in part by one or more contracts to be entered into by Pulte Home Corporation and the
remainder by one or more contracts to be entered into by Cal Water, and (2) the terms and
conditions under which the City will use its best efforts to issue and sell limited obligation
improvement bonds of Assessment District No. 04-3 (Solera/Rio Vista) ("Assessment District
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40213-35 SS4
No. 04-3") and, upon satisfaction of certain prescribed conditions, utilize a prescribed portion of
the proceeds of sale of such bonds to reimburse Pulte and Cal Water, as the case may be, for the
cost of the completed improvements, it being expressly provided in the Reimbursement and
Disclosure Agreement, among other things, that such reimbursement is payable solely from such
proceeds of sale and from no other source whatsoever and will be limited to the amount to be
established in accordance with the terms of the Reimbursement and Disclosure Agreement,
which amount may be less than the total cost actually incurred by Pulte and/or Cal Water,
respectively, with respect to that portion of the water system improvements constructed and
installed under contract to either of them.
2. This City Council hereby authorizes the making of modifications to said
Reimbursement and Disclosure Agreement prior to execution thereof, provided that any such
modifications, including additions, changes, and deletions, be approved by the City Attorney
prior to such execution, such approval to be conclusively established by the City Attorney's
execution thereof.
3. The Mayor is authorized to Sign the Reimbursement and Disclosure
Agreement, the Finance Director is authorized to countersign the Reimbursement and Disclosure
Agreement as signed by the Mayor, and all other officers and representatives of the City and of
the City's Bond Counsel for Assessment District No. 04-3 are authorized to execute where
indicated.
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40213-35 SS4
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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 May 25,2005, by the
following vote:
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CARSON, BENHAM. MAGGARD. COUCH, HANSON, SULLIVAN, SCRIVNER
~ Councilmember
NOES: Councilmember
ABSTAIN: Councilmember
ABSENT: Counci1member
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Æ*. City Clerk and x Officio
Clerk of the Council of the
City of Bakersfield
APPROVED this 25th day of May, 2005
HARVEYL. HALL
Mayor ofth City of
APPROVED AS TO FORM:
ORRICK, HERRINGTON & SUTCLIFFE LLP
Bond Counse
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By
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
By~M. ~/
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40213-35 SS4
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