HomeMy WebLinkAboutRES NO 113-05
RESOLUTION NO. ,. 1 3 - 0 5
RESOLUTION APPROVING FORM AND SUBSTANCE OF
PRELIMINARY OFFICIAL STATEMENT AND BOND PURCHASE
CONTRACT, AUTHORIZING MODIFICATIONS THERETO,
AUTHORIZING EXECUTION THEREOF, AND AUTHORIZING
RELATED DOCUMENTS AND ACTIONS
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 04-3
(SOLERA/RIO VISTA)
WHEREAS, in connection with the proposed issuance, sale and delivery of the
City of Bakersfield, Limited Obligation Improvement Bonds, Assessment District No. 04-3
(Solera/Rio Vista) (the "Bonds"), the City of Bakersfield (the "City") has retained Pillsbury
Winthrop Shaw Pittman LLP as Disclosure Counsel ("Disclosure Counsel"), to assist the City in
the preparation of a Preliminary Official Statement for use and distribution by Stone &
Youngberg LLC, as Underwriter of the Bonds (the "Underwriter") in connection with issuance,
sale and distribution of the Bonds to the public; and
WHEREAS, Disclosure Counsel has filed with the City Clerk of the City (the
"City Clerk") a proposed Preliminary Official Statement (the "Preliminary Official Statement"),
and this City Council hereby finds and determines that it is in the public interest and for the
public benefit that the Preliminary Official Statement be approved; and
WHEREAS, Disclosure Counsel has also prepared and filed with the City Clerk a
proposed Bond Purchase Contract, which has been reviewed and approved as to form by Orrick,
Herrington & Sutcliffe LLP, Bond Counsel to the City for the Bonds.
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NOW, THEREFORE, THE CITY COUNCIL HEREBY FINDS, DETERMINES
AND RESOLVES as follows:
SECTION I. APPROVAL OF PRELIMINARY OFFICIAL STATEMENT.
This City Council hereby approves the Preliminary Official Statement, and in connection
therewith, hereby finds, determines and declares (1) that the facts contained in the Preliminary
Official Statement as presented on the date hereof are true and correct in all material respects and
(2) that the Preliminary Official Statement neither contains any untrue statement of a material
fact nor omits to state any material fact necessary to make any statement therein not misleading
in light of the circumstances under which it was made. The Preliminary Official Statement shall
be deemed "nearly final" for purposes of compliance with U.S. Securities and Exchange
Commission Rule l5c(2)-12, and the Finance Director of the City (the "Finance Director") is
hereby authorized, upon request of the Underwriter, to execute and deliver a certificate
respecting such finality along with the Preliminary Official Statement.
This City Council hereby authorizes the making of corrections to or additions to
the Preliminary Official Statement by supplement or amendment thereto or by appropriate
insertions into the Preliminary Official Statement.
The Underwriter is authorized to distribute the Preliminary Official Statement in
connection with its offering of the Bonds to the public, leading to the sale of the Bonds to the
Underwriter, as evidenced by execution of the Bond Purchase Contract.
SECTION 2. EXECUTION AND DISTRIBUTION OF OFFICIAL
STATEMENT AUTHORIZED. This City Council hereby authorizes the Finance Director to
execute the Official Statement to be substantially derived from the Preliminary
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Statement. The Underwriter is authorized to distribute the Official Statement in connection with
its offering or reoffering of the Bonds to the public.
This City Council hereby authorizes the preparation of an Official Statement to be
substantially derived ITom the Preliminary Official Statement.
SECTION 3. BOND PURCHASE CONTRACT APPROVED. The proposed
Bond Purchase Contract is hereby approved as to form and substance, and once Schedule I
thereto has been completed to the satisfaction of the Finance Director, the Finance Director is
hereby authorized to execute the same. The Finance Director is further authorized to approve
changes and modifications to said Bond Purchase Contract prior to execution, which approval
shall be conclusively demonstrated by execution thereof by the Finance Director; provided that
(1) the principal amount of the Bonds shall not exceed $3,430,000, (2) the average coupon
interest rate (exclusive of bond discount) shall not exceed nine percent (9.00%) per annum, and
(3) the bond discount shall not exceed two percent (2.0%) of the principal amount of the Bonds.
SECTION 4. AUTHORIZATION FOR RELATED ACTIONS. Any appropriate
officer, employee or representative of the City is hereby authorized to take any action and to
execute and deliver any document reasonably required to accomplish the issuance, sale and
delivery of the Bonds.
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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
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ABSTAIN,
ABSENT,
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
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City Clerk and Ex OfficIO
Clerk of the Council of the
City of Bakersfield
APPROVED this 25th day of May, 2005
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APPROVED AS TO FORM:
ORRICK, HERRINGTON & SUTCLIFFE LLP
Bond Counsel
COUNTERSIGNED:
VIRGINIA GENNARO
City Attorney
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