HomeMy WebLinkAboutRES NO 246-05
RESOLUTION NO. 2 4 6 - 0 5
RESOLUTION APPROVING FORM AND SUBSTANCE OF ACQUISITION
AND DISCLOSURE AGREEMENTS AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 05-3
(LIBERTY IVVILLAGE GREEN/TESORO-ENCANTOI
LIN/RIDER/DIAMOND RIDGE)
WHEREAS, there have been filed with the City Clerk of the City of Bakersfield
(the "City") four agreements, each having Exhibits A through D, inclusive, attached thereto, and
each entitled "Acquisition and Disclosure Agreement" (collectively, the "Acquisition and
Disclosure Agreements"), each dated November 9, 2005, as follows:
a. The first such agreement is by and between the City and Castle & Cooke
California, Inc.;
b. The second such agreement is by and between the City and Centex Homes;
c. The third such agreement is by and between the City and Lennar Homes of
California, Inc.; and
d. The fourth such agreement is by and between the City and Dunmore Homes, LLC;
and
WHEREAS, this City Council wishes to approve the Acquisition and Disclosure
Agreements 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:
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1. This City Council approves the form and substance of the Acquisition and
Disclosure Agreements and each of them, providing (1) the terms and conditions under which
Castle & Cooke California, Inc., Centex Homes, Lennar Homes of California, Inc., and Dunmore
Homes, LLC, respectively, will provide for the construction and installation of certain prescribed
improvements 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. 05-3 (Liberty
IlIVillage GreenlTesoro-Encanto/LinlRider/Diamond Ridge) ("Assessment District No. 05-3")
and, upon satisfaction of certain prescribed conditions, utilize a prescribed portion of the
proceeds of sale of such bonds to acquire the completed improvements, it being expressly
provided in the Acquisition and Disclosure Agreements, among other things, that the purchase
price of the subject improvements is payable solely from such proceeds of sale and from no other
source whatsoever. A copy of each of the Acquisition and Disclosure Agreements is attached to
this resolution.
2. This City Council hereby authorizes the making of modifications to said
Acquisition and Disclosure Agreements and to each of them, individually or collectively, prior to
execution thereof, including without limitation modification of the name of the non-City party to
more precisely reflect the correct legal name of the entity which owns the subject property;
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 Acquisition and Disclosure
Agreements, the Finance Director is authorized to countersign the Acquisition and Disclosure
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Agreements 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. 05-3 are authorized to execute where
indicated.
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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 November 9, 2005, by
the following vote:
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CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SCRIVNER
~ Councilmember
NOES: Councilmembcr
ABSTAIN: Councilmember
ABSENT: Councilmember
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City~~~!!dfJ
Clerk of the Council of the
City of Bakersfield
APPROVED AS TO FORM:
ORRICK, HERRINGTON & SUTCLIFFE LLP
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APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
By~m.~
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