HomeMy WebLinkAboutRES NO 056-06
RESOLUTION NO.
056-08
A RESOLUTION AUTHORIZING AND DIRECTING EXECUTION
OF A FIRST AMENDMENT TO REIMBURSEMENT
AGREEMENT; AND CERTAIN RELATED MATTERS
WHEREAS, in April, 1997 the City of Bakersfield (the "City") determined that it
was in the interests of the City to provide for (i) the refunding of the then remaining
outstanding Certificates of Participation (Civic Auditorium Improvement Project) of the
City, (ii) the refunding of the then remaining outstanding Tax Allocation Refunding
Bonds, Issue of 1993 (Downtown Bakersfield Redevelopment Project) of the Agency,
and (iii) financing the cost of constructing, furnishing and equipping a multipurpose
arena (the "Arena") adjacent to and a part of the City's Convention Center complex,
together with associated costs and expenses of planning, engineering and architectural
design, environmental review, site preparation, legal and financial advisors, bond
insurance, debt service reserve surety bond premium, title insurance and other insurance
premiums, and other costs associated with the issuance of the City of Bakersfield,
California Certificates of Participation (Convention Center Expansion - Arena Project,
1997) (the "1997 Certificates"); and
WHEREAS, in connection therewith, a trust was established pursuant to a Trust
Agreement dated April I, 1997 (the "1997 Trust Agreement") by and among First Trust
of California, National Association, predecessor to V.S, Bank National Association (the
"Trustee"), the Central District Development Agency of the City of Bakersfield, which
has since changed its name to the Bakersfield Redevelopment Agency (the "Agency")
and the City, and the Trustee was therein directed to execute and deliver certificates
representing undivided fractional interests in the lease payments (the "1997 Lease
Payments") made pursuant to the Lease Agreement dated April I, 1997, by and between
the City and the Agency; and
WHEREAS, in connection therewith, the Agency and City entered into that
certain Reimbursement Agreement, dated as of April I, 1997, between the City and the
Agency (the "1997 Reimbursement Agreement"), whereby in consideration for the City's
refunding of the Agency's prior bonds and undertaking the Arena project, the Agency
agreed to provide annual reimbursement payments to the City from tax increment moneys
received by the Agency; and
WHEREAS, the City wishes to amend the terms of the 1997 Reimbursement
Agreement to allow reimbursement payments to continue from the Agency to the City in
the event the 1997 Certificates are refinanced or refunded, provided the maturity date of
the refunding certificates does not extend past the maturity date of the 1997 Certificates;
and
WHEREAS the 1997 Reimbursement Agreement may be altered, modified or
canceled pursuant to an executed writing executed by the City and the Agency; and
WHEREAS, the City Council (the "Council") has determined that it is in the
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4832-1330-0992.2
interests of the City to amend and supplement the 1997 Reimbursement Agreement to
allow reimbursement payments to continue from the Agency to the City in the event the
1997 Certificates are refinanced or refunded, provided the maturity date of the refunding
certificates does not extend past the maturity date of the 1997 Certificates; and
WHEREAS, there has been prepared and submitted to the City Clerk for
consideration by this Council, a form of the First Amendment to Reimbursement
Agreement; and
WHEREAS, this Council has determined that it is in the best interest of the City
and for the public benefit that this Council approve the form and substance of the First
Amendment to Reimbursement Agreement, to authorize modifications thereto prior to
execution, and to authorize and direct execution, distribution and delivery of the First
Amendment to Reimbursement Agreement, as modified;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Bakersfield as follows:
SECTION 1.
The First Amendment to Reimbursement Agreement is hereby approved as to
form and substance, and the Mayor, the Finance Director, the City Attorney and such
other officers as are specified by the First Amendment to Reimbursement Agreement
(together with any designee in writing of any such officer; all references hereinafter in
this resolution to any officer of the City shall be deemed to include any designee in
writing of such officer) are and each of them is hereby authorized and directed to execute
said First Amendment to Reimbursement Agreement, with such changes and
modifications as may be approved by the Finance Director, which approval shall be
conclusively established by such execution,
SECTION 2.
Any action authorized or permitted to be taken hereunder by the City Manager
may be taken by any designee in the absence or incapacity of the City Manager. Any
action authorized or permitted to be taken hereunder by the City Clerk may be taken by
the City Clerk's designee in the absence Dr incapacity of the City Clerk.
SECTION 3.
This resolution shall take effect immediately upon its passage,
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I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the City Council of the City of Bakersfield at a regular meeting thereof held on February
22, 2006, by the following vote:
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CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SCRIVNER
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NOES,
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 nnd day of February, 2006
HARVEY 1. HALL
Mayor of the City of Bakersfi
APPROVED AS TO FORM:
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