HomeMy WebLinkAboutRES NO 228-06
RESOLUTION NO. 2 2 8 - 0.6
RESOLUTION APPROVING FORM AND SUBSTANCE OF ACQUISITION
AND DISCLOSURE AGREEMENTS AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 06-1
(ETCHEVERRY /LIN IIlUNIVERSITY PARK)
WHEREAS, there have been filed with the City Clerk of the City of Bakersfield
(the "City") three 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 August 30, 2006, 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 Lennar Homes of
California, Inc.; and
d. The third such agreement is by and between the City and LO Land Assets, LP; 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:
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
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Castle & Cooke California, Inc., Lennar Homes of California, Inc., and LO Land Assets, LP,
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. 06-1
(Etcheverry/Lin II/University Park) ("Assessment District No. 06-1") 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 any of
said Acquisition and Disclosure Agreements 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 Acquisition and Disclosure
Agreements and each of them, the Finance Director is authorized to countersign the Acquisition
and Disclosure 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. 06-1 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 August 30, 2006, by
the following vote:
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CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SCRIVNER
~
NOES:
ABSTAIN:
ABSENT:
Councilmember
Councilmember
Council member
Council member
As5<\.City Cl~O ~
Clerk of the Council of the
City of Bakersfield
APPROVED this 30th day of August, 2006
HARVEY L. HALL
Mayor of the . of B
APPROVED AS TO FORM:
ORRICK, HERRINGTON & SUTCLIFFE LLP
~~/
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
By ~m ~
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