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HomeMy WebLinkAboutRES NO 98-98RESOLUTION NO. ~ 8 '- ~ 8 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD APPROVING FORM AND SUBSTANCE OF PRELIMINARY OFFICIAL STATEMENT AND BOND PURCHASE CONTRACT, AUTHORIZING MODIFICATIONS THERETO, AUTHORIZING EXECUTION THEREOF, AND AUTHORIZING RELATED DOCUMENTS AND ACTIONS IN ASSESSMENT DISTRICT NO. 96-2 (ALLEN ROAD TRUNK SEWER) WHEREAS, in connection with the proposed issuance, sale and delivery of the City of Bakersfield, Limited Obligation Improvement Bonds, Assessment District No. 96-2 (Allen Road Trunk Sewer) (the "Bonds"), the City of Bakersfield (the "City") has retained After & Hadden LLP, as Disclosure Counsel ("Disclosure Counsel"), to assist the City in the preparation of a Preliminary Official Statement for use and distribution by Sutro & Co., as Underwriter of the Bonds (the "Underwriter") in connection with the issuance, sale and distribution of the Bonds to the public; and WHEREAS, Disclosure Counsel has filed with the City Clerk of the City a proposed Preliminary Official Statement (the "Preliminary Official Statement"), and the City Council of the City (the "City Council") hereby f'mds 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 of the City a proposed Bond Purchase Contract, which has been reviewed and approved as to form by McFarlin & Anderson, Bond Counsel to the City for the Bonds. NOW, THEREFORE, THE CITY COUNCIL HEREBY FINDS, DETERMINES AND RESOLVES as follows: SECTION 1. APPROVAL OF PRELIMINARY OFFICIAL STATEMENT. The 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 15c2-12, and the Finance Director of the City is hereby authorized, upon request of the Underwriter, to execute and deliver a certificate respecting such finality along with the Preliminary Official Statement. SECTION 2. EXECUTION AND DISTRIBUTION OF PRELIMINARY OFFICIAL STATEMENT AUTHORIZED. The City Council hereby authorizes the Finance Director of the City to execute the Official Statement to be substantially derived from the Preliminary Official Statement. The Underwriter is authorized to distribute the Preliminary Official Statement and the Official Statement substantially derived therefrom in connection with its offering or reoffering of the Bonds to the public. The City Council hereby authorizes the making of corrections to or additions to the Preliminary Official Statement by supplement or an amendment thereto or by appropriate insertions into the Preliminary Official Statement and further authorizes the preparation of an Official Statement to be substantially derived therefrom. SECTION 3. BOND PURCHASE CONTRACT APPROVED. The proposed Bond Purchase Contract is hereby approved as to form and substance, and the Finance Director of the City is hereby authorized to execute the same. Said 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 $1,900,000, (2) the average coupon interest rate (exclusive of bond discount) shall not exceed eight percent (8.0%) per annum, and (3) the bond discount (including both Underwriter's Discount and Original Issue Discount, if any) shall not exceed two percent (2.0%) of the principal amount of the Bonds. 2 ~- CLERK'S CERTIFICATE I, Pamela A. McCarthy, City Clerk of the City of Bakersfield, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Bakersfield, California, at a regular meeting thereof held on the 15 t hday of J u ly 1998, by the following vote, to wit: AVES: COUNCI[~EMI3~R DeMOND, CARSON, SMITH, McDERMOTT, ROWLES, SULLIVAN, SALVAGGIO NOES: COUNC~R ABSTAIN: COUNCILMEMBER AI~ENT: COUNCIU~MBER City Clerk and Ex Officio CErk of the Council of the City of Bakersfield, California Approved this152~e day of July, 1998 MAYOR of the City of Bakersfield APPROVED AS TO FORM: MCFARLIN & ANDERSON Bond Counsel COUNTERSIGNED: ACTING CITY ATTORNEY//c~ the City of Bakersfield