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.
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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