HomeMy WebLinkAboutORD NO 4431
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ORDINANCE NO.
4431
ORDINANCE ADDING SECTION 13.08.080 TO THE
BAKERSFIELD MUNICIPAL CODE RELATING TO
REDEMPTION PREMIUMS FOR 1915 ACT BONDS AND
RATIFYING REDEMPTION PREMIUMS FOR SUCH
BONDS OF ASSESSMENT DISTRICT NO. 06-1.
BE IT ORDAINED by the Council of the City of Bakersfield as follows:
SECTION 1.
Section 13.08.080 is hereby added to the Bakersfield Municipal Code to read as
follows:
13.08.080 1915 Act Bond Redemption Premiums.
With respect to limited obligation improvement bonds ("Bonds") issued by the
City pursuant to the Improvement Bond Act of 1915 (Sections 8500 and following,
California Streets and Highways Code; hereafter the "1915 Acf'), and notwithstanding
any provision of the 1915 Act to the contrary, including but not limited to Section 8651.5
thereof, the City may provide for the redemption of its 1915 Act Bonds in advance of the
scheduled maturity of such Bonds, with or without redemption premiums and, in the
event that redemption premiums are specified, at such redemption premiums as shall
be specified without regard to any maximum or minimum level of such premiums for any
period of time, in accordance with the terms and conditions of the notice of sale (in the
event of competitive sale of such Bonds) or the bond purchase contract, bond purchase
agreement or other bond sale document (in the event of a negotiated sale of such
Bonds).
SECTION 2.
The redemption premiums provided by the executed bond purchase contract
prescribing the terms and conditions of sale to the original purchaser of the 1915 Act
Bonds for Assessment District No. 06-1 (Etcheverry/Un II/University Park) are hereby
ratified and confirmed.
SECTION 3.
This Ordinance shall be posted in accordance with the provisions of the
Bakersfield Municipal Code and shall become effective thirty (30) days from and after
the date of its passage.
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ORIGINAL
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I HEREBY CERTIFY that the foregoing Ordinance was passed and adopted by
the Council of the City of Bakersfield at a regular meeting thereof held on MAY 9 ?n07
2007, by the following vote:
Glli)
NOES:
ABSTAIN:
ABSENT:
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COUNCILMEMBER CARSON, BENHAM, WEIR, COUCH, HANSON, SULLIVAN, SCRIVNER
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
k~ CITYCL:E:ix~t
CI Council of the City of Bakersfield
APPROVED: MAY 9 2007
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
BY:~~~
ROBERT M. SHERF~
Deputy City Attorney
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ORIGINAL
AFFIDAVIT OF POSTING DOCUMENTS
STATE OF CALIFORNIA)
) ss.
County of Kern )
PAMELA A. McCARTHY, being duly sworn, deposes and says:
That she is the duly appointed, acting and qualified City Clerk of the City of Bakersfield;
and that on the 10th day of Mav. 2007 she posted on the Bulletin Board at City Hall, a
full, true and correct copy of the following: Ordinance No. 4431 passed by the
Bakersfield City Council at a meeting held on the 9th day of Mav.2007 and entitled:
ORDINANCE ADDING SECTION 13.08.080 TO THE
BAKERSFIELD MUNICIPAL CODE RELATING TO
REDEMPTION PREMIUMS FOR 1915 ACT BONDS
AND RATIFYING REDEMPTION PREMIUMS FOR
SUCH BONDS OF ASSESSMENT DISTRICT NO. 06-1.
PAMELA A. McCARTHY
City Clerk and Ex Officio of the
Council of the City of Bakersfield
BY:~~
DEPUTY Ci Clerk
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ORIGINAL