HomeMy WebLinkAboutRES NO 217-07
RESOLUTION NO. ~ 7
RESOLUTION APPROVING FORM AND SUBSTANCE OF ACQUISITION
AND DISCLOSURE AGREEMENT AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 07-2
(SYDNEY HARBOUR)
WHEREAS, there have been filed with the City Clerk of the City of Bakersfield
(the "City") an agreement, having Exhibits A through D, inclusive, attached thereto, and entitled
"Acquisition and Disclosure Agreement" (the "Acquisition and Disclosure Agreement"), with an
effective date of October 10, 2007, by and between the City and Stuart Thomas, Inc., a Nevada
corporation, doing business as Lenox Homes (the "Developer"); and
WHEREAS, this City Council wishes to approve the Acquisition and Disclosure
Agreement 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 Agreement providing (1) the terms and conditions under which the Developer 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. 07-2 (Sydney Harbour) ("Assessment District
No. 07-2") 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
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provided in the Acquisition and Disclosure Agreement, 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 Agreement is attached to
this resolution.
2. This City Council hereby authorizes the making of modifications to said
Acquisition and Disclosure Agreement 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
Agreement, the Finance Director is authorized to countersign the Acquisition and Disclosure
Agreement 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. 07-2 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 October 10, 2007, by
the following vote:
v............~............................~ ,,/'
CARSON, BENHAM, WEIR, COUCH, HANSON, SULLIVAN, SCRIVNER
~ Councilmember
NOES: Council member
ABSTAIN: Councilmember
ABSENT: Councilmember
~
~
V\ r:JVV2-
/h56-.
CiryC~~f/fct
Clerk of the Council of the
City of Bakersfield
APPROVED this 10th day of October, 2007
HARVEY L. HALL
Mayor of the City of Bakers
APPROVED AS TO FORM:
ORRICK, HERRINGTON & SUTCLIFFE LLP
Bond Counsel
/~~
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
By~ln-~
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