HomeMy WebLinkAboutRES NO 051-01 05!-01
RESOLUTION NO.
RESOLUTION APPROVING FORM AND SUBSTANCE OF ACQUISITION
AND DISCLOSURE AGREEMENTS AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 01-1
(MING AT ALLENFMOUNTAIN VISTA DRIVE/HAMPTON PLACE)
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 April 25, 2001, as follows:
a. The first such agreement is by and between the City and Campus Park, LLC ("Campus
Park");
b. The second such agreement is by and between the City and Hampton Place LLC ("Hampton
Place"); and
c. The third such agreement is by and between the City and Communities at River Oaks, LLC
("Communities at River Oaks"); 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:
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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 Campus Park,
Hampton Place and Communities at River Oaks, 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. 01-1
(Ming at Allen/Mountain Vista Drive/Hampton Place) ("Assessment District No. 01-1") 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 said Acquisition
and Disclosure Agreements and to each of them, individually or collectively, 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 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. 01-1 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 April 25, 2001, by the
following vote:
AYESi
NOESi
ABSTAIN2
ABSENT~
CARSON, BENKAM, MAGGARD, COUCH, HANSON, SULLIVAN, SALVAGGI0
Councilmember
Councilmember ~ ~
Councilmember
Councilmember ./FL ~
Clerk and Ex Officio
City
Clerk of the Council of the
City of Bakersfield
APPROVED tl;ts~5th d~y 9.f~pril, ,~01
· .----.-- [/
HARVEY L. HALL, MAYOR ,~
APPROVED AS TO FORM:
ORRICK, HERR1NGTON & SUTCLIFFE LLP
APPROVED AS TO FORM:
BART J. THILTGEN
City Attorney
DOCSSFl:513884.1
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