HomeMy WebLinkAboutRES NO 155-98RESOLUTION NO. 1 $ ' 9 8
RESOLUTION APPROVING FORM AND SUBSTANCE OF ACQUISITION
AND DISCLOSURE AGREEMENT AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 98-1
(BRIMHALL IV/STOCKDALE HIGHWAY COMMERCIAL/GOSFORD INDUSTRIAL)
WHEREAS, there has been filed with the City Clerk of the City of Bakersfield
(the "City") an agreement, having Exhibits A through C, inclusive, attached thereto, and entitled
"Acquisilion and Disclosure Agreement" (the "Acquisition and Disclosure Agreement"), dated
November 18, 1998, by and between the City and Castle & Cooke California, Inc., and Castle &
Cooke Commercial - CA, Inc. (collectively, "Castle & Cooke"); 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 F1NDS, DETERMINES
AND RESOLVES as follows:
1. This City Council approves the form and substance of the Acquisition and
Disclosure Agreement, providing the terms and conditions under which Castle & Cooke will
provide fbr 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. 98-1 and 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 pumhase
price of the subject improvements is payable solely from such proceeds of sale and from no other
source whatsoever. A copy 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 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 this
assessment district are authorized to execute where indicated.
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i HEREBY CERTIFY that the foregoing resolution was passed and adopted by
the Com~cil of the City of Bakersfield at a regular meeting thereof held on November 18, 1998,
by the following vote:
Carson, Demond, Smith, McDermott, Rowles, Sullivan, Salvaggio
AYES~ Councilmember
NOES~ Councilmember
ABSTAIN: Councilmember
ABSENT~ Councilmember
City of Bakersfield
APPROVED this 18th day of November, I998
~'/ ~/ ,,
MAYOR of the City of Bakersfield
APPROVED AS TO FORM:
ORRICK, HERRINGTON & SUTCLIFFE LLP
Bond Counsel
COUNTERSIGNED:
-
CITY ATTORNEY of the ~//f--
City of Bakersfield
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