HomeMy WebLinkAboutRES NO 58-77RESOLUTION NO. 58-77
A RESOLUTION OF THE COUNCIL OF THE CITY OF
OF BAKERSFIELD APPROVING THE FORMATION AND
MEMBERS AND DIRECTORS OF THE SOUTHEAST
BAKERSFIELD WASTEWATER TREATMENT FACILITIES
CONSOLIDATION CORPORATION AND APPROVING THE
FINANCING ARRANGEMENTS FOR BONDS OF SAID
CORPORATION.
WHEREAS, the Southeast Bakersfield Wastewater Treatment
Facilities Consolidation Corporation (the "Corporation" herein) has
been incorporated by a group of public-spirited citizens of the City
of Bakersfield (the "City" herein) for the specific and primary pur-
pose of providing financial assistance to the City by financing the
acquisition, construction and improvement of wastewater treatment
facilities; and
WHEREAS, by its Articles of I~c.orporation and by its By-
laws, no part of the net earnings, funds or assets of said corporation
shall inure to the benefit of any member thereof or any other person,
firm or corporation, except the City; and
WHEREAS, the City has need to acquire, construct and approve
wastewater treatment facilities in order to provide adequate waste-
water treatment capability and capacity within the City.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City
of Bakersfield as follows:
1. All of the recitals herein contained are true and correct
and this City Council so finds.
2. The corporation and its formation are hereby approved
and the members and directors of the corporation, namely, Ralph Zellers,
Robert Hoven and Nello Foxx, are hereby approved.
3. The form of the leasehold mortgage bond indenture dated
as of August 15, 1977, proposed to be entered into by the corporation
and Crocker-National Bank, as Trustee, submitted to this City Council,
and the corporation for the leasehold mortgage bonds, in an aggregate
principal amount' of $4,380,000 proposed to be issued by the dorporation
under said leasehold mortgage bond indenture, are hereby approved.
The proposed sale of said bonds by the corporation at the
interest rates not t0 exceed 8%, for cash, is hereby approved.
The City Clerk is directed to file a copy of said proposed
leasehold mortgage bond indenture with the minutes of this meeting.
o0o
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 the llth day of July, 1977, by the following
vote:
AYES: COUNCILMEN BARTON, CHRISTENSEN, MEDDERS, RATTY, ROGERS, ~8, STRONG
NoEs, COUNC,LMEN,
ABSENT: COUNCILMEN:
' ' ~ the
el
Bakersfield
APPROVED as to form:
CITY ATTORNEY of Bakersfield