HomeMy WebLinkAboutRES NO 59-82RESOLUTION NO. 59-82
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD STATING ITS INTENTION TO
AUTHORIZE AND ISSUE REVENUE BONDS FOR MULTI-
FAMILY RENTAL HOUSING AND AUTHORIZING THE
EXECUTION AND DELIVERY OF A MEMORANDUM OF
INDUCEMENT AND INTENT BETWEEN THE CITY AND
QUAILWOOD PROPERTIES.
WHEREAS, the City of Bakersfield, California, a political
subdivision and charter city of the State of California (the
"City"), is authorized under Chapter 7 of Part 5 of Division 31
of the California Health and Safety Code, as amended (the "Act"),
to issue revenue bonds for the purpose~ among others, of financing
the construction or development of multifamily rental housing;
and to make and execute agreements, security documents and other
contracts and instruments necessary or convenient in the exercise
of such powers; and
WHEREAS, the City has been informed by a representative
of Quailwood Properties, a California partnership (the "Developer"),
that the Developer has obtained permits for, has performed the
site preparation of and now proposes the acquisition, construction
and installation of multifamily rental housing development in the
City (the "Project"); and
WHEREAS, it is currently estimated by the Developer
that the Project will cost approximately $14,000,000.00; and
WHEREAS, the Developer has requested the City to take
official action declaring its intention to issue its revenue
bonds to finance all or a portion of the Project so that the
acquisition, construction and installation of the Project may
commence; and
WHEREAS, the City has determined that the financing of
the Project is designed to meet the multifamily rental housing
needs of low or moderate income and to benefit the people of the
State of California and be for their health and welfare, and the
City, in providing such financing under the terms and conditions
of this Resolution, will be acting in furtherance of the public
purposes of the Act; and
WHEREAS, the City has determined that it is in the best
interest of the inhabitants of the City and the State of California
that the acquisition and installation of the Project be commenced
without delay; and
WHEREAS, the City and the Developer desire to enter
into a Memorandum of Inducement and Intent, substantially in the
form attached hereto, setting forth their understandings regarding
the financing of the Project.
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Bakersfield, California, as follows:
1. The City hereby determines to authorize the issuance
of its multifamily rental housing revenue bonds (the "Bonds") for
the purpose of paying all or a portion of the Project, subject to
compliance with all requirements of law, this Resolution and the
policies and standards of the City relating to the issuance of
revenue bonds for multifamily rental housing, as such policies
and standards may be amended from time to time. The Bonds issued
for the Project shall be in principal amount of not more than
$14,000,000.00 and may be issued separately or as part of a
larger issue of multifamily rental housing revenue bonds of the
City.
2. In order further to evidence its intention to issue
the Bonds to finance the Project in accordance with the terms of
this Resolution, the City hereby approves the Memorandum of In-
ducement and Intent in the form submitted to it and hereby authorizes
the execution and delivery to the Developer on behalf of the City
by its Mayor and the attestation by its City Clerk of a Memorandum
of Inducement and Intent in substantially such form, with such
minor changes, insertions and omissions as may ~e approved by the
Mayor. The execution of such Memorandum of Inducement and Intent
by the Mayor shall be conclusive evidence of such intent.
3. In order to facilitate the commencement of acquisition
and installation of the Project, the City hereby determines that
the purposes of the Act will be more effectively served if all
contracts relating to the acquisition, construction, installation
and equipping of the Project are solicited, negotiated, awarded
and executed by the Developer, subject to applicable state and
federal laws and the requirements of the City.
4. It is understood that the City shall have no pecuniary
liability to the Developer for any fees in connection with the
Project and that all costs and expenses of the Developer will be
paid out of Bond proceeds.
5. It is understood further that the passage of this
Resolution does not obligate the City to issue the Bonds and that
the City may issue revenue bonds to finance the costs of multi-
family rental housing projects other than the Project.
6. The officers of the City are hereby authorized and
directed to take such other action as they may deem necessary or
advisable to carry out the intent and purpose of this Resolution.
7. This Resolution shall take effect upon its passage.
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 9th day of June, 1982, by the
following vote:
;~ES: COUNCILMEN; BARTON, CHRISTENSEN, MEANS, BA-Y4.,,E, RATI'Y, ROCKOFF, STRONG
NQ:F~S: COUNCILMEN:
AiE~T: COUNCILMEN: ·
AB.b"]/~ING: COUNCILMEN: ~/k~ a
'~ E~C
CITY lerk of
Council of the City of Bakersfield
the
AP ,".~D~Z~his 9~'<-~/d~y of June, 1982 ~ ;M~O' o~~
rs fie ld~ /
APPROVED as ~o~Eo'~:
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