HomeMy WebLinkAboutRES NO 28-82RESOLUTION NO. 28-82
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD EXPRESSING ITS INTENTION TO PROVIDE
FINANCING FOR THE ACQUISITION, CONSTRUCTION
AND EQUIPPING OF A MULTI-FAMILY RENTAL HOUSING
DEVELOPMENT TO BE KNOWN AS LAKEVIEW SQUARE
PROJECT TO BE LOCATED IN BAKERSFIELD, CALIFORNIA.
WHEREAS, the City of Bakersfield (the "Issuer") has
held discussions with Dean Development (the "Developer") concerning
the financing of the acquisition, construction and equipping of a
multi-family rental housing development to be developed by the
Developer and located in the Issuer (the "Project"); and
WHEREAS, pursuant to the Constitution and laws of the
State of California, particularly Chapter 7 of Part 5 of Division
31 of the Health and Safety Code of the State of California, as
amended, the Issuer is authorized to issue its revenue obligations
for the purpose of providing financing for the acquisition, con-
struction and equipping of multi-family rental housing developments
of the same type as the Project, which are located within the
Issuer; and
WHEREAS, the Developer has requested the Issuer to
provide financing for the acquisition, construction and equipping
of the Project through the issuance and sale of the Issuer's
revenue obligations; and
WHEREAS, the cost of the Project is anticipated to be
approximately $1,300,000.00; and
WHEREAS, in order to satisfy the requirements of the
Internal Revenue Service regulations pertaining to industrial
development bonds, and any other and subsequent requirements,
whether regulatory or statutory, relating to the intent of the
Issuer to provide financing for the Project, it is necessary and
desirable that the Issuer adopt this Resolution.
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Bakersfield as follows:
1. The Issuer intends, subject to compliance with all
requirements of law, to use its best efforts to provide financing
for the acquisition, construction and equipping of the Project on
terms and conditions mutually acceptable to the Issuer and the
Developer.
2. In the event that the Issuer and the Developer fail
to agree to mutually acceptable terms and conditions within twelve
(12) months from the date hereof (or such other date as may be
mutually satisfactory to the Issuer and the Developer), this
Resolution shall be of no further force or effect as to the
Developer and shall be subject to official rescission by the
Issuer.
3. The action of the Issuer in adopting this Resolution,
in carrying out the provisions of this Resolution or in determining
not to provide financing for the acquisition, construction and
equipping of the Project shall not result in any pecuniary liability
whatsoever on the part of the Issuer, except as may be specifically
agreed to in writing by the Issuer in connection with financing
the acquisition, construction and equipping of the Project.
4. The officers and staff of the Issuer are hereby
directed to take such further action as may be necessary to carry
out the intent and purpose of this Resolution.
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 31st day of March, 1982, by
the following vote:
AYES: COUNCILMEN: BARTON, CHRISTENSEN, MEANS, PAYNE, RATTY, ROCKOFF, STRONG
_NOES: Co. UN.c.j!~6~._L (1 ~ ,,
ABSENT: CO__UNCI LA,j.E. rjl !~ ~ ~,
ABSTAINING: COUNCILMEN: ~ ~
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CITY x of the
Council of the City of Bakersfield
A~~~~~ this 31 t da f March, 1982
~ ~- y o
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APPROVED as to form:
C Y E the City of Bakersfield
The provisions and conditions of the foregoing Resolution
are hereby accepted by the Developer.
DEAN DEVELOPMENT