HomeMy WebLinkAboutRES NO 77-80RESOLUTION NO. 77-80
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF BAKERSFIELD PROVIDING FOR THE
ISSUANCE OF BONDS TO FINANCE THE ACQUISI-
TION, CONSTRUCTION OR REHABILITATION
OF HOUSING IN THE CITY
WHEREAS, the City C~uncil of the City Of Bakers-
field (herein called the "City") has determined a substantial
housing need exists in the City;
WHEREAS, the City has the full legal right, power
and authority under the Constitution and laws of the State
of California (including Section B52000 et seq. of the
Health and Safety Code) to issue bonds for the purpose of
financing housing within the City; and
WHEREAS, the City Council hereby determines that
it is in the best interests of the City to proceed as soon
as possible with the issuance of such bonds as hereinafter
set forth;
NOW, THEREFORE, be it resolved by the City Council
of the City of Bakersfield, as follows:
1. Within 2 years from the date of adoption of
this resolution, the City intends to issue, at one time or
from time to time,~pursuant to Section ~52000et seq. of
the Health and Safety Code or any other applicable law now or
hereafter enacted, bonds in an aggregate principal amount
not to exceed $50,000,000, to provide financing for the
acquisition, construction or rehabilitation (including
refinancing) of housing within the City.
2. The foregoing bonds shall be issued subject
to the condi~Zons that (1) the City shall have first agreed
to acceptable terms and conditions for such bonds (and for
the sale and delivery thereof), and for any construction
loans, mortgage loans, or other agreements to be entered
into by the City with respect to any of the foregoing; (2)
all requisite governmental approvals shall have first been
obtained;and (3) the bonds shall not constitute a debt or
liability of the City but shall be payable solely from
revenued received with respect to such construction loans,
mortgage loans or other investments made with the proceeds
of such bonds, and the full faith and credit of the City
shall not be pledged to the payment of the principal of or
interest on any such bonds.
3. The proper officers of the City are hereby
authorized and directed to prepare or cause to be prepared
any resolution, indenture, contract for origination and
servicing of loans, official statement or other documents
or agreements necessary or appropriate to effect such
financing and to select or employ bond counsel, printers,
lenders, investment bankers and other necessary experts in
connection therewith.
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after its adoption·
PASSED AND ADOPTED this 17thday of
1980, by the following vote:
Ayes: Members
Noes:
Absent:
Excused:
This Resolution shall take effect from and
December ,
AYES: COUNCILMEN BARTON, CHRISTENSEN, MEANS, MILLER, .,~e,~ls~, RATTY,
NoEs, COUNC'LMEN ""/9~"'~ J
ABSENT: COUNCILMEN: ¢~.,4 ~ J ,
~s~,~,~, co~,~, / ~)~
STRONG
Ci~v~erko~f~y of~akersfield
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