HomeMy WebLinkAboutRES NO 98-81RESOLUTION NO. 98-81
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD STATING ITS INTENTION TO AUTHORIZE
AND ISSUE INDUSTRIAL REVENUE BONDS.
WHEREAS, the City Council, acting under the authority
granted by its Charter, is empowered by said Charter to investigate,
study and identify the need for and to recommend action to improve
and promote job opportunities, industrial growth, improve the
environment and remove blight within the City of Bakersfield and
to issue bonds for such purpose; and
WHEREAS, the Council desires to declare its intention
to issue bonds for the above purposes upon terms and conditions
as may be agreed upon by the City, the purchasers and the participants.
NOW, THEREFORE, BE IT RESOLVED by the City Council:
1. That the City Council does hereby find that in
order to improve and promote job opportunities, industrial diversifi-
cation and general economic health in the City, the City would be
measurably benefited by entering into a financing agreement with
C. W. Jackson, a corporation of the State of Indiana and a general
partner in a partnership (the "Partnership"), for the financing
of the acquisition, construction and equipping of Industrial
Production Facilities, which facilities the Partnership intends
to lease to Megadyne, a duly licensed corporation of which C. W.
Jackson is a major stockholder.
2. In order to induce Megadyne Corporation to proceed
with the construction of the facilities, the legislative body of
the City hereby determines that: (a) the City intends to authorize
and issue revenue bonds not to exceed $10,000,000.00 (the "Bond"),
pursuant to all laws governing this issue, to finance part of the
construction of facilities including reimbursement or repayment
to the Partnership of any monies heretofore expended by the
Partnership for acquisition and construction after the date of
this Resolution; (b) the issuance of the Bond shall be subject to
the conditions that the City and the Partnership shall have
first agreed to mutually acceptable terms for the bonds and of
the sale and delivery thereof, and mutually acceptable terms and
conditions of the Agreement; (c) intends to enter into contractual
arrangements with the Partnership to apply the proceeds derived
from the issuance and sale of the Bond to the financing ofthe
construction of the facilities and the expenses incidental thereto,
and whereby payments to be made by the Partnership shall be
sufficient to pay the Bond and the interest thereon without
liability or obligation to the City, as and when the same shall
become due and payable; and (d) intends to adopt such ordinances
and resolutions and authorize the execution and delivery of such
instruments and the taking of such actions as may be necessary or
advisable for the authorization, issuance and sale of the Bond.
3. The City Manager, or his designee, is hereby authorized
and directed to proceed in accordance with this Resolution to
take appropriate action to promote the interest as expressed in
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 16th day of December, 1981, by
the following vote:
Am: COUNCILMEN: BARTON,-CHR!STE.~'~_N, MEANS, PAYNE, RATTY, ROCKOFF,
__i/C!ES: COUNCILU~:,
ABSTAINING: COUNCILMEN: ~~ ~
Council of the City of Bakersfield
APPROVED as to form:
CI ersfield
the