HomeMy WebLinkAboutRES NO 92-81 RESOLUTION NO. 92-81
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD AUTHORIZING THE ISSUANCE OF
$3,000,000 PRINCIPAL AMOUNT OF CITY OF
BAKERSFIELD, CALIFORNIA, HISTORICAL
REHABILITATION FLOATING RATE REVENUE BONDS
(BELL TOWER PROJECT), 1981 SERIES A, AND
AUTHORIZING THE EXECUTION OF AND APPROVING
RELATED DOCUMENTS, AGREEMENTS AND ACTIONS.
WHEREAS, the City of Bakersfield (the "City") proposes
to issue its City of Bakersfield, California, Historical Re-
habilitation Floating Rate Revenue Bonds (Bell Tower Project),
1981 Series A, (the "Bonds") in the aggregate principal amount of
$3,000,000 under and pursuant to an Indenture of Trust (the
"Indenture") dated as of November 19, 1981, by and between the
City and Wells Fargo Bank, N.A., as trustee (the "Trustee"); and
WHEREAS, an agreement to purchase the Bonds (the "Bond
Purchase Agreement") has been submitted to the City and it is
desirable that the Bonds be sold at this time;
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Bakersfield as follows:
SECTION 1.
The Bonds are authorized in the principal amount of
$3,000,000 to be issued pursuant to the Indenture, in substantially
the form submitted to the City at this meeting, which Indenture
is hereby approved. The Mayor of the City is hereby authorized
and directed to execute and the City Clerk of the City is..hereby
authorized and directed to attest and affix the seal Of the City
to the Indenture for and in the name and on behalf of the City.
SECTION 2.
The Bond Purchase Agreement, dated as of November 19,
1981, in substantially the form submitted to the City for the
purchase of the Bonds is hereby accepted, and the appropriate
officers of the City are hereby authorized and directed to execute,
attest and deliver the Bond Purchase Agreement for a~ in the name
and on behalf of the City.
SECTION 3.
The proper officers of the City are each hereby authorized
and directed to execute and the Trustee is authorized and directed
to authenticate and deliver the Bonds to the purchasers in ac-
cordance with the Bond Purchase Agreement and the Indenture.
SECTION 4.
That certain agreement, entitled "Loan Agreement" and
dated as of November 19, 1981, by and between the City, Wells
Fargo Bank, N.A., and Bell Tower Associates, in substantially the
form presented to the City at this meeting, is hereby approved.
The Mayor of the City is hereby authorized and directed to execute
and the City Clerk of the City is hereby authorized and directed
to attest and affix the seal of the City to the Loan Agreement
for and in the name and on behalf of the City.
SECTION 5.
All actions heretofore taken by the officers and agents
of the City with respect to the sale and issuance of the Bonds
are hereby approved, confirmed and ratified, and the Mayor and
the City Clerk and any and all other officers of the City are
hereby authorized and directed, for and in the name and on behalf
of the City, to do any and all things and take any and all actions
and the execution and delivery of any and all certificates,
requisitions, agreements, assignments and other documents, including,
but not limited to, those described in the Bond Purchase Agreement
and Section 2.06 of the Indenture, which they, or any of them,
may deem necessary or advisable in order to consummate the lawful
issuance and delivery of the Bonds in accordance with the Bond
Purchase Agreement, the Indenture, this resolution and all
ancillary documents.
adoption.
SECTION 6.
This resolution shall take effect from and after its
,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 2d day of December, 1981, by
the following vote:
ABSENT: COUNCILMEN: ~ ~ ~, ' I:7,
ABSTAINING: COUNCILMEN: t~
CI Y CLER ~df
T ' '
Council of e
the
'RR'~Q'~'""~7~'~/~~~,~,i,ty of Bakersf ield
APPROVE~ a~ t~ f6rm:
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C~TTOR~~e City of Bakers
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