HomeMy WebLinkAboutRES NO 90-68RESOLUTION NO. 90-68
A RESOLUTION OF THE COUNCIL OF THE CITY OF BAKERSFIELD
INSTRUCTING THE FISCAL AGENT FOR THE SERIES A OFF-STREET
PARKING PROJECT REVENUE BONDS TO TRANSFER MONEYS TO THE
SERIES A SINKING FUND FOR THE PURPOSE OF REDEEMING BONDS
A366 TO A521, INCLUSIVE, TO REDEEM SAID BONDS, AND TO
REMIT TO THE TREASURER OF THE CITY OF BAKERSFIELD THE
BALANCE REMAINING IN ALL OFF-STREET PARKING FUNDS BEING
HELD BY THE FISCAL AGENT SUBSEQUENT TO THE RETIREMENT
OF SAID BONDS.
WHEREAS, pursuant to Resolution 75-55 of the Council of
the City of Bakersfield, adopted November 14, 1955, and pursuant to
the Charter of the City of Bakersfield, and in accordance with the
Constitution and laws of the State of California, the City of
Bakersfield did issue certain Off-Street Parking Revenue Bonds
Series A, which were duly sold,.an~
WHEREAS, pursuant to the retirement of bonds A331 to A365,
inclusive, from the Principal Fund on December 1, 1968, the balance
of said bonds, numbered A366 to A521, inclusive, will remain to be
redeemed, and
WHEREAS, Section 2.04 of Resolution 75-55 provides for
the retirement, prior to maturity, of bonds numbered A176 to A880,
inclusive, on or after December 1, 1957, as a whole or in part, and
WHEREAS, there are now sufficient funds available to
retire all Off-Street Parking Revenue Bonds outstanding as of
December 1, 1968, and
WHEREAS, it is the desire of the Council of the City of
Bakersfield to retire said Off-Street Parking Revenue Bonds
outstanding on December 1, 1968,
NOW, THEREFORE, BE IT RESOLVED by the Council of the City
_~f,_Ba~ersf~e~d, as follows:
That the Crocker-Citizens National Bank, the fiscal agent
under Resolution 75-55, be and it is hereby authorized and directed
to transfer to the Series A Sinking Fund from the Reserve Fund,
the Surplus Revenue Fund or any of the Off-Street Parking Funds
available for such purpose, an amount sufficient to retire Off-Street
Parking Revenue Bonds A366 to A521, inclusive, on December 1, 1968;
and it is further authorized and directed to redeem said bonds
according to the terms of said bonds and of said Resolution, at the
redemption price of One Hundred Two percent (102%) of their principal
amount, upon presentation and surrender of such bonds, and that the
interest on said bonds hereinabove set forth to be redeemed shall
cease to accrue from and after December 1, 1968.
BE IT FlIRTHER RESOLVED that the Crocker-Citizens National
Bank, following the retirement of all unredeemed Off-Street Parking
Revenue Bonds, is hereby directed to remit to the Finance Director
of the City of Bakersfield any and all moneys of the Off-Street
Parking Project being held by the fiscal agent subsequent to the
retirement of said bonds.
BE IT FURTHER RESOLVED that the Clerk is hereby directed
to publish Notice of Redemption twice in The Bakersfield Californian,
a daily newspaper of general circulation published in the City of
Bakersfield, California, once a week for two successive weeks, the
first publication to be not less than thirty (30) days prior to
the redemption date, and that a similar notice be also mailed to
the Fiscal Agent, to the original purchaser of each series of
Bonds issued under said Resolution No. 75-55, and also the respective
registered owners of any bonds designated for redemption at their
addresses appearing on the bond registration books, at least
thirty (30) days prior to the redemption date.
-O00
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 7th day of October, 1968, by
the following vote:
AYES: ~:OUNCILMEN HEISEY, HOSKING, REES, RUCKER, STIERN, VETTER, WHITTEMORE
~ a ~ ' Cl~he
CITY CLERK and Ex-Off~cio o
Council of the City of Bakersfield
APPROVED: