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HomeMy WebLinkAboutRES NO 30-84RESOLUTION NO. 30-~4 CITY COUNCIL OF THE CITY OF BAKERSFIELD AUTHORIZING THE ISSUANCE AND SALE OF CITY OF BAKERSFIELD HOSPITAL REVENUE BONDS (GREATER BAKERSFIELD MEMORIAL HOSPITAL), SERIES 1984, THE EXECUTION AND DELIVERY OF AN INDENTURE, LOAN AGREEMENT AND CONTRACT OF PURCHASE AND CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, the City of Bakersfield (the "City") is a municipal corporation and charter city duly organized and existing under a freeholders' charter pursuant to which the City has the right and power to make and enforce all laws and regulations in respect to municipal affairs and certain other matters in accordance with and as more particularly provided in Sections 3, 5 and 7 of Article XI of the Constitution of the State of California and Section 12 of the Charter of the City (the "Charter"); WHEREAS, the City Council of the City (the "Council"), acting under and pursuant to the powers reserved to the City under Sections 3, 5 and 7 of Article XI of the Constitution of the State of California and Section 12 of the Charter has established by adoption of the City of Bakersfield Health Facilities Financing Law (the "Law") a procedure for the authorization, issuance and sale of revenue bonds by the City for the purpose, inter alia, of providing financing for health facilities as specified therein; WHEREAS, the City has determined to engage in a program of making loans to health facilities pursuant to the Law, and has determined to borrow money for such purpose by the issuance of revenue bonds as authorized by the Law; WHEREAS, the City has determined to issue a series of such revenue bonds, designated as the "City of Bakersfield Hospital Revenue Bonds (Greater Bakersfield Memorial Hospital), Series 1984" (the "Bonds"), in an aggregate principal amount of twenty-five million dollars ($25,000,000) for the pqrpose of providing moneys to make a loan to Greater Bakersffeld Memorial Hospital Association (the "Corporation") to assist in financing the construction, furnishing and equipping of certain improvements (the "Project") to the Corporation's existing health facility in Bakersfield; WHEREAS, assisting in the financing of such improvements promotes the purposes of the Law, is in the public interest, serves a public purpose, promotes the health, welfare and safety of the citizens of the City, and constitutes a municipal affair; and WHEREAS, all acts, conditions and things required by the Law and by all other laws of the State of California to exist, to have happened or to have been performed precedent to and in connection with the issuance of the Bonds exist, have happened, and have been performed in regular and due time, form and manner as required by law, and the City is now duly authorized and empowered, pursuant to each and every requirement of law, to issue the Bonds for the purpose, in the manner and upon the terms herein provided; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Bakersfield, as follows: Section 1. The Council does hereby find and declare that the above recitals are true and correct and that the issuance of the Bonds is a municipal affair and a proper public purpose. Section 2. Pursuant to the Law, the Bonds shall be issued in the aggregate principal amount not to exceed twenty-five million dollars ($25,000,000). Section 3. The proposed form of Indenture, dated as of May 1, 1984, between the City and Crocker National Bank, as trustee (the "Trustee"), presented at this meeting, is hereby approved, and the Mayor or City Manager and City Clerk or Deputy City Clerk are hereby authorized and directed, for and in the name and on behalf of the City, to execute, acknowledge and deliver to the Trustee an Indenture in substantially said form with such changes therein as the officers executing the same, with the advice of the City Attorney, may approve, such approval to be conclusively evidenced by the execution and delivery thereof. The date, maturity date, interest rate or rates, privileges, manner of execution, place or places of payment, terms of redemption and other terms of the Bonds shall be as provided in said Indenture, as finally executed. Section 4. Crocker National Bank, San Francisco, California, is hereby appointed as trustee for the City and the holders of the Bonds, with the duties and powers of such trustee as set forth in the Indenture. Section 5. The Mayor or City Manager and City Clerk or Deputy City Clerk are hereby authorized and directed to approve the final terms of the sale of the Bonds (including a net interest cost not to exceed 15~) and are hereby authorized to evidence the City's acceptance of an 2 offer made to purchase the Bonds by executing and delivering, for and in the name and on behalf of the City, a bond purchase agreement in such form as the officers executing the same, with the advice of the City Attorney, may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 6. The Mayor and the City Clerk are hereby authorized and directed to execute, for and in the name and on behalf of the City and under its seal, the Bonds in an aggregate principal amount not to exceed twenty-five million dollars ($25,000,000) in accordance with the terms of an approved bond purchase agreement and the Indenturel Section 7. The proposed form of Loan Agreement presented at this meeting is hereby approved. The Mayor or City Manager and the City Clerk or Deputy City Clerk are hereby authorized and directed to execute and deliver such agreements, for and in the name and on behalf of the City, with such changes therein as the officers executing the same, with the advice of the City Attorney, may approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 8. The Bonds, when executed pursuant to Section 6 hereof, shall be delivered to the Trustee for authentication. The Trustee is hereby requested and directed to authenticate the Bonds by executing the Trustee's certificate of authentication appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the purchaser or purchasers thereof, in accordance with written instructions executed on behalf of the City by the Mayor or City Manager and the City Clerk or Deputy City Clerk, which instructions said officers are hereby authorized and directed, in the name and on behalf of the City, to execute and deliver to the Trustee. Said instructions shall provide for the delivery of the Bonds to the purchaser or purchasers thereof upon payment of the purchase price thereof. Section 9. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds and otherwise to effectuate the purposes of this resolution. Section 10. This resolution shall take effect immediately upon its passage. 3 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 ~0th day of , 1984, by the following vote: AYES: NOES: ABSENT: ABSTAINING: AYES: COUNCILM~-tL BAR~ON, Cr~ILDS, CHFIiETENSEN, MOORE, PAYNE, RATTY, ROCKOFF NOES COUNCIL',~: ~ Council %f the City of Bakersfield APPROVED as to form: ~ ~ of Bakersfield