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
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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.
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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