HomeMy WebLinkAboutRES NO 034-09RESOLUTION NO. O 3 4" 0 9
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD APPROVING THE ISSUANCE AND SALE OF NOT TO
EXCEED $16.5 MILLION AGGREGATE PRINCIPAL AMOUNT OF THE
BAKERSFIELD REDEVELOPMENT AGENCY 2009 TAX ALLOCATION
BONDS; AND AUTHORIZING RELATED ACTIONS
WHEREAS, redevelopment plans (the "Plans") for the redevelopment of each of the
three areas known and designated as follows has been adopted and approved in accordance with
the Community Redevelopment Law of the State of California (Health and Safety Code
Section 33000 et seq.; the "Law"):
(a) the "Downtown Bakersfield Redevelopment Project" (the "Downtown Project");
(b) the "Southeast Bakersfield Redevelopment Project" (the "Southeast Project"); and
(c) the "Old Town Kern-Pioneer Redevelopment Project" (the "Old Town Kern-Pioneer
Project") (and, collectively, the three separate Projects comprise the "Project"); and
WHEREAS, each of the Plans includes provisions authorized by the Law for the
allocation to the Bakersfield Redevelopment Agency (the "Agency") of certain property taxes
and for the issuance of tax allocation bonds payable from and secured by prescribed portions of
such allocated property taxes to finance and refinance redevelopment activities in accordance
with the applicable Plan, as the Plan may be amended from time to time; and
WHEREAS, the Agency has authorized the issuance and sale of not to exceed
$16.5 million aggregate principal amount of its 2009 Tax Allocation Bonds in four separate
series (collectively, the "2009 Bonds") designated as follows:
(a) Bakersfield Redevelopment Agency Tax Allocation Bonds, Series 2009A (Tax-Exempt -
Tax Increment Revenue), Old Town Kern-Pioneer Redevelopment Project (the "Series
2009A Bonds"), pursuant to an Indenture (the "Old Town Kern-Pioneer Indenture"),
between the Agency and U.S. Bank National Association, as Trustee (the "Trustee"), to
finance and refinance authorized redevelopment activities of the Old Town Kern-Pioneer
Project, to fund a reserve account and to pay costs of issuance relating to the Series
2009A Bonds;
(b) Bakersfield Redevelopment Agency Tax Allocation Bonds, Series 2009B (Tax-Exempt -
Tax Increment Revenue), Southeast Bakersfield Redevelopment Project) (the "Series
2009B Bonds"), pursuant to an Indenture (the "Southeast Indenture"), between the
Agency and the Trustee, to finance and refinance authorized redevelopment activities of
the Southeast Project, to fund a reserve account and to pay costs of issuance relating to
the Series 2009B Bonds;
(c) Bakersfield Redevelopment Agency Tax Allocation Bonds, Series 2009C (Taxable -Tax
Increment Revenue), Southeast Bakersfield Redevelopment Project (the "Series 2009C
Bonds"), pursuant to a First Supplemental Indenture (the "Southeast First Supplemental
Indenture") between the Agency and the Trustee, to finance and refinance additional
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authorized redevelopment activities of the Southeast Project, to fund a reserve account
and to pay costs of issuance relating to the Series 2009C Bonds; and
(d) Bakersfield Redevelopment Agency Tax Allocation Bonds, Series 2009D (Taxable -
Housing Set-Aside Revenue) (the "Series 2009D Bonds"), pursuant to a separate
Indenture (the "Housing Set-Aside Indenture," which collectively with the Old Town
Kern-Pioneer Indenture, the Southeast Indenture and the Southeast First Supplemental
Indenture are hereinafter referred to as the "Indentures") between the Agency and the
Trustee, to finance and refinance certain authorized low and moderate income housing
activities of the Southeast, Old Town Kern-Pioneer and Downtown Projects, to fund a
reserve account and to pay costs of issuance relating to the Series 2009D Bonds; and
WHEREAS, the City Council (this "Council") of the City of Bakersfield (the "City")
wishes by this resolution to approve the issuance of the 2009 Bonds as provided by the Law and
as previously authorized by the Agency;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Bakersfield, as follows:
1. The foregoing recitals are true and correct, and this Council hereby so finds and
determines.
2. The issuance and sale of not to exceed $16.5 million aggregate principal amount
of the 2009 Bonds by the Agency, in accordance with the terms and conditions set forth in the
Indentures, is hereby approved.
3. The City Manager, Finance Director, City Attorney, City Clerk and any and all
other officers, agents and employees of the City, are hereby further authorized and directed,
jointly and severally, to do any and all things and to execute and deliver any and all documents,
certificates and other instruments which they may deem necessary or advisable in order to carry
out, give effect to and comply with the terms and intent of this resolution and any other
documents approved by this resolution. Any such actions heretofore taken by such officers are
hereby ratified, confirmed and approved.
4. This resolution shall take effect from and after its adoption.
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I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the
City Council of the City of Bakersfield at a regular meeting thereof held on April 1, 2009, by the
following vote:
AYE COUNCILMEMBER tnr~T~~~~, Illy P~i ~,~~~~j ycr~~5cri Urtw~
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NOES: COUNCILMEMBER f1,wt.Q
ABSTAIN: COUNCILMEMBER ~-~-
ABSENT: COUNCILMEMBER ~b l.IC~E`-
PAMELA A. McCARTHY C
CITY CLERK of the City of Bakersfield
APPRO~E~ APR
HARVEY HALL
MAYOR
CITY OF BAKERSFIELD
APPROVED AS TO FORM:
VIRGINIA GENNARO
CITY ATTORNEY
JOSHUA H. RUDNICK
Deputy City Attorney
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