HomeMy WebLinkAboutRES NO 112-83 CITY COUNCIL
OF THE
CITY OF BAKERSFIELD
RESOLUTION NO. 112-83
RESOLUTION CONCERNING THE ISSUANCE OF REVENUE BONDS TO
FINANCE THE EXPANSION AND IMPROVEMENT PROGRAM OF
GREATER BAKERSFIELD MEMORIAL HOSPITAL
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 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, finds that
the public interest and necessity require the establishment
of a program for the authorization, sale and issuance of
health facility revenue bonds by the City for the purpose of
making loans such as that described herein;
WHEREAS, in connection with its expansion and
improvement program (the "Project"), Greater Bakersfield
Memorial Hospital (the "Hospital") has requested the
financial assistance of the City;
WHEREAS, the City desires to assist the Hospital in
the financing of the Project; and
WHEREAS, the City deems it necessary and essential
and a proper public purpose that the Project be financed at
the earliest practicable date; the Hospital requires
satisfactory assurance from the City that the proceeds of the
sale of bonds of the City will be made available to assist in
the financing of the Project; and the City requires
satisfactory assurance from the Hospital that certain costs
of issuing such bonds will be paid by the Hospital and that
the Hospital as part of the consideration for such financial
assistance, will provide certain health services for and
within the city during the term of such bonds;
NOW THEREFORE, BE IT RESOLVED by the City Council
of the City of Bakersfield, as follows:
Section 1. The City shall proceed to prepare, or
cause to be prepared, the documentation necessary for the
City to issue, at one time or from time to time, an aggregate
of not to exceed $25,000,000 principal amount of hospital
revenue bonds of the City (the "Bonds") to finance the
Project; provided that, prior to commencing such preparation,
the City and the Hospital shall have entered into a letter
agreement in substantially the form attached hereto, with
such additions or deletions as are considered necessary or
appropriate by officers of the City and the Hospital, and the
Mayor or City Manager of the City is hereby authorized to
execute said letter agreement for and in the name and on
behalf of the City.
Section 2. The Bonds shall be payable solely from
the revenues to be received by the City pursuant to a loan or
other agreement(s) to be entered into by the City and the
Hospital in connection with the financing of the Project, and
shall not be deemed to constitute a debt or liability of the
City under any constitutional, charter or statutory debt
limitation. Neither the faith and credit nor the taxing
power of the City shall be pledged to be payment of the
principal of or interest on the Bonds.
Section 3. Issuance of the Bonds shall be subject
to the following conditions: (a) the City and the Hospital
shall have first agreed to mutually acceptable terms for the
Bonds and the sale and delivery thereof and mutually
acceptable terms and conditions for the loan or other
agreement(s) for the financing of the Project, and (b) all
requisite governmental approvals shall have first been
obtained.
Section 4. Orrick, Herrington & Sutcliffe, A
Professional Corporation, is hereby designated bond counsel
to the City in connection with the issuance of the Bonds.
Section 5. This resolution shall take effect
immediately upon its passage.
2
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 ---~4 day of __AIA~iL~_ , 1983,
by the following vote:
CITY CLERK'and ~ officio Clerk of the
Council of the City of Bakersfield
APPROVED this _2._4___ day of _.August , 1983
MAYO~ o~/~}{e ci~ rsfik~ -
APPROVED as to form:
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