HomeMy WebLinkAboutRES NO 75-83RESOLUTION NO. 75-83
RESOLUTION OF INTENTION TO ISSUE REVENUE
BONDS FOR MULTIFAMILY RENTAL HOUSING AND
AUTHORIZING THE EXECUTION AND DELIVERY
OF A MEMORANDUM OF INDUCEMENT AND INTENT
BETWEEN THE CITY AND BDS INVESTORS
WHEREAS, the City of Bakersfield, California, a political
subdivision and charter city of the State of California (the "City"),
is authorized under Chapter 7 of Part 5 of Division 31 of the
California Health and Safety Code, as amended (the "Act"), to issue
revenue bonds for the purpose, among others, of financing the con-
struction or development of multifamily rental housing; and to make
and execute agreements, security documents and other contracts and
instruments necessary or convenient in the exercise of such powers;
and
WHEREAS, the City has been informed by a representative
of BDS Investors, a California limited partnership (the "Developer"),
that the Developer proposes the acquisition, construction and in-
stallation of multifamily rental housing development in the City
(the "Project"); and
WHEREAS, it is currently estimated by the Developer that
the project will cost approximately $5,400,000; and
WHEREAS, the Developer has requested the City to take
official action declaring its intention to issue its revenue bonds
to finance all or a portion of the Project so that the acquisition,
construction and installation of the Project may commence; and
WHEREAS, the City has determined that the financing of
the Project is designed to meet the multifamily rental housing
needs of people of low or moderate income in the City and to benefit
the people of the State of California and be for their health and
welfare, and the City, in providing such financing under the terms
and conditions of this Resolution, will be acting in furtherance
of the public purposes of the Act; and
interest
that the
be commenced without delay; and
WHEREAS, the City and the Developer desire
a Memorandum of Inducement and Intent, substantially
WHEREAS, the City has determined that it is in the best
of the inhabitants of the City and the State of California
acquisition, construction and installation of the Project
to enter into
in the form
attached hereto,
financing of the Project
NOW, THEREFORE,
California, as follows:
setting forth their understandings regarding the
and other provisions.
BE IT RESOLVED by the City of Bakersfield,
1. The City hereby determines to authorize the issuance
of its multifamily rental housing revenue bonds (the "Bonds") for
the purpose of paying all or a portion of the Project, subject to:
compliance with all requirements of law; this Resolution, the
policies and standards of the City relating to the issuance of
revenue bonds for multifamily rental housing, as such policies and
standards may be amended from time to time; and an agreement be-
tween the City and Developer containing terms and conditions
satisfactory to the City. Any Bonds issued for the Project shall
be in principal amount of not more that $5,400,000 and may be
issued separately or as part of a composite issue of multifamily
rental housing revenue bonds of the City.
2. In order further to evidence its intention to issue
the Bonds to finance the Project in accordance with the terms of
this Resolution, the City hereby approves the Memorandum of In-
ducement and Intent in the form submitted to it and hereby
authorizes the execution and delivery to the Devloper on behalf
of the City by its Mayor and the attestation by its Clerk of a
Memorandum of Inducement and Intent in substantially such form,
with such minor changes, insertions and omissions as may be
approved by the City Attorney. The execution of such Memorandum
of Inducement and Intent by the Mayor shall be conclusive evidence
of such approval, subject to the conditions contained herein.
and installation of the Project, the City hereby determines that
purposes of the Act will be more effectively served if all con-
tracts relating to the acquisition, construction, installation,
and equipping of the Project are solicited, negotiated, awarded
and executed by the Developer, subject to applicable state and
federal laws and the requirements of the City.
4. It is understood that the City shall incur no
liability of any kind to the Developer or any others for any fees,
charges, or obligations in connection with the Project.
5. It is understood further that the passage of this
Resolution does not obligate the City to issue the Bonds and
that the City may issue revenue bonds to finance the costs of
multifamily rental housing projects other than the Project.
6. The officers of the City are hereby authorized and
directed to take such other action as they may deem necessary or
advisable to carry out the intent and purpose of this Resolution.
7. This Resolution shall take effect upon its passage.
In order to facilitate the commencement of acquisition
the
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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 8th day of June, 1983, by the following
vote:
CITY CLERK ~nd Ex ~Officio Clerk of the
Council of the City of Bakersfield
APPROVED this 8th day of June, 1983
MAYOR~ the City of Bakersfield
/ ?
APPROVED as to form:
C I ~TTO~f~t he ~o f Bakersfield