HomeMy WebLinkAboutRES NO 41-83RESOLUTION NO. al-83
RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND
DELIVERY OF CITY OF BAKERSFIELD DEPOSIT WITH
LENDER REVENUE BONDS TO FINANCE THE ACQUISITION
AND RENOVATION OF THE KRESS DEPARTMENT STORE BY
KRESS BUILDING ASSOCIATES
WHEREAS, the City Council of the City of
Bakersfield (the "City") has, by Ordinance No. 2737 New
Series, adopted by the Council on April 28, 1982, enacted the
City of Bakersfield Economic Development Revenue Bond Law
(herein called the "Law"), authorizing and establishing a
procedure for the issuance of revenue bonds by the City for
the purpose of financing the acquisition, construction and
improvement of industrial, commercial and business
facilities; and
WHEREAS, the City Council of the City has, by
Resolution No. 34-82 , adopted on April 14 , 1982,
preliminarily aproved th~--~ssuance of revenue bonds to
finance the acquisition and renovation of the Kress
Department Store (the "Project"); and
WHEREAS, final approval of the terms of the
issuance and sale of such bonds and various related matters
is now sought; and
WHEREAS,
public hearing on
issuance of bonds
the City Council of the City has held a
the matter and now desires to authorize the
to finance the Project;
NOW, THEREFORE, BE IT RESOLVED by the Council of
the City of Bakersfield, as follows:
Section 1. Pursuant to the Law, revenue bonds of
the City, designated "City of Bakersfield Deposit With Lender
Revenue Bonds (Bank of America National Trust and Savings
Association), Issue of 1983" (the "Bonds"), in an aggregate
principal amount not to exceed $2,000,000, bearing interest
at a rate or rates not to exceed 12% per annum, and maturing
not later than 25 years from the date of issuance thereof,
are hereby authorized to be issued.
Section 2. The proposed form of trust indenture
(the "Indenture"), between the City and Security Pacific
National Bank (the "Trustee"), presented to this meeting, is
hereby approved. The Mayor or City Manager is hereby
authorized and directed, for and in the name and on behalf of
the City, to execute and deliver the Indenture in
substantially said form, with such changes therein as such
officer and the City Attorney may requ~Lre or approve, such
approval to be conclusively evidenced by the execution and
delivery thereof. The date, maturity dates, interest rate or
rates, interest payment dates, denominations, forms,
registration 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,
subject to the limitations set forth in Section 1 above.
Section 3. The proposed form of time deposit
agreement (the "Deposit Agreement"), among the City, the
Trustee and Bank of America National Trust and Savings
Association (the "Lender"), presented to this meeting, is
hereby approved. The Mayor or City Manager is hereby
authorized and directed, for and in the name and on behalf of
the City, to execute and deliver the Deposit Agreement in
substantially said form, with such changes therein as such
officer and the City Attorney may require or approve, such
approval to be conclusively evidenced by the execution and
delivery thereof.
Section 4. The proposed form of program agreement
(the "Program Agreement"), among the City, the Trustee, the
Lender and Kress Building Associates (the "Company"),
presented to this meeting, is hereby approved. The Mayor or
City Manager is hereby authorized and directed, for and in
the name and on behalf of the City, to execute and deliver
the Program Agreement in substantially sa~d form, with such
changes therein as such officer and the City Attorney may
require or approve, such approval to be conclusively
evidenced by the execution and delivery thereof.
Section 5. Sale of the Bonds by the C~ty to Wulff,
Hansen & Co. (the "Purchaser"), at any time within 180 days
after the date of adoption of this resolution, is hereby
approved. The proposed form of bond purchase contract (the
"Purchase Contract"), between the City and the Purchaser,
presented to this meeting, is hereby approved. The Mayor or
City Manager is hereby authorized and directed, for and in
the name and on behalf of the City, to execute and deliver
the Purchase Contract in substantially said form, with such
changes and containing such terms as such officer and the
City Attorney may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
Section 6. Forms of the proposed Indenture,
Deposit Agreement, Program Agreement and Purchase Contract
shall be placed on file in the office of the City Clerk.
Section 7. Bonds in an aggregate principal amount
not to exceed $2,000,000 shall be executed by the manual or
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facsimile signature of the Mayor or City Manager and the seal
of the City or a facsimile thereof shall be affixed or
imprinted thereon and attested by the manual or fascimile
signature of the City Clerk.
Section 8. The Bonds, when so executed, 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 in accordance
with written instructions executed on behalf of the City by
the Mayor or City Manager, which instructions said officer is
hereby authorized and directed, for and in the name and on
behalf of the City, to execute and deliver to the Trustee.
Such instructions shall provide for the delivery of the Bonds
to the Purchaser upon payment of the purchase price thereof,
which shall be not less than 95~ of the principal amount of
the Bonds, plus interest accrued from the date thereof to the
date of such purchase.
Section 9. The City Clerk is hereby authorized and
directed to attest the signature of the Mayor and the City
Manager and to affix and attest the seal of the City as may
be requested in connection with the execution and delivery of
the Bonds and the Indenture, Deposit Agreement, Program
Agreement and Purchase Contract in accordance with this
resolution.
Section 10. All actions heretofore taken by the
officers and agents of the City with respect to the sale and
issuance of the Bonds are hereby approved, confirmed and
ratified, and the cf/icers of th~ City an~ their authorized
deputies are hereby authorized and directed, jointly and
severally, to do any and all things and to execute and
deliver any and all certificates and other documents which
they may deem necessary or advisable in order to consummate
the issuance, sale and delivery of the Bonds and otherwise to
carry out, give effect to and comply with the terms and
intents of this resolution, the Bonds and the Indenture,
Deposit Agreement, Program Agreement and Purchase Contract.
Section 1t. 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 2nd day of
~iarch , 1983, by the following vote:--
, c~% .
CITY ~x Officio Clerk
of the Council of the City of
Bakersfield
APPROVED this 2nd day of ~iarch 1983
MA~D~ of theY-City of Bakersfield
APPROVED as to form:
CITY ATTORNEY of th~ City of Bakersfield
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