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HomeMy WebLinkAboutRES NO 052-09 RESOLUTION NO. 0 5 2- 0 9 RESOLUTION APPROVING, AUTHORIZING, AND DIRECTING EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT RELATING TO THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY AND APPROVING THE ISSUANCE OF REVENUE BONDS IN ONE OR MORE SERIES BY THE AUTHORITY FOR THE PURPOSE OF FINANCING AND REFINANCING THE ACQUISITION, CONSTRUCTION AND IMPROVEMENT OF CERTAIN FACILITIES FOR THE BENEFIT OF THE DEVELOPMENTAL SERVICES SUPPORT FOUNDATION FOR KERN, INYO AND MONO COUNTIES WHEREAS, pursuant Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), certain public agencies (the "Members") have entered into a Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, effective as of January 1, 2004 (the "Agreement") to form the California Municipal Finance Authority (the "Authority"), for the purpose of promoting economic, cultural and community development, and in order to exercise any powers common to the Members, including the issuance of bonds, notes or other evidences of indebtedness; and WHEREAS, the City of Bakersfield (the "City"), has determined that it is in the public interest and for the public benefit that the City become a Member of the Authority in order to facilitate the promotion of economic, cultural and community development activities in the City, including the financing of projects therefor by the Authority; and WHEREAS, there is now before this City Council of the City (the "City Council") the form of the Agreement; and WHEREAS, the Agreement has been filed with the City Clerk, and the members of the City Council, with the assistance of its staff, have reviewed said document; and WHEREAS, the Authority is authorized to issue and sell revenue bonds for the purpose, among others, of financing and refinancing the Project (as described below); and WHEREAS, the Developmental Services Support Foundation for Kern, Inyo and Mono Counties, a California nonprofit public benefit corporation (the "Borrower") has requested that the Authority issue and sell revenue bonds in the maximum principal amount not to exceed $13,000,000 in one or more series (collectively, the "Bonds") for the purpose of making a loan to the Borrower, for the purpose of, among other things, financing and refinancing the acquisition of certain real property and improvements, including for the construction, equipping and/or renovation of certain improvements for use primarily as office facilities, the principal tenant of which will be the Kern Regional Center, Inc. ("KRC"), consisting of one or more buildings to be owned and operated by the Borrower (collectively, the "Project") and located on land acquired within the City. The Project is located at 3200 North Sillect Avenue, Bakersfield, California 93308 o~gAKF9~ m r U p 80523103.3 ORIGINAL ("KRC's Offices") and on North Sillect Avenue (APN 001-400-09) adjacent to KRC's Offices; and WHEREAS, for the interest on the Bonds to be tax-exempt, Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), requires that an "applicable elected representative of the governmental unit, the geographic jurisdiction of which contains the site of facilities to be financed with the proceeds of the Bonds, hold a public hearing on the issuance of the Bonds and approve the issuance of the Bonds following such hearing; and WHEREAS, the Authority has determined that the City Council is an "applicable elected representative" for purposes of holding such hearing; and WHEREAS, the Authority has requested that the City Council approve the issuance of the Bonds by the Authority to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Agreement; and WHEREAS, notice of such public hearing has been duly given as required by the Code, and the City Council has held such public hearing at which all interested persons were given an opportunity to be heard on all matters relative to the financing or refinancing of the Project and the issuance of bonds therefor; and WHEREAS, it is in the public interest and for the public benefit that the City Council approve the issuance of the Bonds by the Authority for the aforesaid purposes; NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL OF THE CITY OF BAKERSFIELD, AS FOLLOWS: Section 1. The Agreement is hereby approved and the Mayor of the City, the City Manager and/or their respective designees (the "Authorized Representatives") are hereby jointly and severally hereby authorized and directed to execute the Agreement, and the City Clerk or the City Clerk's designee is hereby authorized and directed to attest thereto. Section 2. The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution also constitute approval of the issuance of the Bonds (a) by the "applicable elected representative" of the governmental unit having jurisdiction over the area in which the Project is located in accordance with Section 147(f) of the Code and (b) by the City Council in accordance with Section 4 of the Agreement. Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to the Bonds. ~ ogAKF9ip" M r- U C7 ORIGINAL Section 4. The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, rehabilitation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein. Section 5. The Authorized Representatives, the Clerk and all other proper officers, officials and staff of the City are hereby authorized and directed, jointly and severally, to execute such other agreements, documents and certificates, and to perform such other acts and deeds, as may be necessary or convenient to effect the purposes of this Resolution and the transactions herein authorized. Section 6. The Clerk shall forward a certified copy of this Resolution and an originally executed Agreement to the Authority in care of its counsel and to bond counsel: Harriet M. Welch, Esq. Squire, Sanders & Dempsey LLP. 555 South Flower St., Suite 3100 Los Angeles, CA 90071-2300 and Don Hunt, Esq. Fulbright & Jaworski L.L.P. 555 South Flower Street, 41St Floor Los Angeles, CA 90071 Section 7. This resolution shall take effect immediately upon its passage. o~SAX%-~ m U O ORIGINAL 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 MAY 0 6 2009 by the following vote: AYES COUNCILMEMBER CARSON, BENHAM, COUCH, HANSON, SULLIVAN, SCRIVNER, WEIR NOES: COUNCILMEMBER A0 N k ABSTAIN: COUNCILMEMBER no L ABSENT: COUNCILMEMBER ;nom" PAMELA A. McCARTHY, C CITY CLERK and Ex Officio Clerk of the MAY 0 6 2009 Council of the City of Bakersfield APPROVED HARVEY L. HALL MAYOR of the City of Bakersfield APPROVED as to form: VIRGINIA GENNARO City Attorney By: O HUA H. RUDNICK Qadputy City Attorney II o``gAKF9~ y T r v o ORIGINAL