HomeMy WebLinkAboutRES NO 158-01RESOLUTION NO. 1 $ 8 ' 0 1
RESOLUTION APPROVING FORM AND SUBSTANCE OF ACQUISITION
AND DISCLOSURE AGREEMENTS AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 01-2
(SEVEN OAKS WEST II/RIVER WALK/SOUTHERN OAKS)
WHEREAS, there have been filed with the City Clerk of the City of Bakersfield
(the "City") three agreements, each having Exhibits A through D, inclusive, attached thereto, and
each entitled "Acquisition and Disclosure Agreement" (collectively, the "Acquisition and
Disclosure Agreements"), each dated October 3, 2001, as follows:
a. The first such agreement is by and between the City and Castle & Cooke
Califomia, Inc. ("Castle & Cook California");
b. The second such agreement is by and between the City and Castle & Cooke
Commemial - CA, Inc. ("Castle & Cooke Commemial"); and
c. The third such agreement is by and between the City and Soper Homes, Inc.
("Soper Homes"); and
WHEREAS, this City Council wishes to approve the Acquisition and Disclosure
Agreements as to form and substance, with provision for making changes thereto, and to
authorize the execution thereof;
NOW, THEREFORE, THE CITY COUNCIL HEREBY FINDS, DETERMINES
AND RESOLVES as follows:
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1. This City Council approves the form and substance of the Acquisition and
Disclosure Agreements and each of them, providing (1) the terms and conditions under which
Castle & Cooke California, Castle & Cooke Commercial and Soper Homes, respectively, will
provide for the construction and installation of certain prescribed improvements and (2) the terms
and conditions under which the City will use its best efforts to issue and sell limited obligation
improvement bonds of Assessment District No. 01-2 (Seven Oaks West II/River Walk/Southeru
Oaks) ("Assessment District No. 01-2") and, upon satisfaction of certain prescribed conditions,
utilize a prescribed portion of the proceeds of sale of such bonds to acquire the completed
improvements, it being expressly provided in the Acquisition and Disclosure Agreements, among
other things, that the purchase price of the subject improvements is payable solely from such
proceeds of sale and from no other source whatsoever. A copy of each of the Acquisition and
Disclosure Agreements is attached to this resolution.
2. This City Council hereby authorizes the making of modifications to said
Acquisition and Disclosure Agreements and to each of them, individually or collectively, prior to
execution thereof, provided that any such modifications, including additions, changes, and
deletions, be approved by the City Attorney prior to such execution, such approval to be
conclusively established by the City Attorney's execution thereof.
3. The Mayor is authorized to sign the Acquisition and Disclosure
Agreements, the Finance Director is authorized to countersign the Acquisition and Disclosure
Agreements as signed by the Mayor, and all other officers and representatives of the City and of
the City's Bond Counsel for Assessment District No. 01-2 are authorized to execute where
indicated.
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OR1GINA~
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 October 3, 2001, by
the following vote:
AYESi
NOESi
ABSTAIN~
ABSENT~
CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SALVAGGIO
Councilmember
Councilmember
Counc lmember
Councilmember IX30~Q ~
City Clerk and Ex Officio
Clerk of the Council of the
City of Bakersfield
APPROVED this 3rd day of October, 2001
HARVEY L. HALL
May°r ° f t~afi2City ° f B akers/J~eld
~PROVED AS TO FO~:
O~CK, HE~GTON & SUTCLIFFE LLP
APPROVED AS TO FORM:
BART J. THILTGEN
City Attorney
By / '~~'}~ ~
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