HomeMy WebLinkAboutRES NO 082-12CITY OF BAKERSFIELD
CONSOLIDATED REASSESSMENT DISTRICT NO. 12 -1
RESOLUTION NO. 082— 1 2
RESOLUTION APPROVING ISSUANCE AND SALE OF NOT TO EXCEED
$21,670,000 PRINCIPAL AMOUNT OF CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY LIMITED OBLIGATION REVENUE BONDS
(CONSOLIDATED REASSESSMENT DISTRICT NO. 12 -1), SERIES 2012;
APPROVING A PRELIMINARY OFFICIAL STATEMENT, AUTHORIZING
CHANGES THERETO AND DELIVERY THEREOF AND OF AN OFFICIAL
STATEMENT TO BE DERIVED THEREFROM; APPROVING A LOCAL
OBLIGATION PURCHASE CONTRACT, AND A REFUNDING ESCROW
AGREEMENT, AUTHORIZING MODIFICATIONS THEREOF AND EXECUTION
AND DELIVERY OF EACH; AND AUTHORIZING RELATED ACTIONS
NECESSARY TO IMPLEMENT THE PROPOSED REFUNDING PROGRAM
WHEREAS, the City Council of the City of Bakersfield (the "City "), by proceedings duly
had and taken, provided for the issuance of the following City of Bakersfield Limited Obligation
Improvement Bonds (the "Prior Bonds ") in and for the following assessment districts (the
"Assessment Districts ") under and pursuant to the conditions and terms of the Improvement
Bond Act of 1915, being Division 10 of the California Streets and Highways Code (the "1915
Act "):
1. Brimhall II, Spring Meadows, Fairways, Campus Park, Assessment District No. 96 -1
$3,685,000 principal amount of bonds issued on December 23, 1996, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 96 -1
( Brimhall II/ Spring Meadows/ Fairways/ Campus Park)" of which the unmatured
principal amount of $390,000 remains outstanding;
2. Spring Meadows II, Stockdale Highway Commercial, Assessment District No. 97 -1
$1,520,000 principal amount of bonds issued on May 13, 1998, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 97 -1
(Spring Meadows II/ Stockdale Highway Commercial) ", of which the unmatured
principal amount of $595,000 remains outstanding;
3. Brimhall IV, Stockdale Highway Commercial, Gosford Industrial, Assessment District No.
98 -1
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$5,830,000 principal amount of bonds issued on July 2, 1999, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 98 -1
(Brimhall IV/ Stockdale Highway Commercial /Gosford Industrial) ", of which the
unmatured principal amount of $2,420,000 remains outstanding;
4. Polo Greens, River Oaks, Assessment District No. 99 -1
$2,310,000 principal amount of bonds issued on November 3, 1999, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 99 -1 (Polo
Greens/ River Oaks) ", of which the unmatured principal amount of $1,070,000 remains
outstanding;
Seven Oaks West, Assessment District No. 99 -2
$4,215,000 principal amount of bonds issued on July 19, 2000, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 99 -2
(Seven Oaks West) ", of which the unmatured principal amount of $1,970,000 remains
outstanding;
6. Ming at Allen, Mountain Vista Drive, Hampton Place, Assessment District No. 01 -1
$2,460,000 principal amount of bonds issued on July 19, 2001, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 0 1 -1 (Ming
at Allen/ Mountain Vista Drive /Hampton Place) ", of which the unmatured principal
amount of $1,360,000 remains outstanding;
7. Seven Oaks West II, River Walk, Southern Oaks, Assessment District No. 01 -2
$7,880,000 principal amount of bonds issued on April 24, 2002, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 01 -2
(Seven Oaks West IU River Walk/ Southern Oaks) ", of which the unmatured principal
amount of $4,175,000 remains outstanding;
8. Madison Grove, San Lauren, Mountain Vista, Westlake, Assessment District No. 01 -3
$5,060,000 principal amount of bonds issued on August 7, 2002, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 01 -3
(Madison Grove/ San Lauren/ Mountain Vista/ Westlake) ", of which the unmatured
principal amount of $3,035,000 remains outstanding;
9. Avalon, Belsera, Montara, The Woods, Assessment District No. 02 -1
$1,940,000 principal amount of bonds issued on November 14, 2002, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 02 -1
(Avalon/ Belsera/ Montara/ The Woods) ", of which the unmatured principal amount of
$1,205,000 remains outstanding;
10. Brighton Place, Silver Creek II, Assessment District No. 03 -1
$2,895,000 principal amount of bonds issued on June 2, 2004, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 03 -1
(Brighton Place /Silver Creek II) ", of which the unmatured principal amount of
$1,880,000 remains outstanding;
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11. Buena Vista Ranch, Belsera II, Montara II, Olive Park II, Assessment District No. 03 -2
$3,045,000 principal amount of bonds issued on October 15, 2003, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 03 -2
(Buena Vista Ranch/ Belsera II/ Montara II/ Olive Park II) ", of which the unmatured
principal amount of $1,825,000 remains outstanding;
12. Seven Oaks West III, Brighton Place II, Fairway Oaks South, Assessment District No. 03 -3
$6,455,000 principal amount of bonds issued on July 8, 2004, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 03 -3
(Seven Oaks West III/ Brighton Place II/ Fairway Oaks South) ", of which the unmatured
principal amount of $4,155,000 remains outstanding; and
WHEREAS, the City Council intends to issue limited obligation refunding bonds (the
"Local Obligations ") pursuant to the Refunding Bond Act of 1984 for 1915 Improvement Act
Bonds (the "1984 Act ") for the purpose of refunding the umnatured portions of the Prior Bonds
now outstanding under and pursuant to the conditions and terms of the 1984 Act and to provide
for the levy and collection of reassessments as security for the Local Obligations; and
WHEREAS, the refunding program recommended by RBC Capital Markets, as
underwriter (the "Underwriter ") for the securities to be offered to the public in connection with
the proposed refunding of the Prior Bonds entails issuance by the California Statewide
Communities Development Authority (the "Authority ") of its Limited Obligation Revenue Bonds
(City of Bakersfield Consolidated Reassessment District No. 12 -1), Series 2012 ( "Revenue
Bonds "), to be issued pursuant to and under the terms of a trust agreement pertaining thereto (the
"Trust Agreement "), dated as of August 1, 2012, between the Authority and Wilmington Trust,
National Association (the "Trustee "), with the proceeds of sale to be derived from the sale to the
Underwriter of the Revenue Bonds to be used by the Authority to purchase the Local
Obligations; and
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WHEREAS, in furtherance of implementing the proposed refunding program, the
following documents have been prepared, reviewed and approved as to form by City staff, and
filed with the City Clerk:
(a) the Preliminary Official Statement, pertaining primarily to the Revenue Bonds but
also describing the refunding program, the Local Obligations and certain other information
deemed material to an informed investment decision respecting the Revenue Bonds;
(b) a Local Obligation Purchase Contract, by which the Authority proposes to
purchase the Reassessment Local Obligations from the City;
(c) a Bond Purchase Contract, by which the Authority proposes to sell and the
Underwriter proposes to purchase the 2012 Revenue Bonds from the Authority; and
(d) a Refunding Escrow Agreement, between the City and Wilmington Trust,
National Association, as escrow agent (the "Escrow Agent "), pursuant to which the City will
provide the Escrow Agent with money and investment securities sufficient to redeem all
outstanding Prior Bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Bakersfield
as follows:
Section 1. The foregoing recitals are true and correct, and this City Council so finds
and determines.
Section 2. This City Council hereby finds and determines that the issuance by the
Authority of its Revenue Bonds, and the acquisition of the Local Obligations by the Authority
will result in significant public benefits, including demonstrable savings in effective interest rate,
bond preparation, bond underwriting and bond issuance costs.
Section 3. The form of Preliminary Official Statement (the "Preliminary Official
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Statement "), submitted to this meeting and on file with the City Clerk, is hereby approved, with
such changes as the Finance Director or designee shall approve. The Finance Director is hereby
authorized and directed to approve the distribution of the Preliminary Official Statement when
satisfied with it and to certify on behalf of the City that the Preliminary Official Statement has
been deemed "final" by the City, except for certain information pursuant to Rule 15c2 -12. The
Official Statement may contain such changes as the Finance Director shall approve, such
approval to be conclusively evidenced by the execution thereof on behalf of the City.
Section 4. The form of Local Obligation Purchase Contract (the "Local Obligation
Purchase Contract "), submitted to this meeting and on file with the City Clerk, pursuant to which
the Authority offers to purchase the Local Obligations from the City, is hereby approved, with
such changes as the Finance Director or designee shall approve, such approval to be conclusively
established by the execution thereof. The Finance Director is hereby authorized and directed, for
and in the name and on behalf of the City, to execute and deliver to the Authority the Local
Obligation Purchase Contract in substantially said form, providing for the sale of the Local
Obligations to the Authority.
The Local Obligations shall mature in the principal amounts in the years and shall bear
interest at the interest rates provided in Exhibit A of the Local Obligation Purchase Contract,
which Exhibit A shall be attached thereto prior to execution thereof on behalf of the City.
Section 5. The form of Bond Purchase Contract (the "Bond Purchase Contract "),
submitted to this meeting and on file with the City Clerk, pursuant to which the Authority offers
to sell and RBC Capital Markets offers to purchase the Revenue Bonds, is hereby approved, with
such changes as the Finance Director or designee shall approve, such approval to be conclusively
established by the execution thereof. The Finance Director is hereby authorized and directed, for
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and in the name and on behalf of the City, to execute and deliver to the Authority the Bond
Purchase Contract in substantially said form.
Section 6. The form of Refunding Escrow Agreement, submitted to this meeting and
on file with the City Clerk, is hereby approved, subject to such changes as the Finance Director
or designee shall approve, such approval to be conclusively established by the execution thereof.
The Finance Director is authorized and directed to execute the Refunding Escrow Agreement on
behalf of the City.
Section 7. All actions heretofore taken by the officers and agents of the City with
respect to notice of advanced redemption to the holders of the outstanding Prior Bonds, the sale,
execution and delivery of the Local Obligations, and the other transactions authorized and
contemplated herein are hereby approved, confirmed and ratified. Notwithstanding any provision
of this resolution authorizing the Finance Director to take any action or execute any document to
the contrary, in the absence of the Finance Director or in lieu of the Finance Director, the person
designated in writing by the Finance Director, may take such action or execute such document
with like effect as fully as though named in this resolution instead of the Finance Director.
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Section 8. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED this 18th day of July, 2012, by the following vote:
✓ ✓ ✓
AYE Scab US W V r I (-6 (-h i Sv,1) rvUh � So'yQ � cv"-.
NOES: nbrk.
ABSENT :\' b.9 nvurn t +unJ�`ti
ABSTAINED: n UYl&"
(SEAL)
ATTEST:
City Clerk of
the City of Bakersfield
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APPROVED: JUL 1 8 2012
APPROVED AS TO FORM:
VIRGINIA GENNARO, CITY ATTORNEY
By ,vL a ai1-v
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CLERK'S CERTIFICATE
I, Roberta Gafford, City Clerk of the City of Bakersfield, do hereby certify as
follows:
The foregoing resolution is a full, true and correct copy of a resolution duly
adopted at a regular meeting of the City Council of said City duly and regularly held at the
regular meeting place thereof on the 18th day of July, 2012, of which meeting all of the members
of said City Council had due notice and at which a majority thereof were present; and that at said
meeting said resolution was adopted by the following vote:
✓ ✓ ✓ ✓
AYES: SALAS, WEIR, COUCH, SULLIVAN, JOHNSON
NOES: NONE
ABSENT: BENHAM, HANSON
ABSTAINED: NONE
An agenda of said meeting was posted at least 72 hours before said meeting at
1600 Truxtun Avenue, Bakersfield, California, a location freely accessible to members of the
public, and a brief description of said resolution appeared on said agenda.
I have carefully compared the foregoing with the original minutes of said meeting
on file and of record in my office, and the foregoing is a full, true and correct copy of the original
resolution adopted at said meeting and entered in said minutes.
Said resolution has not been amended, modified or rescinded since the date of its
adoption and the same is now in full force and effect.
Dated: 2012
—�&a ,
City Clerk of
the City of Bakersfield
[SEAL]
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