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HomeMy WebLinkAbout1994-06-06 (15)MINUTES HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY Council Chamber, Civic Center Huntington Beach, California Monday, June 6, 1994 A videotape recording of this meeting is on file in the Office of the City Clerk The Chairman called the special meeting of the Huntington Beach Public Financing Authority to order. HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY ROLL CALL: PRESENT: Moulton -Patterson, Winchell, Leipzig, Sullivan ABSENT: Silva, Robitaille, Bauer The Clerk/Secretary was directed to read the Call for Special Meeting notice CALL FOR SPECIAL MEETING OF HUNTINGTON BEACH FINANCING AUTHORITY Linda Moulton -Patterson, Chairman Jim Silva, Director Ralph Bauer, Director Earle Robitaille, Director Grace Winchell; Director Victor Leipzig, Director Dave Sullivan, Director You are hereby notified of a Special Meeting of the Board of Directors of the Huntington Beach Public Financing Authority on,Monday, June 6, 1994, at 6:30 P.M. or shortly thereafter in the Huntington�,Beach City Council'Chambers, 2000-Main Street, Huntington Beach, California for the purpose of:. (1:)°.considering the issuance and sale by the Authority of its notes under the Marks - Roos Local Bond Pooling Act of 1985, being Section 6584 and following of the California Government Code, in the aggregate principal amount of not to exceed $16,000,000 to finance two loans to the City of Huntington Beach, in the amount of not to exceed $16,000,000 to finance city working capital needs; (2) consideration of the approval of the execution and delivery by the Authority of certain Loan Agreements among the Authority and the City; (3) consideration of the sale of the notes referred to above pursuant to a°negotiated competitive bid, and (4) consideration of other documentation and actions in connection with the issuance of said notes and the making of said loans, and to consider the following: Page 2 - Huntington Beach Public Financing Authority Minutes - 06/06/94 (City Council RESOLUTION NO. 6600 - ESTABLISHMENT OF A NEW FUND - RESERVE FOR ECONOMIC UNCERTAINTIES Communication from ©irector of Administrative Services regarding establishing a separate fund in the amount of $5 million as the City's reserve. RECOMMENDED ACTION: Adopt Resolution No. 6600 - "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH CREATING A RESERVE FOR ECONOMIC UNCERTAINTY." Dated: May 31, 1994 ATTEST: Isl Connie Brockway Secretary Isl Linda Moulton -Patterson Chairman, Huntington Beach Financing Authority I hereby certify that I received the above notice, "Call For Special Meeting of the Huntington Beach Finance Authority, prior to 6:30 p.m., on Sunday, June 5, 1994. Isl Linda Moulton -Patterson Chairman, Huntington Beach Financing Authority (City Council) RESOLUTION NO. 6600 - ADOPTED - ESTABLISHMENT OF A NEW FUND - RESERVE FOR ECONOMIC UNCERTAINTIES (320.10) The Secretary presented a communication from the Director of Administrative Services regarding establishing a separate fund in the amount of $5,000,000 as the City's reserve. The Secretary presented Council Resolution No. 6600 - "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH CREATING A RESERVE FOR ECONOMIC UNCERTAINTY." (City Council/Public Financinq Authority) TAX AND REVENUE ANTICIPATION NOTES (TRAM - FY 1994-95 - TO FINANCE WORKING CAPITALREQUIREMENTS - APPROVED, (330.70) The Secretary presented a communication from the City Administrator and Director of —'Administrative Services regarding Tax and Revenue Anticipation Note financing for FY 1994-95. Page 3 - Huntington Beach Public Financing Authority Minutes - 06/06/94 PUBLIC FINANCING AUTHORITY RESOLUTION NO. 7 - ADOPTED The Secretary presented Public Financing Authority Resolution No. 7 - "A RESOLUTION OF THE BOARD OF DIRECTORS OF THE HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY AUTHORIZING THE ISSUANCE AND SALE OF NOTES IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $16,000,000 TO FINANCE LOANS TO THE CITY OF HUNTINGTON BEACH FOR WORKING CAPITAL PURPOSES." CITY COUNCIL RESOLUTION NO. 6597 - ADOPTED The Secretary presented Council Resolution No. 6597 - "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AUTHORIZING BORROWING OF FUNDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $16,000,000 FROM THE HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY TO FINANCE WORKING CAPITAL REQUIREMENTS OF FISCAL YEARS 1993-94 AND 1994-95, AND APPROVING RELATED AGREEMENTS AND MATTERS." Bob Franz, Deputy City Administrator/Administrative Services, presented a staff report. Following discussion, a motion was made by Winchell, seconded by Leipzig, to adopt Public Financing Authority Resolution No. 7, to approve and authorize the Authority Secretary {City Clerk} to execute the Notice of Intention and Official Notice of Sale for the Tax and Revenue Anticipation Notes, and to adopt Council Resolution No. 6597. The motion carried by the following roll call motion: AYES: Moulton -Patterson, Winchell,`Leipzig, Sullivan NOES: None ABSENT: Silva, Robitaille, Bauer HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY - ADJOURNMENT The Chairman adjourned the special meeting of the Huntington Beach Public Financing Authority. Secretary ATTEST: oe r;�-;tSwe 6c'- _ Linda Moulton -Patterson _ �. LI fe do V" CITY OF HUNTINGTON BEACH 2000 MAIN STREET OFFICE OF THE CITY CLERK CONNIE BROCKWAY CITY CLERK CALL FOR SPECIAL MEETING OF HUNTINGTON BEACH FINANCING AUTHORITY Linda Moulton Patterson, Chairman Jim Silva, Director Ralph Bauer, Director Earle Robitaille, Director Grace Winchell, Director Victor Leipzig, Director Dave Sullivan, Director Gentlemen: CALIFORNIA 92648 You are hereby notified of a Special Meeting of the Board of Directors of the Huntington Beach Public Financing Authority on Monday, June 6, 1994, at 6-.30 P.M. or shortly thereafter in the Huntington Beach City City Council Chambers, 2000 Main Street, Huntington Beach, California for the purpose of: (1) considering the issuance and sale by the Authority of its notes under the Marks -Roos Local Bond Pooling Act of 1985, being Section 6584 and following of the California Government Code, in the aggregate principal amount of not to exceed $16,000,000 to finance two loans to the City of Huntington Beach, in the amount of not to exceed $16,000,000 to finance city working capital needs; (2) consideration of the approval of the execution and delivery by the Authority of certain Loan Agreements among the Authority and the City; (3) consideration of the sale of the notes referred to above pursuant to a negotiated competitive bid; and (4) consideration of other documentation and actions in connection with the issuance of said notes and the making of said loans, and to consider the following: (City Council °RESOLUTION NO, 6600 - ESTABLISHMENT OF A NEW FUND - RESERVE FOR ECONOMIC UNCERTAINTIES Communication from Director of Administrative Services regarding establishing a separate fund in the amount of $S million as the City's reserve. RECOMMENDED ACTION: Adopt Resolution No. 6600 -'A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH CREATING A RESERVE FOR ECONOMIC UNCERTAINTY." Dated May 31, 1994 Chairman, Huntington Beach Financing Authority ATTEST: Secretary Ihhereby certify that I-receiyed the ove notice, "Call For Special Meeting of the Huntington Beach Finance Authority, prior to 6:30 p.m., on Sunday, June 5, 1994. g:cc%hbpfa Chairman, Huntington Beach Financing Authority (Telephone: 714-5 36-5 227 )