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Home My WebLink About1995-03-20MINUTES HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY Council Chamber, Civic Center Huntington Beach, California Monday, March 20, 1995 A videotape recording of this meeting is is on file in the Office of the City Clerk SPECIAL MEETING OF THE HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY Chairman Leipzig called the Special Meeting of the Huntington Beach Public Financing Authority to order. PUBLIC FINANCING AUTHORITY ROLL CALL: Present: Harman, Bauer, Sullivan, Leipzig, Dettloff, Green, Garofalo Absent: None The Clerk/Secretary was directed to read the Call for Special Meeting notice. CALL FOR SPECIAL MEETING OF. HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY Victor Leipzig, Chairman Dave Sullivan, Director Ralph Bauer, Director Shirley Dettloff, Director Dave Garofalo, Director Peter Green, Director Tom Harman, Director You are hereby, notified that a Special Meting of.the Huntington Beach Public Financing Authority of the City of Huntington Beach, California, is called for and will be held I the Council Chamber of the Civic Center, at the hour of 6:30=P:M. on Monday, March 20, 1995, for the purpose of reaffirming the purchase and sale of Redevelopment Agency Tax Allocation Bonds "Mora Kai. Apartments" originally approved on November 7, 1994 - (Se attached agenda), and to adopt Resolution Number 5 fixing the time and place of regular meetings. Dated: March 14, 1995 /s/ Victor Leipzig Chairman Huntington Beach Financing Authority Page 2 - Huntington Beach Public Financing Authority Minutes - 03/20/95 ATTEST: Isl Connie Brockway _ Secretary I hereby certify that I received the above notice, "Call For Special Meeting of the Huntington Beach Financing Authority, prior to 6:30 P.M., on Sunday, March 19, 1995. Isl Vctor_Leipzig _ Chairman Huntington Beach Financing Authority (Public Financing Authority) RESOLUTION NO. 5 - ADOPTED SETTING TIME AND PLACE OF REGULAR MEETINGS - HB PUBLIC FINANCING AUTHORITY The Secretary presented a communication from the Assistant City Administrator regarding the need for the Huntington Beach Public Financing Authority of the City of Huntington Beach to meet more frequently than the current one meeting per year. A motion was made by Sullivan, second Harman, to adopt Public Financing Authority Resolution No. 5 - "A RESOLUTION OF THE HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY DESIGNATING TIME AND PLACE'OF REGULAR MEETINGS." (The regular meeting of the Huntington Beach Public Financing Authority will coincide with the regular meetings of the City Council and/or Redevelopment Agency.) The motion carried by the following roll call vote: AYES: Harman, Bauer, Sullivan, Leipzig, Dettloff, Green, Garofalo NOES: None ABSENT: None (City Council/Redevelopment Agency/public Financing Authority) REDEVELOPMENT AGENCY RESOLUTION NO. 266 - ADOPTED - PUBLIC FINANCING AUTHORITY RESOLUTION NO. 6 - ADOPTED - REAFFIRMATION REGARDING MORA KAI APARTMENTS BOND ISSUANCE - BERTRAM PARTNERS The City Clerk presented a communication from the Assistant City Administrator regarding Bertram Partners requesting that the city (acting as the Redevelopment Agency) issue and sell tax exempt revenue bonds for the acquisition and rehabilitation of an existing forty-two (42) unit multifamily rental property known as the Mora Kai Apartments located at 18881 Mora Kai Lane. The developer has also asked the Agency to commit an annual pledge of housing set aside funds as security for the bonds. ' Page 3 - Huntington Beach Public Financing Authority Minutes - 03/20/95 This project was approved last year, however, due to the Orange County Bankruptcy, the Redevelopment Agency was not able to secure assurance that the 1995 tax dollars due the city would be distributed in the normal manner. Therefore, without that assurance, Bond Disclosure Council was not able to issue an opinion which allowed the bond insurance writer to commit. An assurance has been secured, bond insurance is available, and a bond issuance can now proceed. A motion was made by Harman, second Garofalo, to adopt the following resolutions: Redevelopment Agency Resolution No. 266 - "A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH APPROVING REVISED OFFICIAL STATEMENT AND REAUTHORIZING THE ISSUANCE OF•MULTIFAMILY HOUSING REVENUE BONDS AND RELATED ACTIONS." Public Finance.Authority Resolution No. 6 - "A RESOLUTION OF THE BOARD OF DIRECTORS OF THE HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY AFFIRMING AUTHORIZATION TO PURCHASE AND SELL REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH TAX ALLOCATION BONDS (HOUSING SET -ASIDE REVENUES - MORA KAI APARTMENTS FINANCING)." The motion carried by the following roll call vote AYES: Harman, Bauer, Sullivan, Leipzig, Dettloff, Green, Garofalo NOES: None ABSENT: None ADJOURN HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY The Special Meeting of the Huntington Beach Public Financing Authority adjourned. ATTEST: Secretary C� Secretary Chairman