HomeMy WebLinkAbout2002-05-06Minutes
Huntington Beach Public Financing Authority
Council Chambers, Civic Center
2000 Main Street
Huntington Beach, California 92648
Monday, May 612002
Roll Call of the City Council/Redevelopment Agency/Huntington Beach Public
Financing Authority Members
Present: Dettloff, Bauer, Cook, Houchen, Winchell, Boardman
Absent: None (Green out of the room)
(Public Financing Authority) Approved and Adopted Minutes
On motion by Dettloff, second Bauer approved and adopted minutes of November 5, 2001
meeting of the Huntington Beach Public Financing Authority as written and on file in the Office
of the City/Agency Clerk/Secretary. The motion carried by the following roll call vote:
AYES: Dettloff, Bauer, Cook, Houchen, Boardman
NOES: None
ABSENT: None (Green out of the room)
ABSTAIN: Winchell (meeting held prior to term of office)
,The Mayor/Chairman/President convened to a Joint Meeting of the Huntington Beach
City Council, the Redevelopment Agency, and the Public Financing Authority on the
following Administrative Item:
(City Council/Redevelopment Agency/Public Financing Authority) Adopted
Resolutions for Refunding Bonds for Redevelopment Agency Merged Project Area —
Adopt Council Resolution No. 2002-36; Agency Resolution No. 335; and Public
Financing Authority Resolution No. 16 (330.60)
The City Council considered a communication from the Economic Development/Deputy
Executive Director informing Council/Agency/Authority members that the balance of the
1992 Redevelopment Agency Tax Allocation Refunding Bonds are now eligible for
refinancing at a more favorable interest rate. A portion of the bonds was refinanced in 1999.
The bonds were originally issued in 1992 to provide funds to enable the Agency to prepay a.
portion of the Agency's 1992 Loans and refund the outstanding Huntington Beach Public.
Financing Authority's 1992 Bonds, to establish a reserve account under the Indenture, and
to pay the expenses of the Agency in connection with the issuance of the Bonds.
Economic Development/Deputy Executive Director David Biggs presented the PowerPoint
slide report that had been announced earlier by the City/Agency Clerk/Secretary as a Late
Communication.
In response to Mayor Pro TemNice Chair/Director Bauer, Director Biggs reported on the
restrictions on refinancing rates.
City Administrator/Executive Director Silver stated that Administrative Services Director
Clay Martin has the responsibility of monitoring said market rates.
(2) May 6, 2002 - Public Financing Authority Minutes — Page 2
A motion was made by Bauer, second Dettloff to approve the following:
City Council Action:
Adopt Resolution No. 2002-36 approving proceeding with the issuance by the
Redevelopment Agency of 2002 tax allocation refunding bonds and approving related
documents and actions "A Resolution of the City Council of the City of Huntington Beach
Approving the Issuance of Tax Allocation Refunding Bonds by the Redevelopment Agency
of the City of Huntington Beach in the Maximum Principal Amount of $23, 000, 000."
Redevelopment Agency Action:
Adopt Resolution No. 335 approving proceeding. Redevelopment Agency Board with the
issuance of 2002-tax allocation refunding bonds and approving related documents and
actions — "A Resolution of the Redevelopment Agency of the City of Huntington Beach
Authorizing the Issuance and Sale of Not to Exceed $23, 000, 000 Principal Amount of 2002
Tax Allocation Refunding Bonds to Refund Outstanding 1992 Tax Allocation Revenue and
Related Loan Agreements, and Approving Related Documents and Actions."
Public Financing Authority Action:
Adopt Resolution No. 16 approving documents related to the refinancing of its 1992
Revenue Bonds — "A Resolution of the Huntington Beach Public Financing Authority
Approving Documents and Actions Relating to Refunding of 1992 Tax Allocation Revenue
Bonds."
The motion carried by the following roll call vote: .
AYES: Green, Dettloff, Bauer, Cook, Houchen, Winchell, Boardman
NOES: None
ABSENT: None
Adjournment
Mayor/Chair/President Cook adjourned the Joint Meeting of the City Council, the
Redevelopment Agency, and the Huntington Beach Public Financing Authority and
reconvened the City CounciU Redevelopment Agency meeting:
ATTEST:
Secretary
Secretary
Chairman