HomeMy WebLinkAboutPublic Facilities Corporation - 77-19 V` k PUBL/C�q
o� Huntington Beach Public Facilities Corporation
Q INCORPORATED rn 17371 Gothard Street
Z NOVEMBER 27.1970 CO) Huntington Beach, California 92647
yti aoCID
RESOLUTION NO. 77-19
CAL IF0WO'
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
DIRECTING THE TRUSTEE TO TRANSFER AN AMOUNT OF
MONEY FROM THE CONSTRUCTION FUND OF THE SECOND
ISSUE LEASEHOLD MORTGAGE BONDS.
WHEREAS the construction of the Central Library has been
completed, and there are minimal, if any, foreseeable changes, alter-
ations , and additions to the Project, and funds will be retained in
a sufficient amount to provide for payment of remaining costs; and
WHEREAS there exists a remainder in the Construction Fund
established by the Indenture of Mortgage and Deed of Trust, dated
September 1, 1972, between the Huntington Beach Public Facilities
Corporation and Bank of America National Trust and Savings Association;
and
WHEREAS the Board of Directors consider the remainder to be
in excess of projected needs for payment of remaining construction
costs, or for changes, alterations, or additions to the Project; and
WHEREAS Section 406 of the Indenture of Mortgage and Deed
of Trust provides for optional dispositions of these funds by the Board
of Directors of the Corporation;
NOW, THEREFORE, the Board of Directors of the Huntington
Beach Public Facilities Corporation does hereby resolve that the Trustee
be requested and directed to transfer $100 , 000 from the Construction
Fund of the Second Issue Leasehold Mortgage Bond Funds into the Rental
Revenue Fund, and that the Trustee follow the procedures of Section
502 of the Indenture for apportionment and subsequent deposit into the
Bond Redemption Fund.
PASSED AND ADOPTED at the Regular Adjourned Meeting of the Board of
Directors on May 25, 1977.
APPROVED AS Tq FORM-
AP 0 ED: �
J y L Sapp, P dent Maky E len Houseal,
Secre ary/Treasurer
DATED �J�7 7 ATTEST: �� A/.'�'
Donald W. Kiser,Asst.Secretary
H.B.P.F.C.