HomeMy WebLinkAboutCity Council - 4926 II
RESOLUTION NO. 4926
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH STATING ITS INTENTION TO ISSUE
MORTGAGE REVENUE BONDS AND RETAIN INVESTMENT
BANKERS AND BOND COUNSEL
WHEREAS, the Legislature of the State of California has
authorized cities to make long-term, low-interest loans through
qualified mortgage lenders to finance residential construction,
rehabilitation and resale of existing housing stock throughout
the jursidiction of the City of Huntington Beach (the "City") ; and
The Legislature, in Health and Safety Code sections 52000 et
seq. , has established parameters by which a city may issue mort-
gage bonds for the purpose of financing such construction, re-
habilitation and resale; and
The city believes that it is in its best interest to utilize
mortgage revenue bonds to increase the supply of housing in
Huntington Beach; and
Expanding housing opportunities through the issuance of
mortgage revenue bonds is a valid public purpose; and
In order to issue the bonds successfully, the city requires
the advice of qualified investment bankers and bond counsel,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Huntington Beach that:
1. It hereby approves and authorizes the issuance of mort-
gage revenue bonds, pursuant to Health and Safety Code sec-
tions 52000 et seq. , in an amount not to exceed $50,000, 000.
2. The bonds will be payable solely out of revenues and
other amounts derived by the city from mortgage loans , the funds
in the debt service reserve fund and other funds and accounts
created by the trust indenture establishing the program and the
earnings thereon. The bonds will not be a general or moral obli-
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1.
gation of the city within the meaning of any constitutional or
statutory provisions, nor a charge against its general credit.
3. Neither the members of the City Council, nor any of-
i
ficial or employee of the city, nor any person executing the
bonds issued under the program shall be liable personally on the
li bonds or be subject to any
y personal liability or accountability
by reason of the issuance thereof.
4. It is hereby found and determined that the issuance of
such bonds is a valid and lawful public purpose.
5. Bond proceeds shall be used for either, one, two or all
of the following purposes: sale of newly-constructed residences,
sale of existing homes or substantial rehabilitation of existing
residences.
6. The Acting City Administrator is authorized and directed
to submit to the Housing Bond Credit Committee a statement of the
purpose for which bonds are proposed to be issued and the amount
of the proposed issue, and to take further actions as are required
to prepare a mortgage revenue bond issue and program.
7. That Wilson, Morton, Assaf & McElligott, attorneys at law,
be retained by the city as bond counsel, with their fees to be
paid from and their expenses to be recovered from, bond proceeds.
8. That Lehman Brothers Kuhn Loeb, Inc. and Birr Wilson,
Inc . be retained by the city as investment bankers with their fees
to be paid from, and their expenses to be recovered from, bond
proceeds .
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 20th
day of October 1980.
Ma yor
ATTEST: APPROVED:
City Clerk City Attorney
2.
i
I
3NITIATED, REVIEW AND APPROVED:
Acting City Admqhistrator
3•
Res. No. 4926
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, ALICIA M. WENTWORTH, the duly elected, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular meeting thereof held on the ZOth day
of October , 19 80 by the following vote:
AYES: Councilmen:
Thomas, Finley, Bailey, MacAllister, Mandic, Kelly
NOES: Councilmen:
None
ABSENT: Councilmen:
Pattinson
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California