HomeMy WebLinkAboutPublic Facilities Corporation - 82-2 GN PUB(�C�c
Huntington Beach Public Facilities Corporation g
CZ INCORPORATED T 17371 Gothard Street
Z NOVEMBER 27.1970 ti Huntington Beach, California 92647
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Cq(�F�aN\P RESOLUTION NO. 82-2
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
DIRECTING THE TRUSTEE TO PURCHASE CENTRAL LIBRARY
SECOND ISSUE BONDS
WHEREAS, there are periodic notifications to the City of Huntington Beach of
bonds available for purchase from bond holders offering to sell at various
prices; and
.WHEREAS, the Directors consider it to be advantageous to the public if
available funds are utilized to purchase bonds at favorable rates; and
WHEREAS, the City of Huntington Beach has funds to effect the timely payment
necessary for purchase and has agreed to resell to the Corporation; and
WHEREAS, Resolution No. 81-2 authorized purchase of bonds at a rate determined
to be too restrictive and inflexible due to the varied bond maturity rates; and
WHEREAS, the Board of Directors are desirous of establishing a uniform method of
determining the advantage of any offer made;
NOW, THEREFORE, the Board of Directors of the Huntington Beach Public Facilities
Corporation does hereby resolve that Resolution No. 81-2 is hereby rescinded and
replaced by this Resolution No. 82-2; and does hereby resolve that $150,000 of
Central Library Second Issue fund surplus monies be utilized to purchase bonds
which may be offered for sale at a total price which will not exceed the present
value of monies invested for the lifespan of the particular bonds offered, with
calculations made by the office of the Chief of Administrative Services of the
City of Huntington Beach, based on 75% of Prime Rate quoted by Bank of America
of California on the day of the offer; that would be required to pay all interest
and bond face value at its maturity date; and does resolve that the City of
Huntington Beach is authorized to purchase bonds with intent to resell to the
Corporation, and the Trustee is directed to purchase such bonds and effect
cancellation.
Passed and adopted at the Regular Adjourned Meeting of the Board of Directors on
March 31, 1982.
APPROVED:
Jerry Sapp, President Mary Ell Housea , Secretary/Treasurer
By William Wamhoff, Jr. , Vice President
DATED: ATTEST:
March 31, 1982 �
Donald W. Kiser,
Assistant Secretary - H.B.P.F.C.