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RESOLUTION NO . 22
A RESOLUTION OF THE HUNTINGTON BEACH REDEVELOPMENT
AGENCY AUTHORIZING THE ISSUANCE OF BONDS FOR ENTER-
ING INTO FINANCING LEASES OR AGREEMENTS FOR THE
PURPOSE OF FINANCING COMMERCIAL STRUCTURES AND RE-
LATED COMMERCIAL FACILITIES TO BE CONSTRUCTED AND
DEVELOPED BY L. C. SMULL AND/OR BUSINESS PROPERTIES
PARTNERSHIP NO. 22
RESOLVED by the Huntington Beach Redevelopment Agency as
follows :
WHEREAS, the Agency is authorized by the Community Redevelop-
ment Law of> the State of Califprnia, constituting Part 1 of
Division 24 of the Health and Safety Code , including without lim-
itation Chapter 8 thereof, to issue and sell its bonds for the
purpose of financing commercial structures located within rede-
velopment project areas of the Agency and to enter into financing
leases or installment . sale agreements for such purposes ; and
L. C. Smull and/or Business Properties Partnership No . 22
has requested or may request the Agency to issue and sell its
bonds or enter into financing leases or installment sale agree-
ments for the purpose of financing commercial development, to-
gether with related commercial structures and auxiliary facilities ,
to be constructed and developed by the developer in a redevelop-
ment survey or project area of the Agency , and the Agency wishes
to induce the developer to construct and develop the project in
said area; and
It is in the public interest , for public benefit and in fur-
therance of 'the public purposes of the Agency that the Agency au-
thorize such financing for the of oresaid purposes ,
THEREFORE, IT IS HEREBY FOUND, DETERMINED AND ORDERED as
follows :
1 . The Huntington Beach Redevelopment Agency hereby au-
ahb
4/13/82 1.
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thorizes the financing by the Agency pursuant to the law in a
principal amount not to exceed ten million dollars ( $10 ,000 ,000 )
for the purpose of providing permanent and/or construction fi-
nancing to the developer, his successors and assigns , for the
project to be located at the Warner/Goldenwest Redevelopment
Project Area in the city of Huntington Beach, California. It is
presently proposed that the obligation of the Agency under any
financing shall be payable from, among other things , the revenues
to be derived by the Agency from the sale , lease or loan with re-
spect to the project . The term "financing" as used herein means
any of the following :
(a) The issuance of bonds or other obligations of
the Agency under the law to finance the acquisition of the
project by the Agency; or
(b) Entering one or more financing leases or in-
stallment sale agreements under the law with respect to
the project for the permanent and/or construction financing
thereof pursuant to the law; or
( c) Purchase of mortgages .
2 . Any such financing shall be upon the terms and conditions
as they may be mutually agreed upon by Agency, the developer and
the purchaser of Agency obligations and shall be authorized by
resolution of the Agency at a meeting duly held and constructed
for such purpose.
3 . Proceeds of any such financing shall include such re-
lated and necessary issuance expenses , administrative costs,
debt. service reserves and interest payments as may be required to
accomplish successfully the financing.
4. It is intended that this resolution shall constitute
such official action toward the issuance of the bonds within the
meaning of the United States Treasury Regulations, United States
Tax Laws , and any legislation now or hereinafter pending in the
Congress of the United States which may require official action
in order for the bonds to be exempt from Federal income taxation.
2.
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5 . The Agency secretary shall certify to the adoption of this
resolution and provide for appropriate distribution thereof.
PASSED AND ADOPTED by the Redevelopment Agency of the City
of Huntington Beach at a regular meeting thereof held on the 19th
day of_ April_ 1982.
0
Chairman
ATTEST: APPROVED AS TO FORM :
h
01
Secretary Legal iser
REVDEWED AND APPROVED , INITIATED AND APPROVED:
Chief Executive Ofkticer Director of Business and
Industrial Enterprise
3 •
Fi4�to �t1� -
Res. No. 22
STATE OF CALIFORNIA )
ss
COUNTY OF ORANGE )
I, ALICIA M. WENTWORTH, Secretary of the Redevelopment Agency
of the City of Huntington Beach, California, DO HEREBY CERTIFY that the
foregoing resolution was duly adopted by the Redevelopment Agency of the
City of Huntington Beach at a meeting of said Redevelopment Agency held
an the 19th day of April , 19.,, 82, and that it ;A74db 4i Of
adopted by the following vote:
AYES: Members:
Pattinson, MacAllister, Kelly
NOES: Members:
Thomas, Mandic, Finley, Bailey
ABSENT: Members:
None
s 62Sec�retary of the Redevelopment
Agency 'of the City of
Huntington Beach