HomeMy WebLinkAboutCity Council - 5231 RESOLUTION NO. 5231
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON
BEACH APPROVING THE ISSUANCE BY THE CITY OF HUNTINGTON BEACH
OF LOANS-TO-LENDERS REVENUE BONDS (HOME FEDERAL SAVINGS AND
LOAN ASSOCIATION PROJECT) FOR THE PURPOSE OF PROVIDING FINANC-
ING TO HUNTINGTON BREAKERS APARTMENTS, LIMITED, A LIMITED PART-
NERSHIP FOR THE CONSTRUCTION OF A MULTI-FAMILY RESIDENTIAL RENTAL
PROJECT
RESOLVED, by the City Council of the City of Huntington Beach, California,
as follows:
WHEREAS, the City of Huntington Beach proposes to issue its Loans-to-Lenders
Revenue Bonds (Home Federal Savings and Loan Association Project) for the purpose
of providing financing to Huntington Breakers Apartments, Limited, a Limited
Partnership, for the construction of a multi-family rental project;
WHEREAS, Section 103(k) of the Internal Revenue Codes of 1954, as amended,
requires that this Council shall approve the issuance of said Bonds only after
a public hearing following reasonable notice on the question of whether this
Council should approve the issuance of said Bonds; and
WHEREAS, this Council has held on the date hereof a public hearing follow-
ing reasonable public notice on the question of whether this Council should approve
the issuance of said Bonds, and all persons desiring to be heard have been heard,
NOW, THEREFORE, IT IS HEREBY FOUND, ORDERED AND DETERMINED as follows:
Section 1: The City Council of the City of Huntington Beach does approve the
issuance by the City of the City of Huntington Beach. Loans-to,-Lenders Revenue
Bonds (Home Federal Savings and Loan Association Project) for the purpose of pro-
viding financing to Huntington Breakers Apartments, Limited, a Limited Partnership,
for the construction of a multi-family rental project to be located on the real
property situate in the City on the east side of Beach Boulevard approximately
one-quarter mile north of its intersection with the Pacific Coast Highway.
Section 2: The financing of said project requires that the principal amount
of said Bonds not exceed $22,000,000, and the issuance of said Bonds in the prin-
cipal amount of not to exceed $22,000,000 is hereby approved.
PASSED AND ADOPTED this 22nd day of February 1983,
ATTEST:
City Clerk Mayor
i
APPROVED AS TO FORM: APPROVED AS TO FORM AND CONTENT:
City Attorney STRADLING, YOCCA, CARLSON, 6KAUTH
Special Legal Counsel
INITIATED AND APPROVED AS TO CONTENT
A ��— 3 )-
Director, Business and Industrial nterprise
APPROVED:
City Administrator
Res. No- 5231
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
0 T the duly elected qualified City
I, ALICIA M. WENTW R H, y q y
Cldrk 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 22nd day
of February 19 83 by the following vote:
AYES: Councilmen:
Pattinson, MacAllister, Finley, Bailey, Kelly
NOES: Councilmen:
Thomas, Mandic
ABSENT: Councilmen:
None
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California