HomeMy WebLinkAboutCity Council - 5248 RESOLUTION NO. 5248
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF HUNTINGTON BEACH AUTHORIZING THE ISSUANCE
OF REVENUE BONDS FOR THE PURPOSE OF PROVIDING
FINANCING FOR THE CONSTRUCTION AND REHABILITA-
TION OF MULTI-FAMILY RENTAL HOUSING - KOLEDO
LANE PROPERTY OWNERS ASSOCIATION
WHEREAS, the City is authorized by Chapter 7 (commencing with Section 52075 of
Part 5, Division 31 of the Health and Safety Code of the State of California) (the
"Act") to issue and sell revenue bonds for the purpose of providing financing for the
construction and rehabilitation of multi-family rental housing structures located
within the City; and
WHEREAS, Koledo Lane Property Owners Association, (the "Developer") has applied
to the City to issue and sell revenue bonds for the purpose of providing financing for
the construction and rehabilitation of 80 units of multi-family rental housing and
related auxiliary facilities to be located in the Oakview Redevelopment Project Area,
and
WHEREAS, the City wishes to induce the developer to construct said development
and facilities; and
WHEREAS, it is in the public interest, for public benefit and in furtherance of
the public purposes of the City that the City authorize revenue bonds for the aforesaid
purpose;
NOW, THEREFORE, be it resolved:
1. The City Council of the City of Huntington Beach authorizes the issuance and
sale of revenue bonds of the City pursuant to the Act in a principal amount of not
to exceed two million dollars $2,000,000) for the purpose of providing construction
and permanent financing to the Developer for the construction and rehabilitation
of 80 units of multi-family rental housing and related auxiliary facilities in the
Oakview Redevelopment Project Area, Huntington Beach, California.
2. The issuance and sale of said bonds shall be upon such terms and conditions
as may be mutually agreed upon by the City, the Developer and the purchaser of
said bonds and shall be subject to completion of proceedings for issuance, sale
and delivery of said bonds by the City.
3. The proceeds of the bonds shall include such related and necessary issuance
expenses, administrative costs, debt service reserves and interest payments as may
be required to successfully accomplish this financing method.
4. The Council hereby finds that the issuance of the bonds is a substantial
inducement to the Developer to construct the Project and that said Project will
further the public purposes of the City.
5. Developer shall be responsible for costs in connection with the issuance of
the bonds, including: printing of the official statement; a market feasibility
study to be used in connection with the financing and the rating agency; cost of
ratings on the bonds; and ordinary travel expenses, if necessary, to New York to
obtain a rating, and bond and financial counsel selected by the City.
RESOLUTION NO.
Page Two
PASSED AND ADOPTED this2lst day of March 1983.
ATTEST:
erk Mayor
i
i
APPROVED AS TO FORM: INITIATED AND APPROVED AS TO CONTENT:
I
City Attorney Director, Business & Industrial
Enterprise
APPROVED:
City Administrator
Res. No- 5248
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 21st day
of March , 19 83 by the following vote:
AYES: Councilmen:
MacAllister, Mandic, Finley, Bailey, Kelly
NOES: Councilmen:
None
ABSENT: Councilmen:
Pattinson (Thomas absent from room)
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California