HomeMy WebLinkAboutCity Council - 5249 RESOLUTION NO. 5249
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
MULTI-FAMILY RENTAL HOUSING DEVELOPMENT - BENNETT
DEVELOPMENT COMPANY
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 of multi-family rental housing structures located within the
City; and
WHEREAS, Bennett Development Company, (the "Developer") has applied to the
City to issue and sell revenue bonds for the purpose of providing financing for
the construction of a 68 unit multi-family rental housing development and related
auxiliary facilities to be located north s id a of Newman between Cameron and Van
Buren , within the City, 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 5 million dollars ($5,000,000) for the purpose of providing
construction and permanent financing to the Developer for the construction of
a 68 unit multi-family rental housing development and related auxiliary facili-
ties north side bf Newman between Cameron and Van Buren, Huntington Beach, Cali-
fornia.
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 10.
Page Two
PASSED AND ADOPTED this 21st day of March 1983.
ATTEST:
,tyClerk ' Mayor
i
APPROVED AS TO FORM: INITIATED AND APPROVED AS TO CONTENT:
City Attorney Director, Business & Industrial
Enterprise
APPROVED:
City Administrator
Res. No. 5249
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