HomeMy WebLinkAboutCity Council - 5250 RESOLUTION NO. 5250
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 - REDEVELOPMENT
AGENCY OF THE CITY OF HUNTINGTON BEACH, ITS SUCCESSORS
OR ASSIGNS
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, the Redevelopment Agency of the City of Huntington Beach, its successors
or assigns (the "Developer") has applied to the City to issue and sell revenue bonds
for the purpose of providing financing for the construction of 96 to 220 units of
multi-family rental housing and related auxiliary facilities on sites to be located
in the Talbert-Beach Redevelopment Project Area within the City; and
WHEREAS, the City wishes to induce the developer to construct said develop-
ment and facilities; and
WHEREAS, it is in the public interest, for public benefit and in furtherance
of the public purpose of the City that the City authorize revenue bonds for the
aforesaid purpose,
NOW, THEREFORE, be it resolved;
I. 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
j amount not to exceed nine million dollars ($9,000,000) for the purpose
of providing construction and permanent financing to the Developer for the
construction of 96 to 220 units of multi-family housing and related auxili-
ary facilities on sites in the Talbert-Beach Redevelopment Project Area,
Huntington Beach, California.
2. The issuance and sale of said bonds shall be upon such terms and condi-
tions 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.
PASSED AND ADOPTED this 21st day of March 1983.
ATTEST:
' a CI�� •
City Clerk Mayor
APPROVED AS TO FORM: INITIATED AND APPROVED AS TO CONTENT:
-Z
City Attorney Director, Business an Industrial
Enterprise
APPROVED:
City Administrator
Res. No. 5250
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, ALICIA M. WENTWORTH, the duly elected, qualified City
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 21st day
of March 1983 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