HomeMy WebLinkAboutCity Council - 5317 RESOLUTION NO. 5317
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON
BEACH AUTHORIZING THE ISSUANCE OF REVENUES BONDS FOR THE
PURPOSE OF PROVIDING FINANCING FOR MULTI-FAMILY RENTAL
HOUSING DEVELOPMENT; SICKLES, STAMPLEY & ASSOCIATES
WHEREAS, the Qity 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, Sickles, Stampley and Associates (the "Developer") has applied
to the City to issue and sell revenue bonds for the purpose of providing financ-
ing for the construction of an approximately 162-unit multi-family rental
housing development and related auxiliary facilities to be located at the south-
east corner of Main and Florida 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 further-
ance 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 issu-
ance and sale of revenue bonds of the City pursuant to the Act in a
principal amount of not to exceed seven million five hundred thousand
($7,500,000) for the purpose of providing construction and permanent
financing to the Developer for the construction of an approximately
162-unit multi-family rental housing development and related auxili-
ary facilities at the southeast corner of Main and Florida.
2. The issuance and sale of said bonds shall be upon such terms and con-
ditions as may be mutually agreed upon by the City, the Developer and
the purchaser of said bonds and shall be subject to completion by pro-
ceedings 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.
RESOLUTION NO. 5317 Page Two
5. Developer shall be responsible for costs in connection with the
issuance of the bonds, including: printing of the official state-
ment; 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 17th day of October 1983.
ATTEST:
ity Clerk Play or
APPROVED AS TO FORM: INITIATED AND APPROVED AS TO CONTENT:
City Attorney Director, Business and Industrial Enterprise
APPROVED:
City Administr
Res. No. 5317
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) as:
CITY OF HUN?TINGTON 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 17th day
of October 19 83 by the following vote:
AYES: Councilmen:
Pattinson, Kelly, MacAllister, Finley, Bailey, Mandic
NOES: Councilmen:
None
ABSENT: Councilmen:
None
NOT VOTING:
Thomas
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California