HomeMy WebLinkAboutCity Council - 5318 RESOLUTION
0 ON N0. 5318
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; THE HUNTINGTON TERRACE NORTH
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, Delma Construction Corporation (the "Developer") has applied
to the City to issue and sell revenue bonds for the purpose of providing
financing for the construction of an approximately 98-unit multi-family
rental housing development and related auxiliary facilities to be located
on the east side of Florida, on Lot 20, Block 14, Tract 7, 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 five million, five hundred
thousand ($5,500,000) for the purpose of providing constructionof
an approximately 98-unit multi-family rental housing development
and related auxiliary facilities on the east side of Florida, on
Lot 20, Block 14, Tract 7.
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
by 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 sub-
stantial inducement to the Developer to construct the Project and
that said Project will further the public purposes of the City.
RESOLUTION NO. 5318 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 7th day of November 1983.
ATTEST:
City Mayor
APPROVED AS TO FORM: INITIATED AND APPROVED AS TO CONTENT:
City Attorney t5-4o-� Director, Business & Industrial Enterprise
APPROVED:
117
City Admi ni stra r
Res. No. 5318
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 7th day
of November , 19 83 by the following vote:
AYES: Councilmen:
Pattinson, Kelly, MacAllister, Bailey
NOES: Councilmen:
Mandic
ABSENT: Councilmen:
Finley
NOT VOTING:
Thomas
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California