HomeMy WebLinkAboutCity Council - 5361 RESOLUTION NO. 5361
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON
BEACH AUTHORIZING AND DIRECTING EXECUTION OF LEASE AGREE-
MENT, ASSIGNMENT AGREEMENT, TRUST AGREEMENT, REIMBURSEMENT
AGREEMENT, APPROVING FORM OF OFFICIAL STATEMENT AND SALE OF
CERTIFICATES OF PARTICIPATION WITH RESPECT TO MULTI-FAMILY
HOUSING FACILITIES (EMERALD COVE SENIOR CITIZENS HOUSING
PROJECT), AND APPROVING RELATED DOCUMENTS AND OFFICIAL ACTION
WHEREAS, the Redevelopment Agency of the City of Huntington Beach (the
"Agency"), presently owns certain land located in a redevelopment project area
of the Agency; and
WHEREAS, the Agency proposed to construct multi-family housing facilities
on said land, to be known as the Emerald Cove Senior Citizens Housing Project,
and to lease all of said land and multi-family housing facilities (collec-
tively, the "Project") to the City pursuant to that certain Lease Agreement
dated as of May 1, 1984, by and between the City and the Agency (the "Lease
Agreement"); and
WHEREAS, the Agency proposes to finance all such acquisition and con-
struction by assigning to First Interstate Bank of California, as trustee (the
"Trustee") certain rights of the Agency under the Lease Agreement, pursuant to
that certain Assignment Agreement dated as of May 1, 1984, by and between
the Agency and the Trustee (the "Assignmment Agreement"), and to enter into
that certain Trust Agreement dated as of May 1, 1984, by and among the City,
the Agency and the Trustee (the "Trust Agreement") whereby the Trustee agrees
to execute and deliver certain Certificates of Participation (the "Certifi-
cates"), evidencing the proportionate interests of the owners thereof in lease
payments made by the City under the Lease Agreement; and
WHEREAS, the Certificates are to be secured by an irrevocable letter of
credit issued by Golden State Sanwa Bank (the "Bank"), and the Bank has
requested that, as a condition of the issuance of such letter of credit, the
City enter into that certain Letter of Credit and Reimbursement Agreement
dated as of May 1, 1984. by and between the City and the Bank (the "Reim-
bursement Agreement"); and
WHEREAS, Stone & Youngberg (the "Underwriter") has submitted an offer
to acquire the Certificates and has heretofore caused to be prepared a preli-
minary Official Statement describing the Certificates; and
WHEREAS, the City Council approves all of said transactions in the public
interests of the City;
NOW, THEREFORE, BE IT RESOLVED by. the City Council of the City of Hun-
tington Beach, as follows:
Section 1 : Lease Agreement. The City Council hereby approves the lease
of the Project by the Agency to the City pursuant to the Lease Agreement
attached hereto as Exhibit A.
Section 2: Trust Agreement and Assignment Agreement. The City Council
hereby approves the Trust Agreement and the Assignment Agreement attached
hereto as Exhibit B.
Section 3: Letter of Credit and Reimbursement Agreement. The City
Council hereby approves the Letter of Credit and Reimbursement Agreement
attached hereto as Exhibit C.
Section 4: Sale of Certificates. The City Council hereby approves the
sale of the Certificates to the Underwriter pursuant to that Contract of Pur-
chase attached hereto as Exhibit E. The Certificates shall be substantially
as described in the form of Official Statement on file with the City Clerk and
hereinafter approved. The City Administrator is hereby authorized and
directed for and in the name and on behalf of the City to deliver said Con-
tract of Purchase upon submission of a firm offer by the Underwriter to
purchase the Certificates.
Section 5: Official Statement. The City Council hereby approves the
Official Statement describing the Certificates, as attached hereto as Exhibit
F. The Underwriter is hereby authorized to distribute said Official Statement
to prospective purchasers of the Certificates. The City Administrator is
hereby authorized to execute said final Official Statement for and in the name
and on behalf of the City.
Section 6: Official Actions. The Mayor, the City Administrator, the
Senior Community Development Specialist, the Chief of Administrative Services,
the City Clerk and any and all other officers of the City are each authorized
and directed in the name and on behalf of the City to make any and all assign-
ments, certificates, requisitions, agreements, notices, consents, instruments
of conveyance, warrants and other documents, which they or any of them might
deem necessary or appropriate in order to consummate any of the transactions
contemplated by the agreements and documents approved pursuant to this Reso-
lution.
Section 7: Effective Date. This Resolution shall take effect from and
after the date of its passage and adoption.
PASSED AND ADOPTED this 31st day of May 1984, by the following vote:
AYES: Pattinson, MacAllister, Thomas, Kelly, Finley
NOES: None
ABSENT: Bailey, Mandic
ATTEST:
City Clerk M
i
APPROVED AS TO FORM: INITIATED AND APPROVED AS TO CONTENT:
i rn _y5 g Redevelopment Coordinator
APPROVED:
li
T y Administrator
Res. No. 5361
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 31st day
of May 19 84 by the following vote:
AYES: Councilmen:
Pattinson, MacAllister, Thomas, Kelly, Finley
NOES: Councilmen:
None
ABSENT: Councilmen:
Bailey, Mandic
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California