HomeMy WebLinkAboutCity Council - 5400 RESOLUTION NO. 5400
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH ESTABLISHING THE EMERALD COVE
SENIOR HOUSING PRINCIPAL PAYMENT ACCOUNT
WHEREAS, the City of Huntington Beach is leasing the
Emerald Cove Senior Housing Project from the Redevelopment
Agency of the City of Huntington Beach; and
The city' s lease payments are pledged as repayment of the
Certificate of Participation (Emerald Cove Senior Housing Project ) ;
and
Golden State Sanwa Bank of California has issued a Letter
of Credit as additional security for this financing and re-
quires that certain principal payments be made by the city as
prescribed in the Debt Service Schedule, attached hereto as
Exhibit A,
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Huntington Beach establishes by this resolution the
Emerald Cove Senior Housing Principal Payment Account and agrees
to make such payments in amounts not less than and at such times
as prescribed in Exhibit A, attached hereto, and that such princi-
pal payments held in Emerald Cove Principal Payment Account
shall be used for the sole and exclusive purpose of principal
payments until such time as the Letter of Credit expires or is
withdrawn by Golden State Sanwa Bank. Through this term, the
city shall maintain control of the Emerald Cove Principal Payment
Account and may invest its proceeds at its sole discretion to
achieve the highest investment yield, and the city may at its
sole discretion disburse investment earnings on principal de-
posits in the account as it deems appropriate.
PASSED AND ADOPTED by the City Council of the City of
ahb
6/20/84
1.
Huntington Beach at a regular meeting thereof held on the 18th
day of June 1984 .
ATTEST: APPROVED AS TO FORM:
City Clerk City A orney
REVIEWED ND APPROVED: INITIATED AND APPROVED:
City Administrator Redevelopment Coordinator
2,
EXHIBIT A
EMERALD COVE
PROJECTED DEBT SERVICE REPAYMENT SCHEDULE
INTEREST LC FEE PRIK IPAL
DATE PRINCIPAL P9.5q 9 1% TOTAL OUE REMAINIPIG
10/84 0.00 218500.00 23000.00 241500.00 46onO0n.00
4/85 0.00 218500.00 23000.00 241500.00 4600000.00
10/85 0.00 218500.00 23060.On 2415n0.nn 46n0nn0.nn
4/86 35000.00 218500.00 23000.00 276500.00 456500n.00
10/E6 0.00 216837.50 22829.00 239662.50 4565000.00
4187 35000.00 216837.50 22825.00 274662.50 4530000.00
10/87 0.00 215175.00 22650.00 237825.On 4530nOO.0n
4/88 40000.00 215175.00 22650.00 277R25.00 4490000.nn
10/88 0.00 213275.00 22450.00 235725.00 449nn0n.n0
4/89 45000.O0 213275.00 22450.00 280725.0n 4445nnO.On
10/89 0.00 211137.50 22225.00 233362.50 4445000.00
4/90 50000.00 211137.50 22225.00 283362.50 4305000.00
10/90 0.00 20,9762.50 21975.00 230737.50 4395000.00
4/91 55000.00 208762.50 21975.00 285737 .50 4340000.00
10/91 0.00 206150.00 21700.00 227850.00 4340000.On
4/92 60000.00 206150.00 21700.00 287850.00 4280000.00
10/92 0.00 203300.00 21400.nO 22.47nO.n0 4280000.00
4/93 65000.00 203300.00 214no.00 289700.00 4215000.00
10/93 0.00 200212.50 21075.00 2212,97.50 4215000.On
4/94 4215000.00 200212.50 2.1075.00 4436287.50 0.00
Res. No. 5400
STATE OF CALIFORNIA ) .
COUNTY OF ORANGE
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 18th day
of Junt- 19$4_, by the following vote:
AYES: Councilmen:
Pattinson. MacAllister, Kelly, Finley. Bailey. Mandic
NOES: Councilmen:
Thomas
ABSENT: Councilmen:
None
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California