HomeMy WebLinkAboutCity Council - 5408 RESOLUTION NO. 5408
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF HUNTINGTON BEACH EXPRESSING THE CITY'S
INTENTION TO ISSUE REVENUE BONDS FOR THE
ACQUISITION, CONSTRUCTION, AND INSTALLATION
OF A MULTI-FAMILY RENTAL HOUSING PROJECT IN
AN AMOUNT NOT TO EXCEED TWENTY-FIVE MILLION
DOLLARS
WHEREAS, the City of Huntington Beach, California, a
municipal corporation of the State of California, (hereinafter
"City" ) , is authorized under Chapter 7 to Part 5 of Division 31
of the California Health and Safety Code, as amended
(hereinafter "Act" ) , to issue revenue bonds for the purpose,
among others, of financing the construction or development of
multi-family rental housing; and to make and execute
agreements, security documents and other contracts and
instruments necessary or convenient in the exercise of such
powers; and
The City has been informed by a representative of
BWC/Vanderwood Company (hereinafter "Developer" ) , that the
Developer, or its successors and assigns, proposes the
acquisition, construction and installation of a multi-family
rental housing project to be constructed on a 5-acre site near
the intersection of Lake and Atlanta Streets in the City, for
the purpose of providing housing for persons of low and
moderate income (hereinafter "Project" ) ; and
It is currently estimated by the Developer that the Project
will cost approximately twenty-five million dollars
($25,000,000) ; and
The Developer has requested the City to take official
action declaring its intention to issue its revenue bonds to
finance all or a portion of the Project so that the
acquisition, construction and installation of the Project may
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be commenced:
NOW, THEREFORE, The City Council Of The City Of Huntington
Beach resolves as follows:
1. The City Council of the City of Huntington Beach finds
and determines that financing of the Project is designed to
meet the Multi-family rental housing needs of people of low or
moderate income in the City and to benefit the people of the
State of California and be for their health and welfare, and
the City, in providing such financing under the terms and
conditions of this Resolution, will be acting on furtherance of
the public purposes of the Act, and that it is necessary and in
the best interest of its inhabitants that the Project be
financed without delay.
2. The City hereby expresses its present intent to issue
its revenue bonds in an aggregate principal amount not to
exceed $25,000,000 (hereinafter "Bonds" ) for the purpose of
paying a portion of the costs of the Project.
3 . The Bonds shall be issued subject to the conditions
that (i ) the City by resolution shall have first agreed to
acceptable terms and conditions for the Bonds (and for sale and
delivery thereof) , and for all financing, regulatory and
related agreements to be entered into by the City with respect
to the Project and (ii ) all requisite governmental approvals
shall have first been obtained.
4. The Bonds shall be payable solely from the revenues to
be received by the City pursuant to all agreements in
connection with the financing of the Project, and shall not be
deemed to constitute an indebtedness of the City or a loan of
credit thereof within the meaning of any constitutional or
statutory provision, nor shall the Bonds be construed to create
any moral obligation on the part of the City or any agency or
subdivision thereof with respect to the payment of the
principal of, premium, if any, or interest on the Bonds.
2.
5. All contracts relating to the acquisition,
construction, installation, and equipping of the Project are
solicited, negotiated, awarded and executed by the Developer,
for its own account, subject to applicable federal, state and
local laws .
6. It is understood that the City shall have no pecuniary
liability to the Developer for any fees in connection with the
Project, and it is understood further that the passage of this
Resolution does not obligate the City to issue the Bonds.
7. The City Council of the City hereby declares its
intention to recover all costs to City which are incurred in
furtherance of or attributable to the issuance of Bonds
hereunder . If no Bonds are issued, such costs shall be paid by
the Developer .
8. It is understood that the adoption of this Resolution
shall not obligate in any manner the City or any City official
to approve any application or request by the Developer for
environmental, zoning or other permits or grant any other
approvals necessary for the acquisition, rehabilitation,
construction or operation of the Project.
9. Nothing herein contained shall be deemed to create any
liability on the part of the City if, in its sole discretion,
it determines at any time and for any reason not to finance the
Project or to issue the Bonds .
10. It is the purpose and intent of the City that this
Resolution constitute official action toward the issuance of
obligations by the City for the Project in accordance with
Section 1.103-8 (a) (5 ) (iii ) of the Regulations promulgated by
the United States Department of the Treasury under Section 103
3.
of the Internal Revenue Code of 1954, as amended.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held
this 2nd day of July 1984.
ATTEST:
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City Clerk a
APPROVED AS TO FO INITIATED AND APPROVED:
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City A ney 6-�- Redevelopment Coordinator
APPROVED:
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City Administrator
4.
Res. No. 5408
STATE OF CALIFORNIA )
COUNTY OF ORANGE
CITY OF HUNrINGTON 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 2nd day
Of ,111U , 19 by the following vote:
AYES: Councilmen:
Pattinson. MacAllister. Kam, Finley, Mandic
NOES: Councilmen:
Bailey
ABSENT: Councilmen:
Thomas
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California