HomeMy WebLinkAboutCity Council - 5436 RESOLUTION NO. 5436
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 105-UNIT MULTIFAMILY
RENTAL HOUSING DEVELOPMENT BY MOLA
DEVELOPMENT CORPORATION
WHEREAS, the City of Huntington Beach is authorized by
Chapter 7 (commencing with Section 52075) of Part 5 of 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 and development of
multifamily rental housing facilities located within the city;
and
Mola Development Corporation, a California
corporation, (the "Developer") has applied to the city to issue
and sell revenue bonds for the purpose of providing financing
i
for the acquisition of land and construction of an
approximately 105-unit multifamily rental housing development
to be located within the city on Pacific Coast Highway between
12th and 13th Streets (the "Project") ; and
The city wishes to induce the Developer to construct
the Project and , in particular , to do so at such location; and
It is in the public interest , for the public benefit
and in furtherance of the public purposes of the city that the
city authorize revenue bonds for the aforesaid purposes ;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Huntington Beach, as follows :
1 . The City Council of the City of Huntington Beach
hereby authorizes the issuance and sale of bonds (the "Bonds")
of the city pursuant to the Act in a principal amount of not to
exceed Ten Million Dollars ($10,000 ,000) for the purpose of
providing construction and permanent financing to the
Developer , its successors and assigns , for the acquisition,
construction and development of the Project .
1 .
r
2 . The issuance and sale of the Bonds shall be upon such
terms and conditions as may be mutually agreed upon by the
city, the Developer and the purchaser of the Bonds and subject
to completion of proceedings for the issuance , sale and
delivery 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
successfully to accomplish the financing of the Project.
4. The City Council hereby finds that the issuance of the
Bonds is a substantial inducement to the Developer to acquire,
construct and develop the Project and that the Project will
further the public purposes of the city.
5 . The Developer shall be responsible for the payment of
all costs in connection with the issuance of the Bonds ,
including but not limited to printing of any official
statement , rating agency costs , bond counsel fees and expenses ,
underwriting discount and costs , trustee fees and expenses , and
the cost of printing the Bonds .
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on
the 17th day of September 1984.
ATTEST:
City Cler r
APPROVED AS TO FORM: ' INITIATED AND APPROVED:
J�b�wL.(i1..•
f y/ City Attorney �.,��.. i of ects Coordinator
APPRO .
City minist ator
2 .
Res. No. 5436
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) sss
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 17th day
of September 19 84 by the following vote:
AYES: Councilmen:
Pattinson, MacAllister, Kelly, Finley, Bailey
NOES: Councilmen:
Thomas, Mandic
ABSENT: Councilmen:
None
(4�4
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California