HomeMy WebLinkAboutCity Council - 5444 RESOLUTION NO. 5444
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 344-UNIT MULTIFAMILY RENTAL HOUSING
DEVELOPMENT BY BEACH PARTNERSHIP, LTD.
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
Beach Partnership, Ltd. , a California limited
partnership, (the "Developer" ) has applied to the city to issue
and sell revenue bonds for the purpose of providing financing for
the acquisition of land and construction of an approximately
344-unit multifamily rental housing development to be located
within the city at the southeast corner of Beach Boulevard and
Adams Avenue (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
Thirty Million Dollars ($30, 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.
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 1st day of October 1984 .
ATTEST• +
J.
City Clerk
APPROVED AS TO FORM: INITIATED AND APPROVED:
City Attorney , Spec' l ro' is coordin&tor
APPROV
City Administra or
2 .
Res. No.5444
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 1st day
of October 1984 by the following voter
AYES: Councilmen:
Pattinson, MacAllister, Thomas, Kelly
NOES: Councilmen:
Finley, Bailey, Mandic
-_
ABSENT: Councilmen:
None
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California