HomeMy WebLinkAboutRedevelopment Agency - 81 RESOLUTION NO. 81
A RESOLUTION OF THE REDEVELOPMENT AGENCY 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 requires
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 Redevelopment
Agency of the City of Huntington Beach establishes by this reso-
lution 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 principal payments held in Emerald Cove Principal
Payment Account shall be used for the sole and exclusive pur-
pose 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Credit expires or is withdrawn by Golden State Sanwa Bank.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 deposits in the account as it deems ap-
propriate.
PASSED AND ADOPTED by the Redevelopment Agency of the City of
ahb
6/20/84
1.
Huntington Beach at a regular meeting thereof held on the 18th
day of June , 1984.
n
ATTEST: APPROVED AS TO FORM:
Agency Clerk Agency ounsel
APPROVED AS TO FORM: INITIATED AND APPROVED:
Special Agency Co el Redevelopment Coordinator
REVIEWED AND APPROVED:
Ch of Exe ive Officer
2.
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Res. No. 81
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF HUNTINGTON BEACH)
I, ALICIA M. WENTWORTH, Clerk of the Redevelopment Agency of the
City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing
resolution was duly adopted by the Redevelopment Agency of the City of
Huntington Beach at a meeting of said Redevelopment Agency held on the
18th day of June 1984 , and that it was so adopted
by the following vote:
AYES: Members:-
Pattinsnn, MacAllister_ Kelly, Finley, Bailey, Mandir
A NOES: Members:
Thomas
ABSENT: Members:
None
Clerk of the Redevelopment Agency of
the City of Huntington Beach, Ca.