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RESOLUTION NO. 85
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH AUTHORIZING THE
PREPARATION OF CERTAIN DOCUMENTS AND THE
ISSUANCE AND DELIVERY OF CERTIFICATES OF
PARTICIPATION
WHEREAS, the Redevelopment Agency of the City of Huntington
Beach (the "Agency") is authorized to acquire real and personal
property by lease, purchase or condemnation for the purpose of
advancing the goals of redevelopment;
The Agency is empowered to assist in the financing of
certain commercial developments in designated redevelopment
project areas ;
BWC/Vanderwood Company (the "Developer ") has requested the
Agency to enter into certain installment sale agreements and to
consent to, the sale of certificates of participation in such
agreements for bonds under Health and Safety Code Section 33640
for the purpose of providing financing for certain convalescent
hospital facilities and or other commercial and/or office to be
constructed by the Developer near the intersection of Lake and
Atlanta Streets in the City (the "Project") and the Agency
wishes to induce the Developer to construct and develop said
facilities in Huntington Beach;
It is in the public interest, for the public benefit and in
futherance of the public purposes of the Agency that the Agency
consent to the sale of certificates of participation for the
aforesaid purposes and the Developer has requested the Agency
to take official action in declaring its intention to assist in
the financing of the Project.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. The Redevelopment Agency of the City of Huntington
Beach hereby expresses its present intent to execute an
installment sales agreement in which certificates of
participation in the aggregate principal amount not to exceed
$10,000,000 (hereinafter, the "Certificates" ) will be sold for
the purpose of paying a portion of the costs of the Project .
2 . It is the purpose and intent of the Agency that their
Resolution constitute official action toward the delivery of
obligations by the Agency for the Project in accordance with
Section 1 .1038 (a) (5 ) ( iii ) of the Regulations promulgated by
the United States Department of the Treasury under Section 103
of the Internal Revenue Code of 1954, as amended (the "Code" ) .
3 . It is understood that the Agency and the City of
Huntington Beach 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 the Resolution does
not obligate the Agency to deliver the Certificates.
4. This Resolution shall take effect immediately upon its
passage.
PASSED AND ADOPTED by the redevelopment agency of the City
Of Huntington Beach at the regular meeting this 2nd day
of July 1984.
ATTEST:
Agency Clerk
APPROVED AS TO FORM: INITIATED AND APPROVED:
Agenc Couns 16-:)2 -F_�4 Redevelopment Coordinator
2.
APPROVED AS TO FORM:
Special Age ounsel
APPROVED:
Chief Executive Officer
3.
Res. No. 85
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
2nd day of July , 1984, and that it was so adopted
by the following vote:
AYES: Members:
Pattinson, MacAllister, Kelly, Finley_, Bailey, Mandic
NOES: Members:
None
ABSENT: Members:
Thomas
Clerk of the Redevelopment Agency of
the City of Huntington Beach, Ca.