HomeMy WebLinkAboutCity Council - 5486 RESOLUTION NO. 5486
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF HUNTINGTON BEACH DECLARING ITS
INTENTION TO ISSUE REVENUE BONDS IN AN
AMOUNT NOT TO EXCEED $30 MILLION IN
CONNECTION WITH THE TOWN SQUARE I
MULTI-FAMILY HOUSING PROJECT
WHEREAS, Mola Development, Inc., the "Developer," is developing a
multi-family rental project in the City of Huntington Beach, to be known as
Town Square I, the "Project," which will be owned by the Developer, its
assigns or another entity to be created by the Developer (the "Owner") and
which will consist of approximately 275 units to be located at Main Street
and Orange Avenue; and
WHEREAS, the Developer has requested that the City of Huntington
Beach (the "City") indicate its intent to issue, or cause to be issued, tax
exempt revenue bonds in an aggregate principal sum of not more than thirty
million dollars ($30,000,000), or such other amount as may be approved by
the City Council of the City in order to provide financing for the Project;
and
WHEREAS, construction of the Project will serve a public purpose and
will promote the health, welfare and safety of the citizens of the City of
Huntington Beach in that it will provide employment for such citizens and
will, at least in part, provide housing for persons of low and moderate
income in the City of Huntington Beach;
NOW, THEREFORE, the City Council of the City of Huntington Beach
does hereby resolve:
Section 1. Subject to the terms and conditions set forth below, the City
shall issue or shall cause to be issued, tax exempt revenue bonds ('Bonds") in
an aggregate principal sum of not more than thirty million dollars
($30,000,000) and having such terms and conditions as shall be approved by
the City Council of the City of Huntington Beach.
Section 2. The Bonds shall not constitute an obligation or indebtedness
of the City of Huntington Beach, or any agency or instrumentality of the
City of Huntington Beach, County of Orange, the State of California or any
agency or instrumentality or political subdivision thereof. A statement to
this effect shall be printed on the face of all of the Bonds and in the official
statement pursuant to which the Bonds are issued.
Section 3. All documents pertaining to the issuance of the Bonds,
including but not limited to the trust indenture, the bond purchase
agreement, the official statement and the revenue agreement, are subject
to the approval of the City Council of the City.
PASSED AND ADOPTED this 21st day of January, 1985
ATTEST:
City Clerk c Mayor
APPROVED AS TO CONTENT: INITIATED AND APPROVED:
QA2t� &-L.— x
City A orney De t Director of Redevelopment
APPROVED:
I
City Administrator ly
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huntington beach planning division
Res. No. 5486
STATE OF CALIFORNIA )
COUNTY OF ORANGE
CITY OF HUNTINGTON BEACH )
1, 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 21st day
of January , 19 85 ; by the following vote:
AYES: Councilmen:
Kelly, MacAllister, Baile , Finley, Green, Thomas
NOES: Councilmen:
None
ABSENT: Councilmen:
None
ABSTAIN: Mandic
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California