HomeMy WebLinkAboutCity Council - 5487 RESOLUTION NO. 5487
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGIM BEACH DBCLARING ITS INTENTION TO ISSUE
REVENUE B N1)S IN AN MUUNT NOT TO EXCEID $10 MILLION
IN CCMECCTION WITH THE CQMDO M CIRCLE ASSOCIATES
MULTI-FAMILY HOUSING PROITBCT
WiEFMAS, Comnodore Circle Associates, the "Developer," is
developing a multi-family rental project in the City of Huntington
Beach, to be known as , the "Project," which will be owned by the
Developer or another entity to be created by the Developer (the
"Owner") and which will consist of approximately 160 units to be
located north of Main Street and west of Delaware; and
LEAS, 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 Ten Million dollars ($10,000,000) , or such other amount as
may be approved by the City Council of the City in order to provide
financing for the Project; and
LEAS, 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 incur-e 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 Ten
Million dollars ($10,000,000) 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.
PASSED AND ADOPTED this 21st day of January , 1985.
ATTEST:
City Clerk Mayor
APPR3VED AS TO FOW: NITIATID AND APPMVED AS TO CJONPEW:
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City Atto ey i�� �c� p ty Director f Redeve opment
APPROVED:
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City Administrator
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huntington beach planning division
Res. No. 5487
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
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 21st day
of January 19 85 by the following voter
AYES: Councilmen:
Kelly, Mandic, Bailey, Finley, Green, Thomas
NOES: Councilmen:
MacAllister
ABSENT: Councilmen:
None
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California