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HomeMy WebLinkAboutCity Council - 5489 RESOLUTION NO. 5489 A RESOLUTION OF .THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AUTHORIZING SALE OF NOT TO EXCEED $30, 000, 000 PRINCIPAL AMOUNT OF MULTI- FAMILY HOUSING REVENUE BONDS, 1985 SERIES A, (SEABRIDGE VILLAS PROJECT--CAPE CORAL LANE AND CAPE CORAL AVENUE) APPROVING RELATED DOCUMENTS AND OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTION WHEREAS, the City of Huntington Beach proposes to issue its Multifamily Housing Revenue Bonds, 1985 Series A (Seabridge Villas Project) , in the aggregate principal amount of $301- 0001- 0001- under and pursuant to the California Health and SafetyCode sections 52075 et se q. , in order to provide financing to Seabridge Villas Associates, a California partnership, for the acquisition and construction of an approximately 344-unit multifamily residential rental project to be located at 20191 Cape Coral Lane and 20251 Cape Coral Avenue in this city; and The bonds are to be issued under and pursuant to an Indenture of Trust, dated as of February 11 1985, between the city and a trustee; and i Pursuant to the terms of a proposed Regulatory Agreement and Declaration of Restrictive Covenants, dated as of February 1, 1985, among the city, the trustee and the developer, at least 20 percent of the dwelling units in the project are required to be jleased or rented to persons or families of low or moderate income; and I The proceeds of the bonds are to be loaned to the developer under a loan agreement, dated as of February 11 19851- by and f I i I I I among the city, the trustee and the developer pursuant to which the city has agreed to lend the proceeds of the bonds to the developer to enable the developer to finance the project; and The obligations of the developer under the loan agreement are to be secured in part by a letter of credit issued by the Bank of Tokyo, Ltd. , Los Angeles Agency; and The City Council has heretofore called and conducted a public hearing on the issuance of the bonds as required by section 103(k) of the United States Internal Revenue Code of 1954; as amended; and Thomson McKinnon Securities, Inc. , an underwriter, intends to submit an offer to purchase the bonds; and The city approves of said transactions in the public interests of the city,- NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Huntington Beach as follows: SECTION 1. Findings and Declarations. The City Council hereby finds and declares that the financing of the project from the proceeds of the bonds as herein described serves the public purposes of assisting persons and families of low and moderate income within the city to afford the costs of decent, safe and sanitary housing, and that it is not feasible to reserve any units in the project on a priority basis for persons or families whose income does not exceed 50 percent of the median adjusted gross income. The City Council further finds and declares that this resolution is adopted pursuant to the powers granted by California Health and Safety-Code sections 52075 et seq. SECTION 2 . Issuance and-Sale 'of `Bonds. The City Council hereby authorizes the issuance of bonds pursuant to and in accordance with the terms and provisions of the Indenture, all of 2. I I which terms and provisions are incorporated herein by reference. The bonds are hereby authorized to be sold to the underwriter pursuant to and in accordance with the terms of a bond purchase agreement in substantially the form on file with the City Clerk, by and among the city, the developer; and the underwriter. The City Administrator is hereby authorized and directed to approve the terms of and accept an offer to purchase the bonds which is acceptable to the City Administrator, and to execute the bond purchase agreement for and in the name and on behalf of the city; provided that the bonds shall be sold to the underwriter for a price not less than 95 percent of the par amount thereof.- SECTION 3. Indenture. The Indenture, in substantially the form presented to the City Council at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the City Administrator upon advice of bond counsel; is hereby approved. The City Administrator and the City Clerk are hereby authorized and directed to execute and deliver the Indenture for and in the name and on behalf of the city.- SECTION 4. Loan Agreement. The Loan Agreement, in substantially the form presented to the City Council at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the City Administrator upon the advice of bond counsel, is hereby approved. The City Administrator and the City Clerk are hereby authorized and directed to execute and deliver the Loan Agreement for and in the name and on behalf of the city.- SECTION 5. Regulatory-Agreement. The Regulatory Agreement, in substantially the form presented to the City Council at this meeting, together with any additions thereto or changes therein ICI 3 . deemed necessary or advisable by the City Administrator upon the advice of bond counsel, is hereby approved. The City Administrator and City Clerk are hereby authorized and directed to execute and deliver the Regulatory Agreement for and in the name and on behalf of the city. SECTION 6. Official Statement. The final official statement relating to the bonds, to be dated as of the date of the bond purchase agreement, substantially in the form presented at this meeting, is hereby approved and the City Administrator of the city is hereby authorized and directed to execute said official statement for and in the name and on behalf of the city, and to approve any additions to or changes in the form of said official statement as the City Administrator may deem necessary or advisable, such approval to be conclusively evidenced by the execution of said official statement as so added to or changed. The underwriter is hereby authorized to distribute copies of said official statement (as so added to or changed) in connection with its reoffering and resale of the bonds. Distribution by the underwriter of the preliminary official statement relating to the bonds is hereby approved, confirmed and ratified.- SECTION 7 . Employment of `Bond 'Counsel . That certain agreement for bond counsel services between the city and Jones Hall Hill & White, a professional law corporation, as bond counsel, is hereby approved and the City Administrator and the City Clerk are hereby authorized and directed to execute and deliver said agreement for and in the name and on behalf of the city. SECTION 8. Official Action. All actions heretofore taken by the officers and agents of the city with respect to the sale and issuance of the bonds are hereby approved, confirmed and ratified, and the Mayor, the City Clerk, the Chief of 4. Administrative Services, the City Administrator, the City Attorney, the Senior Community Development Specialist, and any and all other officers of the city are hereby authorized and directed, for and in the name and on behalf of the city, to do any and all things and take any and all actions relating to the execution and delivery of any and all certificates, requisitions, agreements and other documents, including, but not limited to, those described in the bond purchase agreement, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the bonds in accordance with the bond purchase agreement, the indenture and this resolution. PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the -4th day of February , 1985. Mayor ATTEST: APPROVED AS TO FORM: City Clerk City Attorney vgqiI_IA, REVIEWED AND APPROVED: INITIATED AND APPROVED: City Admin for f Deputy Director o Redevelopment 0385L ahb 1/23/85 5. Res. No. 5489 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) so: 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 4th day of February 19 85 by the following vote: AYES: Councilmen: Kelly, MacAllister, Bailey, Finley NOES: Councilmen: Mandic, Green, Thomas ABSENT: Councilmen: None City Clerk and ex-officio Clerk of the City Council of the City of Huntington Beach, California