HomeMy WebLinkAboutCity Council - 5506 A ofr$0N F.M.(4b
RESOLUTION NO. 5506
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF HUNTINGTON BEACH AUTHORIZING THE ISSUANCE
OF REVENUE BONDS FOR THE PURPOSE OF PROVIDING
FINANCING FOR 102-UNIT MULTIFAMILY RESIDENTIAL
RENTAL HOUSING DEVELOPMENT BY MOLA DEVELOPMENT
CORPORATION
WHEREAS, The City of Huntington Beach is authorized by the California
Health and Safety Code sections 52075 et seq. , to issue and sell revenue
bonds for the purpose of providing financing for the construction and
development of multifamily residential rental housing facilities located
within the city; and
Mola Development Corporation, a California corporation, has applied to
the City to issue and sell revenue bonds for the purpose of providing
financing for the acquisition of land and construction of an approximately
102-unit multifamily rental housing development to be located within the city
on the north side of Warner Avenue between Sims and Lynn Streets; and
The city wishes to induce the developer to construct the project, and in
particular, to do so at such location; and
It is in the public interest, for the public benefit and in furtherance
of the public purposes of the city that the city authorize revenue bonds for
the aforesaid purposes,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Huntington Beach as follows:
1 . The City Council of the City of Huntington Beach hereby authorizes
the issuance and sale of bonds of the city pursuant to the provisions of
the California Health and Safety Code sections 52075 et seq. in a principal
amount of not to exceed $12,000,000 for the purpose of providing construction
and permanent financing to the developer, its successors and assigns, for the
acquisition, construction and development of the project.
2. The issuance and sale of the bonds shall be upon such terms and
conditions as may be mutually agreed upon by the city, the developer and
the purchaser of the bonds, and subject to completion of proceedings for
the issuance, sale and delivery by the city.
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3. The proceeds of the bonds shall include such related and necessary
issuance expenses, administrative costs, debt service reserves and interest
payments as may be required successfully to accomplish the financing of the
project.
4. The City Council hereby finds that the issuance of the bonds is a
substantial inducement to the developer to acquire, construct and develop
the project and that the project will further the public purposes of the
city.
5. The developer shall be responsible for the payment of all costs
in connection with the issuance of the bonds, including but not limited to
printing of any official statement, rating agency costs, bond counsel fees
and expenses, underwriting discount and costs, trustee fees and expenses,
and the cost of printing the bonds.
�p��eOTu� ADOPTED by the City Council of the City of Huntington Beach
at a regular meeting thereof held on the lst day of April 1985.
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk City Attorney �a.�gr?
REVIEWED APPROV IN IATED AND APPROVE
City Administrator De u y Director of Redevelopment
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Res. No. 5506 Ff)
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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 tVie City of H ntington Beach is seven; that the foregoing
resolution 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 1st day of April 1985, by the
following vote:
AYES: Councilmem:
Kelly
NOES: Councilmen:
Mandic, Bailey, Finley, Green, Thomas
ABSENT: Councilmen:
MacAllister
City Clerk and ex-officio Clerk of
the City Council of the City of
Huntington Beach, California