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RESOLUTION NO. 5518
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 THE ACQUISITION &
IMPROVEMENT OF A 448-UNIT MULTI FAMILY
RENTAL HOUSING DEVELOPMENT BY BROOKHURST STREET PARTNERS
WHEREAS , the City of Huntington Beach is authorized by Chapter
7 (commencing with Section 52075) of Part 5 of Division 31 of the
Health and Safety Code of the State of California (the "Act") and
other applicable provisions of law to issue and sell revenue bonds
for the purpose of providing financing for the acquisition and
improvement of multi-family rental housing facilities located
within the City; and
BROOKHURST STREET PARTNERS, a California limited partnership,
(the "Developer") has applied to the City to issue and sell
revenue bonds for the purpose of providing financing for the
acquisition and improvement of an approximately 448-unit
multi-family rental housing development to be located within the
city at 21661 Brookhurst Street (the "Project") ; and
The City wishes to induce the Developer to acquire and improve
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 (the "Bonds") of the
City pursuant to the Act in a principal amount of not to exceed
Thirty-Eight Million Dollars ($38,000,000) for the purpose of
providing construction and permanent financing to the Developer,
its successors and assigns, for the acquisition and improvement of
the Project.
2. The issuance and sale of the Bonds shall be upon such
terms and conditions as may be mutually agreed upon by the City,
the Developer and the purchaser of the Bonds and subject to
completion of proceedings for the issuance, sale and delivery by
the city.
3. The proceeds of the Bonds shall include such related and
necessary issuance expenses, administrative costs, debt service
reserves and interest payments as may be required successfully to
accomplish the financing of the Project.
4. The City Council hereby finds that the issuance of the
Bonds is a substantial inducement to the Developer to acquire, and
improve the Project and that the Project will further the public
purposes of the city.
5. The Developer shall be responsible for the payment of all
costs in connection with the issuance of the Bonds, including but
not limited to printing of any official statement, rating agency
costs, bond counsel fees and expenses, underwriting discount and
costs, trustee fees and expenses, and the cost of printing the
Bonds
A%LzvU To 8 f.
ADOPTED by the City Council of the City of
Huntington Beach on 21st day of May
19 85.
ATTEST:
City Clerk Mayor
APPROVED AS TO FORM: I TIATED AND APPROVED:
City Attorney _8$`5 u y City Admi istrator/
Re velopment
APPROVED:
tCity Administrator
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Res. No.
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) so:
CITY OF HUNT INGTON 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;
itIm -to bt
that the foregoing resolutionXv" passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular adjourned meeting thereof held on the 21st day
of May , 19 85 , by the following vote:
AYES: Councilmen:
Kelly, MacAllister
NOES: Councilmen:
Mandic, Bailey, Finley, Green, Thomas
ABSENT: Councilmen:
None
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California