HomeMy WebLinkAboutCity Council - 5522 RESOLUTION NO. 5522
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH AUTHORIZING THE ISSUANCE OF
REVENUE BONDS TO FINANCE A ONE-HUNDRED-TWO
UNIT MULTIFAMILY RESIDENTIAL RENTAL HOUSING
DEVELOPMENT BY WARNER PARTNERSHIP I'
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 fi-
nancing for the construction and development of multifamily
residential rental housing facilities located in the city; and
Warner Partnership I . a California general partnership, 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, located 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 that the city authorize
revenue bonds for the development aforesaid,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Huntington Beach as follows:
1. The issuance and sale of bonds of the city is author-
ized, pursuant to the provisions of the California Health and
Safety Code sections 52075 et seq. , in a principal amount not
to exceed 0100011-000 for the purpose of providing permanent
financing to the developer, WARNER PARTNERSHIP I, its
1 .
successors and assigns, for the acquisition; construction and
development of an approximately 102-unit multifamily rental
housing development to be located on the north side of Warner
Avenue between Sims and Lynn Streets .
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 de-
livery 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 suc-
cessfully to accomplish 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, in-
Ij cluding but not limited to printing of any official statement,-
rating agency costs , bond counsel fees and expenses , under
writing discount and costs , trustee fees and expenses, and the
cost of printing the bonds .
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 21st
day of May , 1985.
ATTEST:
b
e
4 Mayor
ity Clerk
2.
REVIEWED AND APPRO z
F
ORM:
i y A ministr or y I TIATED AND APPROVED:
puty Director of
Redevelopment
AJF:ahb
0570L/3515
5/14/85
3 :
Res. No. 5522
STATE OF CALIFORNIA )
COUNTY OF ORANGE
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 adjourned meeting thereof held on the 21ct day
of May 19__$5__, by the following vote:
AYES: Councilmen:
Kelly. MacAllister. Bailey, Finley, Green
NOES: Councilmen:
l Mandic
ABSENT: Councilmen:
(Thomas out of room)
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California