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RESOLUTION NO. 110
A RESOLUTION OF THE HUNTINGTON BEACH REDEVELOPMENT
AGENCY AUTHORIZING THE SALE AND DELIVERY OF CERTIFICATES
OF PARTICIPATION OR ISSUANCE OF BONDS IN AN AMOUNT NOT TO
EXCEED $7 MILLION IN CONNECTION WITH THE HUNTINGTON BEACH
ROYALE PROJECT
WHEREAS, the Huntington Beach Redevelopment Agency, as an inducement
to Huntington Beach Royale Associates (the "Developer") who will undertake
the development of a congregate care facility (the "Project") , desires to
authorize the sale and delivery of certificates of participation or the
issuance and sale of bonds in an amount sufficient to provide financing
for the project subject to the restrictions of all applicable State and
Federal laws as they presently exist.
NOW, THEREFORE, the Huntington Beach Redevelopment Agency does hereby
resolve as follows:
Section 1. Subject to the completion of proceedings and other matters
relating thereto, to the full satisifaction of the Agency, the Agency hereby
agrees to provide financial assistance to Huntington Beach Royale (the
"Project") for the purpose of assisting in the development of the Project
located southeast of Garfield and Beach Boulevard. The Agency reserves the
option of providing such assistance through other methods acceptable to the
Agency. The total principal amount of the proposed certificates or bonds
shall not exceed seven million dollars ($7,000,000) .
Section 2. Based on the foregoing, it is understood that the availa-
bility of such assistance is a substantial inducement to the Developer to
undertake such project in a manner desired by the Agency.
Section 3. The Executive Director and the staff are hereby authorized
and directed to take whatever further action relating to the aforesaid financial
assistance as deemed reasonable and desirable in accordance with the laws of
the State of California and within the limitations of any applicable laws of
the United States of America; provided however, that any agreements and the
terms and conditions under which the certificates will be sold and delivered
(or bonds will be issued and sold) must be approved by the Agency.
PASSED AND ADOPTED this 21st day of January , 1985.
ATTEST:
Agency Clerk Chairperson
APPROVED AS TO CONTENT: APPROVED AS TO CONTENT:
Agency�C.uns Special Agency Coun
INITIATED AND APPROVED: APPROVED:
i
Depu Director of Redevelopment Chief Executive Officer,
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huntin t®n beach planning division
Res. No. 110
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF HUNTINGTON BEACH)
I , ALICIA M. WENTWORTH, Clerk of the Redevelopment Agency of the
City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing
resolution was duly adopted by the Redevelopment Agency of the City of
Huntington Beach at a meeting of said Redevelopment Agency held on the
Zlst day of January 19 85, and that it was so adopted
by the following vote:
AYES: Members:
Kelly, MacAllister, Bailey, Finley, Green, Thomas
NOES: Members:
Mandic
ABSENT: Members:
None
Clerk of the Redevelopment Agency of
the City of Huntington Beach, Ca.
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