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HomeMy WebLinkAboutRedevelopment Agency - 127 FR< <a0 RESOLUTION NO. 7 A RESOLUTION OF THE HUNTINGTON BEACH, REDEVELOPMENT AGENCY AUTHORIZING THE SALE OF NOT TO EXCEED$25, 000, 000 AGGREGATE PRINCIPAL AMOUNT OF THE REDEVELOPMENT AGENCY' S MULTI-FAMILY HOUSING REVENUE BONDS (PALM COURT HOUSING PROJECT) , 1985 SERIES A MAKING CERTAIN FINDINGS AND DETERMINATIONS, AND APPROVING AND AUTHORIZING THE EXECUTION OF RELATED DOCUMENTS, AGREEMENTS AND ACTIONS WHEREAS, the Redevelopment Agency of the City of Huntington Beach (the "Agency" ) has determined that there is a shortage in. the City of Huntington Beach (the "City" ) of decent, safe, and sanitary housing and a consequent need to encourage investment and upgrade redevelopment project areas and increase the supply of housing in the City; and Chapter 8 of Part 1 of Division 24 of the Health and Safety Code of the State of California, as amended (the "Act") , authorizes the Agency to issue revenue bonds in order to make long-term, low interest loans through "qualified mortgage lenders" to finance residential construction in order to encourage investment and upgrade redevelopment project areas and increase the supply of housing; . and The Agency previously has determined to engage in a program of financing residential construction pursuant to the Act; and On July 2 , 1984, the Agency adopted a resolution of intention, Resolution No. 5408, to provide financing for a 264-unit residential rental development to be known as Palm Court (the "Project") ; and The Project will be wholly located within a redevelopment project- area ; and In order to finance the Project, the Agency proposes to issue its Multi-Family Housing__ Revenue Bonds (Palm Court Housing Project) , 1985 Series A (the "Bonds") , pursuant to the Act in an aggregate principal amount not to exceed twenty-five million dollars ($25, 000. 000) , and to lend the proceeds of the sale of the Bonds to BW C/Vanderwood , a California general partnership (the "Developer") through a "qualified mortgage lender, " ; and 1. The Agency and the Developer shall, prior to the issuance of Bonds , enter into an agreement (the "Developer Agreement") relating to the Project,, as required by Section 33790 of the Act; and - The Agency shall select a mortgage lender capable of providing mortgage lending and servicing functions and otherwise aiding in the financing of mortgages on residential construction within the jurisdiction of the Agency as required by the Act ; and The First Boston Boston Corporation (the "Underwriter") has offered to purchase the Bonds at a purchase price of par, subject to the execution of the Indenture, the Loan Agreement and, the Regulatory Agreement (hereinafter referred to) and certain other documents referred to herein and the Agency finds that the public interest and necessity require that the Agency at this time make arrangements for the sale of the Bonds to the Underwriter ; and Pursuant to Section 103 ( k) of the Internal Revenue Code of 1954, as amended (the "Code" ) the Bonds are required to be approved , following a public hearing by an " elected representative" of the governmental unit having jurisdiction over the area in which the Project is located; and 'The City Council -of the City of Huntington Beach (the "Council" ) is the elected governmental unit of the Agency having jurisdiction over the area in which the Project is located; and The Council has duly published notice of a public hearing to be held on December 2 , 1985, regarding the issuance of the Bonds for the Project in accordance with the requirements of Section 103 (k) of the Code ; and The Council has conducted a public hearing on December 2 , 1985, regarding the issuance of the Bonds for the Project, at which time an opportunity was provided to present arguments both for and against the issuance of the Bonds and the nature and location of the Project;. and 2. All acts, conditions, and things required by the Act and by all other laws of the State of. California to exist, to have happened and to have been performed precedent to and in connection with the issuance of the Bonds for the Project exist, have happened, and have been performed in regular and due time, form and manner as required by law, and the Agency is now duly authorized and empowered, pursuant to each and every requirement of law, to issue the Bonds for the purpose, in the manner and upon the terms herein provided; V041 , THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Huntington Beach, as follows: Section 1. The recitals herein contained are true and correct, and this Agency so finds. Section 2. The Agency hereby selects and appoints Brown, Wood , Ivey, Mitchell, & Petty, San Francisco, California, to serve as Bond Counsel. The Chairman, Vice Chairman or Executive Director of the Agency are hereby empowered to enter into, on behalf of the Agency, a - -contract- ofemployment with Bond Counsel which contract may set forth the terms of the agreement. Section 3. The proposed form of the Developer Agreement substantially in the form submitted to this meeting is hereby approved and the Chairman or Vice Chairman and Executive Director and Clerk of the Agency are hereby authorized and directed to execute and deliver, for and in the name of and on behalf of, the Agency said Developer Agreement with such corrections, changes, or additions, as said officers may approve, such approval to be conclusively evidenced by execution of said Developer Agreement. Section 4. The proposed form of indenture (the "Indenture" ) , by and between the Agency and Security Pacific National Bank, as trustee (the "Trustee") , substantially in the form submitted to this meeting , is hereby approved , and the Chairman or Vice Chairman and Executive Director and Clerk of the Agency are hereby authorized and directed to execute and deliver , for and in the name of and on behalf of the Agency, said Indenture with such 3. r additions, changes and corrections with the Attorney for the Agency and Bond Counsel, such, approval to be conclusively evidenced by the execution of said Indenture with such additions, changes or corrections. Security Pacific National Bank is hereby appointed to act as Trustee under the Indenture with the duties and powers of such Trustee as set forth in the Indenture; provided that the Chairman or Vice Chairman may appoint a successor or alternate Trustee so long as such Trustee is a banking institution duly authorized to accept the trusts created by the Indenture and has a combined capital and surplus of at least $50, 000, 000. Section 5. The proposed form of the Bonds, as set forth in the Indenture, is hereby approved, and the Chairman or Vice-Chairman and Executive Officer and Clerk of the Agency are hereby authorized and directed to execute, and the Trustee is hereby authorized and directed to authenticate, the Bonds in substantially such form, and the Trustee is hereby authorized and directed to deliver such Bonds to the Underwriter in accordance with the Indenture. The date, maturity dates, interest rate or rates, medium of payment for the bonds, denominations, form of the Bond , registration privileges, manner of execution, place of payment, terms of .redemption and other terms of the Bonds shall be as provided in the Indenture as finally executed; provided however , that the aggregate principal amount of the Bonds shall .not exceed $25,000, 000, the interest rate on the Bonds shall not exceed the maximum rate per annum permitted under Article XV, Section 1, paragraph (2) of the State Constitution and the final maturity of the Bonds shall be not later than 50 years from the date of issuance thereof. Such Bonds may be delivered in temporary form pursuant to the Indenture if, in the judgment of the Chairman or Vice-Chairman, delivery in such . form is necessary or appropriate until Bonds in definitive form can be prepared. Section 6. The sale of all of the Bonds to the Underwriter at a purchase price equal to par plus accrued interest, if. any, is hereby approved, and the Bonds are hereby awarded to the 4 . Underwriter upon payment of such purchase price to the Trustee and satisfaction of such other conditions as setforth in the Loan Agreement and the Indenture and the Chairman, Vice Chairman or Executive Director of the Agency are hereby authorized to approve, execute, and deliver, for and in the name and on behalf of the Agency, a Bond purchase agreement between the Agency and the . Underwriter upon consultation with the Attorney for the Agency and Bond Counsel. Section 7. The proposed form of Loan Agreement by and among the Agency , the Trustee and the Developer, substantially in the from submitted to this meeting, is hereby approved, and the Chairman or Vice Chairman and Executive Officer and Clerk of the Agency are hereby authorized and directed to execute and deliver , for an in the name of and on behalf of the Agency, a Loan Agreement in such form, with such additions, changes, and corrections as said officers may approve upon consultation with the Attorney for the Agency and Bond Counsel, such approval to be conclusively evidenced by the execution of said Loan Agreement. with such additions, changes, or corrections. Section 8. The proposed form of Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement" ) by and among the Agency, the Developer , and the Trustee, substantially in the form submitted to this meeting, is hereby approved , and the Chairman or Vice-Chairman and Executive Officer and , Clerk of the Agency are hereby authorized and directed to execute and deliver , for and in the name and on behalf of the Agency, said Regulatory Agreement with such additions, changes, or corrections as said officer may approve upon consultation with the Attorney for the Agency and Bond Counsel, such approval to be conclusively evidenced by the execution of said Regulatory Agreement with such additions, changes, or corrections. Section 9. The Chairman, Vice-Chairman or Executive Officer are hereby empowered to select a "qualified mortgage lender" within the meaning of the Act. 5. Section 10. The Chairman, Vice-Chairman, or Executive Officer are hereby empowered to approve and/or execute and deliver any offering circular, placement -memoranda or official statement describing the Bonds prepared by the Underwriter upon consultation with the Attorney for the Agency and Bond Counsel. Section 11. All actions heretofore taken by the officers and agents of the Agency with respect to the sale and issuance of the Bonds are hereby approved , confirmed , and ratified, and the officers of the Agency are hereby authorized and directed, for and in the name and on behalf of the Agency to do any and all things and .take any and all actions and execute and deliver any and all certificates , agreements, and other documents 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 Act and this resolution. Section 1.2. In the event that the Chairman, Vice-Chairman, or Executive Officer and Clerk of the- Agency are unable to execute- and deliver any of the above-referenced documents, any officer of the Agency designated. by the Chairman may validly execute and deliver any such document. Section 13. All . ordinances . and resolutions or parts thereof in conflict herewith, are, to the extent of such conflict, hereby repealed. Section 14. - If any section, paragraph, or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph , or provision shall not affect any remaining provisions of this resolution. Section 15. Nothing contained in this resolution or in the documents the Agency is approving herein shall be construed as obligating the general credit of the Agency, nor shall the breach of any agreement contained in this resolution or the document executed in connection herewith impose any charge upon the general credit of the Agency. 6. Section 16. This resolution shall take effect immediately upon its passage and adoption. ADOPTED this day of of ' December, 1985. ATTEST: Agency Clerk Chairperson APPROVED AS TO FORM: APPROVED AS TO FORM: GAIL HUTTON, CITY ATTORNEY Agency nsel Special Agency Counsel NITIATED AND APPROVED: e ty City Admini trator APPROVED: Chief Executive Offic 0429H 7 F.. 4`1`C Res. No. 127 1.1 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 16th day of December 1985 and that it was so.adopted by 'the following vote: AYES: Members: Kelly Green, Thomas NOES: Members: MacAllister, Finley, Bailey ABSENT.: Members: Mandic (out of room) Clerk of the Redevelopment Agency of the City of Huntington Beach,' Ca.