HomeMy WebLinkAboutCity Council - 5661 RESOLUTION NO. 5661
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF HUNTINGTON BEACH AUTHORIZING
THE ISSUANCE OF REVENUE BONDS TO FINANCE
A ONE-HUNDRED FOURTEEN UNIT MULTIFAMILY
RESIDENTIAL RENTAL HOUSING DEVELOPMENT
BY THE VILLAGES WEST, INC.
WHEREAS, The city of Huntington Beach is authorized by the
California Health and Safety Code section 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 in the city; and The Villages West,
Inc. , a California 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
114-unit multifamily rental housing development, located at 16171
Springdale in the City; 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
authorized, pursuant to the provisions of the California Health
and Safety Code sections 52075 et seq. , in a principal amount not
to exceed $8, 000, 000 for the purpose of providing permanent
financing to the developer, The Villages West, Inc. , its
successors and assigns, for the acquisition, construction and
development of an approximately 114-unit multifamily rental
housing development to be located at 16171 Springdale.
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 issuance and sale of the bonds shall be authorized
only upon evidence satisfactory to the City Council that the
developer has secured an allocation for the sale of multifamily
securities as may be required by a city, county or state
allocation system as may be in effect at the time of the
authorization for the sale of the bonds.
4. 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 financing of the project.
5. 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.
6. 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.
2 .
D f h C' f
PASSE AND ADOPTED b the City Council o the it o
Y Y Y
Huntington Beach at a regular meeting thereof held on the 19t{oay
of May 1986 .
ATTEST:
City Clerk Mayor
R VIEW D AND APPR E INITIATED AND APPROVED
•
De u y tor, Redevelopment City Attorney
City Administrat r
�I
3 .
Res- No. 5661
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 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 meeting thereof held on the 19th day
of May 19 86 by the following vote:
AYES: Councilmen:
Kelly, Finley, Mandic , Bailey, Green , Thomas
NOES: Councilmen:
None
ABSENT: Councilmen:
MacAllister
City Clerk and ex-officio Clerk
of the City. Council of the City
of Huntington Beach, California