HomeMy WebLinkAboutCity Council - 5701 RESOLUTION NO. 5701
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH GIVING PUBLIC APPROVAL FOR THE
ISSUANCE OF BONDS FOR VILLAGE PARTNERSHIP, A
CALIFORNIA GENERAL PARTNERSHIP
Be it resolved by the Council of the City of Huntington
Beach:
WHEREAS, the City of Huntington Beach (the "City" )
proposes to issue its Multifamily Housing Revenue Bonds (Mercury
Savings and Loan Association/Village Partnership Project) , 1986
Series A, in the aggregate principal amount of not more than
$7, 700, 000, and to enter into a Loan Agreement to lend the
proceeds thereof to Village Partnership, a California general
partnership for the purpose of financing the acquisition and
improvement of an approximately 113-unit multifamily residential
rental facility (the "Project" ) to be located at 16171 Springdale
in the City of Huntington Beach.
Section 103(k) of the Internal Revenue Code of 1954, as
amended, requires that the City Council shall approve, after
public hearing following reasonable public notice, the issuance of
bonds by the City for such purpose.
This Council is the applicable elected representative of
the City, and it has duly called and conducted a hearing on said
financing notice of which has been given in accordance with said
Section 103( k) , and all persons requesting to be heard have been
heard.
NOW, THEREFORE, the City Council of the City of
Huntington Beach hereby finds, determines and declares that the
Loan Agreement, the Project and the issuance of bonds by the city
1.
in an aggregate principal amount not to exceed $7, 700, 000 for the
financing therefor be and are hereby approved.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 18th
day of August , 1986.
4"—q �.
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk City Attorney
REVIEWED AND APPROVED: INITIA D APP
MW
City Administ t ator Deputy y A nistrator
2.
Res. No. 5701
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUMINGTON 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 18th day
of August 19 86 by the following vote:
AYES: Councilmen:
MacAllister, Finley, Mandic, Bailey, Green,
NOES: Councilmen:
Thomas
ABSENT: Councilmen:
Kelly
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California