HomeMy WebLinkAboutCity Council - 5722 RESOLUTION NO. 5722
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH DESIGNATING ALLOCATION FOR NOT
TO EXCEED $7, 700, 000 PRINCIPAL AMOUNT OF
VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE
BONDS (MERCURY SAVINGS AND LOAN ASSOCIATION/
VILLAGE PARTNERSHIP PROJECT) , 1986 SERIES A
WHEREAS, the City of Huntington Beach (the "City" )
proposes to issue its City of Huntington Beach Variable Rate
Demand Multifamily Housing Revenue Bonds (Mercury Savings and Loan
Association/Village Partnership Project) , 1986 Series A (the
"Bonds" ) , in the aggregate principal amount of $7,700,000, under
and pursuant to Chapter 7, Part 5 of Division 31 of the California
Health and Safety Code, as amended, in order to provide financing
to Village Partnership, a California general partnership, for the
acquisition and construction of an approximately 113-unit
multifamily residential rental project to be located at 16171
Springdale in the City; and
WHEREAS, the City has heretofore authorized and approved
the issuance of the Bonds; and
WHEREAS, the Tax Reform Act of 1986 has imposed volume
restrictions upon the issuance of bonds such as the Bonds and such
restrictions are being administered in the State of California
under the provisions of a Proclamation by the Governor of the
State of California dated September 30, 1986 (the "Proclamation" ) ;
and
WHEREAS, paragraph 6(b) of the Proclamation requires that
the City prior to the issuance of the Bonds specifically designate
to the Bonds a portion of the Private Activity Bond Limit (as such
1 .
term is defined in the Proclamation) available or expected to be
available to the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Huntington Beach that the City hereby designates to the
Bonds the Private Activity Bond Limit available or expected to be
available to the City in 1986, such designation to become
irrevocable upon the issuance of the Bonds to the extent of the
amount thereof . This resolution shall take effect from and after
its adoption.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach, California, at a regular meeting thereof held on
the 3rd day of November, 1986, by the following vote:
•
Mayor
ATTEST: APPROVED AS TO FORM:
Ci y Clerk i y t e
REVIEWED AND APPROVED: `'G' ( .
Deputy City Administrator/
/ f
Redevelopment
:L�i� �v►i�S`ah, �
City Administrator t1�
2.
Res. No. 5722
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) se:
CITY OF EMINGTON 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 3rd day
of November , 1966 by the following vote:
AYES: Councilmen:
Kelly, MacAllister, Finley, Mandic, Bailey, Green, Thomas
NOES: Councilmen:
None
ABSENT: Councilmen:
None
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California