HomeMy WebLinkAboutCity Council - 5772 RESOLUTION NO. 5772
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH OF INTENT TO ISSUE AND SELL SHORT
TERM TAX AND REVENUE ANTICIPATION NOTES FOR FISCAL
YEAR 1987-1988
f
WHEREAS, the City Council of the City of Huntington Beach
wishes to provide for effective cash management of the City' s
budget for fiscal year 1987-1988, and to provide cash for the
City' s General Fund prior to the receipt of property tax revenues;
and
Based upon budget estimates furnished to the City
Treasurer ' s office, short-term financing in the form of Tax and
Revenue Anticipation Notes will benefit the city in fiscal year
1917188 ; and
Pursuant to California Government Code 53850 et seq. , the
City of Huntington Beach desires the issuance of such Notes on or
about July 1, 1987, so that the City' s General Fund will have
sufficient funds on a timely basis to meet the City' s obligations,
NOW, THEREFORE, BE IT RESOLVED that the City Council of the
City of Huntington Beach hereby directs staff to prepare the
necessary documentation for issuance of such revenue anticipation
notes for fiscal year 1987/88, and to enter a contract to employ
Prudential Bache Capital Funding as underwriters and to find bond
counsel from underwriter recommendations, and, further, directs
that staff furnish information relating to the sale of such notes
to the City Council for approval thereafter .
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on
the 4th day of_ _ May , 1987 .
ATTEST: APPROVED AS TO FORM:
C1 y er Ci y Attorne
REVIEWED AND APPROVED: INITIATED N APP V
City Administrator i re su er
Res. No. 5772
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 4th day
of May , 19 87 by the following vote:
AYES: Councilmen:
Winchell, Mays, Finley, Kelly, Erskine, Green, Bannister
NOES: Councilmen:
None
ABSENT: Councilmen:
None
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California