HomeMy WebLinkAboutPublic Facilities Corporation - 87-01 i
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Huntington Peach Public Facilities Corporation
C7 INCORPORATED I'm 2000 Main Street • Post Office Box 190 • Huntington Beach, California 92648
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i NOVEMBER 27.1970
Zy 'aon RESOLUTION -SOLUTION NO. 87 01
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A RESOLUTION OF THE BOARD OF DIRECTORS OF THE HUNTINGTON
BEACH PUBLIC FACILITIES CORPORATION DIRECTING THE TRUSTEE
TO TRANSFER MONIES FROM THE BOND REDEMPTION FUND INTO
SPECIFIED FUNDS RELATIVE TO THE CENTRAL LIBRARY FACILITY,
SECOND ISSUE BONDS
WHEREAS there exists surplus funds in the Bond Redemption Fund established by the
Indenture of Mortgage and Deed of Trust, dated September 1, 1972, between the Huntington
Beach Public Facilities Corporation and Bank of America National Trust and Savings
Association; AND
WHEREAS Section 504(b) of the Indenture of Mortgage and Deed of Trust provides
that the Trustee may consider certain balances in the Bond Redemption Fund to be surplus
and under direction given by resolution of the Board of Directors of the Huntington Beach
Public Facilities Corporation, may utilize said surplus in accordance with specified
provisions, including 504(b)(iii) providing for transfer to the Construction Fund for changes,
alterations and additions to the Project; AND
WHEREAS, under Section 504(a) of the Indenture, the Trustee shall transfer from the
Bond Redemption Fund and set aside in the Administrative Expense Fund the amount
necessary to bring the balance to the amount required to be set aside in such Administrative
Expense Fund;
NOW, THEREFORE, the Board of Directors of the Huntington Beach Public Facilities
Corporation does hereby certify to the Trustee under Section 502(b) of the Indenture that
the amount necessary to be set aside in the Administrative Expense Fund for payment of
budgeted administrative expenses of the Corporation is $110,000, and requests that the
Trustee transfer from the Bond Redemption Fund to the Administrative Expense Fund, an
amount to bring the balance of the Administrative Expense Fund to $110,000.
RESOLUTION NO. 87-01
Continued
BE IT FURTHER RESOLVED, that following the transfer of the amount to the
Administrative Expense Fund as certified above, the following transfer of amounts required
to be placed in the Debt Service Fund under the Indenture Section 502(a), the Trustee be and
hereby is requested and directed to consider the balance in the Bond Redemption Fund to be
surplus and to cause the transfer of all of such surplus from the Bond Redemption Fund to
the Construction Fund, for changes, alterations and additions to the Project according to
directions and requisitions to be given to the Trustee by the Corporation pursuant to the
Indenture.
PASSED AND ADOPTED at the regular adjourned meeting of the Board of Directors
on January 28, 1987.
Stephen Wight, President
P g Lorraine Faber, Secretary/Treasurer
Huntington Beach Public Facilities Corp. Huntington Beach Public Facilities Corp.
ATTEST: APPROVED AS TO FORM:
Bowie, Arneson, Kadi and Dixon
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Dan T. Villella, Asst. Secretary Joa Arneson, Attorney for H.B.P.F.C.
Huntington Beach Public Facilities Corp.
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