HomeMy WebLinkAboutPublic Facilities Corporation - 87-02 ��PGH PUBC/C�ql�
o� Huntington Peach Public Facilities Corporation
C7 INCORPORATED y 2000 Main Street • Post Office Box 190 Hunting on Beach, California 92648
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i NOVEMBER 27,1970
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CAC IF 00RN1P
RESOLUTION 87-02
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION DIRECTING
THE TRUSTEE TO DISBURSE MONIES TO REIMBURSE THE CITY OF
HUNTINGTON BEACH FOR RENT OR ADDITIONAL RENT PREVIOUSLY
PAID UNDER THE 1972 LEASE RELATING TO THE CENTRAL LIBRARY
FACILITY, SECOND ISSUE BONDS.
WHEREAS by Resolution No. 87-01 adopted by the Board of Directors of the
Huntington Beach Public Facilities Corporation on January 28, 1987, the Board of
Directors requested and directed Bank of America National Trust and Savings Association,
as Trustee, to consider certain balances in the Bond Redemption Fund to be surplus and to
cause the transfer of all such surplus monies from the Bond Redemption Fund to the
Construction Fund to be used 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 of Mortgage and Deed of Trust dated September 1, 1972
between Huntington Beach Public Facilities Corporation and the Trustee; AND
WHEREAS upon reconsideration, this Board of Directors has determined that in
lieu of electing to apply such surplus balances to make changes, alterations and additions
to the Project under Section 504(b)(iii) of the Indenture, the Board wishes to elect a
different option provided by the Indenture for the application of surplus monies; AND
WHEREAS Section 504(b)(iv) of the Indenture permits the Board of Directors of the
Huntington Beach Public Facilities Corporation to request and direct the Trustee to remit
such surplus funds to reimburse the City of Huntington Beach for rent or additional rent
previously paid on the project under the September 1, 1972 Lease and Sublease (Library);
NOW, THEREFORE, the Board of Directors of the Huntington Beach Public
Facilities Corporation does hereby request and direct the Trustee to remit the sum of
$1,350,000 from the Construction Fund to the City of Huntington Beach to reimburse the
City for any rent or additional rent previously paid under the 1972 Lease and Sublease.
a PASSED AND ADOPTED at the Regular Meeting of the Board of Directors .on
October 28, 1987.
oseph G alo orraine Faber
H.B.P.F.C. President H.B.P.F.C. Secretary/Treasurer
ATTEST: APPROVED AS TO FORM:
Dan T. Villella Jon Arneson, Attorney for H.B.P.F.C.
H.B.P.F.C. Assistant Secretary owie, Arneson, Kadi be Dixon