HomeMy WebLinkAboutCity Council - 5876 W 08025-02 JHHW:CFA:dfs May 5,1998 F7993
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RESOLUTION NO. 5876
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH APPROVING THE ISSUANCE OF
NOT TO EXCEED $30,000,000 PRINCIPAL AMOUNT
OF HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY
1988 REVENUE BONDS, (HUNTINGTON BEACH
REDEVELOPMENT PROJECTS), BORROWING OF BOND
PROCEEDS BY THE REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
WHEREAS, the City of Huntington Beach (the "City") and the Redevelopment
Agency of the City of Huntington Beach (the "Agency") have heretofore entered into a
Joint Exercise of Powers Agreement dated March 7, 1988, establishing the Huntington
Beach Public Financing Authority (the "Authority") for the purpose of issuing its bonds to
be used to provide financial assistance to the City and the Agency; and
the Authority has authorized the issuance of its 1988 Revenue Bonds (Huntington
Beach Redevelopment Projects) in an aggregate principal amount of not to exceed
130,000,000 (the "Bonds") for the purpose of (a) providing funds to make a loan to the
Agency in an aggregate principal amount of not to exceed $10,775,000 relating to the
Main-Pier Redevelopment Project (the "Main-Pier Project Loan"), (b) providing funds to
make a loan to the Agency in an aggregate principal amount of not to exceed $3,500,000
relating to the Oakview Redevelopment Project (the "Oakview Project Loan"), (c)
providing funds to make a loan to the Agency in an aggregate principal amount of not to
exceed $2,265,000 relating to the Talbert-Beach Redevelopment Project (the "Talbert-
Beach Project Loan"), and (d) providing funds to make a loan to the Agency in an
aggregate principal amount of not to exceed $13,460,000 relating to the Huntington
Center Commercial District Redevelopment Project (the "Huntington Center Commercial
District Project Loan");
pursuant to the Community Redevelopment Law (constituting Part 1 of Division
24 of the Health and Safety Code of the State of California), the Agency has authorized
the Main-Pier Project Loan, the Oakview Project Loan, the Talbert-Beach Project Loan
and the Huntington Center Commercial District Project Loan (collectively, the "Loans");
and
the City Council wishes to express its approval of entering into of the Loans by the
Agency pursuant to Section 33640 of the Community Redevelopment Law;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by
the City Council of the City of Huntington Beach that the issuance of the Bonds by the
Authority and the entering into of the Loans by the Agency be and are hereby approved.
5876
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at
a regular meeting thereof held on the 16th day of May, 1988.
Mayor
ATTEST: M 6ROVV/DAS TO FORM:
By By
City Clerk City Attorney
REVIEWED AND APPROVED: INITIATED AND APPROVED:
By By
City Administrator Deputy Ci y Adm istrator/
Director of Adnfinistrative Se es
-2- 5876
Res. No. 5876
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 16th day
of May 19 88 by the following vote:
AYES: Councilmen:
Kelly, Green, Erskine, Mays, Winchell
NOES: Councilmen:
None
ABSENT: Councilmen:
Finley, Bannister
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California
5876