HomeMy WebLinkAboutRedevelopment Agency - 152 18025-02 THHW:CFAidfs May 9,1988 - F7995
RESOLUTION NO. 152
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF HUNTINGTON BEACH AUTHORIZING THE BORROWING OF FUNDS
FROM THE HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY IN
THE AMOUNT OF NOT TO EXCEED $10,775,000 RELATING
TO MAIN—PIER PROJECT, NOT TO EXCEED $3,500,000 RELATING
TO OAKVIEW PROJECT, NOT TO EXCEED $2,265,000 RELATING
TO TALBERT—BEACH PROJECT AND NOT TO EXCEED $13,460,000
RELATING TO HUNTINGTON CENTER COMMERCIAL DISTRICT
PROJECT, AUTHORIZING AND DIRECTING EXECUTION OF
RELATED LOAN AGREEMENTS, APPROVING SALE OF BONDS
AND OFFICIAL STATEMENT, AND AUTHORIZING OFFICIAL ACTIONS
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 proposes at this time to issue its Huntington Beach Public
Financing Authority 1988 Revenue Bonds (Huntington Beach Redevelopment Projects) in
an aggregate principal amount of not to exceed $30,000,000 (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 ("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"); and
Stone & Youngberg (the "Underwriter") intends to submit an offer to purchase the
Bonds and in connection with the offering thereof has caused to be prepared an Official
Statement describing the Bonds, a preliminary form of which is on file with the Agency
Clerk; and
the Agency has duly considered such transactions and wishes at this time to
approve said transactions in the public interests of the Agency;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by
the Redevelopment Agency of the City of Huntington Beach as follows:
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Section 1. Approval of Loans. The Agency hereby authorizes and approves 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") to be
made to the Agency by the Authority from the proceeds of the Bonds. The Loans shall be
made pursuant to and in accordance with the terms of the four Loan Agreements, each
dated as of May 1, 1988, by and among the Agency, the Authority and First Interstate
Bank of California as trustee, relating to each of the respective Loans (collectively, the
"Loan Agreements"). The Agency hereby approves each of the Loan Agreements in
substantially the form on file with the Agency Clerk together with any immaterial
additions thereto or immaterial changes therein deemed necessary or advisable by the
Executive Director. The Chairman is hereby authorized and directed to execute, and the
Agency Clerk is hereby authorized and directed to attest and affix the seal of the Agency
to, the final form of each of the Loan Agreements for and in the name and on behalf of
the Agency. The proceeds of the Loans shall be applied by the Agency for the purposes
and in the amounts as set forth in the respective Loan Agreements. The Agency hereby
authorizes the delivery and performance of the Loan Agreements.
Section 2. Sale of Bonds. The Agency hereby approves the sale of the Bonds by
the Authority by negotiation with the Underwriter, pursuant to the Purchase Contract by
and among the Authority, the Agency and the Underwriter, in substantially the form on
file with the Agency Clerk to the Agency together with any immaterial changes therein or
immaterial additions thereto approved by the Executive Director or his designee. The
Purchase Contract shall be executed in the name and on behalf of the Agency by the
Executive Director, who is hereby authorized and directed to execute and deliver said
form of Purchase Contract on behalf of the Agency upon submission of a proposal by the
Underwriter to acquire the Bonds, which proposal is acceptable to the Executive Director.
The purchase price to be received by the Authority for the Bonds shall be not less than
ninety-eight percent (98%) of the par amount thereof and the net effective rate of interest
to be borne by the Bonds shall not exceed nine percent (9%) per annum.
Section 3. Official Statement. The Agency hereby approves the Preliminary
Official Statement describing the Bonds, in substantially the form submitted by the
Underwriter and on file with the Agency Clerk. Distribution of the preliminary Official
Statement by the Underwriter is hereby ratified and approved. The Agency hereby
authorizes_the distribution of the final Official Statement by the Underwriter. The
Executive Director is hereby authorized and directed to approve any immaterial changes
in or immaterial additions to a final form of said Official Statement. The Final Official
Statement shall be executed in the name and on behalf of the Agency by the Chairman.
who is hereby authorized and directed to execute the final Official Statement on behalf of
the Agency.
Section 4. Official Action. The Chairman. the Vice-Chairman; the Treasurer,
the Agency Clerk, the Executive Director, the Deputy Executive Director, the Principal
Redevelopment Specialist, counsel to the Agency, and any and all other officers of the
Agency are hereby authorized and directed, for and in the name and on behalf of the
Agency, to do any and all things and take any and all actions, including execution and
delivery of any and all assignments, certificates, requisitions, agreements, notices,
consents, instruments of conveyance, warrants and other documents which they, or any
of them, may deem necessary or advisable in order to consummate the lawful issuance
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and sale of the Bonds and the making of the Loans as described herein; provided that the
same shall have been approved as to form by Agency general counsel.
Section 5. Effective Date. This Resolution shall take effect from and after the
date of its passage and adoption.
PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington
Beach at a regular meeting thereof held on the 16th day of May, 1 88.
Chairman
ATTEST: APPR VE /ASTO FORM:
cy�
BY ��NJ� BY
Agency Clerk S-� Agency Attorney
REVIEWED AND APPROVED: INITIATED AND APPROVE
By _:] By /u
Executive Director Deputy City Administrator/
Director of Administrative Se ces
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Res. No. 152
STATE OF CALIFORNIA }
COUNTY OF ORANGE . ) ss:
CITY OF HUNT INGTON 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
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