HomeMy WebLinkAboutCity Council - 6013 RESOLUTION NO. 6013
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH AUTHORIZING THE ISSUANCE OF
REVENUE BONDS FOR THE PURPOSE OF PROVIDING
FINANCING FOR A MULTIFAMILY RENTAL HOUSING
DEVELOPMENT (BEACHFRONT DEVELOPMENT PROJECT)
WHEREAS, the City of Huntington Beach (the "City") is
authorized by Chapter 7 (commencing with Section 52075) of Part
5 of Division 31 of the Health and Safety Code of the State of
California, as amended (the "Act") , to issue and sell revenue
bonds for the purpose of providing financing for the development
of multifamily rental housing facilities located within the City
by private developers; and
Beachfront Development, a California partnership (the
"Developer") , has applied to the City to issue and sell revenue
bonds for the purpose of providing financing for the acquisition
of land and construction thereon of multifamily rental housing
development to be located within the City at 18660 Main Street
(the "Project") ; and
The City wishes to induce the Developer to acquire and
construct the Project and, in particular, to do so at such
location; and
It is in the public interest, for the public benefit and
in furtherance of the public purposes of the City that the City
authorize revenue bonds for the aforesaid purposes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Huntington Beach, as follows:
Section 1. Authorization of Bonds. The City Council
hereby authorizes the issuance and sale of bonds (the "Bonds")
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of the City pursuant to the Act in a principal amount of not to
exceed twenty-five million dollars ($25 million) for the purpose
of providing construction and permanent financing to the
Developer, its successors and assigns, for the acquisition,
construction and development of the Project.
Section 2. Terms of Bonds. The issuance and sale of the
Bonds shall be upon such terms and conditions as may be mutually
agreed upon by the City, the Developer and the purchaser of the
Bonds and subject to completion of proceedings for the issuance,
sale and delivery of the Bonds by the City.
Section 3 . Use of Bond Proceeds . The proceeds of the
Bonds shall include such related and necessary issuance
expenses, administrative costs, debt service reserves and
interest payments as may be required successfully to accomplish
the financing of the Project.
Section 4 . Inducement. The City Council finds that the
issuance of the Bonds is a substantial inducement to the
Developer to acquire, construct and develop the Project and that
the Project will further the public purposes of the City.
Section 5 . Payment of Costs . The Developer shall be
responsible for the payment of all costs in connection with the
issuance of the Bonds, including but not limited to printing of
any official statement, rating agency costs, bond counsel fees
and expenses, underwriting discount and costs, trustee fees and
expenses, and the cost of printing the Bonds .
Section 6 . Bond Counsel . The law firm of Jones Hall
Hill & White, A Professional Law Corporation, is hereby named as
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6013
bond counsel to the City for the Bonds, according to the terms
and condition of the Bond Counsel Agreement which shall be on
file with the City Clerk prior to Council action hereon,
approved by the City Attorney and which shall provide that the
fees and expenses of bond counsel in connection with the
issuance of the Bonds are to be paid solely from the proceeds of
the Bonds or directly by the Developer.
Section 7. Effective Date. This Resolution shall take
effect from and after the date of its passage and adoption.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on
the 3rd day of Apri 1 1989 .
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk 2 9 City Attorney
REVIEWED AND APPROVED: IN7E AND ArP�'R VED:
Deput City Administrator City Administrator
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6013
Res. No. 6013
STATE OF CALIFORNIA
COUNTY OF ORANGE 3 ss:
CITY OF HUNTINGTON BEACH
I, CONNIE BROCKWAY, 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 at least a majority of all the members of said City Council
at a regular meeting thereof held on the 3rd day
of April 19 89 by the following vote:
AYES: Councilmembers:
MacAllister, Green, Winchell . Bannister. Mays, Silva
NOES: Councilmembers:
None
ABSENT: Councilmembers:
Erskine (out of room)
Cify- Clerk and ex-o i io Clerk
of the.City Council of the City
of Huntington Beach, California