HomeMy WebLinkAboutCity Council - 6059 RESOLUTION NO. 6059
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 (FIVE POINTS SPRINGS) 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
housing facilities located within the City by private developers; and
Five Points Springs, Ltd. , a California limited 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 an approximately 148-unit
u
multifamily rental housing development and related auxiliary
facilities to be located within the City on the southwest corner of
Main and Florida and more commonly known as 18660 Main Street,
Huntington Beach, California (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") of the City
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pursuant to the Act in a principal amount of not to exceed
$10, 000, 000 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. The issuance of the Bonds shall
be subject to final approval and authorization by the City Council,
and nothing in this resolution is intended or shall be construed to
commit the City Council to giving such final approval and
authorization.
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 hereby 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
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expenses, underwriting discount and costs, trustee fees and expenses,
City fees and the cost of printing the Bonds .
Section 6 . 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 1st day of
August, 1989 .
Mayor
ATTEST:
City Clerk
APPROVED AS TO CONTENT: APPROVED AS TO FORM:
City Administrator City AttoriWy
PPROVED, INITIATING DEPARTMENT: b I
i
Di for of• Economic
Development
3 _ 6059
Res. No. 6059
STATE OF CALIFORNIA
COUNTY OF ORANGE 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
i` 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 21st day
of August 19 89 , by the following vote:
AYES: Councilmembers:
Green, Winchell, Bannister, Mays, Silva
i
NOES: Councilmembers:
MacAllister
ABSENT Councilmembers:
None
NOT VOTING: Erskine
city ClerK and ex-officm ClerK
of the ,,Ci ty Council of 'the City
of Huntington Beach, California
r.