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HomeMy WebLinkAboutCity Council - 6174 RESOLUTION NO. 6174 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AUTHORIZING THE ISSUANCE OF SPECIAL TAX BONDS OF THE CITY OF HUNTINGTON BEACH FOR COMMUNITY FACILITIES DISTRICT NO. 1990-1 (GOLDENWEST/ELLIS AREA) , APPROVING AND DIRECTING THE EXECUTION OF A FISCAL AGENT AGREEMENT, AND APPROVING OTHER RELATED DOCUMENTS AND ACTIONS Community Facilities District No . 1990-1 (Goldenwest/Ellis Area) The City Council of the City of Huntington Beach hereby resolves as follows : WHEREAS, this City Council has conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act") , to form Community Facilities District No. 1990-1 (Goldenwest/Ellis Area) (the "District") , to authorize the levy of special taxes upon the land within the District, and to issue bonds secured by said special taxes the proceeds of which are to be used to finance certain facilities (the "Facilities") , and there have been submitted to this City Council certain documents providing for the issuance of bonds of the City for the District and the use of the proceeds of those bonds to finance the Facilities and pay the costs of providing certain services within the District, and this City Council, with the aid of its staff, has reviewed said documents and found them to be in proper order; and all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said bonds and the levy of said special taxes as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. -1- NOW, THEREFORE, IT IS HEREBY ORDERED as follows : SECTION 1. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement (hereafter defined) , special tax bonds of the City for the District designated as "City of Huntington Beach Community Facilities District No. 1990-1 (Goldenwest/Ellis Area) 1990 Special Tax Bonds" (the "Bonds") in an aggregate principal amount not to exceed $2, 500, 000 . 00 are hereby authorized to be issued. The Bonds shall be executed in the form set forth in and otherwise as provided in the Fiscal Agent Agreement. SECTION 2 . The proposed form of Fiscal Agent Agreement (the "Fiscal Agent Agreement") with respect to the Bonds in the form presented to this City Council at this meeting, is hereby approved. The City Administrator is hereby authorized and directed to execute and deliver the Fiscal Agent Agreement in substantially said form, with such additions thereto or changes therein as are approved by the City Administrator upon consultation with Bond Counsel including such additions or changes as are necessary or advisable in accordance with Section 8 hereof (provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of $2, 500, 000 . 00, result in an initial true interest cost on the Bonds in excess of 10% per annum or result in an underwriter ' s discount in excess of 3% of the aggregate principal amount of the Bonds) , the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Fiscal Agent Agreement by the City. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed. The terms and -2- 6174 provisions of the Fiscal Agent Agreement are incorporated herein by this reference as if fully set forth herein. SECTION 3 . The proposed form of purchase contract (the "purchase contract") between the City and Chilton & O'Connor, Inc. (the "Underwriter") , in the form presented to this meeting, is hereby approved. The City Administrator is hereby authorized and directed, for and in the name and on behalf of the City, to accept the offer of the Underwriter to purchase the Bonds contained in the purchase contract (when such offer is made and if such offer is consistent with Section 2 hereof) and to execute and deliver said purchase contract in said form, with such additions thereto or changes therein as are recommended or approved by such officer upon consultation with Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the City of said purchase contract. This City Council hereby finds and determines that the sale of the Bonds at negotiated sale as contemplated by the purchase contract will result in a lower overall cost . SECTION 4 . The proposed form of official statement relating to the Bonds (the "Official Statement") , in the form presented to this meeting, is hereby approved. The City Administrator is hereby authorized and directed, for and in the name and on behalf of the City, to execute the Official Statement in said form, with such additions thereto or changes therein as are recommended or approved by such officer upon consultation with Bond Counsel to the City, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the City of said Official Statement. The Underwriter is hereby authorized to distribute copies of said Official Statement to persons who may be interested -3- 6174 in the purchase of the Bonds and are directed to deliver such copies to all actual purchasers of the Bonds . Distribution by the Underwriter of a preliminary official statement relating to the Bonds is hereby approved and authorized. The City Administrator is hereby authorized to execute one or more certificates to the effect that such preliminary official statements and the Official Statement were deemed "final" as of their respective dates for purposes of Rule 15c2-12 of the Securities Exchange Act of 1934, and is authorized to so deem such statements final. SECTION 5 . The City hereby covenants, for the benefit of the Bondowners, to commence and diligently pursue to completion any foreclosure action regarding delinquent installments of any amount levied as a special tax for the payment of interest or principal of the Bonds, said foreclosure action to be commenced and pursued as more completely set forth in the Fiscal Agent Agreement. SECTION 6 . The proposed form of acquisition agreement (the "Acquisition Agreement") relating to certain of the improvements to be financed with the proceeds of the Bonds, in the form presented to this City Council at this meeting, is hereby approved. The City Administrator is hereby authorized and directed to execute and deliver said Acquisition Agreement in substantially said form, with such additions thereto or changes therein as are recommended or approved by the City Administrator upon consultation with Bond Counsel (including such additions or changes therein as are necessary or advisable in accordance with Section 8 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the City of said Acquisition Agreement . -4- 6174 SECTION 7. The Bonds, when executed, shall be delivered to the Fiscal Agent for authentication. The Fiscal Agent is hereby requested and directed to authenticate the Bonds by executing the Fiscal Agent ' s certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the Underwriter in accordance with written instructions executed on behalf of the City by the City Administrator, which instructions such officer is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver to the Fiscal Agent. Such instructions shall provide for the delivery of the Bonds to the Underwriter in accordance with the purchase contract, upon payment of the purchase price therefor. SECTION 8 . All actions heretofore taken by the officers and agents of the City with respect to the establishment of the District and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this resolution, and any certificate, agreement, and other document described in the documents herein approved. SECTION 9 . This resolution shall take effect thirty days from and after its adoption. -5- 6174 PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the 2nd day Of July 1990 . Mayor ATTEST: APPROVED AS TO FORM: City Clerk City Attorney Q, -��--4�U REVIEWED AND APPROVED: INITIATED AND AP OVED: 0%0-4 City Administtr6r Director of; A minis at e Services -6- 6174 Res. No. 6174 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 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 2nd day of July 1990 by the following vote: AYES: Councilmembers: MacAllister, Winchell , Green, Mays, Bannister, Silva, Erskine NOES: Councilmembers: None ABSENT: Councilmembers: None City Cler and ex-o io Clerk of the City Council of the City of Huntington Beach, California