HomeMy WebLinkAboutCity Council - 6204 RESOLUTION NO. 6204
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH DIRECTING THE RETURN OF PRIVATE
ACTIVITY BOND ALLOCATION TO THE CALIFORNIA DEBT
LIMIT ALLOCATION COMMITTEE
WHEREAS, the City of Huntington Beach (the "City") applied for
and received from the California Debt Limit Allocation Committee
("CDLAC") a transfer of a portion of the 1990 State Ceiling for
Private Activity Bonds under Section 146 of the Internal Revenue
Code of 1986 (the "Allocation") , for use by the City to issue
$10, 000, 000 principal amount of multifamily housing revenue bonds
(the "Bonds") , the proceeds of which were to be loaned to Five
Points Springs, Ltd. , a California limited partnership (the
"Developer") for the purpose of financing the acquisition and
construction of a. multifamily residential housing project (the
"Project") ; and
The CDLAC resolution providing for the transfer of the
Allocation requires the City at such time as the City determines
that part or all of the Allocation will not be used to issue the
Bonds by August 27, 1990, to take prompt action by resolution of
its governing board to return the Allocation to CDLAC; and
The City' s staff has determined (i) that the Developer has
not, on a timely basis, provided for a letter of credit or other
security to secure the payment of principal and interest on the
Bonds, and (ii) that the Bonds will not be issued prior to
August 27, 1990;
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Huntington Beach as follows:
The appropriate staff of the City is hereby directed to take
such action as is necessary to comply with the above-mentioned
CDLAC resolution and return the Allocation to CDLAC.
PASSED, APPROVED and ADOPTED this 20th day of August ,
1990 .
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk C' t ' Attorney� � 0
REVIEWED AND APPROVED: INITIATED AND APPROVED:
i y fA�2t�mini tr�A
ator Director of Economic ,] j jrd
Development
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6204
r
Res., No. 6204
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 20th day
of August 19 90 by the following vote:
AYES: Councilmembers:
MacAllister, Winchell, Green, Bannister, Silva, Erskine
NOES: Councilmembers:
None
ABSENT: Councilmembers:
Mays
City er an ex-o i er
of the City Council of the City
of Huntington Beach California