HomeMy WebLinkAboutCity Council - 6309 RESOLUTION NO. 6309
A 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
WHEREAS, the City of Huntington Beach (the "City") is
authorized by Chapter 7 of Part 5 of Division 31 of the
California Health and Safety_. Code, as amended (the "Act" ) , to
issue and sell its revenue bonds for the purpose of financing
the construction and development of multifamily rental housing
facilities located within the City; and
Five Points Seniors, a California General Partnership has
applied to the City to issue and sell revenue bonds for the
purpose of financing the acquisition of land and construction
thereon of an approximately 164-unit rental housing development
to be located on 1. 89 acres located at 18660 Main Street in the
City of Huntington Beach (the "Project") ; and
The City wishes to induce the Developer (as defined below)
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 to finance the
construction and development of multifamily rental housing
facilities located within the City which facilities will
include affordable housing and that the City authorize revenue
bonds for the aforesaid purposes;
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Huntington Beach as follows :
Section 1 . The City Council hereby authorizes the issuance
and sale of multifamily housing revenue bonds (the "Bonds") of
the City pursuant to the Act in a principal amount of not to
exceed Ten Million Dollars ($10, 000, 000) for the purpose of
providing financing to Five Points Seniors, a California
General Partnership, or its successors and assigns (the
"Developer") , for the acquisition, construction and development
of the Project .
Section 2 . 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 to the City.
Section 3 . 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 . 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.
Section 5 . The Developer shall be responsible for the
payment of all present and future costs in connection with the
issuance of the Bonds, including, but not limited to, any fees
and expenses incurred by the City in anticipation of the
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6309
issuance of the Bonds, the cost of printing 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 . The Bonds shall not constitute
a debt or obligation of the City.
Section 6 . It is intended that this Resolution also shall
constitute "some other similar official action" toward the
issuance of indebtedness within the meaning of Section 103 of
the Internal Revenue Code of 1986, as amended, and the
regulations thereunder.
Section 7. The law firm of Jones Hall Hill & White, A
Professional Law Corporation, is hereby named as bond counsel
to the City in connection with the issuance of the Bonds . The
bond underwriting firm of Bancroft, Garcia & Lavell is hereby
named as bond underwriter. The fees and expenses of bond
counsel and underwriter 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 S . The appropriate officers or staff of the City
are hereby authorized, for and in the name of and on behalf of
the City, to make an application to the California Debt Limit
Allocation Committee for an allocation of Private Activity
Bonds for a multifamily rental housing bond project to enable
the City to issue bonds for the financing of the Project and to
execute and deliver fee agreement for bond counsel services by
and between the City and Jones Hall Hill & White, a
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6309
Professional Larry Corporation, so long as such agreement has
been approved by the City Attorney.
PASSED AND ADOPTED this 29th day of JUI ,
1991.
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk city Attorney -7- 23`y I * -7-r o- '�1
REVIEWED AND APPROVED: INITIATED AND APPROVED:
City Administrator Director of Economic
Development
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6309
Res, No. 6309
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 adjourned meeting thereof held on the 29th day
of duly 19_3L_-, by the following vote:
AYES: Councilmembers:
MacAllister, Winchell , Silva, Green, Kelly, Robitaille. Moulton-Patterson
NOES: Councilmembers:
None
ABSENT: Councilmembers:
None
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1 y er and ex-off4rcio er
of the City Council of the City
of Huntington Beach, California