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HomeMy WebLinkAboutCity Council - 6597 RESOLUTION NO. 6597 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AUTHORIZING BORROWING OF FUNDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $16,000,000 FROM THE HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY TO FINANCE WORKING CAPITAL REQUIREMENTS OF FISCAL YEARS 1993-94 AND 1994-95, AND APPROVING RELATED AGREEMENTS AND MATTERS WHEREAS, the Huntington Beach Public Financing Authority (the "Authority") is authorized under the provisions of Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Bond Law") to issue its notes for the purpose of making loans to the City to provide financing for working capital requirements of the City; and The City has requested the Authority to issue its 1994-95 Tax Anticipation Notes under the Bond Law in the aggregate principal amount of not to exceed $16,000,000 (the "Notes") for the purpose of making a loan to the City (the "Loan") to finance working capital requirements of the City for the current Fiscal year ending September 30, 1994 and for the purpose of making an additional loan (the "Additional Loan") to finance working capital requirements of the City for the fiscal year ending September 30, 1995; and In order to establish and declare the terms and conditions upon which the Loan and the Additional Loan are to be made and secured, the City and the Authority have proposed to enter into a Loan Agreement dated -cis of {uly 1, 1994 (the "Loan Agreement"); and The City Council wishes at this time to authorize all proceedings relating to the Loan and the Additional Loan, and the execution and delivery of the Loan Agreement all other agreements and documents relating thereto.- NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Huntington Beach as follows: Section 1. Approval of Loan Agreement. The City Council hereby approves the borrowing of funds from the Authority in the aggregate principal amount of not to exceed $16,000,000 for the purpose of financing working capital requirements in the current fiscal year and in the fiscal year ending September 30, 1995, pursuant to the Loan Agreement in substantially the form on file with the City Clerk together with any immaterial changes therein or additions thereto deemed advisable by the City Administrator and approved by the City Attorney. The City Council hereby authorizes and directs the Mayor and the City Administrator to execute, and the City Clerk to attest and affix the seal of the City to, said form of the Loan Agreement for and in the name of the City. Section 2. Official Statement. The City Council hereby approves the preparation of, and hereby authorizes the Mayor to deem final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934 except for permitted omissions, a preliminary form of Official Statement describing the Notes. Distribution of such preliminary Official Statement by the financial advisor to prospective bidders for the Notes is hereby approved. The City Administrator is hereby authorized and directed to approve any immaterial changes therein or additions thereto deemed advisable by the City Administrator and approved by the City Attorney, and to execute the final form of the Official Statement in the name and on behalf of the City. The City Council hereby authorizes the distribution of the final Official Statement by the purchaser of the Notes. Section 3. Official Actions. The Mayor, the City Administrator, the Deputy City Administrator/Chief of Administrative Services, the City Clerk and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of -2 6597 conveyance, warrants and other documents, which they, or any of them, may deem necessary or advisable in order to consummate any of the transactions contemplated by the documents approved pursuant to this Resolution, including but not limited to the consummation of the Additional Loan under and pursuant to the Loan Agreement. Section 4. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. -3- 6597 PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the Gth day of June, 1994. Mayor ATTEST: APPROVED AS TO FORM: City Clerk 4r City ttorney I -q LeLsw r JJ REVIEWED .AND APPROVED: INITIA D APP V dministrator eputy City Ad nistrator/ Chief of Administrative Services -4- 6597 Res. No. 6597 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 Leg&r meeting thereof held on the 6th of June, 1994, by the following vote: AYES: Councilmembers: Moulton-Patterson, Winchell, Leipzig, Sullivan NOES: Councilmembers: None ABSENT: Councilmembers: Silva, Bauer, Robitaille w City Clerk aind ex-officio C erk of the City Council of the City of Huntington Beach, California