HomeMy WebLinkAboutPublic Financing Authority - 8 RESOLUTION NO.
RESOLUTION OF THE BOARD OF DIRECTORS OF THE HUNTIINGTON
BEACH PUBLIC FINANCING AUTHORITY AUTHORIZING PURCHASE
AND SALE OF REDEVELOPMENT AGENCY OF THE CITY OF
HUNTIINGTON BEACH 1994 TAX ALLOCATION BONDS(HOUSING SET-
ASIDE REVENUES—MORA KAI APARTMENTS FINANCING)AND
APPROVING OTHER RELATED DOCUMENTS AND ACTIONS
WHEREAS,the City of Huntington Beach(the"City")and the Redevelopment Agency of
the City of Huntington Beach (the "Agency") have entered into a Joint Exercise of Powers
Agreement (the"Agreement"),creating the Huntington Beach Public Financing Authority (the
"Authority");
WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the
Government Code of the State of California (the "Law") and the Agreement, the Authority is
authorized to purchase bonds issued by the Agency for financing and refinancing public
improvements,including those related to redevelopment activities of the Agency authorized in
an Agency project area;
WHEREAS,pursuant to the Law and the Agreement,the Authority is further authorized
to sell bonds so purchased to public or private purchasers at public or negotiated sale;
WHEREAS, the Authority desires to purchase from the Agency the Redevelopment
Agency of the City of Huntington Beach 1994 Tax Allocation Bonds (Housing Set-Aside
Revenues - Mora Kai Apartments) (the "Bonds"), solely from the proceeds received from the
Authority's concurrent sale of the Bonds to E.J. De La Rosa&Co.,Inc. (the"Underwriter");and
WHEREAS, the proceeds of the Bonds will be used to finance improvements of the
character authorized to be made in project areas of the Agency of benefit to the public.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the Huntington
Beach Public Financing Authority,as follows:
Section 1. The foregoing recitals are true and correct and this Authority so finds and
determines.
Section 2. The proposed form of bond purchase agreement(the"Purchase Contract"),by
and among the Agency, the Authority and the Underwriter on file with the Secretary of the
Authority is hereby approved. Either the Chairman or the Executive Director (or the written
designee of either) of the Authority is hereby authorized and directed,for and in the name and
on behalf of the Authority, to purchase the Bonds from the Agency and to accept the offer of
the Underwriter to purchase the Bonds from the Authority,subject to the terms and conditions
of the Purchase Contract, and to execute and deliver the Purchase Contract to the Agency and
the Underwriter; provided,however,that,the stated average annual interest rate payable with
respect to the Bonds shall not exceed 8% per annum and the purchase price paid by the
Underwriter for the purchase of the Bonds shall be not less than 98% of the par amount thereof,
excluding any original issue discount on the Bonds. The final principal amount of the Bonds
shall be the amount set forth in the executed Purchase Contract,not to exceed $4,665,000. The
approval of any additions or changes in such form shall be conclusively evidenced by such
execution and delivery of the Purchase Contract.
Section 3. All actions heretofore taken by the officers and agents of the Authority with
respect to the issuance of the Bonds are hereby approved, confirmed and ratified. The
Chairman, the Executive Director, Secretary, the Treasurer and the General Counsel of the
Authority and any and all other officers of the Authority are hereby authorized and directed,
for and in the name and on behalf of the Authority,to do any and all things and take any and
all actions which they, or any of them, may deem necessary or advisable in order to
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• consummate the purchase of the Bonds from the Agency and the sale and delivery of the Bonds
to the Underwriter pursuant to the document approved herein.
Section 4. This resolution shall take effect from and after its adoption.
PASSED AND ADOPTED by the Board of Directors of the Huntington Beach Public
Financing Authority at a special meeting thereof held on the 7th day of November,1994.
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`" Chairman
ATTEST: APPROVED AS TO FORM:
Secretary Aut o7 y torney
REVIEWED AND APPROVED: INITIA DAP RO
Executes Director Deputy Execu 've ' ector/
Chief of Admft&trative Se 'ces
18025-04:J1499
10/24/94
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Res. No. 8
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY, Secretary of the Huntington Beach
Public Financing Authority of the City of Huntington Beach, California
DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the
Public Financing Authority of the City of Huntington Beach at a special meeting
of said Huntington Beach Public Financing Authority held on the 7th day of
November, and that it was so adopted by the following vote.
AYES: Directors:
Silva, Bauer, Robitaille, Moulton-Patterson, Winchell, Leipzig,
Sullivan
NOES: Directors:
None
ABSENT: Directors:
None
Secretary of the Huntington Beach
Public Financing Authority of the
City of Huntington Beach, California
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