Loading...
HomeMy WebLinkAboutRedevelopment Agency - 261 RESOLUTION NO. +261 A'RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AUTHORIZING THE ISSUANCE,SALE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS,AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE,LOAN AGREEMENT, REGULATORY AGREEMENT,OFFICIAL STATEMENT AND PURCHASE CONTRACT,AND APPROVING OTHER DOCUMENTS AND ACTIONS IN CONNECTION THEREWITH WHEREAS, Part 1 of Division 24 of the Health and Safety Code of the State of 'California (the"Redevelopment Law")authorizes redevelopment agencies to incur indebtedness for the purpose of financing the acquisition and rehabilitation of multifamily rental.housing facilities; and Section 8 of the Redevelopment Law provides a complete, additional and alternative method for such financing; WHEREAS,the Redevelopment Agency of the City of Huntington Beach (the"Agency") hereby finds and declares that it is necessary, essential and a public purpose for the Agency to engage,in a program (the "Program") of issuing revenue bonds of the Agency to finance the acquisition and rehabilitation of multifamily rental housing, and has determined to borrow. money for such purpose by the issuance of revenue bonds under Section 8 of the Redevelopment Law secured by a pledge of tax increment revenues to be deposited to the Agency's Low and Moderate Income Housing Fund as permitted by Section 33334.3 of the Redevelopment Law; WHEREAS, the Agency hereby finds and declares that this resolution is being adopted pursuant to the powers granted by the Redevelopment Law; WHEREAS, Bertram Partners V, a California limited partnership (the "Borrower"), has requested that the Agency issue and sell the Bonds (hereinafter defined) for the purpose of making a loan to the Borrower to finance the acquisition and rehabilitation of a multifamily rental housing project known as Mora Kai Apartments (the"Development") located in the City of Huntington Beach(the"City'); WHEREAS,'a notice of a public hearing with respect to the proposed issuance of the Bonds has been published; WHEREAS, said public hearing has been held before the City Council of the City, and an opportunity was provided for interested parties to present arguments for and against the issuance of the Bonds, and subsequent to said hearing the City Council adopted a resolution approving the issuance of the Bonds;and WHEREAS, the financing of the Development as contemplated by the documents approved hereby is authorized under the Redevelopment Law to be undertaken in project areas of the Agency and will result in significant public benefits, to the end that the Bonds shall be eligible for purchase and sale to the Huntington Beach Public Financing Authority (the "Authority") under the terms of the joint exercise of powers agreement that created the Authority and the relevant provisions of the California Government Code;and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the Bonds and the implementation of the Program 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 Redevelopment Law. NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Huntington Beach as follows: Section 1. The Agency hereby finds and declares that the above recitals are true and correct. Section 2. Pursuant to the Redevelopment Law and the Indenture(hereinafter defined), revenue bonds of the Agency, designated as"Redevelopment Agency of the City of Huntington Beach 1994 Tax Allocation Bonds (Housing Set-Aside Revenues = Mora Kai Apartments Financing)"in an aggregate principal amount not to exceed $4,665,000 (the"Bonds") are hereby authorized to be issued. The Bonds shall be executed by the manual or facsimile signature of the Chairman, the seal or facsimile of the seal of the Agency shall be reproduced thereon and attested by the manual or facsimile signature of the Secretary, in the form set forth in and otherwise in accordance with the Indenture. -2- Section 3. The Indenture of Trust (the "Indenture") with respect to the Bonds between the Agency and Meridian Trust Company of California (the "Trustee") in the form presented to this meeting is hereby approved. The Chairman, the Executive Director and the Treasurer (they "Designated Officers")are,and each of them acting alone is,hereby authorized and directed,for and inzthe name and on behalf of the Agency, to execute and deliver the Indenture, and the Secretary is hereby,authorized and directed,for and in the name and on behalf of the Agency, to attest the Designated Officer's signature to the Indenture, in said form, with such additions thereto or changes therein as are recommended or approved by the Treasurer upon consultation with Bond Counsel and the Agency's financial advisor,including such additions or changes as are necessary or advisable in accordance with Section 10 hereof; provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of $4,665,000, result in an average annual stated interest rate on the Bonds in excess of 8% per annum or result in an underwriter's discount or fee (excluding any original issue discount) in excess of 2.0% of the aggregate principal amount of the Bonds. The approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Agency of the Indenture. The date, maturity dates; aggregate principal amount, annual maturity amounts, 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 Indenture as finally executed. _ Section 4. The Loan .and Trust Agreement with respect to the Bonds among the s . Trustee, the Agency and the Borrower (the "Loan Agreement"), in the form presented to this meeting, is hereby approved. The Designated Officers of the Agency are, and each of them acting alone is, hereby authorized and directed, for and in the name and on behalf of the Agency,to execute and deliver the Loan Agreement in said form,with such additions thereto or. changes therein as are recommended or approved by the Treasurer upon consultation with Bond Counsel and the Agency's financial advisor, including such additions or changes as are necessary or advisable in accordance with Section 10 hereof,the approval of such additions or -3- changes to be conclusively evidenced by the execution and delivery by the Agency of the Loan Agreement. Section 5. The Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement") among the Agency, the Trustee and the Borrower, in the form presented to this meeting,is hereby approved. The Designated Officers of the Agency are, and each of them acting alone is, hereby authorized and directed for and in the name of and on behalf of the Agency,to execute and deliver the Regulatory Agreement in said form,with such additions thereto or changes therein as are recommended or approved by the Treasurer upon consultation with Bond Counsel and the Agency's financial advisor,including such additions or changes as are necessary or advisable in accordance with Section 10 hereof, the approval of such changes to be conclusively evidenced by the execution and delivery by the Agency of the Regulatory Agreement. Section 6. The bond purchase agreement (the "Purchase Contract") among the Agency, the Authority and E.J. De La Rosa& Co.,Inc. (the"Underwriter"),in the form presented to this meeting, is hereby approved. The Designated Officers of the Agency are, and each of them acting alone is, hereby authorized and directed, for and in the name and on behalf of the Agency, to accept the offer of the Authority to purchase the Bonds contained in the Purchase Contract (when such offer is made and if such offer is consistent with Section 3 hereof) and to execute and deliver the Purchase Contract in said form,with such additions thereto or changes therein as are recommended or approved by the Treasurer upon consultation with Bond Counsel and the Agency's financial advisor, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Agency of the Purchase Contract. Section 7. The Official Statement relating to the Bonds (the "Official Statement"),in the form presented to this meeting, is hereby approved. The Designated Officers are, and each of them acting alone is,hereby authorized and directed,for and in the name and on behalf of the Agency, to execute the Official Statement in said form, with such addition thereto or changes therein as are recommended or approved by the Treasurer upon consultation with Disclosure -4- Counsel and the Agency's financial advisor, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Agency of the Official Statement. The Underwriter is hereby authorized to distribute copies of the Official Statement to persons who may be interested in the purchase of the Bonds and is directed to-deliver such copiesAo all actual purchasers of the Bonds. Distribution by the Underwriter of the preliminary official statement relating to the Bonds is hereby approved and authorized. The Designated Officers are, and each of them acting alone is, hereby authorized to execute a certificate to the effect that such preliminary official statement and the Official Statement, as of their respective dates, are deemed final by the Agency for purposes of Rule 15c2-12 under the Securities Exchange Act of 1934, as amended. Section 8. The Bonds, when executed, shall be delivered to the Trustee for authentication. The Trustee is hereby requested and directed to authenticate the Bonds by executing the Trustee'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 Agency by one of the Designated Officers, which instructions such officers are, and each of them is, hereby authorized and directed, for and in.,the name and on behalf of the Agency, to execute and deliver to the Trustee. 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 9. The firm of Kelling, Northcross & Nobriga is hereby designated as financial advisor to the Agency in connection with the issuance of the Bonds. The firm of Jones Hall Hill &White, A Professional Law Corporation is hereby designated as bond counsel to the Agency in connection with the issuance of the Bonds. The firm of Straddling,Yocca Carlson&Rauth is hereby designated as disclosure counsel to the Agency in connection with the issuance of the. Bonds. The firm of Vernazza, Wolfe Associates, Inc. is hereby designated as fiscal consultant to the Agency in connection with the issuance of the Bonds. The Designated Officers are, and each of them acting alone is, hereby authorized and directed for and in the name of and on -5- behalf of the Agency,to execute and deliver agreements with such firms for their services to the Agency in connection with the issuance'of the Bonds, in the respective forms on file with the Secretary or otherwise in form and substance satisfactory to the Treasurer. Section 10. All actions heretofore taken by the officers and agents of the Agency with respect°to the establishment of the Program and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the Agency, including the Designated Officers,are hereby authorized and directed,for and in the name and on behalf of the Agency, to do any and all things and take any and all actions and execute and deliver 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 resolutions heretofore adopted by the Agency and in order to carry out the Program, including but not limited to those certificates, agreements and other documents described in the Indenture, the Loan Agreement, the Regulatory Agreement, the Purchase Contract and the other documents herein approved and any certificates, agreements or documents as may be necessary to further the purpose hereof or provide additional security for the Bonds, but which shall not create any obligation or liability of the Agency other than with respect to the revenues and assets derived from the proceeds of the Bonds and as provided in the Indenture. Section 11. This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 7th day of November,1994. - Gam,./ .",-. ..__r="=z:'-" 1 /e°�L`7" �yr�'C_„� ,—,�-'',y,�t _;.. 1...,.._.-•� Chairman ATTEST: APPROVED AS TO FORM: Agency Clerk A �en Attorney 1 o->J-90 REVIEWED AND APPROVED: INITIAT AND AP OVED: Executi� Director Deputy Exe tive Director/ Chief of Administrative Se 18025-04:J1494 10/24/94 -7 Res. No. 261 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH I, CONNIE BROCKWAY, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Huntington Beach at a meeting of said Redevelopment Agency held on the 1th day of November. 1994, and that it was do adopted by the following vote: AYES: Members: Silva, Bauer,Robitaille, Moulton-Patterson, Winchell, Leipzig, Sullivan NOES: Members: None ABSENT: Members: None Clerk of the Redevelopment gency of the City of Huntington Beach, Ca.