HomeMy WebLinkAboutPublic Financing Authority - 10 RESOLUTION NO. 10
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY
AFFIRMING AUTHORIZATION TO PURCHASE AND SELL
REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH
TAX ALLOCATION BONDS (HOUSING SET-ASIDE REVENUES -
MORA KAI APARTMENTS FINANCING)
WHEREAS, on November 7, 1994, the Authority adopted a resolution (the"Resolution")
authorizing the purchase from the Redevelopment Agency of the City of Huntington Beach (the
"Agency") of the Agency's 1994 Tax Allocation Bonds (Housing Set-Aside Revenues -Mora Kai
Apartments) (the"Bonds"), from the proceeds received from the Authority's concurrent sale of
the Bonds to E. J. De La Rosa& Co., Inc. (the"Underwriter"), and authorized the sale of the
Bonds to the Underwriter; and
Following adoption of the Resolution, but prior to the issuance of the Bonds, the County
of Orange declared bankruptcy, causing certain parties interested in the financing to request a
postponement of the issuance of the Bonds pending the receipt of additional information
regarding the impact, if any, of the bankruptcy on the security for the Bonds; and
Such additional information has been obtained and reviewed by the parties involved in the
Bond issue, and the parties have now expressed a desire to proceed with the issuance of the
Bonds and the consummation of the transactions contemplated by the Resolution; and
The Authority now desires to affirm its authorization of its purchase and sale of the Bonds
contained in the Resolution.
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 authorization of the purchase by the Authority of the Bonds from the
Agency, and the sale of the Bonds by the Authority to the Underwriter, as contemplated by the
Resolution and the Purchase Contract approved thereby, is hereby affirmed.
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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 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 20th day of March 1995.
Chairman
ATTEST: APPROVED AS TO FORM:
Secretary Authority Attorney ?-e. J r u (4 c-
REVIEWED AND APPROVED: INITIATED P
Executive Director Duty City stlior//
Administrative S rvic
REVIEWED AND APPROVED:
t.e aC0 Jt.-�./��/�1.
Assistariftity Administrator/
Acting Director of Redevelopment
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RLS 95-132
Res. No. 10
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 20th day of
March 1995, and that it was so adopted by the following vote.
AYES: Directors:
Harman, Bauer, Sullivan, Leipzig, Dettloff, Green, Garofalo
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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