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HomeMy WebLinkAboutRedevelopment Agency - 266 RESOLUTION NO. 266 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH APPROVING REVISED OFFICIAL STATEMENT AND REAUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS AND RELATED ACTIONS WHEREAS, on November 7, 1994, the Redevelopment Agency of the City of Huntington Beach(the"Agency") adopted a resolution (the"Resolution") authorizing the issuance of its 1994 Tax Allocation Bonds (Housing Set-Aside Revenues - Mora Kai Apartments Financing) (the "Bonds") to make a loan to Bertram Partners V, a California limited partnership (the "Borrower") to finance the acquisition and rehabilitation of a multifamily rental housing project known as Mora Kai Apartments (the"Development"); 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 draft Official Statement for the Bonds approved by the Resolution has been revised to reflect certain information regarding the Orange County bankruptcy, the title of the Bonds has been changed to reference the year 1995 (as opposed to 1994), and the name of the Borrower has been changed from that shown in the Resolution, and the Agency now desires to approve said 1 4\s\Mora308\3/9/95 Agency Resol. RLS 95-132 revised document and said changes, and to reauthorize the issuance of the Bonds as provided herein. 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. The title of the Bonds is hereby revised to be"Redevelopment Agency of the City of Huntington Beach 1995 Tax Allocation Bonds (Housing Set-Aside Revenues--Mora Kai Apartments Financing)." The issuance of the Bonds, as provided in the Resolution, is hereby reauthorized, subject to the limitations set forth in the second sentence of Section 3 of the Resolution. SECTION 3. The revised Official Statement relating to the Bonds (the"Official Statement"), in the form presented to this meeting, is hereby approved. The Designated Officers (as defined in the Resolution) 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 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 copies to all actual purchasers of the Bonds. Distribution by the Underwriter of the preliminary 2 4\suv1ora308\3/9/95 Agency Resol. RLS 95-132 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 4. The change in the name of the Borrower to the name reflected in the Official Statement is hereby approved. SECTION 5. Except as revised pursuant to this resolution, the provisions of the Resolution are hereby affirmed. SECTION 6. All actions heretofore taken by the officers and agents of the Agency with respect to 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, including but not limited to representation letters related to the amount of Tax Credits to be allocated to the Development, those certificates, agreements and other documents described in the Indenture, the Loan Agreement, the Regulatory Agreement, the Purchase Contract referred to in the Resolution, and any certificates, agreements or documents as may be necessary to further the purpose hereof or provide additional security for the Bonds, but 3 4\s\Mora308\3/9/95 Agency Resol. RLS 95-132 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 7. 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 20th day of March, 1995. PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the 20th day of March , 199A.5 Chairman ATTEST: APPROVED AS TO FORM: Agelicy lerk A nc Attorney REVIEWED AND APPROVED: *Administrat P D: xecutive Director i trator/ ices REVIEWED AND APPROVED: 6zn2��,_sop-L.Gtrtii Assista ity Administrator/ Acting Director of Redevelopment 4 4\s\Mora308\3/14/95 Agency Resol. RLS 95-132 Res. No. 266 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 20th day of March, 1995, and that it was so adopted by the following vote: AYES: Members: Harman, Bauer, Sullivan, Leipzig, Dettloff, Green, Garofalo NOES: Members: None ABSENT: Members: None Clerk of the Redevelopment Agency of the City of Huntington Beach, Ca.