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Home My WebLink AboutCity Council - 97-25 RESOLUTION NO. 97�- RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH APPROVING THE ISSUANCE OF THE NOT TO EXCEED $8,200,000 HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY LEASE REVENUE BONDS, 1997 SERIES (A PUBLIC FACILITIES PROJECT),APPROVING THE PRELIMINARY OFFICIAL STATEMENT, AUTHORIZING AND APPROVING CERTAIN DOCUMENTS IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF SAID BONDS AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO WHEREAS, the Huntington Beach Public financing Authority(the"Authority") is ajoint exercise of powers agency duly organized and existing under and pursuant to that certain Joint Exercise of Powers Agreement, dated April 26, 1988, as amended on May 16, 1988,by and between the City of Huntington Beach, California(the "City") and the Redevelopment Agency of the City of Huntington Beach(the "Agency"), and under the provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5,Division 7,Title 1 of the California Government Code (the "Act") was created for the purpose of issuing debt to finance public improvements and other capital projects for the City and the Agency; and The Authority is scheduled to authorize the issuance of its Lease Revenue Bonds, 1997 Series A(Public Facilities Project) (the"Bonds"), pursuant to Article 4 of the Act(the "Bond Law") and to an Indenture of Trust dated as of May 1, 1997 (the"Indenture")to be entered into by and between the Authority and First Trust of California,National Association, a national banking association organized and existing under the laws of the United States,as trustee (the "Trustee"), in the aggregate principal amount of not to exceed$8,200,000, for the purpose of financing a portion of the equipping and installation of an 800 MHz public safety telecommunications system and improving a portion of certain City-owned pier and recreational facilities (the Project); and The City owns and operates a central public library and cultural center facility, located at 7111 Talbert Avenue in the City, and the real property and improvements thereof(the "Facilities"); and In conjunction with the issuance of the Bonds and for the purpose of financing the Project,the City Council of the City (the "City Council") finds and determines that it is necessary to lease the Facilities to the Authority pursuant to a Base Lease Agreement dated as of May 1, 1997 (the`Base Lease"), and then to lease the Facilities back from the Authority pursuant to a Lease Agreement dated as of May 1, 1997 (the"Lease"); and The City Council has heretofore introduced Ordinance No.3 3�, entitled "Ordinance of the City Council of the City of Huntington Beach Approving the Public 1 QSF-MesoL 1997bnds 3/24/97-#1 No, 97-25 Leaseback of Certain Public Library Facilities with the Huntington Beach Public Financing Authority" (the "Ordinance"), in which the City approves the Base Lease and the Lease; and The Authority has caused to be prepared and presented to the City a preliminary Official Statement(the "Preliminary Official Statement") containing information regarding the Bonds; NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Huntington Beach, as follows: Section 1. Rgritals. The foregoing recitals are true and correct and this City Council so finds and determines. Section 2. Annrnval of BaUance of the Bonds. The City hereby approves the issuance of the Bonds by the Authority. The Bonds shall be issued pursuant t the Bond Law and secured by Revenues, including the Lease Payments payable under the Lease (as such terms are defined in the indenture) as provided in the indenture. Section 3. Approval and Authorization for Execution of Agreements. The proposed forms of the below-enumerated agreements (collectively,the"Documents"), on file with the City Clerk are hereby approved, subject to the adoption of the Ordinance: (a) the Base Lease; (b) the Lease; and (c) the Continuing Disclosure Agreement, dated as of May 1, 1997,by and between the City and the Dissemination Agent(as such term is defined in the Continuing Disclosure Agreement). Upon the effectiveness of the Ordinance, either the Mayor, the City Administrator or the Deputy City Administrator/Administrative Services (or the written designee of any of them) is hereby authorized and directed, for and in the name and on behalf of the City,to execute and deliver each of the Documents and to make or approve such changes therein or additions thereto as shall be necessary or appropriate to complete them, including,without limitation, additions or changes to the Lease relating to (i)the Lease Payment amounts, which shall not exceed as to principal $8,200,000 in the aggregate and (ii) the final interest rates payable as a component of the Lease Payments under the Lease,which shall not exceed a rate of seven percent C%)per annum. The approval of any additions or changes in such form shall be conclusively evidenced by such execution and delivery of the Documents. Section 4. Ap proval of the . Prelimin=Official Statement. Fillul Official Stdgmen . The City hereby approves the Preliminary Official Statement describing the Bonds, in substantially the form on file with the City Clerk, together with any changes therein or additions thereto necessary or convenient to cause the Preliminary Official Statement to describe accurately matters pertaining to the Bonds, and the City hereby deems the Preliminary Official 2 G:SF-97Resol:1997bnds 3/24/97-41 No. 97-25 Statement"near final"pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934. The distribution of the Preliminary Official Statement in connection with the marketing of the Bonds by Rod Gunn Associates, Inc. (the "Financing Consultant) is hereby approved. The Mayor,the City Administrator or the Deputy City Administrator/Administrative Services (or the written designee of any of them) are hereby authorized and directed to approve any changes in or additions to the final form of such Official Statement as any such official (or any such designee) shall deem advisable to cause the final Official Statement to describe accurately the Bonds and matters contained in the indenture,the Base Lease, the Lease,the Assignment Agreement and the related proceedings and actions, and to execute (or cause to be so executed by any such designee) said final Official Statement for and in the name and on behalf of the City. Section 5. OffiQigJ Actigns. All actions heretofore taken by the officers and agents of the City with respect to the delivery of the Bonds and the execution of the Documents are hereby approved, confirmed and ratified. The Mayer,the City Administrator, the Deputy City Administrator/Administrative Services 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 conveyance, warrants and other documents which they, or any of them, may deem necessary or advisable in order to consummate the delivery and sale of the Bonds pursuant to t$ie Documents approved herein. Section 6. Effective Date. This resolution shall take effect from and after the date of approval and adoption hereof. PASSED AND ADOPTED by the City Council of the City of Huntington Beach at an adjourned regular meeting thereof held on the 14th day of April , 1997. Mayor ATTEST: y APPROVED AS TO FORM: _ - City Clerk W,it, ttorly 5 REVIEWED AND APPROVED: I AN AR ED: - i y Administrator ity nis ator/ Administrative S ices 3 G:SF-Mesol:1997bnds 3/24/97-#1 Res. No. 97-25 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 an adjourned regular meeting thereof held on the 14th day of April, 1997 by the following vote: AYES: Hannan, Dettloff, Bauer, Green, Garofalo NOES: None ABSENT: Julien, Sullivan • City Clerk and ex-officio Clerk of9ge City Council of the City of Huntington Beach, California 1 97 G/resoluti/resbkpg/97-11