HomeMy WebLinkAboutCity Council - 98-89 RESOLUTION NO. 98-$9
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF HUNTINGTON BEACH
DECLARING ITS INTENT TO ISSUE TAX-EXEMPT BONDS
TO BE USED TO REIMBURSE THE CITY FOR EXPENDITURES
PRIOR TO THE ISSUANCE OF SUCH BONDS
WHEREAS, the City Council of the City of Huntington Beach (the"City") desires and
intends to finance the acquisition of land for public streets, easements and open space and
improvements of public capital improvements related to the Waterfront Expansion in the area
bound by Pacific Coast Highway, Beach Boulevard, Sunrise, and Huntington Streets of the City
in furtherance of its corporate purposes (the "Project'); and
The City expects to cause the execution, delivery and sale of tax exempt obligations such
as bonds for the purpose of providing financing for a portion of the Project in a principal amount
of approximately $10,000,000 (the "Obligations"); and
The City expects to incur certain expenditures relating to the Project and to pay for such
expenditures from the City's moneys on hand prior to the execution of the Obligations (the
"Reimbursement Expenditures'); and
The City reasonably expects to use a portion of the proceeds of the Obligations to
reimburse the City for expenditures made prior the date the Obligations are entered into;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF HUNTINGTON
BEACH DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. Declaration of Official Intent. The City hereby declares its official intent,
subject to the further approval of this Council to use up to S10,000,000 of the proceeds of the
Obligations to reimburse itself for the Reimbursement Expenditures. It is intended that this
Resolution shall constitute a declaration of"official intent"within the meaning of
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SF-98Reso1:Wtrfmt
RL.S 98-
1 1/25/98-#1
Res. 98-89
Section 1.150-2 of the Treasury Regulations promulgated under Section 150 of the Internal
Revenue Code of 1986, as amended.
Section 2. Other Approvals. The adoption of this Resolution shall not bind the City to
proceed with execution and delivery of the Obligations until and unless all other necessary
actions and approvals are taken or received in accordance with all applicable laws.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 7th day of December 1998
Mayor NI
ATTEST: APPROVED AS TO FORM:
L
City Clerk � ��p�99 ��/City Attorney ► ti��
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REVIEWED AND APPROVED: INIT TED AND APPROVED:
C 0,y
City Ad mistrator Director of Economic Development
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SF-98Reso1:Wtrfrnt
RLS 98-
11125/98-#1
Res. No. 98-89
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 a
regular meeting thereof held on the 7th day of December, 1998 by the following
vote:
AYES: Julien, Bauer, Green, Dettloff, Harman, Sullivan
NOES: None
ABSENT: None (Garofalo Out Of Room)
e:~e �
City Clerk and ex-officio Clerk of the
City Council of the City of Huntington
Beach, California