HomeMy WebLinkAboutPublic Financing Authority - 12 RESOLUTION NO. 12
RESOLUTION OF THE HUNTINGTON BEACH PUBLIC FINANCING
AUTHORITY APPROVING DOCUMENTS AND ACTIONS
RELATING TO PARTIAL REFUNDING OF 1992 TAX ALLOCATION
REVENUE BONDS
WHEREAS, the Redevelopment Agency of the City of Huntington Beach (the
"Agency") has established a Redevelopment Plan for the Huntington Beach Redevelopment
Project in the City of Huntington Beach (the "Redevelopment Project"), by which it has merged
the Talbert-Beach Redevelopment Project, the Main-Pier Redevelopment Project, the Oakview
Redevelopment Project, the Huntington Center Redevelopment Project and the Yorktown-Lake
Redevelopment Project(the "Constituent Redevelopment Projects"); and
The Huntington Beach Public Financing Authority (the "Authority") has previously
issued its Huntington Beach Public Financing Authority 1992 Revenue Bonds (Huntington
Beach Redevelopment Projects) in the aggregate principal amount of $33,495,000 (the "1992
Bonds") for the purpose of raising funds to provide financing and refinancing for the Constituent
Redevelopment Projects (other than the Yorktown-Lake Redevelopment Project), which are
secured by individual Loan Agreements each dated as of May 1, 1992 (collectively, the "1992
Loan Agreements"), for each of such Constituent Redevelopment Projects; and
The Agency has determined that it is in the best interests of the Agency at this time to
advance refund the portion of the 1992 Bonds which may be refunded on a tax-exempt basis (the
"Refunded 1992 Bonds"), and for the purpose of raising funds for such purpose the Agency has
determined to authorize the issuance of its Redevelopment Project 1998 Tax Allocation
Refunding Bonds (Huntington Beach Redevelopment Project) in the aggregate principal amount
of not to exceed $11,000,000(the "Bonds"); and
The Authority wishes to express its approval of the issuance of the Bonds by the Agency
and the application of the proceeds thereof to advance refund and discharge the Refunded 1992
Bonds;
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NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the Huntington
Beach Public Financing Authority as follows:
Section 1. Issuance of Bonds; Approval of Indenture.
The Board hereby authorizes the issuance of the Bonds by the Agency for the purpose of
providing funds to advance refund and discharge the Refunded 1992 Bonds.
Section 2. Approval of Escrow Deposit and Trust Agreement.
The Board hereby approves the Escrow Deposit and Trust Agreement relating to the
advance refunding of the Refunded 1992 Bonds, in substantially the form on file with the
Secretary, together with any immaterial changes therein or additions thereto deemed advisable by
the Executive Director and approved by the Authority Attorney; provided that the execution
thereof by the Chairperson and Secretary shall be conclusive evidence of the approval of any
such additions or changes. The Board hereby authorizes and directs the Chairperson to execute,
and the Secretary to attest and affix the seal of the Authority to, said form of the Escrow Deposit
and Trust Agreement for and in the name of the Authority. The Board hereby authorizes the
delivery and performance of the Escrow Deposit and Trust Agreement.
Section 3. Official Actions.
The Chairman, the Executive Director, the Secretary 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', 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 any of the transactions contemplated by the documents
approved pursuant to this Resolution. Whenever in this resolution any officer of the Authority is
authorized to execute or countersign any document or take any action, such execution,
countersigning or action may be taken on behalf of such officer by any person designated by such
officer to act on his or her behalf in the case such officer shall be absent or unavailable.
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SF-s:SF-98Resolution:AuthTARB
11/10/98
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Section 4. Effective Date.
This Resolution shall take effect from and after the date of its passage and adoption.
PASSED AND ADOPTED by the Board of Directors of the Huntington Beach Public
Financing Authority at a special meeting thereof held on the 7th day of December , 1998.
K�t—A " —
Chairman
ATTEST: APPROVED AS TO FORM:
Secretary n^A`y�h r ty Attorney
]b
REVIEWED AND APPROVED. &MATED AND APPROVED.
,.
Executiv irector Acting Deputy Executive Director/
Chief of Administrative Services
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SF-s:SF-98Resolution:AuthTARB
11/13/98
Res. No. 12
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY,the duly elected, qualified Secretary of
the Huntington Beach Public Financing Authority, do hereby certify that the
whole number of members of the Board of Directors of the Huntington Beach
Public Financing Authority 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
Board at a regular meeting thereof held on the 7th day of December, 1998 and
that it was so adopted by the following vote:
AYES: Directors: Julien,Bauer, Garofalo, Green,Dettloff, Harman, Sullivan
NOES: Directors: None
ABSENT: Directors: None
ABSTAIN: Directors: None
Secretary of the Board of Directors of
the Huntington Beach Public
Financing Authority