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HomeMy WebLinkAboutRedevelopment Agency - 293 RESOLUTION NO. 293 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AUTHORIZING THE ISSUANCE AND -SALE OF NOT TO EXCEED'$1.1,000,000 PRINCIPAL AMOUNT OF 1998 TAX ALLOCATION REFUNDING BONDS FOR THE PARTIAL REFUNDING-,OF .1992 TAX ALLOCATION REVENUE BONDS AND LOAN AGREEMENTS, AND APPROVING RELATED DOCUMENTS AND ACTIONS 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 1 S F/s:98 Resol u ti on:Agen TARB 11/10/98 293 The Agency wishes at this time to authorize the issuance and sale of the Bonds and to approve related documents and actions; NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Huntington Beach as follows: Section 1. Issuance of Bonds; Approval of Indenture. The Agency hereby authorizes the issuance of the Bonds in the aggregate principal amount of not to exceed $11,000,000 under and pursuant to the provisions of Articles 10 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, commencing with Section 53570 of said Code, for the purpose of providing for the advance refunding and discharge of the Refunded 1992 Bonds and the related portion of the Agency's obligations under the 1992 Loan Agreements. The Bonds shall be issued in accordance with the terms and provisions of the Indenture of Trust which is hereby approved in substantially the form thereof on file with the Agency Clerk together with any immaterial additions thereto or changes therein deemed advisable by the Executive Director and approved by the Agency Attorney, provided that the execution thereof by the Chairperson and Agency Clerk shall be conclusive evidence of the approval of any such additions or changes. The Chairperson and Agency Clerk of the Agency are hereby authorized and directed to execute, attest and affix the seal of the Agency to the Indenture of Trust for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and performance of the Indenture of Trust. Section 2. Refunding of 1992 Bonds; Approval of Escrow Deposit and Trust Agreement The Agency hereby authorizes the application of a portion of the proceeds of the Bonds to advance refund the Refunded 1992 Bonds and the related portion of the Agency's obligations under the 1992 Loan Agreements, pursuant to the Escrow Deposit and Trust Agreement which is hereby approved in substantially the form thereof on file with the Agency Clerk together with any immaterial additions thereto or.changes therein deemed advisable by the Executive Director and approved by the Agency Attorney, provided that the execution thereof by the Chairperson and -2- 293 Agency Clerk shall be conclusive evidence of the approval of any such additions or changes. The Chairperson and Agency Clerk of the Agency are hereby authorized and directed to execute, attest and affix the seal of the Agency to the Escrow Deposit and Trust Agreement for and in the name-and-on behalf of the Agency. The Agency hereby authorizes the:delivery and performance of the Escrow Deposit and Trust Agreement. Section 3. Competitive Sale of Bonds. The Agency hereby authorizes and directs the sale of the Bonds by competitive public bidding. Bids shall be received, and the Bonds shall be sold, subject to the terms and conditions set forth in the Notice Inviting Bids in substantially the form on file with the Agency Clerk together with any immaterial additions thereto or changes therein deemed advisable by the Executive Director and approved by the Agency Attorney, provided that the execution thereof by the Executive Director shall be conclusive evidence of the approval of any such additions or changes. The Executive Director is hereby authorized and directed to accept the best bid .determined -in .accordance with the.Notice Inviting Bids, in the name and on behalf of the Agency. Pursuant to 53692 of the Government Code, Jones Hall, A Professional Law Corporation, as bond counsel to the Agency, is hereby authorized and directed to cause an.appropriate notice of the Agency's intention to sell the Bonds to be published once in The Bond Buyer. Such publication shall be made not later than fifteen (15) days prior to the date set for receipt of bids on the Bonds. Section 4. Approval of Official Statement. The Agency hereby approves the preparation of, and hereby authorizes the Executive Director to deem final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934 except for permitted omissions, a preliminary form of Official Statement describing the Bonds. Distribution of such preliminary Official Statement by the Underwriter is hereby approved. The Executive Director is hereby authorized to execute the final form of the Official Statement, including as it may be modified by .such permitted additions thereto and changes -3- 293 therein deemed advisable by the Executive Director, and the execution of the final Official Statement by the Executive Director shall be conclusive evidence of the approval of any such additions and changes. The Agency hereby authorizes the distribution of the final Official Statement by the Underwriter. The final Official Statement shall be executed in the name and on behalf of the Agency by the Executive Director. Section 5. Official Actions. The Chairperson, the Executive Director, the Treasurer, the Agency-Clerk and any and all other officers of the Agency 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, 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.in connection with the sale of the Bonds as described herein. Whenever in this resolution,any officer of the Agency 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. Section 6. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. -4- 293 PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 7th day of December , 1998. Chairp o ATTEST: APPROVED AS TO FORM: Agency Clerk Ve y Attorney C REVIEWED AND APPROVED: TIATED AND APPROVED: Executiv6birector Acting Deputy Executive Director/ Chief of Administrative Services -5- Res.No.293 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 an adjourned regular meeting of said Redevelopment Agency held on the 7th day of December, 1998 and that it was so adopted by the following vote: AYES: Julien, Bauer, Garofalo, Green, Dettloff, Harman, Sullivan NOES: None ABSENT: None ABSTAIN: None Clerk of the Redevelopme Agency of the City of Huntington Beach, Ca.