HomeMy WebLinkAboutCity Council - 99-47 RESOLUTION NO. 99_47
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, and the construction of certain public capital improvements including a public
parking facility, related to the redevelopment of the area bounded by Pacific Coast Highway,
Main Street,Walnut Avenue, and 6th Street in 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$9,000,000 (the "Obligations"); and
The City reasonably expects to use a portion of the proceeds of the Obligations to
reimburse the City for expenditures made prior to 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 $9,000,000 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 Section 1.150-
2 of the Treasury Regulations promulgated under Section 150 of the Internal Revenue Code of
1986, as amended.
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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 on the 6th day of July , 1999.
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Mayor
ATTEST: APPROVED AS TO FORM:
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City Clerk City Attorney -r
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REVIEWED AND APPROVED: INITIATED AND APPROVED:APPROVED:
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City A nistrator _ Director of Econorn c evelopment
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Res. No. 99-47
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 6th day of July, 1999 by the following vote:
AYES: Julien,Bauer, Green,Dettloff,Harman, Sullivan
NOES: None
ABSENT: Garofalo
ABSTAIN: None
City Clerk and ex-officio Clerk of the
City Council of the City of Huntington
Beach, California