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HomeMy WebLinkAboutCity Council - 2000-82 RESOLUTION NO. 2000-82 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF$4,895,000 AGGREGATE PRINCIPAL AMOUNT MULTIFAMILY HOUSING REVENUE REFUNDING BONDS (HUNTINGTON VILLAGE APARTMENTS) 2000 SERIES A WHEREAS, the City of Huntington Beach (the "City") has issued its Multifamily Housing Revenue Bonds (Village Partnership Project), 1986 Series A in the original aggregate principal amount of$7,700,000 (the "Prior Bonds") for the purpose of financing the acquisition and construction of multifamily housing residential facility located at 16171 Springdale Street, in the City of Huntington Beach, 20% of the units of which are rented to persons and families of very low income (the "Project'); and WHEREAS, the City is a municipal corporation created and existing under the Constitution and laws of the State of California and is empowered under Article 11 (commencing with Section 53580) of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code (the "Act") to refinance multifamily residential construction within the City through the issuance of mortgage revenue refunding bonds; and WHEREAS, Village Partnership, a California general partnership (the "Owner"), as owner of the Project, has requested the City assist in the refinancing of the Project;and WHEREAS, in order to obtain moneys with which to assist the Owner in the refinancing of the Project, the City proposes to issue and sell its Multifamily Housing Revenue Refunding Bonds (Huntington Village Apartments) 2000 Series A (the 'Bonds"), in an aggregate principal amount not to exceed. $4,895,000, which are to be issued under and secured by an indenture of trust (the "Indenture") between the City and U.S. Bank Trust National Association, as trustee (the "Trustee"); and WHEREAS, under the Indenture, the proceeds of the Bonds will be deposited with the Trustee and advanced by the Trustee as a loan pursuant to the terms of a financing agreement (the "Financing Agreement"),- and WHEREAS, in order to assure compliance with the Internal Revenue Code of 1986 (the "Code"), the City, the Trustee and the Owner propose to enter into an Amended and Restated Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement"); and WHEREAS, the Bonds are proposed to be issued and sold to Stone & Youngberg LLC, as underwriter (the "Underwriter") pursuant to the terms of a contract of purchase (the "Contract of Purchase") to be executed on behalf of the City by a duly authorized representative of the City;and WHEREAS, the City has caused to be prepared and presented to this meeting the following instruments: 1 SF:00RANultifamily Res. No. 2000-82 1) The Indenture; 2) The form of Preliminary Official Statement to be used in the offer and sale of the Bonds; 3) The form of Regulatory Agreement among the City, the Owner and the Trustee; 4) The form of Financing Agreement among the City, the Trustee and the Owner; and 5) The form of Contract of Purchase. WHEREAS, it appears that each of the documents and instruments above referred to which are now before this meeting is in appropriate form and is an appropriate instrument to be executed and delivered for the purposes intended; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Huntington Beach as follows: Section 1. Findings and Determinations. It is hereby found and determined that it is necessary and desirable for the City to assist in the refinancing for the Project through the issuance and sale of the Bonds in order to assist in the development of decent, safe and sanitary housing in the City of Huntington Beach, including housing at rentals which persons and families of very low, low and moderate income can afford, and to bring long-range benefits to the City of Huntington Beach. Section 2. Authorization of the Bonds. For the purpose of raising moneys with which to effectuate the refinancing, the City hereby determines to issue its Multifamily Housing Revenue Refunding Bonds (Huntington Village Apartments) 2000 Series A, in an aggregate principal amount not to exceed $4,895,000, maturing and bearing interest at the rates provided and subject to all of the terms and conditions set forth in the Indenture. The Bonds shall be special obligations of the City and shall be payable as to principal and interest, and the obligations of the City under the Indenture shall be paid and satisfied solely from the revenues, receipts and other moneys pledged therefor under the Indenture. Section 3. Approval of Indenture. The form of the Indenture in substantially the form on file with the City Clerk is hereby approved. The Mayor, the City Administrator,the Director of Administrative Services or their designee, (the "Designated Officers"), and each of them, is hereby authorized and directed to execute and deliver the Indenture with such changes as may be approved by the City's bond counsel,the execution thereof to constitute conclusive evidence of the approval of all changes from the form of Indenture presented to this meeting,which form of Indenture is hereby, in all respects, approved and incorporated by reference and may a part hereof, including but not limited to, provisions to provide for the details of and to prescribe the terms and conditions upon which the Bonds are to be issued, secured, executed, authenticated and held. 2 Res. No. 2000-82 Section 4. Approval of Contract of Purchase. The offer, sale and delivery of the Bonds to the Underwriter is hereby authorized and the Designated Officers, and each of them, are hereby authorized and directed to execute and deliver the Contract of Purchase in substantially the form on file with the City Clerk with such changes as may be approved by the City's bond counsel, the execution thereof to constitute conclusive evidence of the approval of all changes from the form Contract of Purchase on file with the City Clerk, which form of Contract of Purchase is hereby, in all respects, approved and incorporated by reference and made a part hereof. Section 5. Approval of Preliminary Official Statement. The Preliminary Official Statement pertaining to the offer and sale of the Bonds on file with the City Clerk and its use by the Underwriter in the offer and sale of the Bonds is hereby approved and the Designated Officers, and each of them, are hereby authorized and directed to bring the Preliminary Official Statement to final form upon the sale of the Bonds to the Underwriter (the "Official Statement") and to execute and deliver the final Official Statement with such changes as may be approved by the City's bond counsel, the execution thereof to constitute conclusive evidence of the approval of all changes from the form of Preliminary Official Statement presented to this meeting, which form of Preliminary Official Statement is hereby, in all respects, approved and incorporated by reference and made a part hereof. The Underwriter is hereby authorized to distribute a preliminary Official Statement in connection with the offering of the Bonds. Section G. Approval of Regulatory Agreement. The form of Regulatory Agreement in substantially the form on file with the City Clerk is hereby approved, and the Designated Officers, and each of them, are hereby authorized and directed to execute and deliver the Regulatory Agreement with such changes as may be approved by the City's bond counsel, the execution thereof to constitute conclusive evidence of the approval of all changes from the farm Agreement presented to this meeting, which form of Agreement is hereby, in all respects, approved and incorporated by reference and made a part hereof. Section 7. Approval of Financing Agreement. The form of the Financing Agreement in substantially the form on file with the City Clerk is hereby approved, and the Designated Officers, and each of them, are hereby authorized and directed to execute and deliver the Financing Agreement with such changes as may be approved by the City's bond counsel, the execution thereof to constitute conclusive evidence of City approval of all changes from the form Agreement presented to this meeting, which form of Agreement is hereby, in all respects, approved and incorporated by reference and made a part hereof. Section 8. Prior Actions Ratified and Confirmed. The actions of the Mayor, City Administrator or the Director of Administrative Services, or any other officer of the City in doing any and all acts necessary in connection with the issuance and sale of the Bonds and the making of the loan to the Owner are hereby ratified and confirmed. Section 9. Further Actions Authorized. The Designated Officers and such other proper officers, agents and employees of the City are hereby authorized, empowered and directed to do all such acts and things and to execute and deliver all such documents, including, but not limited to, an Intercreditor Agreement among the City, the Trustee and Fannie Mae, as may be necessary in connection with the issuance and sale of the Bonds and the making of the loan. The Designated Officers with the advice and approval of the City's bond counsel, are further 3 Res. No. 2000-82 authorized to make such technical changes in the foregoing documents as may be necessary to conform said documents to the true intent of the parties. Section 10. Conflicting Resolutions Repealed. All resolutions or parts thereof in conflict herewith,to the extent of such conflict, are hereby repealed. Section 11. Severability. If any section, paragraph or provision of this Resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any remaining provisions of this Resolution. Section 12. Effective Date. This Resolution shall take effect immediately. PASSED and ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the 21st day of August,2000. a r Pro Tem Attest: 1. City Clerk APPROVED AS TO FORM: c a� City Attorney s �f�loU 4 Res. No. 2000- 82 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 21st day of August, 2000 by the following vote: AYES: .Julien, Sullivan, Harman, Green, Dettloff, Bauer NOES: None ABSENT: Garofalo ABSTAIN: None City Clerk and ex-officio CIG of the City Council of the City of Huntington Beach, California