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RESOLUTION NOg' '�
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF HUNTINGTON BEACH DECLARING INTENTION TO REIMBURSE
EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT
OBLIGATIONS AND DIRECTING CERTAIN ACTIONS
WHEREAS, the Redevelopment Agency of the City of Huntington Beach or a public
entity associated therewith (the "Issuer") intends to issue tax-exempt obligations (the
"Obligations") for the purpose, among other things, of assisting in the financing of the
acquisition, rehabilitation and development of a multifamily housing residential facility located
at 17411 and 17421 Koledo Lane, Huntington Beach, California(the "Project"); and
United States Income Tax Regulations section 1.103-18 provides generally that proceeds
of tax-exempt debt are not deemed to be expended when such proceeds are used for
reimbursement of expenditures made prior to the date of issuance of such debt unless certain
procedures are followed, among which is a requirement that (with certain exceptions), prior to
the payment of any such expenditure, the issuer must declare an intention to reimburse such
expenditure; and
It is in the public interest and for the public benefit that the Issuer declare its official
intent to reimburse the expenditures referenced herein;
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
Huntington Beach DECLARES and ORDERS as follows:
1. The Issuer intends to issue the Obligations for the purpose of paying the costs of
financing the acquisition, rehabilitation and development of the Project.
2. The Issuer hereby approves the financing of the Project with the proceeds of the
Obligations subject to the approval by the Issuer of the bond documents to be executed in
connection therewith.
3. The Issuer hereby declares that it reasonably expects that a portion of the proceeds
of the Obligations will be used for reimbursement of expenditures for the acquisition,
rehabilitation and development of the Project that are paid before the date of initial execution and
delivery of the Obligations.
4. The maximum amount of proceeds of the Obligations to be used for
reimbursement of expenditures for the acquisition, rehabilitation and development of the Project,
that are paid before the date of initial execution and delivery of the Obligations is $570,000.
5. The foregoing declaration is consistent with the budgetary and financial
circumstances of the Issuer, in that there are no funds (other than proceeds of the Obligations)
that are reasonably expected to be (i) reserved, (ii) allocated or(iii) otherwise set aside, on a
long-term basis, by or on behalf of the Issuer, or any public entity controlled by or associated
00reso/obligationA/25/00 1
Res. No. 2888-„T 3�I
with the Issuer for the expenditures for the acquisition, rehabilitation and development of the
Projects that are expected to be reimbursed from the proceeds of the Obligations.
PASSED AND ADOPTED by the Redevelopment Agency of the City of
Huntington Beach at a regular meeting thereof held on the 5th day September 2000.
ATTEST:
L��;7�!�Gfi �Z3�d�"'�' Chairman
Agency Clerk APPROVED AS TO FORM:
REVIEWED AND APPROVED: 7--Agency Attorney
Qom, INITIATED AND APPROVED:
Exe tive Director
e /,,,�
Director of Economic Development
00reso/obligations/8/25100 2
3( I
Res. No.4OGG344—
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF HUNTING,TON 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 a regular
meeting of said Redevelopment Agency held on the 5th day of
September, 2000 and that it was so adopted by the following vote:
AYES: Julien, Sullivan, Harman, Garofalo, Green, Dettloff, Bauer
NOES: None
ABSENT: None
ABSTAIN: None
Clerk of the,Redevelopme Agency
of the City of Huntington Beach, CA