HomeMy WebLinkAboutCivic Improvement Corporation - 2001-1 RESOLUTION NO. 2001-1
A RESOLUTION OF THE BOARD OF DIRECTORS.OF-THE_
CITY OF HUNTINGTON BEACH CIVIC IMPROVEMENT CORPORATION >
AUTHORIZING THE EXECUTION OF A TERMINATION AGREEMENT IN
CONNECTION WITH THE REFUNDING OF THE OUSTANDING CITY OF
HUNTINGTON BEACH 1993 REFUNDING CERTIFICATES OF
PARTICIPATION (CIVIC CENTER REFINANCING PROJECT) AND 1993
REFUNDING CERTIFICATES OF PARTICIPATION (POLICE
ADMINISTRATION BUILDING REFINANCING PROJECT), AND
APPROVING OFFICIAL ACTIONS
WHEREAS, the City of Huntington Beach (the "City"), working with the City of
Huntington Beach Civic Improvement Corporation (the "Corporation"), has previously caused
the execution and delivery of $21,895,000 1993 Refunding Certificates of Participation (Civic
Center Refinancing Project) to refund certain prior certificates of participation 'executed and
delivered in 1986 to finance the construction of the City's civic center (the "1993 Civic Center
Certificates"); and
The 1993 Civic Center Certificates are currently outstanding in the aggregate principal
amount of$16,655,000; and
The City has also previously caused the execution and delivery of $16,350,000 1993
Refunding Certificates of Participation (Police Administration Building Refinancing Project) to
refund certain prior certificates of participation executed and delivered in 1989 to finance the
construction of the City's police administration building (the "1993 Police Administration
Building Certificates"); and
The 1993 Police Administration Building Certificates are currently outstanding in the
aggregate principal amount of$13,095,000; and
The City has determined that due to favorable interest rates, it is in the best interests of
the City that the 1993 Civic Center Certificates and the 1993 Police Administration Building
Certificates (collectively, the "1993 Certificates") be refunded; and
For the purpose of providing moneys to refund the 1993 Certificates, the City will lease
certain real property (the "Site") and certain improvements thereon (the "Facility" and, with the
Site, the "Property") to the Huntington Beach Public Financing (the "Authority") pursuant to a
site and facility lease; and
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SF:2001 Resol:Pesol. 1 -Civic Improvement 10-1
tst Res. No. 2001-1
The Authority has determined to issue its Huntington Beach Public Financing Authority
Lease Revenue Bonds, 2001 Series B (Capital Improvement Refinancing Project), in the
aggregate principal amount of not to exceed $32,000,000 (the "Bonds'), all pursuant to and
secured by an Indenture of Trust (the "Indenture"), by and between the Authority and BNY
Western Trust Company, as trustee; and
In order to provide for the repayment of the Bonds, the Authority will lease the Property
back to the City pursuant to a lease agreement, under which the City will agree to make lease
payments to the Authority which will be calculated to be sufficient to enable the Authority to pay
the principal of and interest and premium (if any) on the Bonds when due and payable;
NOW, THEREFORE, the Board of Directors of the Huntington Beach Public Financing
Authority resolves as follows:
Section 1. Termination Agreement. In furtherance of the refunding of the 1993
Certificates, the Corporation hereby approves a termination agreement (the "Termination
Agreement"), providing for the termination of all documents relating to the 1993 Certificates,
substantially in the form on file with the Secretary,,together with such additions thereto and
changes therein as the President or the Executive Director of the Corporation (the "Designated
Officers") shall deem necessary, desirable or appropriate, the execution of which by the
Corporation shall be conclusive evidence of the approval of any such additions and changes. The
Designated.Officers, each acting alone, are hereby authorized and directed to execute, and the
Secretary is hereby authorized and directed to attest to, the final form of .the Termination
Agreement for and in the name and on behalf of the Corporation. The Corporation hereby
authorizes the delivery and performance of the Termination Agreement.
Section 2. Official Actions. The President,the Executive Director, the Secretary and any
and all other officers of the Corporation are hereby authorized and directed, for and in the name
and on behalf of the Corporation, 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 the lawful issuance and sale of the
Bonds and the consummation of the transactions as described herein.
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Res. No. 2001-1
Section 3. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
HUNTINGTON BEACH CIVIC
IMPROVEMENT CORPORATION
President
<ATTEST
Secretary _01
APPROVED AS TO FORM:
General Counsel
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Res. No. 2001-1
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY, Secretary of the Huntington Beach
Civic Improvement Corporation of the City of Huntington Beach, California
DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the
Huntington Beach Civic Improvement Corporation of the City of Huntington
Beach at a meeting of said Huntington Beach Civic Improvement Corporation
held on the 5th day of November, 2001 and that it was so adopted by the
following voter
AYES: Directors: Green, Boardman, Cook, Julien Houchen, Garofalo, Dettloff,
Bauer
NOES: Directors: None
ABSENT: Directors: None
ABSTAIN: Directors: None
Secretary of the Huntington" • each Civic
Improvement Corporation of the City of
Huntington Beach, California