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RESOLUTION NO. 2002-36
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH APPROVING THE ISSUANCE OF
TAX ALLOCATION REFUNDING BONDS BY THE
REDEVELOPMENT AGENCY OF THE CITY OF
HUNTINGTON BEACH IN THE MAXIMUM PRINCIPAL
AMOUNT OF $23,000,000
WHEREAS, the Redevelopment Agency of the City of Huntington Beach(the
"Agency")has adopted a Redevelopment Plan for the Huntington Beach Redevelopment
Project in the City of Huntington Beach (the "Redevelopment Project"), which 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 1992 Revenue Bonds (Huntington Beach Redevelopment Projects) in the
aggregate principal amount of S33,495,000 (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), by making loans (collectively, the
"1992 Loans") to the Agency under individual Loan Agreements each dated as of May 1,
1992; and
In January, 1999, the Agency and the Authority refunded the maximum portion of
the 1992 Loans and the 1992 Bonds which could be advance refunded under federal tax
law, and because the 1992 Bonds may be redeemed in full on August 1, 2002, the Agency
and the Authority are permitted under federal tax to refund the remaining balance of the
1992 Loans and the 1992 Bonds at this time; and
In order to raise funds to refund the remaining balance of the 1992 Loans and the
1992 Bonds, the Agency has determined to authorize the issuance and sale of its 2002 Tax
Allocation Refunding Bonds (Huntington Beach Redevelopment Project) in the aggregate
principal amount of not to exceed$23,000,000 (the"Bonds"); and
In accordance with the requirements of Section 33640 of the Health and Safety
Code of the State of California, the City Council wishes to express its approval of the
issuance and sale of the Bonds by the Agency;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Huntington Beach that the issuance and sale of the Bonds by the Agency for the purpose of
providing funds to refund the 1992 Loans and the 1992 Bonds is hereby approved.
GNu1vihi11:02RFP:CouncilRes
Res. No. 2002-36
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at
a regular meeting thereof held on the 6th day of May, 2002.
Mayor
ATTEST: APPROVED AS TO FORM:
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City Clerk ac-di-az f l y City Attorney(
REVIEWED AND APPROVED: INITIATED AND APPROVED:
City Adminiftrator Director of Econom c Development
G:Mu1vihi11:02UP:Counci1Res 2
Res. No. 2002-36
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-of iicio 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 May, 2002 by the following vote:
AYES: Green, Dettloff, Bauer, Cook, Houchen, Winchell, Boardman
NOES: None
ABSENT: None
ABSTAIN: None
qw,
City Clerk and ex-officio C erk of the
City Council of the City of
Huntington Beach, California