HomeMy WebLinkAboutCity Council - 2002-73 RESOLUTION NO. 2002-73
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to the provisions of California Government Code Section 6500
et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of
June 1, 1988 (the "Agreement"), among certain local agencies throughout the State of California,
including the City of Huntington Beach (the "City"), to issue revenue bonds in accordance with
Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code for the purpose of
financing multifamily rental housing projects; and
Huntington Beach Heritage Park, L.P. (collectively, with any related entity,the "Borrower")
has requested that the Authority issue multifamily housing revenue bonds in an aggregate principal
amount not to exceed $10,000,000 (the "Bonds") for the purpose of providing financing for the
acquisition and rehabilitation of an 114-unit multifamily residential rental project located at 16171
Springdale Street, Huntington Beach, California, and generally known as Heritage Park at
Huntington Beach; and
The Bonds or a portion thereof will be "private activity bonds" for purposes of the Internal
Revenue Code of 1986(the"Code"); and
Pursuant to Section 147(f) of the Code, prior to their issuance, private activity bonds are
required to be approved by the "applicable elected representative" of the governmental units on
whose behalf such bonds are expected to be issued and by a governmental unit having jurisdiction
over the entire area in which any facility financed by such bonds is to be located, after a public
hearing held following reasonable public notice; and
The members of this City Council (this "Council") are the applicable elected representatives
of the City; and
There has been published, at least 14 days prior to the date hereof, in a newspaper of general
circulation within the City, a notice that a public hearing regarding the Bonds would be held on the
date hereof; and
Such public hearing was conducted on said date by the City Council, at which time an
opportunity was provided to interested parties to present arguments both for and against the
issuance of the Bonds; and
It is intended that this resolution shall constitute the approval of the issuance of the Bonds
required by Section 147(f) of the Code and Section 9 of the Agreement;
Res. No. 2002-73
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Huntington
Beach as follows:
Section 1. The above recitals are true and correct.
Section 2. The Council hereby approves the issuance of the Bonds by the Authority. It
is the purpose and intent of the Council that this resolution constitute approval of the Bonds for the
purposes of(a) Section 147(f)of the Code and(b) Section 9 of the Agreement.
Section 3. The officers of the City are hereby authorized and directed, jointly and
severally, to do any and all things and to execute and deliver any and all documents that they deem
necessary or advisable in order to carry out, give effect to and comply with the terms and intent of
this resolution and the financing approved hereby.
Section 4. The City Clerk of the City shall forward a certified copy of this Resolution
and a copy of the affidavit of publication of the hearing notice to:
Ana Marie del Rio,Esq.
Orrick, Herrington & Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
Section 5. This resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 5th day of August , 2002.
ATTEST:
City Clerk a Mayor
REVIEWED AND APPROVED: APPROVED AS TO FORM:
City Adnififistrator City Attorney {
REVIEWE
D, INITIATED AND APPROVED:
C' ; Z
Director of Economic Development
02Rc«o./rEFKA 2
Res. No. 2002-73
STATE OF CALIFORNIA
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH y
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
5th day of August, 2002 by the following vote:
AYES: Green, Dettloff, Boardman, Cook, Winchell, Bauer
NOES: None
ABSENT: Houchen (out of room)
ABSTAIN: None
City Clerk and ex-officio Clerk of the
City Council of the City of
Huntington Beach, California