HomeMy WebLinkAboutPublic Financing Authority - 16 RESOLUTION NO. 16
RESOLUTION OF THE HUNTINGTON BEACH PUBLIC
FINANCING AUTHORITY APPROVING DOCUMENTS AND
ACTIONS RELATING TO REFUNDING OF 1992 TAX
ALLOCATION REVENUE BONDS
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$33,495,000 (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
The Authority wishes to express its approval of the issuance of the Bonds by the
Agency and the application of the proceeds thereof to refund all of the outstanding 1992
Bonds;
NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the
Huntington Beach Public Financing Authority as follows:
SECTION 1. Issuance of Bonds; Approval of Indenture.
The Board hereby authorizes the issuance of the Bonds by the Agency for the
purpose of providing funds to refund and discharge all of the outstanding 1992 Bonds.
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Res. No. 16
SECTION 2. Approval of Escrow Deposit and Trust Agreement.
The Board hereby approves the Escrow Deposit and Trust Agreement relating to
the refunding of all the outstanding 1992 Bonds, in substantially the form on file with the
Secretary, together with any immaterial changes therein or additions thereto deemed
advisable by the Executive Director and approved by the Authority Attorney, provided
that the execution thereof by the Chairperson and Secretary shall be conclusive evidence
of the approval of any such additions or changes. The Board hereby authorizes and
directs the Chairperson to execute, and the Secretary to attest and affix the seal of the
Authority to, said form of the Escrow Deposit and Trust Agreement for and in the name
of the Authority. The Board hereby authorizes the delivery and performance of the
Escrow Deposit and Trust Agreement.
SECTION 3. Official Actions.
The Chairman, the Executive Director, the Secretary and any and all other officers
of the Authority are hereby authorized and directed, for and in the name and on behalf of
the Authority, 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 any of the transactions
contemplated by the documents approved pursuant to this Resolution. Whenever in this
resolution any officer of the Authority is authorized to execute or countersign any
document or take any action, such execution, countersigning or action.may be taken on
behalf of such officer by any person designated by such officer to act on his or her behalf
in the case such officer is absent or unavailable.
SECTION 4. Effective Date.
This Resolution shall take effect from and after the date of its passage and
adoption.
PASSED AND ADOPTED by the Board of Directors of the Huntington Beach
Public Financing Authority at a special meeting ther f held on the 6th y of May, 2002.
Chairman
ATTEST: APPROVED AS TO FORM:
Secretary as-jJ'"p2 f �-Authority Attorney W�IIV101,
REVIE WE APPROVED: INITIATED AND APPROVED:
Director of ministrative Services Director of Economic Development
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Res. No. 16
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY, the duly elected, qualified Secretary of
the Huntington Beach Public Financing Authority, do hereby certify that the
whole number of members of the Board of Directors of the Huntington Beach
Public Financing Authority 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
Board at a regular meeting thereof held on the 6th day of May, 2002 and that it
was so adopted by the following vote:
AYES: Directors: Green, Dettloff, Bauer, Cook, Houchen, Winchell,
Boardman
NOES: Directors: None
ABSENT: Directors: None
ABSTAIN: Directors: None
Secretary of the Board of Directors
of the Huntington Beach Public
Financing Authority