HomeMy WebLinkAboutRedevelopment Agency - 330 RESOLUTION NO. 330
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
development of an affordable senior housing residential facility generally located at the
southwest corner of Main Street and Clay Avenue in the City of 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 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
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 $2,000,000.00.
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)'
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Res. No. 330
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
with the Issuer for the expenditures for the acquisition 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 22nd day of January , 20W
Chairman
ATTEST- APPROVED AS TO FORM:
Agency Clerk e(-21 02 N" , 6 Agency General Counsel � ("
REVIEWED AND APPROVED: INITIATED AND APPROVED:
C2���- - &d C. 4W
Exeo66ve Director Deputy Executi e Director
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RLS 2001-0385
6/28/01
Res. No. 330
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF HUNTINGTON 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 22nd day of
January, 2002 and that it was so adopted by the following vote:
AYES: Green, Dettloff, Bauer, Cook, Boardman
NOES: None
ABSENT: Houchen
ABSTAIN: None
Clerk of the Redevelopment Agency
of the City of Huntington Beach, CA