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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)' 1 PDA:2001 Resol:Agency-Declaring Intention RLS 2001-0385 6/28/01 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 2 PDA:2001 Resol:Agency-Declaring Intention 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