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HomeMy WebLinkAboutRedevelopment Agency - 335 RESOLUTION NO. 335 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $23,000,000 PRINCIPAL AMOUNT OF 2002 TAX ALLOCATION REFUNDING BONDS TO REFUND OUTSTANDING 1992 TAX ALLOCATION REVENUE BONDS AND RELATED LOAN AGREEMENTS, AND APPROVING RELATED DOCUMENTS AND ACTIONS 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 at this time 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"); NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Huntington Beach as follows: SECTION 1. Issuance of Bonds; Approval of Indenture of Trust. The Agency hereby authorizes the issuance of the Bonds in the aggregate principal amount of not to exceed $23,000,000 under the provisions of Articles 10 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, commencing with Section 53570 of said Code, for the purpose of providing for the current refunding and discharge of the outstanding 1992 Loans and 1992 Bonds. The G:MLIMhi11:02RFP:RDARcs i Res. No. 335 Bonds shall be issued in accordance with the terms and provisions of the Indenture of Trust dated as of June 1, 2002, between the Agency and BNY Western Trust Company, as trustee, which is hereby approved in substantially the form thereof on file with the Agency Clerk together with any immaterial additions thereto or changes therein deemed advisable by the Executive Director and approved by the Agency Attorney; provided that the execution thereof by the Chairperson and Agency Clerk shall be conclusive evidence of the approval of any such additions or changes. The Chairperson and Agency Clerk of the Agency are hereby authorized and directed to execute, attest and affix the seal of the Agency to the Indenture of Trust for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and performance of the Indenture of Trust. SECTION 2. Refunding of 1992 bonds; approval of escrow deposit and trust agreement. The Agency hereby approves the use of the Bond proceeds to refund the outstanding 1992 Loans and 1992 Bonds under the Escrow Deposit and Trust Agreement dated as of June 1, 2002, among the Authority, the Agency and BNY Western Trust Company, as escrow bank, which is hereby approved in substantially the form thereof on file with the Agency Clerk together with any immaterial additions thereto or changes therein deemed advisable by the Executive Director and approved by the Agency Attorney; provided that the execution thereof by the Chairperson and Agency Clerk shall be conclusive evidence of the approval of any such additions or :changes. The Chairperson and Agency Clerk of the Agency are hereby authorized.and directed to execute, attest and affix the seal of the Agency to the Escrow Deposit and Trust Agreement for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and performance of the Escrow Deposit and Trust Agreement. SECTION 3. Competitive Sale of Bonds. The Agency hereby authorizes and directs the sale of the Bonds by competitive public bidding. Bids shall be received, and the Bonds shall be sold, subject to the terms and conditions set forth in the Official Notice of Sale in substantially the form on file with the Agency Clerk together with any immaterial additions thereto or changes therein deemed advisable by the Executive Director and approved by the Agency Attorney; provided that the execution thereof by the Executive Director shall be conclusive evidence of the approval of any such additions or changes. The Executive Director is hereby authorized and directed to accept the best bid determined in accordance with the Official Notice of Sale, in the name and on behalf of the Agency. Jones Hall, A Professional Law Corporation, as bond counsel to the Agency, is hereby authorized and directed to cause an appropriate notice of the Agency's intention to sell the Bonds to be published once in The Bond Buyer in accordance with 53692 of the Government Code. Such publication shall be made at least 15 days before the date set for receipt of bids on the Bonds. SECTION 4. Approval of Official Statement. The Agency hereby approves, and hereby deems nearly final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934 except for permitted omissions, the preliminary Official Statement describing the Bonds in the form on file with the -2- G:MUlVihi11:02RFP:RDA Res Res. No. 335 Agency Clerk. The financial consultant to the Agency, Harrell & Company Advisors, LLC, is hereby authorized to distribute the Preliminary Official Statement to prospective bidders for the Bonds. The Executive Director is hereby authorized to execute the final form of the Official Statement, including as it may be modified by such permitted additions thereto and changes therein deemed advisable by the Executive Director, and the execution of the final Official Statement by the Executive Director shall be conclusive evidence of the approval of any such additions and changes. The Agency hereby authorizes the distribution of the final Official Statement by the purchaser of the Bonds. The final Official Statement shall be executed in the name and on behalf of the Agency by the Executive Director. SECTION 5. Official Actions. The Chairperson, the Executive Director, the Treasurer, the Agency Clerk and any and all other officers of the Agency are hereby authorized and directed, for and in the name and on behalf of the Agency, 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 in connection with the sale of the Bonds as described herein. Whenever in this resolution any officer of the Agency 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 6. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 6`h day of May, 2002. Chairperson ATTEST: APPROVED AS TO FORM: Agency Clerk aS-L1-a1 Agency Attorney REVIEWED AND APPROVED: INITIATED AND APPROVED: &A e. &v4 City Admi trator / Executive DirectBLputy Executive Director -3- G:Mulvihi11:02RFP:RDARes Res. No. 335 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 6th day of May, 2002 and that it was so adopted by the following vote: AYES: Green, Dettloff, Bauer, Cook, Houchen, Winchell, Boardman NOES: None ABSENT: None ABSTAIN: None Clerk of the Redevelopment Agency of the City of Huntington Beach, CA