HomeMy WebLinkAboutCity Council - 2010-32 RESOLUTION NO. 2010-32
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY OF RECOVERY ZONE FACILITY REVENUE BONDS
FOR THE SUNEDISON CALIFORNIA PORTFOLIO
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 for the
purpose of promoting economic development in the State of California; and
SunEdison, LLC or related entities, has requested that the Authority adopt a plan of
financing providing for the issuance of recovery zone facility revenue bonds (the "Bonds") in
one or more series issued from time to time, including bonds issued to refund such revenue
bonds in one or more series from time to time, and at no time to exceed $1,000,000 in
outstanding aggregate principal amount, to finance the construction of a solar energy facility
located at the following address in the City and generally known as SunEdison California
Portfolio (the 'Project"): 9811 Adams Avenue, City of Huntington Beach, California; 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 ("City 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 a date specified in such notice; and
Such public hearing was conducted on such date, at which time an opportunity was
provided to interested parties to present arguments both for and against the issuance of the
Bonds; and
The Authority is also requesting that the City Council approve the issuance of any
refunding bonds hereafter issued by the Authority at no time to exceed $1,000,000 for the
purpose of refinancing the Bonds which financed the Project (the "Refunding Bonds"), but only
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Resolution No. 2010-32
in such cases where federal tax laws would not require additional public hearings, consideration
or approval by the City Council; 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.
NOW, THEREFORE, the City Council of the City of Huntington Beach does hereby
resolve as follows:
1. The above recitals are true and correct.
2. The City Council hereby approves the issuance of the Bonds and the Refunding
Bonds by the Authority. It is the purpose and intent of the City 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.
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.
4. The City Clerk shall forward a certified copy of this Resolution and a copy of the
affidavit of publication of the hearing notice to:
Justin Cooper, Esq.
Orrick, Herrington& Sutcliffe LLP
405 Howard Street
San Francisco, California 94 105
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 April , 20 10
Ma
INITI VIEWED AND APPROVED:
Ci AAlhistrator
��ty Attorney ��.
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Res. No. 2010-32
STATE OF CALIFORNIA
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, JOAN L. FLYNN 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 April 5, 2010 by the following vote:
AYES: Carchio, Coerper, Hardy, Green, Dwyer, Hansen
NOES: None
ABSENT: Bohr
ABSTAIN: None
y Clerk and ex-office Clerk of the
City Council of the City of
Huntington Beach, California