HomeMy WebLinkAboutCity Council - 2010-71 RESOLUTION NO. 2010-71
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 $6,500,000 in outstanding aggregate
principal amount, to finance the construction of a solar energy facility at the following locations in
the City and generally known as SunEdison California Portfolio (the "Project"): City of Huntington
Beach Civic Center, City Yard and Central Library, in the City of Huntington Beach; 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 in such cases
where federal tax laws would not require additional public hearings, consideration or approval by
the City Council; and
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Resolution No. 2010-71
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 18th day of October , 2010
May
INITI REVIEWED AND APPROVED:
Ci. Ad inistrator
APPROVEDQAS TO FORM:
cv- City Attorney
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Res. No. 2010-71
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 October 18, 2010 by the following vote:
AYES: Green, Bohr, Dwyer, Hansen
NOES: None
ABSENT: Carchio, Coerper, Hardy
ABSTAIN: None
y Clerk and ex-offic Clerk of the
City Council of the City of
Huntington Beach, California