HomeMy WebLinkAboutCity Council - 2013-26 RESOLUTION NO. 2013-26
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF HUNTINGTON APPROVING THE ISSUANCE OF THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY REVENUE BONDS (AMG HUNTINGTON BEACH,
LLC), SERIES 2013, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$5,000,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION AND
INSTALLATION OF MANUFACTURING EQUIPMENT AND
CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, AMG Huntington Beach, LLC, doing business as Notthoff Engineering,a
limited liability company organized and existing under the laws of the State of Delaware (the
"Borrower"), has requested that the California Municipal Finance Authority (the "Authority")
participate in the issuance of one or more series of revenue bonds in an aggregate principal
amount not to exceed $5,000,000 (the"Bonds") for the acquisition and installation of equipment
and other capital items for the manufacture of metal components and subassemblies for the
aeronautic and defense industries (the "Project"),to be owned by the Borrower at its facility
located at 5416 Argosy Avenue in the City of Huntington Beach, California (the"City"); and
Pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the"Code"), the
issuance of the Bonds by the Authority must be approved by the City because the Project is to be
located within the territorial limits of the City; and
The City Council of the City (the "City Council") is the elected legislative body of the
City and is one of the "applicable elected representatives"required to approve the issuance of the
Bonds under Section 147(f) of the Code; and
The Authority has requested that the City Council approve the issuance of the Bonds by
the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code
and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the
California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among
certain local agencies, including the City; and
Pursuant to Section 147(f) of the Code,the City Council has, following notice duly given,
held a public hearing regarding the issuance of the Bonds, and now desires to approve the
issuance of the Bonds by the Authority;
NOW, THEREFORE, the City Council of the City of Huntington Beach does hereby
resolve as follows:
SECTION 1. The foregoing resolutions are true and correct.
SECTION 2. The City Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the City Council that this resolution constitute approval
of the issuance of the Bonds by the Authority, for the purposes of(a) Section 147(f) of the Code
by the applicable elected representative of the governmental unit having jurisdiction over the
area in which the Project is to be located, in accordance with said Section 147(f) and
(b) Section 4 of the Agreement.
13-3798/98016.doc 1
Resolution No. 2013-26
SECTION 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 which 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 transaction approved hereby.
SECTION 4. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 1st day of July , 2013.
P
A
Mayor
REVIE D APPROVED: APPROVED AS TO FORM:
City rfawr Ci y Attom y
lNIT D AND APPROVED:
A istant City Manager
13-3798/98016.doc 2
Res. No. 2013-26
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 July 1, 2013 by the following vote:
AYES: Sullivan, Hardy, Harper, Boardman, Carchio, Shaw, Katapodis
NOES: None
ABSENT: None
ABSTAIN: None
oqw% Age-)
Cit Clerk and ex-officio Vlerk of the
City Council of the City of
Huntington Beach, California