HomeMy WebLinkAboutCity Council - 2015-56 RESOLUTION NO. 2015-56
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
TO APPLY FOR A LOAN TO FUND THE STREETLIGHT ACQUISITION
AND RETROFIT PROJECT FROM THE CALIFORNIA INFRASTRUCTURE
AND ECONOMIC DEVELOPMENT BANK
WHEREAS, the California Infrastructure and Economic Development Bank("IBank")
administers a financing program to assist local governments with financing eligible projects in
accordance with in Section 63000 et seq of the California Government Code (the"Act"); and
IBank created the Infrastructure State Revolving Fund Program("ISRF Program")
pursuant to the provisions of the Act; and
IBank's Amended and Restated Criteria, Priorities and Guidelines for the Selection of
Projects for Financing under the ISRF Program (the "Criteria") establishes requirements for the
financing of projects under the ISRF Program; and
City of Huntington Beach("Borrower")has applied to the IBank for the financing of the
costs of acquisition and LED retrofitting of certain of the Borrower's street lights ("Project") in
an amount not to exceed [$7,769,350], and
The Act requires the Borrower to make, by resolution of its governing body, certain
findings prior to a Project being selected for financing by the IBank; and
The Borrower reasonably expects that a financing arrangement("Obligation") in an
amount not expected to exceed [$7,769,350] will be entered into under and memorialized by one
or more financing agreements and related documents (collectively, the"Financing Agreements")
and that certain proceeds of such Obligation will be used to reimburse the Borrower for Project
expenditures incurred or paid prior to incurring the Obligation, and
The Borrower acknowledges that the IBank funds the ISRF Program, in part, with the
proceeds of tax exempt bonds and, as such, has certain compliance obligations that may require
it to have the Borrower enter into new financing agreements to replace the Financing
Agreements (the "Replacement Agreements") on terms and conditions substantially identical to
the original Financing Agreements,
NOW, THEREFORE, the City Council of the City of Huntington Beach does hereby
resolve as follows•
1. The City Council hereby approves and affirms the actions of the Borrower's
representatives heretofore taken in connection with submitting an application for
financing for the Project; and in connection therewith finds and certifies that:
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Reso . 2015-56
a The Project facilitates effective and efficient use of existing and future
public resources so as to promote both economic development and
conservation of natural resources,
b. The Project develops and enhances public infrastructure in a manner that
will attract, create, and sustain long-term employment opportunities,
C. That the Project is consistent with the General Plan of the City of
Huntington Beach, and any elements of the General Plan of Orange
County that are applicable to the Borrower and the Project,
d The proposed financing is appropriate for the Project,
e. The Project is consistent with the IBank's Criteria for the ISRF Program,
and
f. It has considered(i) the impact of the Project on California's land
resources and the need to preserve such resources, (ii) whether the Project
is economically or socially desirable; and (iii) whether the project is
consistent with, and in furtherance of the State Environmental Goals and
Policy Report(as defined in the Criteria).
2 The Borrower hereby declares its official intent to use certain proceeds of the
Obligation to reimburse itself for expenditures reimbursable with the proceeds of
tax exempt bonds or other tax exempt securities under the provisions of the
Internal Revenue Code of 1986, as amended, and those U.S. Treasury Regulations
implementing such provisions (collectively, "Federal Tax Law"). This
declaration is made solely for purposes of establishing compliance with applicable
requirements of Federal Tax Law. This declaration does not bind the Borrower to
make any expenditure, incur any indebtedness, or proceed with the Project.
3. The City Manager and his or her designee is hereby authorized and directed to act
on behalf of the City of Huntington Beach in all matters pertaining to its
application for financing from the IBank, and the execution of related financial
documents including, but not limited to, the authority pledge general fund
revenues to the repayment of the Obligation and to provide covenants relating to
the Obligation and as to any other security or collateral securing the Obligation.
4. If the Obligation is approved by the IBank, the City Manager and his or her
designee is authorized to enter into and sign financing documents and any
amendments thereto, including, but not limited to the Financing Agreements and
the Replacement Agreements, with the IBank for the purpose of financing the
Obligation.
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Reso . 2015-56
5. This resolution shall become effective immediately upon adoption.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 5 t h day of October , 2015.
Mayor
REVIE ED AND APPROVED:
APPROVED FORM:
City 1ana er ?CAttorney
at
TED ND PPROVED:
ant Crty a g e r
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Res. No. 2015-56
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 5, 2015 by the following vote
AYES: Posey, O'Connell, Katapodis, Hardy, Sullivan, Delgleize, Peterson
NOES: None
ABSENT: None
ABSTAIN: None
Clio
City rk and ex-officio erk of the
City Council of the City of
Huntington Beach, California