HomeMy WebLinkAboutCity Council - 2015-62 RESOLUTION NO. 2 015-6 2
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
TO APPLY FOR FINANCING TO FUND THE STREETLIGHT ACQUISITION
AND RETROFIT PROJECT FROM THE CALIFORNIA INFRASTRUCTURE
AND ECONOMIC DEVELOPMENT BANK
WHEREAS, the California Infrastructure and Economic Development Bank("lBank")
administers financing programs to assist local governments with the financing of eligible projects
in accordance with in Section 63000 et seq of the California Government Code (the "Act"); and
lBank created the California Lending for Energy and Environmental Needs Center
("CLEEN Center") pursuant to the provisions of the Act; and,
The IBank's Criteria, Priorities and Guidelines for the Selection of Projects for IBank
Financing under the California Lending for Energy and Environmental Needs Center, approved
on August 25, 2015, as amended from time to time (the "Criteria"), establishes requirements for
the financing of projects pursuant to various programs under the CLEEN Center; and
The City of Huntington Beach("Borrower"), is seeking financing for 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 and the Criteria require the Borrower to make, by resolution of its governing
body, certain findings prior to a Project being selected for financing by 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 IBank intends to fund its various programs under the
CLEEN Center, in part, with the proceeds of tax exempt bonds and, as such, expects to have
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.
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Resolution No . 2015-62
NOW, THEREFORE,the City Council of the City of Huntington Beach does hereby
resolve as follows,
1 The City Council hereby approves the actions of the Borrower's representatives
heretofore taken with respect to submitting an application for financing for the Project, and in
connection therewith finds and certifies that-
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 Criteria; 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, (iii) whether the project is consistent
with, and in furtherance of the State Environmental Goals and Policy
Report (as defined in the Criteria); and(iv) whether the Project is in
furtherance of the GHG Reduction Goals (as defined in the Criteria).
2. Pursuant to its resolution No. 2015-56 dated October 5, 2015, the Borrower
previously declared 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 was made solely for purposes of establishing compliance with applicable
requirements of Federal Tax Law and its date is controlling for purposes of reimbursement under
Federal Tax Law. Such declaration did not and does not bind the Borrower to make any
expenditure, incur any indebtedness, or proceed with the Project.
15-4948/127143.doc 2
Resolution No . 2015-62
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 Borrower 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.
5. Resolution No. 2015-56 is hereby repealed.
6. 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 19 t h day of October , 2015.
yor
REVIEW D APPROVED: APPROVED AS RM.
Ci y anager City Attorney Nkv -15-O.-1 j
INI TE AND PPR ED.
Assistan anager
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Res. No. 2015-62
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 19, 2015 by the following vote
AYES: Posey, O'Connell, Katapodis, Hardy, Sullivan, Delgleize, Peterson
NOES: None
ABSENT: None
ABSTAIN: None
City rk and ex-officio erk of the
City Council of the City of
Huntington Beach, California
i