HomeMy WebLinkAboutCity Council - 2015-85 RESOLUTION NO. 2 015-8 5
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
AUTHORIZING THE EXECUTION AND DELIVERY OF A CALIFORNIA LENDING FOR
ENERGY AND ENVIRONMENTAL NEEDS CENTER LOAN IN AN AMOUNT
NOT TO EXCEED $7,692,425
WHEREAS, the California Infrastructure and Economic Development Bank("IBank")
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
IBank created the California Lending for Energy and Environmental Needs Center
("CLEEN Center")pursuant to the provisions of the Act; and,
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"), was awarded financing under the CLEEN
Center in principal amount not to exceed$7,692,425 to finance the costs of acquisition and LED
retrofitting of certain of the Borrower's street lights ("Project"), 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.
NOW, THEREFORE, the City Council of the City of Huntington Beach does hereby
resolve as follows:
Section 1. The City Council hereby approves and affirms 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;
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Resolution No . 2015-85
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)
Section 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.
Section 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 the acceptance of
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.
Section 4. 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.
Section 5. This resolution shall become effective immediately upon adoption.
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Resolution No . 2015-85
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PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 21 s t day of December , 2015
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Res. No. 2015-85
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 December 21, 2015 by the following vote
AYES: Posey, O'Connell, Hardy, Katapodis, Sullivan, Delgleize, Peterson
NOES: None
ABSENT: None
ABSTAIN: None
City Klerk and ex-officio Berk of the
City Council of the City of
Huntington Beach, California