HomeMy WebLinkAboutCity Council - 2016-15 RESOLUTION NO 2 016-15
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON
BEACH, ACTING AS THE LEGISLATIVE BODY OF CITY OF
HUNTINGTON BEACH COMMUNITY FACILITIES DISTRICT NO 2000-1
(GRAND COAST RESORT), APPROVING THE FORM OF AMENDMENT
NO. 1 TO BOND INDENTURE AND AUTHORIZING OTHER ACTIONS IN
CONNECTION THEREWITH
WHEREAS, on January 18, 2000, the City Council of the City of Huntington Beach (tile
"City Council") adopted Resolution No 2000-5 stating its intention to establish City of
Huntington Beach Community Facilities District No 2000-1 (Giand Coast Resort) (the
"District") pursuant to Chapter 3 56 (commencing with Section 3 56 010) of the Municipal Code
(the "Code") of the City of Huntington Beach (the "City") and the Mello-Roos Community
Facilities Act of 1982, as amended, being Chapter 2 5 of Part 1 of Division 2 of Title 5 of the
Government Code of the State of California(the "Act"), and
WHEREAS, on April 17, 2000, the City Council conducted a noticed public hewing to
determine whether to proceed with the formation of the Dish ict, issue bonds to pay for
improvements and incidental expenses related thereto for the benefit of the Distuct" and
authorize the levy of special taxes (the "Special Tax") pursuant to the rate and method of
appoitionment of a special tax in the form attached to Resolution No 2000-5 (the "Rate and
Method") for the purposes desctibed in Resolution No 2000-5, and
WHEREAS, pursuant to Resolution No 2000-35 adopted on April 17, 2000 (the
"Resolution of Formation"), the City Council determined that, under Sections 3 56 070 and
3 56 040 of the Code, in order to carry out the purposes of the Code, and for the City and the
former Redevelopment Agency of the City of Huntington Beach (the "Agency") to cany out
their tespective purposes, the Agency is a public agency subject to the Special Tax, and
WHEREAS, pursuant to the Act, the Rate and Method and the Resolution of Foi nation,
the Special Tax was levied on the leasehold interests in Taxable Pioperty (as defined in the Rate
and Method) within the District, and all property within the District owned by entities of the
State of California and federal and local governments not subject to a leasehold interest, was
exempt fiom the Special Tax, and
WHEREAS, the Agency, as lessor, and PCH Beach Resort, LLC, a California limited
liability company ("PCH Beach Resort"), as lessee, entered into a Ground Lease dated April 4,
2001 (the "Lease"), pursuant to which the Agency leased to PCH Beach Resort all of the land
within the Dishict for a term of 99 years, and
WHEREAS, pursuant to Assembly Bill No 26 ("AB X126") adopted on June 28, 2011,
the Agency was dissolved and, pursuant to Resolution 2012-01 adopted on January 9, 2012, the
City Council of the City elected to have the City serve as the successor to the Agency, and
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Resolution No . 2016-15
WHEREAS, the City, as successor to the Agency (the "Successor Agency") is the cuuent
fee title owner to the land within the Distiict and has succeeded to all rights, obligations and
covenants under the Lease, and
WHEREAS, the California Depaitment of Finance has approved the Successor Agency's
long range pioperty management plan, which directs the Successor Agency to sell and otherwise
dispose of its ieal pioperty assets, including, but not limited to, the land within the District, and
WHEREAS, in connection with the sale and conveyance of the land within the District to
PCH Beach Resoit, the City Council acting as the legislative body of the District, adopted
Resolution No 2016-02 on Januaiy 19, 2016, declaimg its intention to amend and restate the
Rate and Method (as amended, the "Amended and Restated Rate and Method") to provide that
upon such sale and conveyance of such land to a private person or entity, the Special Tax shall
thereaftei be levied on the fee inteiest in the property within the District rather than the leasehold
interest; and
WHEREAS, after a duly noticed public healing held on March 7, 2016, the City Council,
acting as the legislative body of the District, submitted the proposition of the levy of the Special
Tax within the District in accoidance with the Amended and Restated Rate and Method to tine
qualified electois within the District, which proposition was approved by moie than two-thirds of
the votes cast, and
WHEREAS, on March 7, 2016, the City Council, acting as the legislative body of the
District, adopted Resolution No 2016-9 appioving the Amended and Restated Rate and Method,
and
WHEREAS, the District has issued its $12,956,000 aggregate principal amount of City ol'
Huntington Beach Community Facilities District No 2000-1 (Grand Coast Resort) 2013 Special
Tax Refunding Bonds (the "Bonds") pursuant to a Bond Indenture, dated as of July 1, 2013 (the
"Indenture"), by and between the Distuct and U S Bank National Association, which Bonds aie
currently outstanding, and
WHEREAS, the District desires to amend the Indenture in accoidance with its terms to
reflect the approval of the Amended and Restated Rate and Method in the foim of Amendment
No 1 to Bond Indenture (the "Amendment") presented to the City Council and to authorize City
staff to take such actions as necessaiy to piovide notice to owners of the Bonds of the approval
of the Amended and Restated Rate and Method,
NOW, THEREFORE, THE CITY COUNCIL OF 7HE CITY Oi' HUNTINGTON
BEACH, ACTING AS THE LEGISLATIVE BODY OF CiTY OF HUNTINGTON BEACH
COMMUNITY FACILITIES DISTRICT NO 2000-1 (GRAND COAST RESORT), DOES
HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS
l Each of the above iecitals is true and correct and is adopted by the legislative
body of the District
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Resolution No . 2016-15
2 The foim of the Amendment presented to the City Council is hereby approved
The Mayor, City Manager of Directoi of Finance, of their wiitten designees (together, the
"Authorized Officers"), are hereby autho>>zed to sign, and the City Clerk is hereby autho>>zed to
attest to the Amendment in the form approved, with such additions thereto and changes therein
as ate recommended of approved by Stiadling Yocca Cailson & Rauth, a Piofcsslonal
Coiporation, as Bond Counsel for the District, and the officers executing the same, with such
approval to be conclusively evidenced by the execution and delivery of the Amendment
3 All actions heretofore taken by officers and agents of the District and the City
with respect to the Amendment are hereby approved, confirmed and iatilied, and the Authorized
Officers and the other officers of the City and the District responsible foi the fiscal affairs of the
District are hereby authorized and directed to take any actions and execute and deliver any and
all documents, including but not limited to any disclosure document necessary to notify owners
of the Bonds of approval of the Amended and Restated Rate and Method, as ale necessary to
accomplish the execution and delivery of the Amendment in accordance with the piovisions of
this Resolution Any document authorized herein to be signed by the Clerk of the legislative
body of the District may be signed by a duly appointed deputy clerk
4 This Resolution shall be effective upon its adoption
PASSED, APPROVED AND ADOPTED this 21 s t day of March , 2016.
6 ,-.
Mayor
elk '
REVIEWW 4W APPROVED APPROVED AS TO FORM
City na el City ttoiney
01stani
ED A AP OVED-
City Managei
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Res. No. 2016-15
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 March 21, 2016 by the following vote
AYES: Posey, O'Connell, Sullivan, Katapodis, Hardy, Delgleize, Peterson
NOES: None
ABSENT: None
ABSTAIN: None
City C rk and ex-office Clerk of the
City Council of the City of
Huntington Beach, California