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HomeMy WebLinkAboutParking Authority - $2,300,00 1968 Parking Revenue Bonds - B CABLE ADDRESS Bank of Amrrt*ra NATIONAL PAYw%trg ASSOCIATION "BANKAMERICA" Trust No. 74972 February 25, 1969 Mr. Paul C. Jouss, Soctetery Parking Authority of the City of Huntington Beach P. 0. Box 190 Huntington Beach, Calif�,:rnia 92648 Dear Paul: Enclosed is a copy of n SpeciaMn Bond 0 1 terest rate of your 1968 Parking Revenue Bnd issue. They were just today rec by us rom Jeffries Banknote Company and we unders that you do not have sp*ci=*U*. -ours, It 0 rom a 4 not F. S. Uorse Assistant Trust Officer 683- Enclosures CORRLIS-57 10.67 U®1 Bank of America CORPORATE AGENCY SERVICE CENTER BOX 37002 SAN FRANCISCO, CALIFORNIA 94137 PARIGING AUTHORITY 'OF HUNTINGTON BEACH ATTN DAN VILLELLA FINANCE DIRECTOR P . O BOX190 .. HUNTINGTON BE)tCH ,CA92648 OBLIGOR SYMBOL HUNT377972 PARKING AUTH OF HUNTINGTON BEACH CPA) ** OBLIGOR GASH SUMMARY ** CLOSING CASH BALANCE 02/28/1989 $19443*75 * COLLECTIONS * BEARER INTEREST 191687,*50, * TOTAL COLLECTIONS * 19s687o54X * PAYMENTS, * VALUE COUPONS PAID 4v593:.75— VALUE RESISTERED INTEREST PAID 78Yo50r ADVANCES TO COPAYING AGENTS 119418.75— * TOTAL PAYMENTS * 169800o(tO- CLOSING CASH BALANCE 0 3131/1 989 S4-331.25 EDP-445 5-78 (Reprint 9.88) CORPQRATE AGENCY SERVIC ENTER, BOX 37002 SAN FRANCISCO,CALIFORNIA tY4137 @n. Bank of America STATEMENT OF ACCOUNT ' -• THE HEREINAFTER DESCRIBED CANCELLED COUPONS AND/OR BONDS HAVE BEEN PAID AND CHARGED TO YOUR ACCOUNT. WE REQUEST THAT OUR STATEMENT OF ACCOUNT AS SET FORTH BELOW BE VERIFIED AND THAT YOU NOTIFY US PROMPTLY OF ANY DIFFERENCES.IF NO NOTICE OF DISCREPANCY IS RECEIVED WITHIN THIRTY DAYS,THIS STATEMENT OF ACCOUNT WILL BE CONSIDERED CORRECT.THE ITEMS LISTED WILL THEN BE DESTROYED AND A DESTRUCTION CERTIFICATE FORWARDED TO YOU. ACCOUNT NUMBER 7797200101 PARKING AUTHORITY OF HUNTINGTON BEACH HUNTINGTON REVENUE BONGS OF 1968 17 03/01/1989 COUPONS (PAYMENT #41) FROM 5.25% OF 09/01/1989 BONDS CERT # 313 317-321 324-325 329-337 TOTAL OF 17 ITEM(S) 81 131.25 PER/ITEM = 2s231.25 5 03/01/1989 COUPONS (PAYMENT #41) FROM 5.25% OF 09/01/1990 - BONDS CERT # 338-341 345 TOTAL OF 5 ITEM(9) 2 131.25 PER/ITEM = 656.25 10 03/01/1989 COUPONS (PAYMENT #41) FROM 5.25% OF 09/01/1991 BONDS CERT # 36E-375 TOTAL OF 10 ITEPM(3) a 131.25 PER/ITEM = 19312.50 3 03/01/1989 COUPONS (PAYMENT #41) FROM 5.25% OF 09/0111993 BONDS CERT # 438-440 TOTAL OF 3 ITEM(S) .. 131.25 PER/ITEM = 393.75 1 - TO: PRINCIPAL AUTHORIZED SIGNA U E 'CORPORATE AGENCY SERVI( ,ENTER, BOX 37002 SAN FRANCISCO,CALIFORNIA v4137 Bank of America STATEMENT OF ACCOUNT THE HEREINAFTER DESCRIBED CANCELLED COUPONS AND/OR BONDS HAVE BEEN PAID AND CHARGED TO YOUR ACCOUNT. WE REQUEST THAT OUR STATEMENT OF ACCOUNT AS SET FORTH BELOW BE VERIFIED AND THAT YOU NOTIFY US PROMPTLY OF ANY DIFFERENCES.IF NO NOTICE OF DISCREPANCY IS RECEIVED WITHIN THIRTY DAYS,THIS STATEMENT OF ACCOUNT WILL BE CONSIDERED CORRECT.THE ITEMS LISTED WILL THEN BE DESTROYED AND A DESTRUCTION CERTIFICATE FORWARDED TO YOU. 0CCOUNT NUMOFR 7797200101 PARKING AUTHORITY OF HUNTINGTON BEACH HUNTINGTON RLVENUE BONDS OF 1.968 *x PAID ITEMS SUBTOTALS ** COUPONS PAID PAYMENT ## OF COUPONS PAID VALUE OF COUPONS 41 3`: 49593.75 TOTALS 35 49593.75 BONDS PAID ATE & MATURITY DAT17. BONGS PAID VALUE OF BONDS *******1 NO BONDS PAID 1 - TO: PRINCIPAL AUTHORIZED SIGNATURE 'CORPORATE AGENCY SERVI ENTER, BOX 37002 SAN FRANCISCO,CALIFORNIA 94137 Bank of America STATEMENT OF ACCOUNT THE HEREINAFTER DESCRIBED CANCELLED COUPONS AND/OR BONDS HAVE BEEN PAID AND CHARGED TO YOUR ACCOUNT. WE REQUEST THAT OUR STATEMENT OF ACCOUNT AS SET FORTH BELOW BE VERIFIED AND THAT YOU NOTIFY US PROMPTLY OF ANY DIFFERENCES.IF NO NOTICE OF DISCREPANCY IS RECEIVED WITHIN THIRTY DAYS,THIS STATEMENT OF ACCOUNT WILL BE CONSIDERED CORRECT.THE ITEMS LISTED WILL THEN BE DESTROYED AND A DESTRUCTION CERTIFICATE FORWARDED TO YOU. ACCOUNT NUMBER 7797200101 PARKING AUTHORITY OF HUNTINGTON BEACH HUNTINGTON REVENUE BONDS OF 1968 ** PAYMENT SUMMARY ** FOR PERIOD 02/28/1989 TO 03/31/1989 VALUE OF COUPON13 PAID 49593.75 49593.75 -------------- TOTAL PAYMENTS TO PRESENTOR THIS PERIOD 49593*75 49593*75 -------------- ** CASH BALANCE RECAP ** CLOSING CAS14 BALANCE 02/28/1989 $19443*75 * COLLECTIONS * MATURITY BILL COLLECTIONS 199687*50 * TOTAL COLLECTICNS * 19ip687.50 * PAYMENTS * ADVANCES TO COPAYING AGENTS 119418.75- PAYMENTS OF BONDS AND COUPONS 49593*75- PAYMENTS TO REGISTERED HOLDERS 787.50- * TOTAL PAYMENTS * 16980040- CLOSING CASH BALANCE 03/31/1989 S49331.25 UNRECONCILED ADVANCES MADE THIS PERIOD 119418.75 119418.75 1 - TO: PRINCIPAL AUTHORIZED SIGNATURE CORPORATE AGENCY SERVICE LATER, BOX 37002 SAN FRANCISCO,CALIFORNIA 5- 37 Bank of America STATEMENT OF ACCOUNT THE HEREINAFTER DESCRIBED CANCELLED COUPONS AND/OR BONDS HAVE BEEN PAID AND CHARGED TO YOUR ACCOUNT!WE REQUEST THAT OUR STATEMENT OF ACCOUNT AS SET FORTH BELOW BE VERIFIED AND THAT YOU NOTIFY US PROMPTLY OFtANY DIFFERENCES.IF NO NOTICE OF DISCREPANCY IS RECEIVED WITHIN THIRTY DAYS,THIS STATEMENT OF ACCOUNT WILL BE CONSIDERED CORRECT.THE ITEMS LISTED WILL THEN BE DESTROYED AND A DESTRUCTION CERTIFICATE FORWARDED TO YOU. ACCOUNT NUMBER 779-1200161 PARKING AUTHORITY OF HUNTINGTON BEACH HUNTINGTON REVENUE B*'NDS OF 1968 2 09/01/1988 COUPONS (PAYMENT #40) FROM 5.25% OF 09/01/1989 BONDS CERT # 322-323 TOTAL OF 2 ITEM(S) 131.25 PER/ITEM = 262.50 1 -- TO: PRINCIPAL AUTHORIZED SIG ATURE ti. Bank of America CORPORATE AGENCY SERVICE CENTER BOX 37002 SAN FRANCISCO, CALIFORNIA 94137 PARKING AUTHORITY OF HUNTINGTON BEACH AT'TN DAN VILLELLA FINANCE OIRECTCR P O BOX 190 HUNTINGTON BEACH CA92648 OBLIGOR SYMBOL HUNTI"77972 PARKING AUTH OF HUNTINGTON BEACH (FA) ** OBLIGOR CASH SUMMARY ** CLOSING CASH BALANCE 01/31/1989 $19V06*25 * PAYMENTS * VALUE; COUPONS PAID 262.5O— * TOTAL PAYMENTS * 262*5+0- CLOSING CASH BALANCE 02/28/1989 $1s443.75 EDP-445 5-78 (Reprint 9-88) CORPORATE AGENCY SERVICE 7ER, BOX 37002 SAN FRANCISCO,CALIFORNIA 94137 Hi Bank of America STATEMENT OF ACCOUNT THE HEREINAFTER DESCRIBED CANCELLED COUPONS AND/OR BONDS HAVE BEEN PAID AND CHARGED TO YOUR ACCOUNT. WE REQUEST THAT OUR STATEMENT OF ACCOUNT AS SET FORTH BELOW BE VERIFIED AND THAT YOU NOTIFY US PROMPTLY OF ANY DIFFERENCES.IF NO NOTICE OF DISCREPANCY IS RECEIVED WITHIN THIRTY DAYS,THIS STATEMENT OF ACCOUNT WILL BE CONSIDERED CORRECT.THE ITEMS LISTED WILL THEN BE DESTROYED AND A DESTRUCTION CERTIFICATE FORWARDED TO YOU. ACCOUNT NUMBER 7797200101 PARKING AUTHORITY OF HUNTINGTON BEACH HUNTINGTON REVENUE BONDS OF 1968 ** PAID ITEMS SUBTOTALS ** COUPCNS PAID PAYMENT # # OF COUPONS PAID VALUE OF COUPONS 2 262w50 . TOTALS 2 262.5O BCNCS PAID RATE & MATURITY DATc: BINDS PAID VALUE OF BONDS ** *** ►} NO BONDS PAID **:****+►* 1 — TO: PRINCIPAL AUTHORIZED SIGNATUJWE •CORPORATE AGENCY SERVICE JTER, BOX 37002 SAN FRANCtSCO,CALIFORNIA 94 1 37 Bank of America STATEMENT OF ACCOUNT THE HEREINAFTER DESCRIBED CANCELLED COUPONS AND/OR BONDS HAVE BEEN PAID AND CHARGED TO YOUR ACCOUNT. WE REQUEST THAT OUR STATEMENT OF ACCOUNT AS SET FORTH BELOW BE VERIFIED AND THAT YOU NOTIFY US PROMPTLY OF ANY DIFFERENCES.IF NO NOTICE OF DISCREPANCY IS RECEIVED WITHIN THIRTY DAYS,THIS STATEMENT OF ACCOUNT WILL BE CONSIDERED CORRECT,THE ITEMS LISTED WILL THEN BE DESTROYED AND A DESTRUCTION CERTIFICATE FORWARDED TO YOU. .ACCOUNT NUMBER 7797200101 PARKING .AUTHORITY OF HUNTINGTON BEACH HUNTINGTON REVENUE BONDS OF 1968 ** PAYMENT SUMMARY ** FOR PERIOD 01/31/1989 TO 02/28/1989 VALUE OF COUPONS PAID 262*50 . 262.50 -------------- TOTAL PAYMENTS TO PRESENTOR THIS PERIOD 262.50 . 262.50 -------------- ** CASH BALANCE RECAP ** CLOSING CASH BALANCE 01/3111989 S110706.25 * PAYMENTS * PAYMENTS OF BONDS AND COUPONS 202*50- * TOTAL PAYMENTS * 262.50- CLOSING CASH BALANCE 02/28/1989 $19443*75 1 -- TO: PRINCIPAL fn AUTHORIZED SIGNATURE U®I Bank of America CORPORATE AGENCY SERVICE CENTER BOX 37002 SAN FRANCISCO, CALIFORNIA 94137 PARKING AUTHORITY OF HUNTINGTON BEACH ATTN BAN . VIL.LElLA FINANCE ©I.,RECTIR P 0 BOX : 190 - . HUNTINGTON BEAU CA92648 OBLIGOR SYMBOL HUNTI7797.2 PARKING AUTH Of HUNTINQTON .BEACH (FA) a* OBLIGOR 'CASH StMlMARY,** Closing cash batante 08/31, .1988 3262.50 * COLLECTIONS Bearer Interest 229968IP75 Bearer Pr.incip'ht 125Di1D.DD * Totat . co#tections * 1479.958.75 + PAYMENTS Value Coupons Paid 8#00"25- Value Bonds Paid 1251*86U'00,�- Value Registered Interest Paid 656:25- Advances -to Copariig Agents 11�156.25-- * Totat pa)►aedt.s * 1440818.75- Closing cash batarite 09/30/1988 $39412.5p EDP-445 5-78(Reprint 6.88) CORPORATE AGENCY SERVICE JTER, BOX 37002 Bank of America SAN FRANCISCO,CALIFORNIA 94137 STATEMENT OF ACCOUNT THE HEREINAFTER DESCRIBED CANCELLED COUPONS AND/OR BONDS HAVE BEEN PAID AND CHARGED TO YOUR ACCOUNT. WE REQUEST THAT OUR STATEMENT OF ACCOUNT AS SET FORTH BELOW BE VERIFIED AND THAT YOU NOTIFY US PROMPTLY OF ANY DIFFERENCES.IF NO NOTICE OF DISCREPANCY IS RECEIVED WITHIN THIRTY DAYS,THIS STATEMENT OF ACCOUNT WILL BE CONSIDERED CORRECT.THE ITEMS LISTED WILL THEN BE DESTROYED AND A DESTRUCTION CERTIFICATE FORWARDED TO YOU. ACCOUNT NUMBER 7797200101 PARKING AUTHORITY OF HUNTINGTON BEACH HUN71NGTON REVENUE BONDS OF 19468 25 09/01/1988 Coupons (payment 940) from 5.252 of 09/01/1988 bonds Cert # 286-310 Toat itf 25 item(s) 2 131.25 per/sites = 39281.25 18 09/0111988 Comporis (payment #'40) from 5.252 of 09/01/1989 bonds Cert # 313 '-317-321 324--325 327 329-337 Total _6f 18 item(s) 8 131.25 per/item = 2s362.50 5 09/01/1988 Coupons (payment #40) from 5.25X of 09/01/1990 bonds Cert # 338-i342 Total 'df 5 item(s) 9 131.25 per/item = 656.25 10 09/01/1988 Coupons (payment #40) from 5.25X of 09✓II111991 bonds Cert # : 366-375 Total if 10 item(s) 8 131.25 per/item = 19312.50 3 09✓01/1988 Coupons (payment #40) from 5.25% of 09/01/1993 bonds Cert # 438-r440 Total. ,Of 3 item($) a 131.�5 per/item = 393.75 25 5.25X of 09/01/1988 bearer bonds Cert )# 286-310 To:#al . #f 25 iteu(s) 8 59000.O0 . per/item = 1259000000 1 --TO: PRINCIPAL AUTHORIZED SIGNATURE CORPORATE AGENCY SERVICE _NTER, BOX 37002 g SAN FRANCISCO,CALIFORNIA 94137til Bank of America STATEMENT OF ACCOUNT THE HEREINAFTER DESCRIBED CANCELLED COUPONS AND/OR BONDS HAVE BEEN PAID AND CHARGED TO YOUR ACCOUNT. WE REQUEST THAT OUR STATEMENT OF ACCOUNT AS SET FORTH BELOW BE VERIFIED AND THAT YOU NOTIFY US PROMPTLY OF ANY DIFFERENCES. IF NO NOTICE OF DISCREPANCY IS RECEIVED WITHIN THIRTY DAYS,THIS STATEMENT OF ACCOUNT WILL BE CONSIDERED CORRECT.THE ITEMS LISTED WILL THEN BE DESTROYED AND A DESTRUCTION CERTIFICATE FORWARDED TO YOU. ACCOUNT NUMBER 7797200101 PARKINS AUTHORITY OF HUNTINGTON BEACH HUNTINGTON REVtNUE BONDS OF 1968 ** PAID ITEMS SUSTCTALS ;* i COUPONS PAID PAYMENT # # Of COUPONS PAID VALUE OF COUPONS 40 61 8*006*25 TOTALS 61 89006.25 BONDS PAID tATE 8 MATURITY DATE BONDS PAID VALUE CIF BONDS 5.25% of 09/01/1988 25 1259000*00 TOTALS 25 1251000000 1_—TO: PRINCIPAL AUTHORIZED SIGNATURE CORPORATE AGENCY SERVICE ITER, BOX 37002 SAN FRANCISCO,CALIFORNIA 94137 Bank of America STATEMENT OF ACCOUNT THE HEREINAFTER DESCRIBED CANCELLED COUPONS AND/OR BONDS HAVE BEEN PAID AND CHARGED TO YOUR ACCOUNT. WE REQUEST THAT OUR STATEMENT OF ACCOUNT AS SET FORTH BELOW BE VERIFIED AND THAT YOU NOTIFY US PROMPTLY OF ANY DIFFERENCES.IF NO NOTICE OF DISCREPANCY IS RECEIVED WITHIN THIRTY DAYS,THIS STATEMENT OF ACCOUNT WILL BE CONSIDERED CORRECT.THE ITEMS LISTED WILL THEN BE DESTROYED AND A DESTRUCTION CERTIFICATE FORWARDED TO YOU. ACCOUNT NUMBER 7797200101 PARKING AUTHORITY OF HUNTINGTON BEACH HUNTINGTON REVENUE BONDS Of 1968 ** PAYMENT SUMMARY ** For Period 08/31/1988 tc 09/30/1988 Value of Bonds Paid 125#000000 Value of Coupons Paid 8900fa.25 1339006.25 Total Payments to Fresentor this period 133*006*25 1339006.25 ** CASH BALANCE RECAP * Closing cash batante 08/31/1988 $262*50 * COLLECTIONS * Maturity bill colt#ctions 1471y9fi8.75 * Total cotter#ions *. 1479968.75 * PAYMENTS * Advances to copayiag agents 11s156.25- Payments of bonds and coupons 1339006;b25- Payments to registlred holders 656o25- * Total paymerrts * 144#818.75- Closing cash batante 09/30/1988 $3*412.50 Unreconcited Advantes made this period 11v156.25 119156.25 1 —TO: PRINCIPAL AUTHORIZED SIGNATURE H18ank of America CORPORATE AGENCY SERVICE CENTER BOX 37002 SAN FRANCISCO,CALIFORNIA 94137 PARKING AUTHORITY OF HUNTINGTON BEACH• ATTH CAN VILLELLA FINANCE DIRECTOR P 0 BOX-190 , HUNTINGTON BEACH <CA92648 OBLIKOR SYMBOL HUNTI77972 PARKING AUTH OF HUNTINGTtN! BEACH CFA) ** OBLIGOR CASH SUMMARY ** CLOSING CASH BALANCE 04/30/1988 $29231.25 CLOSING CASH BALANCE 05131/1988 $2v231.25 EDP-445 5.78 (Reprint 1-88) CORPORATE AGENCY tEAVICL -.ENTER BOX 37002 1. SAN FRANCISCO,­CALI' ORNIA94137 fink of America TRUST NUMBER: 77972 DATE: MARCH 31, 1988 PARKING AUTHORITY OF CITY OF HUNTINGTON BEACH PO BOX 190 HUNTINGTON BEACH, CA 92648 ALICIA M WENTWORTH CITY CLERK FOR SERVICES RENDERED AS FISCAL AGENT COVERING: HUNTINGTON REVENUE BONDS OF 1968 ISSUE- 00101 BILLING PERIOD: SEPTEMBER 01 , 1987 TO FEBRUARY 29, 1988 UNIT SERVICES ACTIVITY C'OST CHARGES --------------------------------------------- -------- -------- ----------- SEMI-ANNUAL ADMIN FEE (03/01/88 TO 08/31/88) 425. 0o INVESTMENT OF FUNDS (BANK DIRECTED) 1 75.0000 75.06 PAYMENT OF COUPONS 170 0. 1500 25. 5{INTEREST PAID BY CHECK 2 0.3400 0. 68 ---------- *TOTAL FEES 526. 18 POSTAGE 5. 45 ENVELOPES, STATIONERY & SUPPLIES 0. 05 CO-AGENT CHARGES 0. 40 ---------- *TOTAL OUT-OF-POCKET EXPENSES 5. 90 TOTAL. FEES & OUT-OF-POCKET EXPENSES $ 532.08 ---------------------------------------------------------------------------- TO ENSURE PROPER CREDIT, INCLUDE YOUR TRUST NUMBER WITH PAYMENT. TO AVOID A 2% SERVICE CHARGE (MINIMUM $10. 00) FOR EACH MONTH THIS BILLING IS OUTSTANDING, PAYMENT MUST BE RECEIVED IN OUR OFFICE WITHIN 45 DAYS OF THE DATE OF THIS BILL. EH ---------------------------------------------------------------------------- PLEASE FORWARD YOUR REMITTANCE TO CORPORATE AGENCY SERVICE CENTER, POST OFFICE BOX 37002, SAN FRANCISCO, CALIFORNIA 94137. THANK YOU. CONTACT (415)624-4036 REGARDING ANY QUESTIONS. FA 71 EDP-445 5/87 CeWA/bnw— BANKAMERICA w ank of Amerto rn NATIONAL J&'k%Jr$ ASSOCIATION PLEASE ADDRESS YOUR REPLY TO CORPORATE AGENCY DIVISION I I I WEST SEVENTH STREET LOS ANGELES, CALIFORNIA goo14 Trust No. 74972 February 25, 1969 Mr. Paul C. Jones, Secretary Parking Authority of the City of Huntington Beach P. 0. Box 190 Huntington Beach, California 92648 Dear Paul: Enclosed is a copy of a Specimen Bond of each interest rate of your 1968 Parking Revenue Bond issue. They were just today received by us from the Jeffries Banknote Company and we understand that you do not have specimens. Sincerely yours, y w F. S. Morse Assistant Trust Officer FSM:ls 683-3982 Enclosures CORPORATE AGENCY SERVICE CENTER, BOX 37002 gA,N FRANCISCO, CALIFORNIA 9413- ,EST'PttUCTiON CERTIFICATE dANKOFAMERICA THIS IS TO CERTIFY THAT ON SEP 2 212M WE HAVE DESTROYED THE FOLLOWING SECURITIES: '-3014 OCTOBER 1961 10-30-610 _aUNT NO 7?4?2 PAkAIN6 AUTM OF MUNT11416TON BEAC!! IFA) PAGE 1 ADMIN U3 ISSUc UOILil PARKING REVENUE ISUNDS OF 1466 D A t t CPN NA QUAN D EMOM-60N D NO MOUNT / SUB NO SUS►-TOTAL/SUB NO ITEM PAI -U1-b1 1 001`i0142 S*000*00- 071 -ul-al 1 0000143 5*000*00- 071 _01-al l OUD0144 50000*00- 071 -01-61 1 Dowl45 5*000*00- 071 -01-d b 1 0004146 5*000.00- 071 -01-61 210 7 lids*00 67S.00- 070 e-im 2 SO— 070 25*000*00— 071 1*137*50— 0?0 ISSUE SUMMARY --- 4—PRIN SAL FWD Cy*000.C10 070—INT SAL FWD 109662*50 CREDITS tEXCL *) 0*UO CREDITS tEXCL BONDS PD tEXCL *) 25*GOG*00- CPNS PO tEXCL *! y*137.50- oddlTs tEXCL *) 0.00 DEBITS (EXCL *1 D*C10 1.—NEW PRIN SAL J*00 Uzi?—NEW INT SAL 9*525*OQ ISSUk FUNDS DUE PRIOR TO CONVERSION ALL ISSUES ------FUNDS DUE PRIOR TO CONVERSION SUMMARY --- L-PAIN 6AL FWD 0*00 U70-INT SAL FWD O.pp CREDITS t*) 0.00 CREDITS t*) U.00 BONDS PO t*) DOW CPNS 'PD (*) 0.00 DEBITS M U*G10 DEBITS t*) 0.00 y-NEW PRIN SAL U*00 070-MEW IMT SAL O.UO —TO:PRINCIPAL (It4 AUTHORIZED 017 ICER-WITNESS D WITNESS 1 .,RATE AGENCY SERVICE CENTER, BOX 37002 FRANCISCO, CALIFORNIA 9417 ,4JEMUCTION CERTIFICATE . dANKOFAMERICA btN aZS& THIS IS TO CERTIFY THAT ON WE HAVE DESTROYED THE FOLLOWING SECURITIES: .P-30y OCTOBER 111e1 10-30-6111 .COUNT NO 7-M! PAKKING AUTh OF HUNTINaTUN BEACH !FA! 1A6E it AONI" Q33 ---- -----A CA;UU NT SU MMARV 'I-PkIN dAL FWD d5*400*00 070-I14T SAL FWD 310*Vis2.50 CREOITS DOW CREDITS 00130 bONOS PD e.S*OOO.UO- CPwS PO 1*137.50-- DEt3ITS U*00 OES,IT,S GOOD tl-NEW PKIN SAL 0.00 070-44EW INT SAL 4*525,00 TOTAL ITEMS PROCESSED SONDS 5 COUPONS 9 r1GtNT ADVANCED FUNDS 0ON _ 4 F t 2-TO:PRINCIPAL AUTHORIZED OFFI R•WITNESS $ WITNESS o BANKOFAMERICA CORPORATE AGENCY DIVISION Trust No.77972 November 18, 1975 Miss Alicia M. Wentworth Re: 19" Parking Revenue Bonds Secretary Parking Authority of the City of Hintiagtou Beach P.O. Boat 190 Huntington Beach, Calif 92648 Dear Miss Wentworth: In accordance with the above referenced section(s) of the Indenture, we would appreciate being furnished with the following: R, Certificate of Compliance dated as Of Currant $ Certificate of Authority of Officers (copy enclosed) R Financial Reports duEby September 30, 1973 par Sec. 18, Covenant 7 Sinking Fund Certificate due Debentureholders' List X Schedule of Insurance Renewal Policy Engineer's Report Please return the enclosed copy of this letter with the above, requested documents(s) . Sincerely yours, —x, (Mrs.) M. az, 75;�, ml Assistant Trust Officer Tel: (213) 683-3901 BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION C a �V ., BANKOFAMERICA CORPORATE AGENCY SERVICE CENTER September 30, 1982 • Parking Authority of City of • Huntington Beach P. 0. Box 190 Huntington Beach, California 92648 • Attn: Alicia M. Wentworth Trust Number: 77972 Statement for services and expenses as Fiscal Agent for the 1968 Parking Revenue Bonds for the period from 9-1-82 to 2-28-83 Please forward your remittance to CORPORATE AGENCY SERVICE CENTER in the enclosed self-addressed envelope. Thank you. Semi-Annual Administration Fee: from 9-1-82 to 2-28-83 $175.00 Principal Payment 9-1-82: Bonds #159-176 18 0 1.60 28.80 Interest Payment 9-1-82 : Coupons paid 299 @ .15 44.85 Interest paid to Registered Bondholders : Checks issued 1 IS .34 .34 Sub-Total $248.99 Out os pocket expenses: Investment of funds 2 @ 50.00 $100.00 Postage & envelopes .21 Sub-Total $100.21 TOTAL CHARGES $349.20 "TO AVOID A 2% SERVICE CHARGE (MINIMUM $10 .00) FOR EACH MONTH THIS BILLING IS OUTSTANDING , PAYMENT MUST BE RECEIVED IN OUR OFFICE WITHIN 30 DAYS OF THE DATE OF THIS BILL. " Tel . 622-4635 NT/er #33 BANK OF AMFRICA NATIONAI 7 RUST AND SAVINGS ASSOCIAI 1ON.Y, HAWI H01,'NI STRFFT -SAN h RANCISCO,C•>I iFC �NI_v 9-11�". un Bank of America Corporate Agency Service Center Parking Authority of the City of Trust Number: 77972 Huntington Beach P. O. Box 190 Date: October 17, 1985 Huntington Beach, CA 92648 Billing Date: September 27, 1985 Attn: Alicia M. Wentworth City Clerk Balance Due: $27.00 Gentlemen: We have received payment from you on the enclosed bill in the amount of $769.93. As your payment was less than the amount due, $27.00 remains outstanding on your account. If the remaining balance is not received within 30 days, there will be an additional 2% handling charge (minimum $10.00) added for each month this balance remains delinquent. If you have any questions regarding the remaining balance, please let us know. I appreciate the opportunity of serving you and thank you for your cooperation in remitting payment for this remaining balance to: Bank of America Corporate Agency Service Center Billing Section P. O. Box 37002 San Francisco, CA 94137 Sincerely, i 7 Custom-Support Representative Diclosure ��— Mel Bank of America National Trust and Savings Association 55 Hawthorne Street San Francisco,California 94105 et CORPORATE AGENCY SERVICE CENTER SOX 37002 Rr 4 7 Bank Of America SAN FRANCISCO, CALIFO JIA 9 13 Date: September 27, 1985 Parking Authority of the City of Huntington Beach P.O. Box 190 Huntington Beach, California 92648 Attn: Alicia M. Wentworth City Clerk Trust Number: 77972 Statement for services and expenses as Fiscal Agent for the 1968 Parking Revenue Bonds. for the period from 9-1-85 to 2-28-86 01 'F'ORATE AGENCY SERVICE CENTER in t;- _ _:��. !'—�-��G'1'"c'S=� wry•..to r�:-. � ri. _ =� 1.��...E. { ::.?. you. Semi-Annual Administration Fee from 9-1-85 to 2-28-86 # 425.00 Principal Payment 9-1-85: Bonds #217-238 22 @ 1.60 35.20 Interest Pavmert 9-1-85: Coupons Paid 241 @ 0. 15 36. 15 Interest Paid to Registered Bondholders Checks Issued 1 @ 0.34 .34 i Subtotal 496.69 Out of Pocket Expenses: I Postage 3 .22 Envelopes .02 Investment of Finds 300.00 Subtotal t 300.24 TOTAL CHARGES z 796.93 "TO AVOID A 2% SERVIC'E CHARGE (MINIMUM $10.00) FOR EACH MONTH THIS BILLING IS OUTSTANDING, PAYMENT MUST BE RECEIVED IN OUR OFFICE WITHIN , DAYS OF THE DATE OF THIS BILL. ** TO ENSURE PROPER CREDIT, INCLUDE YOUR TRUST NUMBER WITH PAYMENT. **" Tel . #624-4036 SBJer #39 4 py-- 1 �? to office box 54868 to:Post � JEFFRIES BANKNOTE COMPANY Post Terminal annex 0 Los Angeles,California 90054 _, Financial Printers,Securities Engravers,Color Lithographers VISO* SALESMAN CODE PURCHASE ORDER OUR ORDER NO. CODE DATE "For remittance only. of ' " 44 For any other information " please contact your salesman - - . .., le .W at i330 West Pico Boulevard, ' Los Angeles,California 90015. Telephone(213)746-1611 ft*v 04e rr , -ft _ : A t* Bono- of- ot pad AV4 tyof "NuoiWoft . Zaar, 14*#V*jst Awwo W oa twti*$& bock tom owl aaar&144 to 00 U:�170�. OUV* to Terms:Net 3o days Engravings for securities are made with the express condition that they remain in the possession of this company.A shortage or surplus of ten per cent will be considered as filling any order.Customers stock or merchandise stored or left with this company will be held or stored only at customers risk.Claims must be made within 5 days after receipt of goods. I ROUTING SLrp f , I To O'MELVENY & MYERS and the following PURCHASERS: BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION SIGNATURE CERTIFICATE AND EXCHANGE RECEIPT We, the undersigned officers of The Parking Authority of The City of Huntin ton Beach County of Orange , Sae of California., ln=catea by the official titles oppos to our respective signatures, DO HEREBY CERTIFY that we have signed, by manual or facsimile signature as indicated below, the following bonds: "1968 Parking Revenue Bonds of the Parking Authority Title of Bonds: of The City of Huntington Beach" Principal Amount: $2,300,000 Date of Bonds : September 1, 1968 Denomination: $ 5,000 We were at the time we signed said bonds, and are on the date of this certificate, which is the date of actual deliv- ery of said bonds in exchange for (a) temporary bond(o pre- viously delivered to said purchasers, the duly chosen, qualified and acting officers indicated therein and authorized to execute the same, by manual signature (indicated by "M" below) or by facsimile signature (indicated by "F" below), and that any officer herein indicated as executing said bonds or the coupons thereof by facsimile signature has filed with the Secretary of State of the State of California his manual signature, certified by him under oath as provided by the Uniform Facsimile Signa- tures of Public Officials Act (Govt. Code §5500 et seq. ) Affixed to h d bonds is the corporate seal of The City of Huntington and upon a coupons thereof I-s- (Armg e facsimile s gna ure * of the City Treasurer of the City of untington Beach as ex officio Treasurer of said Authority • WE FURTHER CERTIFY that we received said temporary bond(s) from said purchasers and cancelled the same. Dated this day of , 19 68 M or F Signature ChOairman o f thle Parking Author- s F ) ity of the City of Huntington 03ty Treasurer of the Beach ( F ) City of Huntington Beach as ex Clerk of the officio Treasur- M ) Parking er of said Auth- Authority of ority the City of Huntington Beach To O'MELVENY & MYERS and the following PURCHASERS: BANK OF ANZRICA NATIONAL TRUST AND SAVINGS ASSOCIATION SIGNATURE CERTIFICATE AND EXCHANGE RECEIPT We, The Parkin the undersigned officers of g Authority of The City of Huntington Beach County of , Sae of California, indicatedby the official titles opposl7te our respective signatures, DO HEREBY CERTIFY that we have signed, by manual or facsimile signatVre as indicated below, the following bonds: 1968 Parking Revenue Bonds of the Parking Authority Title of Bonds: of The City of Huntington Beach" Principal Amount: 42,300,E Date of Bonds : September 1, 1968 Denomination: $ 5,440 We were at the time we signed said bonds, and are on the date of this certificate, which is the date of actual deliv- ery of said bonds in exchange for (a) temporary bond(so pre- viously delivered to said purchasers, the duly chosen, qualified and acting officers indicated therein and authorized to execute the same, by manual signature (indicated by "M" below) or by facsimile signature (indicated by "F" below) , and that any officer herein indicated as executing said bonds or the coupons thereof by facsimile signature has filed with the Secretary of State of the State of California his manual signature, certified by him under oath as provided by the Uniform Facsimile Signa- tures of Public Officials Act (Govt. Code §5500 et seq. ) Affixed t,p aaid bonds is the corporate seal of The City of Huntington o RR and upon the coupons thereof is e facsimile signatureoi4 of the City Treasurer of the City of Huntington Beach as ex officio Vroasurer of said Authority _• WE FURTHER CERTIFY that we received said temporary bond(s) from said purchasers and cancelled the same. Dated this day of , 19-_. M or F Signature Wairu Official r tree Parking Author- ( ) ity of the City of Huntington City asurer of the Beach y ) City of Huntington Reach as ex Clerk of the offieio Treasur- N ) Parking er of said Auth- Authority of ority the City of Huntington Beach To O'MELVENY & MYERS and the following PURCHASERS: BAIL 0! AKWCA NATIONAL TRUST AND SAVIM A88OCIATIOM SIGNATURE CERTIFICATE AND EXCHANGE RECEIPT We, the undersigned officers of The Parking Authority of The City of Huntington brash„ county of Orel; e , S a e o a orn a, indicated by e 57 cal titles opposite our respective signatures, DO HEREBY CERTIFY that we have signed, by manual or facsimile signatire as indicated below, the following bonds: 108 Parking Revenue Bonds of the parking Authority Title of Bonds: ©f The City of MMUngton Brach Principal Amount: $2*300,000 Date of Bonds: September 1, 1W $ Denomination: 5.000 We were at the time we signed said bonds, and are on the date of this certificate, which is the date of actual deliv- ery of said bonds in exchange for (a) temporary bond(s4 pre- viously delivered to said purchasers, the duly chosen, qualified and acting officers indicated therein and authorized to execute the same, by manual signature (indicated by "M" below) or by facsimile signature (indicated by "F" below) , and that any officer herein indicated as executing said bonds or the coupons thereof by facsimile signature has filed with the Secretary of State of the State of California his manual signature, certified by him under oath as provided by the Uniform Facsimile Signa- tures of Public Officials Act (Govt. Code §5 00 et seq. ) Affixed t&,p d bonds is the corporate seal of The lity of mmungton and upon the coupons thereof Is e facsimile s gna ure of the City Treasurer 2f the-City of lkntington brash as ex officio isreagUftr of sold horitz WE FURTHER CERTIFY that we received said temporary bond(s) from said purchasers and cancelled the same. P Dated this day of 19 _. M or F Signature Of icial le ng it�y�o�!the�Cite ol��ntlAut©n� �► aaurer of the Beach P ) CiM of btxntinaton Beach as ex Clerk of the otficio Treasur. b ) Parldnx tr of said Auth- Authority of ority the City of Huntington Brach � r�„� ti '�.'.. - v 2 --I KIM 0 er- LEGAL OPIMON IIIcertify that the following Is a fall and voruct or r is I- eqa I ""d I l ter-ey.1111-cat 1; r n Eeri" s lelivered paid for, and Is addreand to the original Purthasersofa dd bonds. UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF ORANGE CITY TREASURER OF THE CITY OF HUNTINGTON BEACH AS EX-OFFicto TREASURER OF SAID AUTHOR", ParkingAuthority We have examined certifled enples of proceedings covering bond Issue by the Parking Authority of The City of HimI 19ton Reach. Orange County,California.in the amount of of the City of 2,300,000 and sale to you and your assodates of said bonds. :aid Authority It orgauxed and said bonds are Issued nder the Parking Law of 1949. Said bonds as designated 19013 Parking Revenue Ilondi of the Parking A,61h*I he City of Huntington Reach," roustst of Huntington Beach i umbered I to 464,of the denomination of$5,(M each,dated stItember 1, 1969, bear Interest, payable sandannually at ;he following rates, and mature in consecutive numerical F )rftr on September I In each of the several Years as follows* 1968 PARKING REVENUE BOND Years Principal littoto 1110just" Amount Rate 1970 3 45.W a % TOTAL ISSUE $2,300,000.00 1971 49.000 6 9110 % 1979 55-000 4%% 1974 86.000 4%% 1975 64,000 4%% 1976 85JI00 4X/I ell 1977 ".000 4j; 1979 115 o" 4 Wa 1979 4%iro u. 11 $5.000 5 % rw 1991 5 go 1982 "'000 5 1% 1083 0510" S % I 1"4 105,060 4 % 1985 110.0* 5 % IRS# 41A% lit" logo 1901 IM-000 5 I"t 160.0" 51 414% i Except lot certain rig-nntances Ill loss,damage,ftn- J.mtoa) under which it, all or any part of the hands�Alm ubjevt. to tell and redemption prior to.maturity so any dlng=he bands maturing on,or after September I.' 98O."A" to call and redamotlon on,the dates, at le prices, , and in the Xbor Set Jart1b 14 6% I tut,,upon the notlea, No. 5 of the Parking Auth V 01I City of Tuntington Reach,adopted September'44.ing. We bete also examined a ft"Ifled troy,of.and prneoedtrux Unit to. that certain T�ftse,Agreement dated September said Authority lessee to the city of untingten Beach the"Protect"as deftned In said PRINCIPAL DUE ton No.S. ON THE FIRST DAY OF From such examination we are of the ophdou that; 1. The proce0lags have been taken In senordwere with he laws and Comaltutloo of the State of Callfornfa,and that sald bonds.having been Issued to duly authorized 1I and SEPTEMBER, xeruted by the prow offistals and dolivArod to and paid by you,innstituto legal and binds obligations of said uthority payable, both prIndpal and Interest,soll from. ad unatthidna a first charge upon the de fted III said ftsahodao�No.-,$. INTEREST PAYABLE wasAgrao"iti is evithorteed by the laws and SEMI-ANNUALLY ON THE FIRST DAYS OF I on of ft Rats of Cililloula and eonstItutes,the and City of ITuall on I It'In oveardante"with'Its toripi�-spd am C1 n MARCH AND SEPTEMBER jitated to pay the Imoust iffitaw-opadflod in 111h.M 1.0 W"ment from but only from the lot"and revenues of he Cif attributable to the Aftal YW In which the until Aceraft. 3, Said RasolutIft No. 9 bast been dift adopted, Is a PRINCIPAL AND INTEREST PAYABLE Rd.legal and binding rosolutim of the Autherift,and the groements and cotenants ventalued therein are legal W AT THE MAIN OFFICE OF fto In accordam with their terms. mutt 4. The interest on said bonds Is exempt from Insists, al dbMerica XATION�j&I ASSOCIATION axes of the'United States of America under present tader%)I LOS ANGELES, CALIFORNIA, come tax laws and such Interest to else exempt front VOI aftl fnemne taxes of the State of California under preaunt OR AT FISCAL AGENT FOR THE AUTHORITY to Inoome tax laws, ANY PAYING AGENCY OF THE AUTHORITY ItesPedfully submitted, IN CHICAGO,ILLINOIS,OR NEW YORK,NEW YORK AT THE OPTION OF THE HOLDER mm=e oc:.Ow Do Dp Sy - o=cpe'.ewOm De y;Sy Qa o+oflmD D»Sy Q�.�m-�e Iw'nan ? c m coc..s c o s \ _ eoe-.flm D-.Do S-1 'i m=c •a'-oi.Om ac D=D»Si W =,,,�•y.m sr m z aa. _ ¢v un»- sr �2m 6i5' mwc.ca»_ cm ilS�`� s»�= o -• c D W»cy sl .-o caofJmc 3 Cs 1 0 9 I;g .:-� mw��w'•m r�»z �z'- ayanv n» 3 C � a:»c m oc.,s o y ommwmo sm ra. nvn»o LI m yD. _ .ea �o al�weim yS �',�Fio�umm�: o_,ms.Z.l•9 'w ow swwar��Z� m¢v¢5ycior`OSZ rsm.Q ��m�2.S �c-• w,,9 tc-T�'m-c-.D I, sc� m`x,o�[,ti.�'`A,a,-D � •oaoK`,. yD .� .o�u�u al-.o D, mm m.- y.rA z�a 1 = _.m••0' ,<. z la„ m_,'*w F#�'a sc-� o,[-•" .e n_w.o maiM,, ae u 33 ap.Za Z {A x �„S wZz mac u __,,AAaarr '7 ••,,��yy;; �Z `'69, e- m o.o.w.,� �`-1- e•- .o wrmr � des m 3 @ a{e�a2 9A,R Iv- �2m)A W 4-'- ,aC - h•OS�te y,yym 9 `�,.' elw.M,n-w w io}//40 Z 3='=2 a "ael_»''O.Z a =(a "<L m'-».-.gp'z _ ,c ota w'..m'=del ..��"i:- a m o o m.mm=�.o wt =1 .III `r7 olm m,e¢�=�< m m m� w'o,+i.wo w u :momI oo.a:w .�,+ ZIA 3 =a`c'o • I 3 a, x is �e O'Z 'i 3 x'�m�o �yo z y I. ate. _ ZA - k' a!m Oz o s .�. mo+cw w�„w: w�eu .ew•r "w ZA .Ynno o' 3� #",m:a se 1 0 3c mW;D °o`sh1TIN Q' 71°' w.w WD o°G o`1"" ww.'!mY*' �'<m,ewio+4w. .p, m ZA w+emew.at¢1iw m:w o ZA ns em_s C7&" me y c�s(7 C°` � '- o s. �I•. w,,. m 9a: lwrys ae nsa ol._p+'m mrymm �e o`o >> y s(71C�'m�D ➢� : w.ysr c ¢ omm c om�o y;,00.D ems. �aH'x�fi�y n2 �,. w w:a�udWa -n c'm73O,S ¢5 �w.�m =ZZ f -r- Z o e'.oe p•m w. a. r D i m s. � S a m o: c - z p - a>- ,� o ay m>• �m. .. >� 2 -•m� - o: m-s. »wt ae:-wea-40:Z t"<-• Swm>,r�_.-,m n aM1mpgs M Y �y,3=S,0 a Z 34S' s.a= z o;0 7 m w,am ao cC��2 w gym.= -m a�rp w�a}-5 w¢ _a. lm a' zo',�Sy a'C1'�333''' n m'= s=t�E�°`eo y d:i`W .=.e n� m�� - w,• O BMC m-¢°'F m.e_ 3z2 O ' Ym=S',-1-cz a o @'S O D< Sm � .m. �n c a m o•J"o a'lan m - .s¢ o »,a n~ a ;m o•Eo'm a3Cl W ¢ Bm cm a E4o y p'•` `.9 ym •+ o '•<-.00 Di. �m cF.�•<-:o• a. 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'2'.,a•� ,� Z- O we a so. �O OC�m>o a;s•+�x _s o.o`�w pe can s» xxo»o �O <oZere m'a.�•��10. - w. mw. o m�.m,_.mc s p� -`jy.w c:..a'• m ..rC um»a:""mra r'p<�1.oi, I aCmo,wmy w6w'a-. m�.•o,�,`-twc�� , oaOco,wosm m-��zo so.�m0 I COO �o� z �► b� r �'� �► oY o '-i o `fl CADo o o f c ' �I o �'� `= o NUMBER NUMBER 3h` C,- k 9.., PARKING AUTHORITY OF TIE Pha;a,� a CITY OF HUNTINGTON BEACH G REV 1968 PARKIN REVENUE BOND " The PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH, a public corporation situated in the ;�• .: ' City of Huntington Beach, County of Orange, State of California, FOR VALUE RECEIVED, hereby promises to pay, solely from the Pledged Revenues and certain other limited funds, as hereinafter provided, to the bearer or, if this bond be registered, to the registered owner hereof, on SEPTEMBER I, upon presentation and surrender of this bond, the sum o 9? '�J-fllwr LC7114ho with interest thereon f f ereo from the date h a e _ o accordance with the laws o the State o " t�� � f of f per annum, payable semiannually o -- 'rom i orni r September of each and every a - , presentation and surrender an `_ `= onstitute special obligations, g hereto attached;provided, - _ rl evtc e the Authority, which shall I _ sue; this bond or, if the same is J t to principal and interest, be duly called for red on of any thereof,solely $� gpgp funds are available f r limited funds, as e vided in the reso oceedings for their ''' cease to bear in r evidence any lawful money of _ of the State of l of the Bank of 3 in Los Angeles, ' , g � �€ � ertain obligations the option o the ° r � � r P f � modified with the im Via';'•">>.�� in Chicago, Illin 1 amount of the This is one t nds. +' ity, all of whic t _ ����� to maturity in I Parking Law of —vim J o and Highways Code - f / rsed hereon. said issue and the terms d are negotiable in- for by .the resolution of ery. This bond may be = s " adopted September 30, P oth principal and interest, tII� F egistration endorsed hereon. 'f �' � pursuant to said Parking Law - or f ;i F all of the provisions of said re d that any and all acts, con- bond their coupons; and by acceptan r a tr exist,to happen and to be performed \ bond and the coupons hereto attached assents / the incurring of the indebtedness evidenced by 11 conditions;and each taker and subsequent holder o nn' to the issuance of this bond exist, have happened, coupons,whether the coupons are attached to or detach rom t e and have en performed in due time,form and manner as re uired I bonds, has recourse to all o the provisions o the indenture and by the Constitution and Statutes of the State of California,and that • f P f is bound thereby. Said resolution is adopted under, and this bond this bond is within every debt and other limit prescribed by the / E e•: '' and the interest coupons hereto attached are issued under and are Constitution and Statutes of the State of California. IN WITNESS WHEREOF, said Parking Authority of the City of Huntington Beach has caused this bond to be signed by the Chairman of the Authority and the City Treasurer of the City as ex officio Treasurer of the Authority, by . ! l' 1 their facsimile signatures, countersigned by the Clerk of the Authority, and sealed with the corporate seal o P f the Authority, and the interest coupons hereto attached to be signed by said Treasurer by his facsimile signature, and has ` caused this bond to be dated the first day of September, 1968. 'u Iq�j9•r✓3:/' .:t ems' �f �' ( P S PEG°M ,,, 'r ' •j� p 1� _ ` OR - N'11, CHAIRMAN OF THE PARKING AUTHORITY OF THE COUNTERSIGNED; \• j 0•••••••••Lp RP ORq T••� CITY OF HUNTINGTON BEACH, CALIFORNIA r1�aA1yt tc''r ��: :9n y_ y A z •— —__— ((C���C�Q f � C SPECIMEN ( i��yy;rf.� C t 19 O Q i•�c `! C I���Ic10U HE NTY c CITY TREASURER OF T CLERK OF THE PARKING AUTHORITY OF THE , + q' I CITY OF HUNTINGTON BEACH,CALIFORNIA 1`\�\\\\\\\\\ CITY F HUNTINGTON BEACH AS EX OFFI O CIO TREASURER OF SAID AUTHORITY MUM tl.ia�.'d';�,>sc -ff,e ✓•. n'rn Y°ver- :,r,� ''a - l c'• �''� .fi s � sd,Lk`!'.!<6'. -.y_. �,: .��'� r- �'.1'.;;rom... .,�a,.�. .r,,s, -it'.�R ..„. - •t,�. aE„ ., �," s� _m"r:uZ¢:d ap•i,1•. ..sm .B caea,.��,.... `et;:�•�... -r. -t�• _ i «_':{ ,�. A,�.' •'d'agG?>::rl v''.%S'.'.''''w�.-b �P'!1: � � T. a9 S��• _�.:..n.�i,•✓ -`d.�td'4M�!i P� ie`:: ..M i r -_ S�. '*r- 0 ��'-»'�,-> - �_ �-�. �`�.�v �-�'i ^..o �$���w'! 'fie,;:_ �e'�ir„e3'�..`�„�(e�t�°�,'�,c•' e` as� T�'ia :�. � _ ���t�Et� `•.-=-'s°; _ --':`r m �. :',`. �''� �-�.n��`.e' �S` �z -�,'�:tFe�•'r y. 'rl�TfydY' �,Wti+(y„F,p;.E. F. .IY.Fk'Ii�tilL 1(VgTF.C'O?OiYNY , f- IS"I V K!", otDNS FOR REDEMPTION PRIOR TO MATURITY In tpnual gent of loss of, su"6stantial damage to or condemnation of the whole or any substantial part of the Project, so as to render the same unusable, all or any part of the Bonds at that time outstanding, may, at the option of the Authority,be called and redeemed prior to maturity on any succeeding date, at a redemption price equal to the principal amount thereof with accrued interest to the date of redemption plus the premium applicable thereto as hereinafter set forth in the succeeding paragraph of this section, regardless of maturity dates relating to call therein, but only in the mariner and only from the funds as hereinafter provided in the case of redemption. If less than all bonds are called pursuant to this paragraph,Fiscal Agent shall determine a principal amount in each maturity to be called so that approximately equal annual debt service will prevail. Bonds to be then called in each maturity will be selected by lot. Except as provided in the preceding paragraph unless this bond matures on or prior to September 1, 1979, it is redeemable in the manner and subject to the terms and provisions, and with the effect, set forth in the resolution referred to on the face of this bond, at the option of the Authority,on September 1, 1979, or on any interest payment date thereafter prior to maturity,upon at least 30 days'prior notice published in a 11e,s_ paper in the City of New York at a redemption price equal to the principal amount thereof plus a premium (percentage of par value) equal to 1/4 of I% for each year or remaining fraction of a year between the date of redemption and the date of maturity,but in no event shall the premium exceed 31/2%. Bonds of the issue of which this bond is a part are so redeemable only in inverse order of maturity and bond number. T70 I Wit.C Vill.pa, PROVISIONS FOR REGISTRATION v ,itThis bond may be registered in the name of any person as the registered owner hereof, only as to both principal and interest, and, if registered in either of said forms may be changed to registration in the other of said forms or discharged from registration. Each registration, transfer after registration, fully registered form of registration, or discharge from registration of this bond shall be entered by the Fiscal Agent in books kept by him for the purpose and noted by him in the registration blank below. Registration as to principal only shall not affect the negotiability by delivery of the coupons pertaining hereto, Upon registration as to both principal and interest, all unmatured coupons pertaining hereto shall be surrendered to the Fiscal Agent and may be preserved or cancelled in his discretion. So long as this bond is registered no transfer hereof shall be valid for any purpose unless made by the registered owner and entered and noted as herein provided, and the principal hereof and any redemption premium shall be payable only to the registered owner,onto his order. Interest on this bond, if registered as to I both principal and interest,shall be payable to the person whose name appears upon the registry books as the registered owner hereof at the close of business on the tenth day preceding the interest payment date, or to his order. If this bond is registered as to both principal and interest and its registration is changed to registration as to principal only,or if it is discharged from registration,there shall be attached hereto coupons representing interest hereon to become due thereafter to the date of maturity hereof. In lieu thereof, and upon surrender and canceJb,d''In hereof, the Fiscal Agent in his discretion may issue in "change therefor a new bond, with such coup( o f"thttached, identical with this bond, except for the previous notations on the registration blank hereon, and f except that the signatures on the new bond shall be those of the persons holding the offices at the time of affixing such signatures. The issuance of any such new bond or new coupons shall be at the expense of the registered owner. Each discharge hereon from registration shall be effected by an entry on the registry books, and a notation in the blank below,that this bond is payable to bearer,whereupon this bond shall become an unregistered bearer f. instrument, negotiable by delivery as if it had never been registered. Each request for registration, transfer, change or discharge must be in form satisfactory to the Fiscal Agent and must be made in writing,signed by the registered owner, or by his agent duly authorized in writing, or by the bearer, as the case may be. DATE OF IN WHOSE NAME REGISTERED MANNER OF SIGNATURE OF FISCAL AGENT REGISTRATION REGISTRATION A 145 05, Economics Research Associates Los Angeles, California Washington,D.C. Letter Report Revised Feasibility Analysis For The Proposed Parking Authority Expansion Prepared for The City of Huntington Beach August 3, 1970 615 South Flower at Wilshire Boulevard Economics Research Associates Los Angeles,California 90017 (213)624-8665 Cable Address INTERERA August 3, 1970 The Honorable Donald D. Shipley, Mayor The City Council of Huntington Beach Huntington Beach, California Gentlemen; Economics Research Associates is pleased to present this letter. report which updates a previous feasibility analysis concerning expansion of the Huntington Beach Parking Authority. Since publication of the earlier report, significant changes have occurred in financial and marketing parameters which will affect operation of parking facilities in the Top-of- Pier master plan area. Most notable of these changes is land acquisition cost which, based on appraisal studies undertaken by Cedric A. White, Jr. , M.A.I. , has increased. Higher development costs indicate that a closer look be taken at both market support for and financial performance of proposed Parking Authority expansion plans. On the basis of this more detailed analysis, development of an additional 1, 878 parking spaces in the Top-of-Pier area is quite feasible. Considering market support from beach visitors and specialty shopping center patrons only, the parking lot operation will not break even. However, when additional revenues gained from increased on-street parking are added, the Parking Authority expansion does generate revenue surpluses after its initial year of operation. Moreover, as has been noted several times by ERA, the intangible benefits associated with this project, such as removal of environmental blight and enhancement of private investment in the area, make the parking expansion project even more desirable. ERA urges that action be taken to proceed with the Parking Authority as a necessary first step toward revitalization of the Tap-of-Pier area and 1 realization of the goals and objectives of the master plan already adopted by the Council. In the preparation of this report, ERA has made the following general assumptions 1. Opening date for the new parking lot is some two years hence. 2. A 50, 000-square-foot specialty shopping center will open on approximately the same date. 3. Freeway access to and traffic circulation within the area will be upgraded to levels set forth in the Top-of-Pier plan. 4. Informal and free parking lots and free on-street parking will be eliminated from the area, and rates will be coordinated with state operated lots. 5. Market support factors consider only beach and specialty center patrons, thereby excluding several other potential sources such as downtown commercial, public auditorium- convention center, hotel, and office building patronage. 6. Daily parking rates will be increased from $0. 75 to $1. 00 for beach users, and possibly to $1. 25 on summer weekends. 7. Some type of validation system will be developed for the commercial center in order that patrons may park without cost or for a nominal fee. 8. No fixed number of spaces will be set aside for exclusive specialty center use, as indicated in the previous report; instead, the entire lot will be open to both beach and specialty center users. (Parking space turnover will reach two to three times during the peak summer season, a reasonable amount given the differing lengths of daily usage by the two sources of market support. ) These assumptions and parameter changes account largely for the greater revenues projected herein. Additionally, a more refined methodology 2 was employed in projecting the parking space usage of beach users. However, it remains ERA's considered opinion that revenue and cost projections contained in this report are conservative. Development costs for a surface parking lot are estimated to slightly exceed $4. 8 million, as shown in Table 1. This amount is some $1. 2 million greater than previously estimated, due to the increase of land acquisition costs to $4. 2 million and the addition of professional fees for engineers, lawyers, and the like. The total development costs imply that financing of some $4. 825 million is necessary. It is assumed that revenue bonds will be issued to meet these costs. To sell these bonds in today's money market, according to an underwriting firm in Los Angeles, it will probably be necessary to sell them at a discount. Using a discount of 2 points (to yield 7. 14 percent to investors) bonds worth $4.925 million must be sold to meet develop- ment costs . The constant annual payment on this amount at 7 percent for 25 years is $422, 617. Alternative schedules for debt service can be worked out with the city's underwriter, but ERA feels that for analytic purposes, the constant annual figure should be employed. Use of the parking lot by beach-goers is shown in Table Z. The seasonality of beach attendance has been indicated (based on 1968 parking lot operations since the construction occurring in 1969 adversely affected seasonal use of the lot) in order to ensure the availability of sufficient spaces during the peak summer season for both beach and shopping center visitors. From discussions held with Vince Moorehouse, Director of the Department of Harbors and Beaches, annual visitors to the beach within walking distance of the two Parking Authority lots was ascertained. According to Mr. Moorehouse the figure of Z. 5 million annual visitors used for Year 1 of the analysis is very conservative in light of the fact that the projection is for two or three years in the future. Although no accurate counts of beach visitors can presently be made, it is believed that at least this number currently uses this section of the beach. He also cited the current year's operation at the existing parking lot as an indication of the popularity of this beach area. For instance, more than 11, 000 cars were parked in the existing city lot during the Fourth of July weekend despite the many free spaces available on nearby side streets and competitive lots. This beach _ attendance of roughly 45, 000 from the city lot alone, plus thousands more from other lots. Further, with the increased availability of parking and continued increases in population and leisure time, Mr. Moorhouse thought 3 Table 1 PROJECTED DEVELOPMENT COSTS FOR EXPANDING THE PARKING AUTHORITY IN HUNT INGT ON BEACH Cost Item And Description Amount Land Acquisition Purchase of 13. 72 net acres at appraised value $4, 200, 000 Site Clearance Clearance of buildings and improvements from 4. 32 acres at $0. 50 per square foot 94, 110 Off-Site Improvements Curbing, utilities to site, and so forth 81, 500 On-Site Improvements Paving, marking, landscaping, lighting--all improvements for a 664, 812-square-foot lot at $0. 50 per square foot 332, 406 Professional Fees Engineering, legal, bond fees, contingencies at 20% of construc- tion costs 101, 604 Total Development Cost $4, 809, 620 Source: Cleveland Wrecking Company, Department of Public Works, and Economics Research Associates. 4 Table 2 SUPPORT FOR PARKING OPERATIONS DERIVED FROM BEACH VISITATION Distribution of Projected Beac$ Attendance Attendance? (percent) (000) Parking Spaces Used:/ Month 19681 Projected Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 January 0. 1% 170 25. 0 27. 5 30. 0 2, 250 2, 475 2, 700 February 1. 0 1 25. 0 27. 5 30. 0 2, 250 2,475 2, 700 March 2. 3 2 50. 0 55. 0 60. 0 4, 500 4, 950 5,400 April 5. 9 6 150. 0 165. 0 180. 0 13, 500 14, 850 16, 200 May 7.4 8 200. 0 220. 0 240. 0 18, 000 19, 800 21, 600 June 21. 6 20 500. 0 550. 0 600. 0 45, 000 49, 500 54, 000 July 28. 8 24 600. 0 660. 0 720. 0 54, 000 59,400 64, 800 August 23.0 24 600. 0 660. 0 720. 0 54, 000 59,4C0 64, 800 September 9. 0 10 250. 0 275. 0 300. 0 22, 500 24, 750 27, 000 October 0. 7 2 50. 0 55. 0 60. 0 4, 500 4, 950 5,400 November 0. 1 1 25. 0 27. 5 30. 0 2, 250 2,475 2, 700 December 0. 1 1 25. 0 27. 5 30. 0 2i250 2,475 2, 700 Total 100. 070 100% 2, 500. 0 2, 750. 0 3, 000. 0 225, 000 247, 500 270, 000 1/ Derived from revenues accruing to the parking lot in 1968. 2/ Based on annual attendance estimates (within walking distance of parking lots) from discussions with Vince Moorhouse. 3/ Derived .jy assuming 4. 0 persons per vehicle, a 90 percent capture rate for the two city-operated lots, and 40 percent city support for the northern lot. Source: Economics Research Associates. that beach attendance should readily increase by 10 percent per year during the first several years after opening the new lot. This means annual atten- dance of approximately 2. 75 million in Year 2 and 3, 0 million in Year 3. Parking spaces supportable on the basis of these beach attendance projections is determined by assuming 4. 0 persons per vehicle and a 36 percent capture rate for the new parking lot. The former figure has been taken from statewide estimates and the latter presumes that 90 percent of all vehicles will park in the city lots or metered parking and that the new lot can capture 40 percent of total city support. Based on this configuration, an estimate of 225, 000 vehicles in Year 1, increasing to 247, 500 in Year 2 and 270, 000 in Year 3 is considered realistic. The number of parking spaces projected for utilization by specialty shopping center patrons is shown in Table 3. Once again, the seasonal pattern is illustrated based on 1969 sales at Ports O'Call. Parking support is related to the sales volume of the center, which is projected at $5. 0 million in Year 1, increasing to $5. 6 million in Year 2 and $6. 25 million in Year 3. Sales estimates are projected on the basis of a 50, 000-square-foot center and sales per square foot of $100. 00 in Year 1, and $125 .00 by Year 3. (Year 2 sales estimates are those used in the previous ERA report. ) The relationship between sales volume and parking support is based on a per capita expenditure of $3. 50, 3. 5 persons per vehicle, and a capture rate of 80 percent for the lot under consideration. These assumptions indicate annual parking support levels of 326, 500 in Year 1, 367, 300 in Year 2, and 408, 163 in Year 3. These projections are considered very conservative in light of the fact that market support will exist for nearly two centers by the time of completion of the new lot. Table 4 presents two alternative pro forma operating statements for the expanded Parking Authority. Under Alternative I, revenues have been determined through application of a daily parking rate of $1. 00 to beach support and $0. 50 to specialty center support, as calculated above. Total revenues are $388, 300 in Year 1, $431, 200 in Year 2, and $474, 100 in Year 3. After Year 3, revenues will probably continue to increase as beach attendance grows, further commercial development occurs, and parking rates are increased. The second alternative assumes that beach parking rates are raised to $1. 25 during summer weekends, that is, Fridays through Sundays from June through September. Revenues are then increased to $404, 100 in Year 1, $448, 500 in Year 2, and $493, 000 in Year 3. 6 A � A Table 3 SUPPORT FOR PARKING OPERATIONS DERIVED FROM SPECIALTY SHOPPING CENTER ATTENDANCE Distribution Of Attendance Sales At Top-Of-Pier2/ (pir/cent) (thousands) Parking Spaces Used3/ Month Ports 'O'Call- Top-of-Pier Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 January 6. 06 6. 0% $ 300. 0 $ 337. 5 $ 375. 0 19, 592 22, 040 24, 490 February 6.7 6. 0 300. 0 337. 5 375. 0 19, 592 22, 040 24, 490 March 7. 5 6. 5 325. 0 365. 6 406. 3 21,224 23, 878 26, 534 April 6. 3 6. 5 325. 0 365.6 406. 3 21,224 23, 878 26, 534 May 7. 5 7. 5 375. 0 422. 0 468. 8 24,490 27, 559 30, 615 June 8. 9 8. 0 400. 0 450. 0 500. 0 26, 122 29, 388 32, 653 July 11. 1 12. 5 625. 0 703. 1 781.2 40, 816 45, 916 51, 017 August 12.2 12. 5 625. 0 703. 1 781. 2 40, 816 45, 916 51, 017 September 8. 0 10. 0 500. 0 562. 5 625. 0 32, 654 36, 735 40, 816 October 6. 7 6. 0 300. 0 337. 5 375. 0 19, 592 22, 040 24, 490 November 7. 6 6. 0 300. 0 337. 5 375. 0 19, 592 22, 040 24, 490 December 11.4 12. 5 625. 0 703. 1 781.2 40,816 45, 916 51, 017 Total 100. 0% 100. 070 $5, 000. 0 $5, 625. 0 $6,250. 0 326, 530 367, 346 408, 163 1/ Derived from 1969 sales at Ports 'O' Call including Whaler's Wharf. 2/ Based on a 50, 000-square-foot center and sales per square foot of $100. 00 (Year 1), $112. 50 (Year 2), and $125. 00 (Year 3). 3/ Based on a per capita expenditure of $3. 50, 3. 5 persons per vehicle, and 80 percent of all vehicles parking in the new lot. Source: Economics Research Associates. Table 4 ALTERNATIVE PRO FORMA OPERATING STATEMENTS FOR THE EXPANDED PARKING AUTHORITY IN HUNTINGTON BEACH Alternative I Alternative II Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Revenues Revenues Support from beach (vehicles) 225,000 247,500 270,000 Support from beach (vehicles) 225,000 247,500 270,000 Revenues at $1.00 per vehicle $225,000 $247,500 $270,000 Revenues at $1.00 and $1.25 per vehiclel/ $240,795 $264,875 $288,954 Support from shopping (vehicles) 326,530 367,346 408,163 Support from shopping (vehicles) 326,530 367,346 408,163 Revenues at $0.50 per vehicle $163,265 $183,673 $204,082 Revenues at $0.50 per vehicle $163,265 $183,673 $204,082 Total Revenues $388,265 $431,173 $474,082 Total Revenues $404,060 $448,548 $493,036 Expenditures Expenditure s Operating costs (salaries, maintenance, Operating costs (salaries, maintenance, repairs, and so forth) at $25.00 per repairs, and so forth) at $25.00 per space $ 46,950 $ 46,950 $ 46,950 space $ 46,950 $ 46,950 $ 46,950 Indirect charges (utilities, general Indirect charges (utilities, general administration, and overhead not administration, and overhead not billed directly to the lot) at $5.00 per billed directly to the lot) at $5.00 per space 9,390 9,390 9,390 space 9,390 9,390 9,390 Debt service 422,617 422,617 422,617 Debt service 422,617 422,617 422,617 Total Expenditures $478,957 $478,957 $478,957 Total Expenditures $478,957 $478,957 $478,957 Surplus Surplus Surplus (deficit) from primary operations ($ 90,692) ($ 47,784) ($ 4,875) Surplus (deficit)from primary operations ($ 74,897) ($ 30,409) $ 14,079 Revenues from secondary operations2/ 56,800 56,800 56,800 Revenues from secondary operations2/ 56,800 56,800 56,800 Total Surplus (deficit) ($ 33,892) $ 9,016 $ 51,925 Total Surplus (deficit) ($ 18,097) $ 26.391 $ 70,879 1/ Assumes charges will increase to $1.25 per car during weekends in the summer. 2/ Revenues from on-street metered parking as presented by the Planning Department less $10,000for operating and overhead charges. Source: Economics Research Associates. eJW Expenditures associated with the project include operating costs, overhead allocation, and debt service and are the same under both alternatives. The operating expenditure of $25. 00 per space per year assumes a low-cost operation, using part-time and seasonal personnel, and closing off portions of the lot during slow winter months or use of automated gates. An allocation for indirect costs has also been made for purely theoretical purposes--an accurate estimate of these charges would be difficult to develop although $5. 00 per space annually should be adequate. Debt service requirements were found previously to be $422, 617. Total expenditures are thus estimated at $478, 957 for each of the first three years under both alternatives. This amount of expenditure „ unlike revenue, should not increase significantly since debt service will comprise the greatest proportion. On the basis of the parking lot operation itself,, deficits will be generated in each of the three years under Alternative I and in the first two years of Alternative II. Furthermore, under Alternative I, the deficit in the third year is less than $5, 000, while a surplus of $14, 000 is generated under Alternative 11. These figures indicate that the Parking Authority will be able to generate enough revenues to pay its own way from the second or third year of operation from only the two major sources of market support. r To ease the deficit situation projected to occur in the first two years, revenues from on-street parking meters have been added to the analysis. Justification for this derives from the increased beach attendance generated in the area and the increased use of the parking meters for short time visitations. The Planning Department has estimated revenues of $66, 800 from this source, from which ERA has deleted $10, 000 (ohce again on theoretical grounds) to adjust for operating costs and normal meter usage. Alternative I thus shows a $34, 000 deficit in Year I, a $9, 000 surplus in Year 2, and a $52, 000 surplus in Year 3. Alternative II indicates a loss of $18, 000 the first year but shows surpluses of $26, 000 and $71, 000 in Years 2 and 3 respectively.. Since revenues are likely to continue rising after Year 3 while costs remain fairly constant, the financial performance of the expanded Parking Authority appears very good. The reasons for such significant improvement in the financial operations relative to the former ERA report are accounted for by changing key parameters as discussed previously. The financial and marketing aspects of the Parking Authority expansion thus appear sound. The two alternative operating statements 9 present a viable range within which the lot should operate. The need for catalytic action to initiate the recycling of economic growth in the Top- of-Pier area is a second strong argument for undertaking the proposed expansion. We thus repeat our former recommendation that you proceed with the plans already presented to you. Respectfully submitted, William S. Lund Executive Vice President WSL/sw 10 Huntington Beach Parking Authority NOTICE INVITING BIDS ON 1968 PARKING REVENUE BONDS OF THE PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH AND BID FORM The Governing Board of said Authority will receive bids at the place and up to the time below specified. TIME: 2:00 o'clock P.M. Pacific Standard Time October 21, 1968 PLACE: Office of City Clerk City Hall Huntington Beach, California MAILED BIDS: Mailed bids should be addressed to: Clerk of the Authority Office of the City Clerk City Hall Huntington Beach, California 'r NOTICE INVITING BIDS ON 1968 PARKING REVENUE BONDS OF THE PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $2,300,000 par value 1968 PARKING REVENUE BONDS OF THE PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH functioning by resolution of the City Council of the City of Huntington Beach in accordance with the provisions of the Parking Law of 1949 will be received by the governing body of said Authority at the place and up to the time below specified. TIME: 2:00 o'clock P.M. Pacific Standard Time October 21, 1968 PLACE: Office of City Clerk City Hall Huntington Beach, California MAILED BIDS: Mailed bids should be addressed to: Clerk of the Authority Office of the City Clerk City Hall Huntington Beach, California OPENING OF BIDS: The bids will be received by the Clerk of the Authority on October 21, 1968, at 2:00 o'clock P.M. (P.S.T.) at the Office of the City Clerk of the City of Huntington Beach, California. The bids will be opened by the Clerk of the Authority immediately following receipt and will be presented to the governing body of the Authority later during said day. ISSUE: $2,300,000 designated "1968 Parking Revenue Bonds of the Parking Authority of the City of Huntington Beach," consisting of 460 Bonds, numbered 1 to 460 both inclusive, of the denomination of $5,000 each, dated September 1, 1968. MATURITIES: The Bonds will mature on September 1 in each year and mature in the amounts and on the dates as follows: Maturity Principal Maturity Principal Date Amount Date Amount 1970........................ $ 45,000 1982------------------------ $ 90,000 1971........................ 50,000 1983------------------------ 95,000 1972........................ 55,000 1984........................ 105,000 1973........................ 55,000 1985........................ 110,000 1974........................ 60,000 1986........................ 115,000 1975........................ 65,000 1987........................ 120,000 1976........................ 65,000 1988........................ 125,000 1977........................ 70,000 1989........................ 135,000 1978........................ 75,000 1990........................ 140,000 1979........................ 80,000 1991........................ 150,000 1980........................ 85,000 1992........................ 160,000 1981........................ 85,000 1993------------------...... 165,000 1 INTEREST: The Bonds shall bear interest at a rate or rates to be fixed upon the sale thereof but not to exceed six percent (6%) per annum, payable semiannually on the first day of March and the first day of September in each year. PAYMENT: Said Bonds and the interest thereon will be payable in lawful money of the United States of America at the office of the Fiscal Agent, Bank of America National Trust and Savings Association in the City of Los Angeles, California, or at the option of the holder, at any paying agency of the Authority in Chicago, Illinois or New York, New York. REGISTRATION: The Bonds will be issued as coupon Bonds registrable only as fully registered Bonds as to both principal and interest, and the form of registration may be changed, or the Bonds discharged from registration, all in accordance with the provisions in the Resolution Providing for the Issuance of the Bonds. REDEMPTION PROVISIONS: Bonds maturing on or prior to September 1, 1979, are not subject to call and redemption prior to maturity. Bonds maturing on or after September 1, 1980, are subject to call and redemption prior to maturity and by bond number, from funds derived by the Authority from any source, on September 1, 1979, or on any interest payment date thereafter, upon payment of a redemption price equal to the principal amount thereof plus a premium (percentage of par value) equal to one-fourth of one percent for each year or fraction of a year from the redemption date to the maturity date of the Bonds, but in no event shall the premium exceed three and one-half percent (31/2%). In the event of loss of or substantial damage to or condemnation of the whole or any substantial part of the Project, all or any part of the Bonds may be redeemed at any time by payment of the total principal amount and accrued interest to the date of redemption plus a premium as set forth above, but applied to all outstanding bonds whether callable or not. PURPOSE OF ISSUE: The proceeds from the sale of 1968 Parking Revenue Bonds of the Parking Authority of the City of Huntington Beach will be used for the construction and financing of public parking facilities. SECURITY: These Revenue Bonds are issued pursuant to the Parking Law of 1949 (Part 2 of Division 18, §§ 32500 et seq. of the Streets and Highways Code of the State of California). These Bonds and the interest hereon (to the extent set forth in the Resolution) are payable from, and are secured by a charge upon the Pledged Revenues derived by the Authority from the Project. The term "Pledged Revenues" as used in the Resolution shall include: all rentals payable by the City to the Authority under the terms of the Lease Agreement, all moneys credited upon rentals as provided in the Lease Agreement or in this Resolution, all gross revenues, if any, received by the Authority from the re-letting or operation of the Project, and any other moneys which under this resolution are required to be placed in the Bond Service Fund. Bond principal and interest coming due each year are payable from annual lease payments for use of the facilities payable by the City. Under the terms of the Lease Agreement, the City agrees to pay the Authority an annual fixed rental which will be sufficient to pay bond principal and interest plus additional rental in an amount sufficient to meet other necessary expenses of the Authority. The City has agreed to make appropriations in its annual budget for the amount of the rental and a reasonable estimate of additional rental. These Bonds are a special obligation of the Authority only, and are not a debt, liability or obli- gation of any other public agency, or a lien or charge against the property or funds of the Authority, except to the extent of the Pledged Revenues, as provided by the Resolution pursuant to which the Bonds are issued. Neither the payment of the principal of these Bonds or any part thereof nor any interest thereon constitutes a debt, liability or obligation of the City of Huntington Beach or the State of California. 2 TERMS OF SALE INTEREST RATE: The maximum rate bid may not exceed six percent (6%) per annum, payable semiannually on the first day of March and the first day of September in each year. Each rate bid must be a multiple of 1/20 of 1%. No Bond shall bear more than one interest rate, and all Bonds of the same maturity shall bear the same rate. Each Bond must bear interest at the rate specified in the bid from its date to its fixed maturity date. Only one coupon will be attached to each Bond for each installment of interest thereon, and bids providing for additional or supplemental coupons will be rejected. The rate on any maturity or group of maturities shall not be more than two percent (2%) higher than the interest rate on any other maturity or group of maturities. AWARD: The Bonds shall be sold for cash only. All bids must be for not less than all of the Bonds hereby offered for sale and each bid shall state that the bidder offers par and accrued interest to the date of delivery, the premium, if any, and the interest rate or rates not to exceed those specified herein, at which the bidder offers to buy said Bonds. Each bidder shall state in his bid the total net interest cost in dollars and the average net interest rate determined thereby, which shall be considered informative only and not a part of the bid. .mow HIGHEST BIDDER: The Bonds will be awarded to the highest bidder considering the interest rate or rates specified and the premium offered, if any. The highest bid will be determined by deducting -the amount of the premium bid (if any) from the total amount of interest which the Authority would be required to pay from the date of said Bonds to the respective maturity dates thereof at the coupon rate "-7"�or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost to the Authority. The purchaser must pay accrued interest from the date of the Bonds to the date of delivery computed on a 360-day year basis. The cost of printing the Bonds will be borne by the Authority. RIGHT OF REJECTION: The Authority reserves the right, in its discretion, to reject any and all bids and to the extent not prohibited by law to waive any irregularity or informality in any bid. PROMPT AWARD: The Authority will take action awarding the Bonds or rejecting all bids not later than twenty-six (26) hours after the time herein prescribed for the receipt of proposals; provided that the award may be made after the expiration of the specified time if the bidder shall not have given to the governing body notice in writing of the withdrawal of such proposal. PLACE OF DELIVERY: Delivery of said Bonds will be made to the successful bidder at Jeffries Banknote Company, 1330 West Pico Boulevard, Los Angeles, California, or at such other place agreeable to both the successful bidder and the Authority. Payment for said Bonds shall be made in cash or certified or cashier's check or other comparable funds. PROMPT DELIVERY; CANCELLATION FOR LATE DELIVERY: Subject to the next suc- ceeding paragraph regarding temporary bonds, the successful bidder shall have the right, at his option, to cancel the contract of purchase if the Authority shall fail to execute the bonds and tender them for delivery prior to November 5, 1968, and in such event the successful bidder shall be entitled to the return of the deposit accompanying his bid. The right is reserved by the Authority to deliver temporary bonds to the extent permitted by law in order to make delivery of the bonds prior to November 5, 1968, and the successful bidder shall be required to accept the same as good delivery under this notice. In the case of delivery of temporary bonds, definitive bonds shall be issued in place of temporary bonds within thirty (30) days from the date of delivery of the temporary bonds. Temporary and definitive bonds shall be issued only to the original purchaser of the bonds. The form and provisions of temporary bonds shall be sufficient if they refer to the Resolution of Issuance, set forth the interest rates at which the bonds were awarded and provide that they are exchangeable for definitive bonds in accordance with this notice. FORM OF BID: Each bid, together with the bid check, must be in a sealed envelope, addressed to the Clerk of the Authority with the envelope and bid clearly marked "Proposal for the 1968 Parking 3 it Revenue Bonds of the Parking Authority of the City of Huntington Beach." Each bid must be in accordance with the terms and conditions set forth in this notice and must be submitted on, or in substantial accordance with the bid form provided by the Authority. BID CHECK: A certified or cashier's check on a responsible bank or trust company in the amount of $25,000 payable to the order of the Authority must accompany each proposal as a guaranty that the bidder, if successful, will accept and pay for said Bonds in accordance with the terms of his bid. The check accompanying any accepted proposal shall be applied on the purchase price or, if such proposal is accepted but not performed, unless such failure of performance shall be caused by any act or omission of the Authority, shall then be cashed and the proceeds retained by the Authority. The check accompanying each unaccepted proposal will be returned promptly. CHANGE IN TAX EXEMPT STATUS: At any time before the Bonds are tendered for delivery, j the successful bidder may disaffirm and withdraw the proposal if the interest received by private holders from Bonds of the same type and character shall be declared to be taxable income under present federal income tax laws, either by a ruling of the Internal Revenue Service or by a decision of any federal court, or shall be declared taxable by the terms of any federal income tax law enacted subse- quent to the date of this notice. LEGAL OPINION: The unqualified opinion of O'Melveny & Myers, attorneys, approving the validity of said Bonds will be furnished the successful bidder at or prior to the time of delivery of the Bonds, at the expense of the Authority. A copy of such opinion, certified by an officer of the Authority by his facsimile signature will be printed on the back of each Bond. No charge will be made to the purchaser for such printing or certification. NO LITIGATION CERTIFICATE: At the time of payment for and delivery of said Bonds, the Authority will furnish the successful bidder a certificate that there is no litigation pending affecting the validity of the Bonds. INFORMATION AVAILABLE: For details as to the items referred to in this notice prospective bidders are invited to examine the Official Statement and the Legal Documents authorizing the issuance of the Bonds. Any requests for such documents and other information concerning the Authority and this proposed financing should be addressed to: Stone & Youngberg Municipal Financing Consultants 1314 Russ Building San Francisco, California 94104 GIVEN by order of the governing body of the Parking Authority of the City of Huntington Beach, California, adopted September 30, 1968. Acting Secretary of the Authority 4 BID FOR THE PURCHASE OF 1968 Parking Revenue Bonds of the Parking Authority of the City of Huntington Beach October 21 1968 Parking Authority of the City of Huntington Beach c/o Clerk of the Authority Office of the City Clerk Huntington Beach, California In behalf of a group which we have formed, consisting of Bank of America N.T. & S.A. and Associates and pursuant to the notice inviting proposals hereinafter mentioned, we offer to purchase $ ,_300,000 principal amount, all or none, of the Bonds designated as "1968 Parking Revenue Bonds of the Parking Authority of the City of Huntington Beach," particularly described in said notice, with interest rates as set forth in the following schedule, entitled "Schedule of Interest Rates," and to pay therefor the par value thereof plus a premium of $..391,00. (making an aggregate sum of $....................) plus interest accrued on such Bonds to the date of delivery thereof. 20300.,391.00 5 Maturity Principal Interest Maturity Principal Interest Date Amount Rate Date Amount Rate 1970.................... $ 45,000 6% 1982................. $ 90,000 5% 1971.................... 50,000 6% 1983................... 95,000 5% 1972.................... 55,000 6% 1984_---_-__-____-____ - 105,000 5% 1973.................... 55,000 43A% 1985.................... 110,000 5% 1974.................... 60,000 h3/4% 1986................_... 115,000 5V 1975____________________ 65,000 0/4% 1987_................... 120,000 1976.................... 65,000 43A% 1988---------------_.... 125,000 514 1977.................... 70,000 43/0 1989.................. 135,000 5 4 1978.................... 75,000 43/4% 1990.................... 140,000 9-4 1979.................... 80,000 43A% 1991------------_----. 150,000 514 1980.................... 85,000 5% 1992.................... 160,000 5=4 1981.................... 85,000 5% 1993................ 165,000 54 This proposal is made subject to all the terms and conditions heretofore published, all of which terms and conditions are made a part hereof as fully as though set forth in full in this proposal. This proposal is subject to acceptance within not less than twenty-six (26) hours after the expira- tion of the time for the receipt of proposals, as specified in the said notice inviting proposals. There is enclosed herewith a *...Cash ier's--------- check for $25,000, payable to the order of the Parking Authority of the City of Huntington Beach. There is submitted herewith a memorandum (which shall not constitute a part of this proposal) stating the exact total amount of interest payable on the Bonds, during the life of the issue, under this proposal. Respectfully submitted, Bank of Ame 'ca .T. & S.A. By * Insert "certified" or "cashier's". 6 MEMORANDUM OF INTEREST REQUIREMENTS (For Information Purposes Only) 1968 Parking Revenue Bonds of the Parking Authority of the City of Huntington Beach The exact total amount of interest payable on the Bonds during the life of the issue under the above proposal is $j.,8-gt,48 ..00.-. Net interest rate is5,U33$.......... 7 ®I JBFFRIPS BANKNaM COMPANY Fl —W PH.—and S—d"8r p— Ip A.S h. 9M F—i—•N—Yank v@^ W ar� V" COPY INro a t w" ��� ► 3 � Mr 4 Official Statement Parking Authority - City of Huntington Beach Orange County, Callornia 2 300 000 1968 Parking Revenue Bonds UP Bids to be received by the Parking Authority of the City of Huntington Beach on Monday, October 21, 1968, at 2:00 p.m. (Pacific Standard Time) at the Office of the City Clerk, City Hall, Huntington Beach, Calif. & t aP. s�r- 7 7 9 7 Z- PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH CITY COUNCIL AND MEMBERS OF THE PARKING AUTHORITY ALVIN M. COEN, Mayor N. JOHN V. V. GREEN DR. HENRYS. KAUFMAN TED W. BARTLETT GEORGE C. MCCRACKEN DR. DONALD D. SHIPLEY JERRY A. MATNEY PAUL C. JONES DON BONFA WARREN HALL City Clerk City Attorney City Treasurer DOYLE MILLER City Administrator VINCENT G. MOOREHOUSE JAMES R. WHEELER Harbors and Beaches Director Director of Public Works and City Engineer BRANDER D. CASTLE Assistant City Administrator KENNETH A. REYNOLDS NORM WORTHY Planning Director Recreation and Parks Director SPECIAL SERVICES O'MELVENY & MYERS, Los Angeles Bond Counsel STONE & YOUNGBERG, San Francisco and Los Angeles Financing Consultants BANK OF AMERICA N.T. &S.A., San Francisco and Los Angeles Fiscal Agent THE CHASE MANHATTAN BANK, N.A., New York CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO, Chicago Paying Agents The information contained within this Official Statement was prepared under direction of the Parking Authority of the City of Huntington Beach by Stone & Youngberg, financing consultants to the Parking Authority and the City of Huntington Beach. All of the following summaries of the resolutions, the lease agreement, and other documents are made subject to the provisions of such documents. These summaries do not purport to be complete statements of such provisions, and reference is hereby made to such documents for further information. The information contained in this Official Statement has been compiled from sources believed to be reliable. The Official Statement contains estimates and matters of opinion which are not intended as repre- sentations of fact. The Official Statement is not to be construed as a contract with the purchasers of the bonds. THE DATE OF THIS OFFICIAL STATEMENT IS SEPTEMBER 30, 1968. it CONTENTS PAGE PAGE INTRODUCTION. . . . . . . . . . . . . . . . . . . . . . . . . . 1 THE PROJECT. . . . . . . . . . . . . . . . . . . . . . . . . . 9 Description of the Parking Project. . . . 9 THE BONDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Estimated Project Costs. . . . . . . . . . . . . . 9 Authority for Issuance. . . . . . . . . . . . . . . 3 Estimated Parking Revenues. . . . . . . . . . 11 Description of the Bonds. . . . . . . . . . . . . 3 FINANCIAL DATA . . . . . . . . . . . . . . . . . . . . . . . . 12 Terms of Sale. . . . . . . . . . . . . . . . . . . . . . 3 Assessed Valuation. . . . . . . . . . . . . . . . . . 12 Registration. . . . . . . . . . . . . . . . . . . . . . . . 3 Tax Rates, Levies, and Delinquencies. . 12 Redemption. . . . . . . . . . . . . . . . . . . . . . . . 3 Receipts, Expenditures, Legal Opinion. . . . . . . . . . . . . . . . . . . . . . 4 and Fund Balances. . . . . . . . . . . . . . 13 Tax Exempt Status. . . . . . . . . . . . . . . . . . 4 Direct and Overlapping Bonded Debt. . 15 Eligibility as Security for Public Funds. 4 THE CITY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Eligibility for National Banks. . . . . . . . . 4 Municipal Government. . . . . . . . . . . . . . 16 Purpose. . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Population and Area. . . . . . . . . . . . . . . . 16 Indices of Growth. . . . . . . . . . . . . . . . . . 17 The Lease Agreement. . . . . . . . . . . . . . . 4 Construction Activity. . . . . . . . . . . . . . . . 17 Security. . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Commercial Activity. . . . . . . . . . . . . . . . 20 Creation of Special Funds. . . . . . . . . . . . 5 Industry . . .. . . . . . . . . . . . . . . . . . . . . . . . 21 Disposition of Bond Proceeds. . . . . . . . . 6 Employment . . . . . . . . . . . . . . . . . . . . . . . 21 Deposit and Application of Revenues. . 6 Transportation. . . . . . . . . . . . . . . . . . . . . . 23 Additional Bonds. . . . . . . . . . . . . . . . . . . 6 Education Facilities. . . . . . . . . . . . . . . . . 23 Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . 7 Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Construction of Substitute Facilities. . . 7 Banking. . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Other Covenants. . . . . . . . . . . . . . . . . . . . 7 Community Facilities. . . . . . . . . . . . . . . . 26 Estimated Annual Bond Service. . . . . . . 8 Recreation. . . . . . . . . . . . . . . . . . . . . . . . . 26 TABLES Table 1: Estimated Annual Bond Service . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Table 2: Estimated Project Costs. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Table 3: Pro Forma Annual Revenues and Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Table 4: Summary of Receipts and Expenditures . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . 14 Table 5: Statement of Direct and Overlapping Bonded Debt. . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . 15 Table 6: Major Industrial Firms in Orange County. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 P, -g U AW 'N' N 1 57 SANTA MO NI SANTA MONIoc �p V!a is 03 Santa PLAYA DEL R sEA EL SE Monica MANH FULLER IkENiN, LIND-AA N REDONDO BEACH Ray PALOS VERD 5 GA GROVE Pt v1_1 LON EACH o 1001. SUNS BOEA CHICA STATE LAST � HUNTINGTON BEACH '4 ABUCO CANYON HUNTINGTON STATE BEACH MIS 35 55 .6 3=I yE TORO 011�/ NEWPORT BEACH C 0 R O'A 107EL MAR 4 BALBOA 5111—R 7 LAGUNA SOUTHxOj -2 130 ZA A-TRANO BEACH Son Juan Lop sliono PI 110 JI 4 A a- WNCNY ia P m SCALE IN MILES a. SA N"O OF A Q RE-- T Vicinity Map. Base map reproduced by permission of California State Automobile Association,copyright owner. J INTRODUCTION The Parking Authority of the City of Huntington Beach was established in 1967 under the Parking Law of 1949 (commencing with Section 32500 of the Streets and Highways Code of the State of California). It is an independent public agency, separate and distinct from the city, whose primary purpose is to provide public off-street parking within the City of Huntington Beach. The western boundary of the City of Huntington Beach extends along a 7.5 mile section of the Pacific Coast in northwestern Orange County and annually attracts several million visitors to the extensive areas of public beaches within the city limits. In recognition of the fact that the miles of public beaches represent a great natural asset, the city actively encourages and supports water oriented recreational activities. A number of organized events are sponsored by Huntington Beach, including the televised National Surfboard Champion- ship Contest held each year in late September. For many years, Huntington Beach has operated an 800-space parking lot adjacent to the one-mile section of city-owned beach which is located between two state beaches. The existing parking facility has been heavily patronized, averaging 789 cars per day throughout the 143-day 1967 recreational season. On weekends the average daily use increased to 879 vehicles, and on exceptionally heavy days, the rate of turnover produced a patronage exceeding 1,000 cars. The use of the city lot is not fully indicative of the total parking potential, since free on-street parking and several private lots on the eastern side of the Pacific Coast Highway (State Route 1) were also available. In addition, the city lot was often unable to accommodate patrons desiring to use the facility because of capacity operation. During 1967, the city lot accommodated a total of 112,800 vehicles and provided gross revenues of $63,407 from parking charges. With the activation of Huntington Beach Parking Authority by the City Council and the completion of coastline traffic and parking studies by the City Planning Department, the Engineering Department was directed to prepare plans and specifications for an enlarged parking facility covering more than 25 acres and containing 2,180 parking spaces. Concurrently, the city, acting on behalf of the Authority, entered into negotiations to acquire the additional property necessary for the facility, which have since been successfully concluded. Final details for transfer of title to the site are now being developed so that the Authority may have fee title prior to the start of construction. As part of an overall coastline development program, the city is engaged in a number of projects that will complement the proposed parking facility to be financed with the proceeds of the bonds now being offered. These include: (1) widening and landscaping the Pacific Coast Highway adjacent to the parking project in participation with the State Division of Highways, (2) reconstruction of six concessionaires stands on the city beach, (3) improvement of the 1,821-foot municipal pier, also located on the city beach, (4) reconstruction of a 9,000 square foot restaurant located at the foot of the pier, for lease to a private operator, (5) elimination of free on-street parking along the Pacific Coast Highway adjacent to the parking facility by the installation of 350 parking meters, and (6) adoption of a city ordinance requiring the operators of private parking lots to meet a rigid set of minimum standards or cease operation. The $2,300,000 1968 Parking Revenue Bonds described in this official statement will be used to finance the acquisition and construction of the enlarged parking facility and a portion of the highway improvements. The balance of the public facilities described above are being financed from accumulated funds and other available sources, The Authority is to lease the completed parking facility to the city under the terms of a lease agreement dated as of September 30, 1968 and terminating after all of the 1968 Revenue Bonds are retired or provision for payment is made. Rental payments are to begin on July 1, 1969 or on the date the facility becomes available for use by the city for parking purposes, whichever is earlier. Thereafter, rentals are due annually on each July 1 and payable by July 31 without penalty. All costs of maintenance and operation are to be borne by the city. The lease further provides that the city, as agent for the Authority, will construct or cause to be constructed, the parking facility on the site that has been acquired by the Authority. Upon termination of the lease, all facilities leased by the city shall automatically be vested with the Huntington Beach Parking Authority. Annual rental payments are estimated at $171,500, but will be 1 adjusted after the interest rates on the bonds have been determined to an amount sufficient to meet bond service over the entire term of the bonds. In addition, the city will pay additional rental to meet other charges incurred by the Authority in connection with the leased facilities. The obligation to meet rental payments is an annual charge against the general fund of the city, for which the city agrees to take such action as is necessary to budget for the amount of rental and a reasonable amount of additional rental. It is expected that the parking facility will be fully self-supporting from parking charges, and that annual rentals will be met from net revenues derived by the city from the operation of the facility. Conservative projections by the city indicate that net parking revenues from the project will provide a 1.48 coverage of estimated annual rental requirements. However, the city's rental obligation is entirely independ- ent of the level of revenues from any special source. To assure completion of the project and prompt payment of the bonds, the following additional measures have been taken: (1) The city, on behalf of the Authority, received firm construction bids for the project on September 16, 1968, and it is anticipated that the construction contract will be awarded on or after October 21, 1968, when bond bids have been received. The contract documents call for completion of construction within 240 working days from the date of award. If construction is not completed within that time, the contractor will be subject to damages of $100 per day. A 100 percent performance bond and 50 percent labor and material- men's bond are to be posted by the contractor to assure completion. (2) While completion of construction is expected by June 15, 1969, interest through September 1, 1969 will be funded from bond proceeds. (3) A Bond Reserve Fund equal to one-half the maximum annual bond service will be established initially from bond proceeds, such fund to be maintained over the life of the bonds, and to be replenished if drawn upon. It is the intention of the Authority that this fund, when combined with the balance of funds on hand from annual rental payments made approximately one year in advance of the dates needed to meet bond service payments, will always exceed the maximum annual debt service on the bonds. (4) Various types of insurance, including fire and extended coverage, public liability, title and leasehold, earthquake (on any parking structures), and business interruption (in an amount equal to one year's rental) are to be provided. Huntington Beach is the most rapidly growing city in Orange County in terms of population increases. Since 1960, population has grown from 11,492 to almost 99,000, a 761 percent increase. Residential develop- ment has been the greatest single factor in city growth during the current decade. From 1960 through the first half of 1968, the city has issued building permits for more than 25,000 dwelling units valued at almost $400 million. It is generally estimated that the growth of Huntington Beach will continue into the 1970's because of the availability of extensive areas of undeveloped and desirable land within the city limits. The growth of Huntington Beach is indicated by a comparison of city assessed valuations for 1960/61 and 1968/69. As reported by the Orange County Assessor, the 1968/69 assessed valuation of $284,033,290 represents an increase of 274 percent over the 1960/61 assessed valuation of$75,903,380. Once almost wholly dependent on petroleum production and recreation, the city has developed a sizable commercial and industrial base that is independent of these two activities. Commercial activity, as reflected in taxable transactions reported by the State Department of Finance, has increased from $33 million to more than $116 million in the last five years, primarily as a result of the construction of several major shopping centers in the city. Industry in Huntington Beach employs almost 10,000 persons and is represented by 57 firms of various sizes. The major industrial employers are the $50 million installation of McDonnell Douglas Astronautics Company, the $110 million steam generating plant of Southern California Edison Company, and the petroleum industry. Although oil production and recreation continue to be important factors in the local economy, commerce and a diversified industrial base provide a strong measure of stability and balance. 2 THE BONDS Authority for Issuance The Parking Authority of the City of Huntington Beach 1968 Parking Revenue Bonds in the principal amount of $2,300,000 are being issued under provisions of the Parking Law of 1949, Part 2 of Division 18 of the Streets and Highways Code of the State of California, commencing with Section 32500. Issuance of the bonds was authorized by Resolution No. 5 of the Parking Authority adopted on September 30, 1968. The City Council declared itself to be the Parking Authority by Resolution No. 2623 adopted August 21, 1967,pursuant to Section 32661 of the Parking Law of 1949. Description of the Bonds The bonds consist of $2,300,000 principal amount, each in the denomination of $5,000 and numbered 1 to 460, inclusive. Interest will be payable semiannually on March 1 and September 1 of each year. Interest and principal are payable at any fiscal agency of the Authority in Los Angeles,Chicago,or New York.The bonds will be dated September 1, 1968 and will mature serially on September 1 of each year in the following principal amounts: Schedule of Maturities Maturity Maturity Date Principal Date Principal September 1 Maturing September 1 Maturing 1970. . . . . . . . . . . . . . $45,000 1982. . . . . . . .. . . . . $ 90,000 1971. .. . . .. . . . . .. . 50,000 1983. . . . . . . .. . . . . 95,000 1972. . . . . .. . . .. . . . 55,000 ill 1984. ... . . . .. . . . . 105,000 1973. . . . . . . . . . . . . . 55,000 1985. . . .. . . .. . . . . 110,000 1974. . . . . . . . . . . . . . 60,000 1986. . . .. . . .. . . .. 115,000 1,975. . . . . . . . . . . . .. 65,000 1987. . . . . . . .. . . .. 120,000 1976. . . . . . . .. . . . . . 65,000 1988. . . . . . . .. . . . . 125,000 1977. . . . . . . . . . . .. . 70,000 1989. . . . . . . .. .. . . 135,000 1978. . . . . . . . . . . . . . 75,000 1990. . . . . . . .. . . . . 140,000 1979. . . .. . . . . . . . . . 80,000 1991. . . . . . . .. . . . . 150,000 1980. . . . . . . . . . . . . . 85,000 1992. . . . . . . .. . . . . 160,000 1981. . . . . .. . . . . . . . 85,000 1993. .. . . .. .. . . . . 165,000 Terms of Sale Bids for the purchase of the bonds will be received by the Parking Authority of the City of Huntington Beach on Monday, October 21, 1968, at 2:00 P.M. (P. S. T.). Details of the terms of sale are set forth in the Notice Inviting Bids, adopted September 30, 1968. A copy of the Notice Inviting Bids is included with the docu- ments accompanying this official statement. Registration The bonds will be issued as coupon bonds and will be registrable only as to both principal and interest, with the privilege of discharge from registration at the option of the holder. Redemption Except in the event of condemnation of the project, bonds maturing on or before September 1, 1979 are not subject to call or redemption. The $1,680,000 principal amount of bonds maturing on and after September 1, 1980 are subject to call and redemption at the option of the Authority as a whole or in part 3 in inverse order of maturity and by bond number within a single maturity on September 1, 1979 and on any interest payment date thereafter. The bonds are redeemable at par value plus accrued interest and a premium equal to 1/a of 1 percent for each year or portion of a year from the redemption date to the maturity date, up to a maximum of 31/z percent. In the event that all or a portion of the project is condemned, the Authority may use the proceeds of the award for the condemned property to provide substitute facilities to be rented to the city for at least the amount of rental paid on the condemned property or to call and redeem bonds. If only a portion of the property should be taken and less than all of the bonds are to be redeemed, a principal amount of bonds within each maturity will be called for redemption so as to provide, as nearly as possible, for equal annual debt service on the bonds to remain outstanding. Notice of redemption is to be published in a newspaper of general circulation in New York City at least 30 days but not more than 60 days prior to the redemption date. The fiscal agent is required to mail notice of redemption to the holders of any registered bonds which are designated for redemption. Legal Opinion All proceedings in connection with the issuance of these bonds are subject to the approval of O'Mel- veny & Myers, Los Angeles, California, bond counsel for the Parking Authority of the City of Huntington Beach. The unqualified opinion of O'Melveny & Myers, attesting to the validity of the bonds, will be supplied free of charge to the original purchasers of the bonds. A copy of the legal opinion, certified by the official in whose office the original is filed, will be printed on each bond without charge to the successful bidder. Tax Exempt Status In the opinion of bond counsel, the interest on the bonds is exempt from income taxes of the United States of America under present federal income tax laws and such interest is also exempt from personal income taxes of the State of California under present state income tax laws. Eligibility as Security for Public Funds In the opinion of bond counsel, the bonds are eligible to secure deposits of public funds in banks of the State of California. Eligibility for National Banks A request has been made to the Comptroller of the Currency for a ruling that the bonds of the Au- thority are eligible for purchase, dealing in, underwriting and unlimited holding by national banks. The ruling is expected prior to the date of sale of the bonds. Purpose The bonds are being issued to finance the acquisition and construction of a paved, ground level, parking facility in the beach-front area of the city, as described under the heading entitled "The Project." The facilities will be leased by the Authority to the city which will provide public off-street parking for visitors to the city-owned beach and adjacent areas. The Lease Agreement The parking facilities will be leased to the city under terms of a lease dated and adopted by the city and the Authority on September 30, 1968. The lease provides that the city will pay the Authority annually in advance a fixed rental sufficient to meet annual revenue bond principal and interest requirements and other obligations of the Authority, if any, commencing on completion of the project. The rental will be due July 1 and payable on or before July 31 of each fiscal year. The first rental payment will be due July 1, 1969, or upon completion of the facilities, whichever occurs earlier. The expected completion date of the parking facility is June 15, 1969. 4 The amount of the annual rental has been established at $171,500 but will be adjusted after the interest rates on the bonds have been determined to an amount sufficient to meet bond service over the entire term of the bonds. The city is required to provide for the operation and maintenance of the facilities at no expense to the Authority and to pay to the Authority as additional rent the amount necessary to pay taxes and assess- ments, if any, insurance premiums, and the amount necessary to meet the operating expenses of the Au- thority and maintain a working capital balance of $1,500, to the extent interest earnings and other income of the Authority are insufficient for these purposes. The lease provides for the maintenance of such insurance as may be required by the city or by the bond indenture of the Authority. The proceeds of any award in the event of condemnation will be paid to the Authority for the benefit of the bondholders. Under terms of the resolution, the proceeds may be used to acquire and construct substitute facilities to be leased to the city for at least the same rent or to call and redeem bonds. Under terms of the lease, should the city default in its lease payments, the Authority has the right to re-enter and relet the premises for the account of the city, including the right to operate the facilities, with- out terminating the lease. A copy of the lease accompanies this official statement. Security Bond principal and interest are secured by an exclusive charge upon the annual rental payable by the City of Huntington Beach to the Authority for the use of the parking facilities under terms of the lease and all income derived by the Authority from the project, including revenues from operation of the facilities in the event of default by the city under the lease. The city intends to meet the annual rental payments from parking revenues obtained from operation of the leased facilities, and from certain designated on-street parking meters as described under "The Project" section of this official statement. However, the annual payments under the lease are an obligation of the general fund of the city. Creation of Special Funds To secure payment of the bonds and to provide control over the bond proceeds, revenues and other funds of the Authority for the benefit of the bondholder, the resolution provides for the establishment of the following special funds: Fund Principal Source(s) Use Acquisition and Construction FundQ . . . . . . . . . . . . . . . Bond proceeds Acquisition and construction, balance to Reserve Fund,then to Bond Service Fund. Bond Service Fund® . . . . . . . . . . . . . . . . . After initial transfers from bond pro- Bond principal and interest; ceeds, city rent payments and (at transfers to Reserve Fund authority's option) surplus in any (if required) and to Working other fund, including investment Capital Fund;excess for rental earnings. credits or additions to project. Reserve Fund® . . . . . . . .. . . . . . . . . . . . . Bond proceeds and (if depleted) Bond principal and interest; Bond Service Fund payment of final maturities. Working Capital Fundy . . . . . . . . .. . . . . .. . . . . . . . . . . Bond proceeds, Bond Service Fund Administrative and miscel- and additional rent laneous expense of Authority, costs of operation if operated by Authority. Q Held by City Treasurer as ex officio Treasurer of Authority. ®Held by fiscal agent. 5 Disposition of Bond Proceeds The Resolution of Issuance provides that the proceeds from the sale of the bonds will be deposited with the fiscal agent. The fiscal agent will then allocate the proceeds as follows: 1. To the Reserve Fund an amount equal to one-half the maximum annual bond service payment. Money in the fund may be invested in federal obligations maturing in up to five years. 2. To the Bond Service Fund, a sum which will equal twelve months' interest on the bonds. Money in the fund may be invested in federal obligations maturing prior to the time the money is required to pay bond principal and interest. 3. The remainder to be transferred to the Treasurer of the Authority to be applied as follows: a) To the Working Capital Fund an amount of $1,500 which is to be maintained as working capital. Money in the fund may be invested in federal obligations maturing in up to twelve months. b) To the Acquisition and Construction Fund the balance of the bond proceeds. Money in the fund may be invested in federal obligations maturing prior to the time the money is required as certified by the City Engineer. Deposit and Application of Revenues All revenues of the Authority from the project financed by the 1968 Parking Revenue Bonds or from substitute facilities subsequently included in the lease, including earnings from the investment of funds created under provisions of the Resolution of Issuance, will be held by the fiscal agent and applied as follows: Bond Service Fund—All revenues received by the Authority from the lease of the project and all revenues derived from the operation of the project by the Authority in event of default by the city under the lease will be placed in the Bond Service Fund. Money in this fund is to be used to pay bond principal and interest when due. Any amount in the Bond Service Fund which is not required to meet principal and interest pay- ments, based on the schedule of annual rental, and which is not required to be transferred to the Reserve Fund or the Working Capital Fund, as described in the following paragraphs, may be transferred to the Acquisition and Construction Fund and used to finance additions and improvements to the project, or may be applied as a credit against the annual rental due from the city under the lease. Reserve Fund—The Reserve Fund, equal to one-half the maximum annual bond service, is to be used only to pay principal and interest in the event there is insufficient money in the Bond Service Fund and may be applied to the final payments of principal and interest. If the Reserve Fund is drawn upon, it must be replenished from any money in the Bond Service Fund not required to pay bond principal and interest. Any money in the Reserve Fund in excess of one-half the maximum annual bond service, including earnings from investments, is to be transferred to the Bond Service Fund and applied as provided for in the case of other money in that fund. Working Capital Fund—After provision has been made for payment of bond principal and interest and for transfers to the Bond Reserve Fund, any money in the Bond Service Fund required to pay the costs of insurance premiums, taxes and assessments (if any), fiscal agent fees and other expenses of the Au- thority and to maintain a balance of $1,500, is to be placed in the Working Capital Fund and used to meet such expenses. Any additional rent for such purposes required to be paid under the lease will be paid by the city to the Treasurer of the Authority. In the event the city defaults under the lease and the Authority operates the parking project, the money required to pay operation and maintenance expense will be transferred to the Working Capital Fund from the Bond Service'Fund after all principal and interest requirements and any required transfer to the Reserve Fund have been provided for. Additional Bonds The Resolution of Issuance provides that the Authority may not issue any additional bonds secured by revenues from the project to be financed by these bonds, except for refunding bonds. 6 Insurance The Resolution of Issuance requires that the Authority maintain or cause to be maintained the following insurance protection if available on the open market from reputable insurance companies. 1. Policies of insurance: (a) against loss or damage to the property resulting from fire, lightning, and other perils ordinarily defined as "extended coverage" in amounts, if available, of not less than the full insurable value of the prop- erties or the amount of the Authority's outstanding bonds, whichever is less; (b) against earthquakes for parking structures, in an amount not less than either the full insurable value of the properties, subject to an 80 percent co-insurance clause and a deductible amount of not more than five per- cent of the face value of the insurance for any one loss which is less than the face amount of the policy, or the outstanding amount of the Authority bonds, whichever is less; and, (c) against war risks, as and when obtained from reputable insurance companies, in an amount not less than 80 percent of the full insurable value. 2. Use and occupancy or rental income insurance against fire, lightning, and such other perils ordinarily defined as"extended coverage" in an amount of not less than twelve months' rental. 3. Public liability insurance of not less than $250,000 per person and $1,000,000 per any one accident and property damage of at least $50,000. 4. Workmen's compensation for all persons employed in connection with the project. Construction of Substitute Facilities The Resolution of Issuance provides that any portion of the project which is no longer needed for public parking may be sold if the proceeds can be and are applied to the acquisition and construction of parking facilities which are better suited for the purpose. The city must agree to amendment of the lease to cover the new facilities and provide for a rental not less than that applicable to the portion sold. In the event of condemnation of the facilities, the proceeds of the award may be similarly applied to the acquisition and construction of substitute facilities or may be used to call and redeem bonds in the manner explained under the heading "Redemption." Other Covenants The Resolution contains certain additional covenants by which the Authority agrees: 1. To punctually pay bond principal and interest as they become due. 2. To pay, discharge, or contest any lawful claims and any taxes, assessments, or other governmental charges upon the project or the revenues which might impair the security of the bonds. 3. To promptly commence and complete the project in conformity with the construction contract. 4. To enforce and abide by the lease agreement. 5. Not to mortgage, encumber, sell, lease, place a charge on or otherwise dispose of the project or the revenues therefrom, except under the provisions for substitute facilities described in the preceding paragraph, and not to enter into any agreement which impairs the rights of the bondholders with respect to the revenues or operation without making an adequate provision to protect the rights of bondholders. 6. To keep proper books of record and accounts and to file with the trustee annually, within 90 days after the end of each fiscal year, detailed certified audits covering the operation of the Authority, showing revenues, expenses, insurance in force, and the status of each fund. 7. To maintain or cause the project to be maintained. 8. If for any reason the Authority should operate the project, to fix and collect charges sufficient to pay bond principal and interest when due, to pay all operation and maintenance expenses and to maintain the special funds provided for in the Resolution. 7 Estimated Annual Bond Service Table 1 shows a schedule of annual bond service for the Parking Authority of the City of Huntington Beach 1968 Parking Revenue Bonds, in the amount of $2,300,000, based on an estimated interest rate of 51/4 percent. TABLE 1 HUNTINGTON BEACH PARKING AUTHORITY 1968 PARKING REVENUE BONDS Estimated Annual Bond Service Interest Principal Total Bonds Estimated Maturing Bond Year Outstanding @ 51/4% Sept.1 Service 1969. . . . . . . . . . . . $2,300,000 $ 120,750O $ - $ 120,750 1970. . . . . . . . . . . . 2,300,000 120,750 45,000 165,750 1971. .. . . . . . . . . . 2,255,000 118,388 50,000 168,388 1972. . . . . . . . . . . . 2,205,000 115,762 55,000 170,762 1973. . . . . . . . . . . . 2,150,000 112,875 55,000 167,875 1974. . . . . . . . . . . . 2,095,000 109,988 60,000 169,988 1975. . . . . . . . . . . . 2,035,000 106,837 65,000 171,837 1976. . . . . . . . . . . . 1,970,000 103,425 65,000 168,425 1977. . . . . . . . . . . . 1,905,000 100,013 70,000 170,013 1978. . . . . . . . . . . . 1,835,000 96,337 75,000 171,337 1979. . . . . . . . . . . . 1,760,000 92,400 80,000 172,400 1980. . . . . . . . . . . . 1,680,000 88,200 85,000® 173,200 1981. . . . . . . . . . . . 1,595,000 83,738 85,000® 168,738 1982. . . . . . . . . . . . 1,510,000 79,275 90,000® 169,275 1983. . . . . . . . . . . . 1,420,000 74,550 95,000® 169,550 1984. . . . . . . . . . . . 1,325,000 69,562 105,0009 174,562 1985. . . . . . . . . . . . 1,220,000 64,050 110,000® 174,050 1986. . . . . . . . . . . . 1,110,000 58,275 115,000® 173,275 1987. . . . . . . . . . . . 995,000 52,238 120,000® 172,238 1988. . . . . . . . . . . . 875,000 45,937 125,000@ 170,937 1989. . . . . . . . . . . . 750,000 39,375 135,000@ 174,375 1990. . . . . . . . . . . . 615,000 32,288 140,000@ 172,288 1991. . . . . . . . . . . . 475,000 24,937 150,000 @ 174,937 1992. . . . . . . . . . . . 325,000 17,063 160,000® 177,063 1993. . . . . . . . . . . . 165,000 8,662 165,000@ 173,662 $1,935,675 $2,300,000 $4,235,675 i0 Paid from bond proceeds. @ Subject to call or redemption on or after September 1, 1979. 8 I THE PROJECT The proposed beach-front parking project to be financed with the bonds now being offered by the Huntington Beach Parking Authority represents the culmination of a series of general and definitive planning studies carried out by a special citizens advisory committee appointed by the City Council (the Citizens Steering Committee of the Urban Land Institute), the City Planning Commission, and the Huntington Beach Planning Department. The city's 7.5 mile coast line is recognized as a valuable asset that annually attracts millions of visitors. More than four million people are drawn each year to the one-mile city-owned beach area, primarily because of off-street parking facilities, lifeguard service, and recreational and commercial facilities. In order to provide the additional facilities and improvements needed to accommodate the constantly growing number of visitors to the local beaches, the city has initiated or is participating in a number of programs to accomplish these objectives. The immediate improvements consist principally of the following: construction of a new beach-front parking lot with 2,180 spaces, widening and landscaping the Pacific Coast Highway (State Route 1) in the area parallel to the parking project, reconstruction of the city-owned beach restaurant at the north end of the new parking lot, improvement of the municipal pier, located in the same area, and recon- struction of six concessionaires' stands adjacent to the proposed parking facility. Description of the Parking Project For many years, the City of Huntington Beach has operated an 800-space parking lot on a portion of the site to be utilized for the proposed project. The smaller lot has been exceptionally well-patronized, par- ticularly during the summer recreational season. Over the 143-day 1967 season, an average of 789 cars per day parked in the lot at an average rate of $.75 per car. On weekends, the average use increased to 879 cars per day, reflecting the turnover of spaces resulting from the departure of short term patrons. This turnover is further demonstrated by a review of parking lot records, which indicate that out of the 143-day season, 82 days produced 800 or more cars, 61 days produced 1,000 or more, 12 days produced 1,400 or more, and on one day the total use exceeded 1,900 cars. A total of 112,800 vehicles patronized the lot during the 1967 season, providing gross revenues of $63,407. As a result of traffic and planning studies conducted by the city in the area of the city-owned beach, it was established that a parking shortage existed and that the potential use fully justified the construction of a larger lot to replace the existing facility. Accordingly, the City Council directed the City Engineering Department to prepare detailed plans and specifications for the proposed parking project, and at the same time entered into negotiations to acquire the additional property needed. Proceeds from the bonds currently being offered will be used to finance the acquisition and construction of a new 2,180-car beach-front parking lot, together with additional improvements to the adjacent segment of State Route 1 in order to include curbs, gutters, sidewalks, lighting, and landscaping in the highway widen- ing project now under construction by the state. The proposed parking lot will cover 25.2 acres in an area averaging 200 feet in width located between State Route 1 and the city-owned beach. The lot will parallel the city beach for its full length of 5,491 feet. Under the terms of the Lease Agreement entered into by the City of Huntington Beach and the Authority, the parking facility will be leased to the city by the Authority with the rental payments pledged to the payment of bond service. As more fully discussed in a following section, the city intends to meet the annual rental requirement from parking charges. Estimated Project Costs The city has negotiated the purchase of the site for the parking facility on behalf of the Authority and the required funds have been apportioned in the City Treasury pending final settlement of the transfer details. It is expected that the Authority will acquire title to the property prior to the sale of the bonds described in this official statement, and in no event later than the start of construction. Firm bids for construction of the im- provements were received on September 16, 1968,and the construction contract will be awarded to the low bidder, Strecker Construction Company of Santa Fe Springs, California, after the bonds are sold. 9 a PI .� — t. 1' rca e a. �!e W � m , = 0# $` MW • v2, �t d a, v: m:. w� View of the existing beach-front municipal parking lot on a weekday in late August 1967.As seen in this photograph,very few of the 800 spaces appear unoccupied.The proposed 2,180- space parking facility will cover the entire area between the Pacific Coast Highway on the right and the service road at the left of the photograph. Seen in the distance is the 1,821-foot municipal pier, which represents the northern boundary of the city-owned beach and the new parking lot.A widening and improvement program for the Pacific Coast Highway, now in progress,will eliminate the free on-street parking pictured above. Photo courtesy of the City of Huntington Beach i I Table 2 presents a summary of estimated project costs based on the established purchase price for the site and the low construction bid received. Also included are allowances for interest during construction (one year), a bond reserve fund equal to one-half the maximum annual bond service, and other incidental costs. TABLE 2 HUNTINGTON BEACH PARKING AUTHORITY Estimated Project Costs Construction and landscaping. . . . . . . . . .. . . . . . . . . . . . $1,173,903 O Construction contingency . . . . . . . . . . . . . . . . . . . . . . . . 117,403 Highway improvements . . . . . . . . . . . . . . . . . . . . . . . .. . 94,600 Engineering, inspection and testing . . . . . . . . . . . . . . . . . 75,000 Landscape architectural fee . . . . . . . . . . . . . . . . . . . . . . 11,400 Legal,financing and incidentals . . . . . . . . . . . . . . . . . . . . 45,000 Site acquisition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 573,412 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,090,718 Interest during construction (1 year @ 51/4%). . . . . . 120,750 Bond Reserve Fund (1/z maximum annual debt service). 88,532 Principal Amount of Bonds . . . . . . . . . . . . . . $2,300,000 Q Based on low construction bid received on September 16, 1968 from Strecker Construction Company of Santa Fe Springs, California. ®Site acquisition cost established by agreement between city and property owners. Estimated Parking Revenues Under the provisions of the Lease Agreement, the city must include the rental requirement in its annual budget. Payments can be made from any available source, but the city intends to obtain the required funds from operating revenues of the proposed beach-front parking lot and from 350 parking meters to be installed along the adjacent section of State Route 1. On the basis of the operating experience gained from the smaller parking lot, revenues and expenses for proposed facility have been estimated by the city as indicated in the following table. TABLE 3 HUNTINGTON BEACH PARKING ENTERPRISE Pro Forma Annual Revenues and Expenses Revenues: Beach parking (1,873 spaces (R $.75 per day for 140-day season) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $196,700 Beach and municipal pier parking (244 spaces @ $.75 per day for 365-day season) . . . . . . . . . . .. . 66,800 Beach restaurant parking (leased to restaurant) . . . . . .. . 1,800 Parking meters (350 meters @ $1.00 per day— $.25 per hour—for 140-day season) . . . . . . . . . . . .. . 49,000 Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . $314,300 Expenses: Maintenance and Operation . . . . . . . . . . .. . .. . 59,900 Net Revenues . . . . . . . . . . . . . . . . . . .. . .. . . . . $254,400 Estimated Annual Rent Payment . . .. . . . . .. . . . . . . . . . .. . 171,500 Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . $ 82,900 It FINANCIAL DATA Assessed Valuation The City of Huntington Beach uses the facilities of Orange County for the assessment and collection of taxes for city purposes. City taxes are assessed and collected at the same times and on the same tax rolls as are county, school, and special district taxes. Taxes are payable in two installments on November 1 and February 1 and become delinquent on December 10 and April 10, respectively. The State Board of Equalization reports the 1968/69 Orange County valuations to average 22.2 percent of full value, except for public utility property, which is assessed by the state at approximately 46 percent of full value (twice the 23.0 percent of statewide average of county assessed valuations to full value). The following is the 1968/69 assessed valuation of the City of Huntington Beach as reported by the Orange County Assessor. CITY OF HUNTINGTON BEACH 1968/69 Assessed Valuation Secured roll . . . . . . . . . .. . . .. . . . . . . $220,923,830 Unsecured roll . . . . . . . . . . . . . . . . . . . 14,665,110 Utility roll . . . . . . . . . . . . . . . . . . . . . . 48,444,350 Net Total . . . . . . . . . . . . . . . . . . . $284,033 290 Tax Rates, Levies, and Delinquencies The following tabulation presents a summary of the city's assessed valuation, secured tax levy, and delinquencies for the past five years. CITY OF HUNTINGTON BEACH Fiscal Assessed Secured Delinquent Percent Year Valuation Tax Levy June 30 Delinquent 1963/64 . . . . . . . . . . . . . . . . $126,176,360 $1,616,092 $18,363 1.14% 1964/65 . . . . . . . . . . . . . . . . 151,863,520 1,955,029 37,103 1.90 1965/66 . . . . . . . . . . . . . . . . 189,763,880 2,422,393 62,779 2.59 1966/67 . . . . . . . . . . . . . . . . 220,691,540 2,864,489 58,931 2.06 1967/68 . . .. . . . . . . . . . . . . 273,733,620 3,471,790 51,781 1.49 Tax rates per $100 assessed valuation on all taxable property for the City of Huntington Beach for all city and county purposes, including schools and special districts, for the years 1963/64 through 1967/68 are as follows: 1963/64 1964/65 1965/66 1966/67 1967/68 i City tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.3300 $1.3300 $1.3300 $1.3300 $1.3300 l County and other tax rates . .. . . .. . . . . . . . . . . . . . . . . . . 6.0045 6.1867 6.5016 7.4789 7.0201 Total . . . . . . . .. . . . . . . . . . . .. . . . . . . .. . . .. . $7.3345 $7.5167 $7.8316 $8.8089 $8.3501 12 I A six year summary of city tax rates by purpose is shown in the tabulation below: City Tax Rates General Music and Parks and Bond Capital Fund Promotion Library Recreation Service Outlay0 Retirement Total 1963/64 $ .87880 $ .15000 $ .08390 $ .07670 $ .04060 $ .10000 $ - $ 1.33000 1964/65 .88240 .15000 .08390 .07670 .03700 .10000 - 1.33000 1965/66 .83448 .15000 .09512 .07071 .02969 .15000 - 1.33000 1966/67 .82959 .05000 .09532 .07071 .02353 .15000 .11085 1.33000 1967/68 .78769 .05000 .09677 .10941 .01970 .15000 .11643 1.33000 1968/69 .85000 .01748 .11362 .19191 .01568 .15000 .11131 1.45000 Part of general fund levy. The total tax rate per $100 assessed valuation for the largest tax code area in the City of Huntington Beach (1968/69 secured assessed valuation $77,764,840) for all city and county purposes for 1968/69 is $8.6604 on all taxable property, $.5347 on land and improvements, and $.09 on land and improvements excluding mineral rights, and is composed of the following tax rates: 1968/69 Tax Rate Code Area 4001 Orange County . . . . . . . . . .. . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.6800 Orange County Flood Control District . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .2663 Orange County Harbor District . . . . . . . .. . . . . . . . . .. . . . . . . . . . . . . . . . . . .0802 Huntington Beach School District . . . . . . . . . . . . . . . . . . . . . . . .. .. . . . . . . . 1.1019 Huntington Beach High School District . . . . . . . . . .. . . . . . . . . . . .. . . .. . . 3.2312 Orange Coast Junior College District . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .5735 Other School Taxes . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . .. . . .. . . . . . . . .0759 Metropolitan Water District . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . .1900 Mosquito Abatement District . . . . . . . . . . . . . . . . . . . . . . . . . .. . . .. . . . . . . . .0114 City of Huntington Beach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4500 Tax Rate Applicable to All Property . . . . . . . . . . . . . . . . . . . .. . . . . . . . $8.6604 Orange County Sanitation District No. 11 . . . . . .. . . . . . . . . . . . . . . . . . . . . .4547 10 Orange County Water District . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .080000 Orange County Water District Water Reserve .0900 QQ Applicable to land and improvements only. ®Applicable to land and improvements,excluding mineral rights. fi Receipts, Expenditures, and Fund Balances The following table presents a summary of the city's receipts and expenditures for the fiscal years 1963/64 through 1967/68, based on the city's annual reports to the State Controller. Also shown are the city's cash fund balances as of June 30, 1968. 13 TABLE 4 CITY OF HUNTINGTON BEACH Summary of Receipts and Expenditures 1963/64 1964/65 1965/66 1966/67 1967/68 Receipts: Property Taxes . . . .. . . . . . . .. .. . . . $1,649,636 $1,967,332 $2,409,896 $2,852,180 $ 3,656,779 Franchises . . . . . . . . . . . . . . . . . . . . . 54,869 75,896 95,962 97,702 154,345 Sales & Use Taxes . . . . . . . . . . . . . . . 33,273 474,457 560,666 734,064 1,016,863 Other Taxes . .. . . . . .. . . .. .. .. .. . - 7,053 17,405 120,477 232,469 Licenses & Permits . .. . . .. . . .. . . . 1,070,068 1,127,975 1,108,822 838,164 1,581,660 Fines & Penalties . . . . . . . .. . . . . . . . 113,895 128,489 154,521 196,054 245,518 Use of Money & Property . . . . . . . . 207,283 224,200 264,861 317,755 406,596 Subventions & Grants . . . . . . . . . . . . 729,526 977,788 1,106,651 1,436,331 1,646,622 Water System . . . . . . . . . . . . . . . . . . 593,303 984,700 1,125,870 1,274,900 1,451,855 Other Service Charges . . . . . . . .. . . . 675,346 727,999 742,918 585,541 526,389 Miscellaneous . .. . . . . . . . . .. . . . . . . 182,377 82,413 83,596 111,071 60,762 Total . . . . . . . . . . . . . . . . . . . . $5,609,576 $6,778,302 $7,671,168 $8,564,239 $10,979,358 Expenditures: General Government . . . . . . . . . . . . . $ 664,072 $ 771,508 $ 971,409 $1,116,595 $ 1,580,902 Public Safety . . . . . . . . . . . . . . . .. . . 1,404,224 1,576,413 1,979,270 2,535,490 2,914,596 Public Works . . . . . . . . . . . .. . . . . . . 1,810,417 2,053,059 2,651,676 2,249,439 4,312,873 Water System . . . . . . . . . . . .. . . . . . . 403,267 770,753 1,259,232 1,093,020 1,173,683 Libraries . . . . . . . . . . . . . . . . . . . . . . . 142,073 151,196 163,711 206,615 236,993 Parks & Recreation . . . . . . . . . . . .. . 647,188 929,773 767,707 599,047 615,147 Bond Service . . . . . . . . . . . . . . . . . . . 141,432 193,783 204,111 218,932 236,291 Total . . . . . . . . . . . . . .. .. . . . $5,212,673 $6,446,485 $7,997,116 $8,019,138 $11,070,485 Capital Outlays (included in Expenditures) . . . . . . . . . . . . . . . . $1,573,042 $1,785,433 $2,312,955 $1,390,067 $ 1,624,515 Cash Fund Balances j June 30, 1968 General Fund . . . . . . . . . . . . . . . . . . . .. . . . . . $2,225,583 Capital Outlay Fund . . . . . . . .. .. . . .. . . . . . 391,933 Parks and Recreation Facility Fund . . . . . . . . . 342,630 Water Fund . . . . . .. . . . . . . . . . . . . . . ... . . . 544,167 Other Special Funds . . . . . . . . . . . .. . . .. . . . 3,321,298 Total . .. . . . . . . .. . . . . .. . . . . . . . . $6,825,611 14 I Direct and Overlapping Bonded Debt The City of Huntington Beach has a total of $420,000 in general obligation bonds outstanding. They comprise the balance of a total of $860,000 issued in 1955 for water system development. Bonds are being retired at the rate of $35,000 each year, with the last payment due August 1, 1980. The statement of direct and overlapping bonded debt follows. TABLE 5 CITY OF HUNTINGTON BEACH Statement of Direct and Overlapping Bonded Debt Estimated Population (7/68) . . . . . . . .. . . .. . . . . . 99,000 1968/69 Assessed Valuation . . . .. . . . . . . .. . . . . . $ 284,033,290 Estimated Market Value . . . . . . . . . .. . . . . . . . . .. . $1,166,500,0000 Percent Debt Applicable Applicable Oct.21,1968® Orange County . . . . . .. . . . . . . . . .. . . .. . . . . . . .. . . . 8.814% $ 482,567 Orange County Flood Control District . . . . . .. . . . . . . . 8.814 2,702,372 Metropolitan Water District (General Issues) . . . .. . . . 1.183 3,485,390 Metropolitan Water District (Series W) . . . . . . . . . . .. . .984 151,044 Huntington Beach School District . . . . . .. . . . . . . . . . 93.125 6,504,781 Ocean View School District . . . . . . . .. . . . . . . . 91.190-91.731 4,711,093 Fountain Valley School District . . . . . . . . . . . . . 35.008-35.405 992,773 Seal Beach School District . . . .. . . . . . . .. .. . . . . . . . . . 2.223 4,446 Westminster School District . . . . . . . . . . . . . . . 27.123-27.601 1,045,720 Huntington Beach High School District . . . . . . . .. . . . 60.035 13,402,814 Midway Sanitary District . . . .. . . . . . . . . . . . . . . . . . . . . .004 35 County Sanitation District No. 3 . . . .. . . . . . . . . . . . . 7.394 811,048 County Sanitation District No. 11. . . . . . . .. . . . . . . . . 82.183 1,191,654 City of Huntington Beach . . . . . . . . . . . .. . . . . . . . . . . .100. 420,000 Total Direct and Overlapping Bonded Debt . . . . . . . . . . . . . . . . $35,905,737 Ratio To 1968/69 Assessed Estimated Valuation Market Value Per Capita Assessed Valuation . .. . . .. . . . . . — — $2,870 Direct Debt . . . . . . . . . . . . . . . . . . .15% .04% 4 Total Debt . . . . . .. . . . . . . . . .. . . 12.64 3.08 363 Q The State Board of Equalization reports that 1968/69 Orange County assessed valuations average 22.2 percent of full value, with public utility property ($48,444,350) assessed at twice the state average of county assessed valuations to full value (reported to be 23 percent for 1968/69). ®Excludes sales, if any scheduled, between September 30, 1968, and October 21, 1968. ®Does not include revenue bonds, or authority or lease-purchase obligations. 15 THE CITY The City of Huntington Beach occupies almost 27 square miles in the northwestern Orange County coastal area. It is 18 miles southeast of the nearest seaport, Long Beach, and 35 miles southeast of the City of Los Angeles, at an average elevation of 40 feet. It enjoys a mild climate with an average temperature of 52 degrees in winter and 69 degrees in summer. The city has long been noted as a major oil producing and beach resort area of Southern California. However, beginning in 1960, a series of residential housing developments were started that initiated a con- tinuous growth period extending to the present time. In terms of population increase, Huntington Beach has been the fastest growing city in Orange County during the present decade. An important commercial and , industrial base has developed in the city over the last eight years, providing a more evenly balanced economy that is not wholly dependent on the petroleum industry or recreation. Huntington Beach is situated in one of the most rapidly growing areas in the United States. According to the latest estimates of the California Department of Finance, Orange County currently ranks third among California counties in population growth since the 1960 census, with an estimated increase of 88 percent from 1960 to 1968. The city's population increased 761 percent in the same period. It is expected that popu- lation growth and industrial development in Huntington Beach will continue as new residents seek the city's desirable living conditions and industries are attracted to the area's established technological centers. Freeway access from Huntington Beach to all points in the Los Angeles-Orange County metropolitan area is excellent. The San Diego Freeway traverses the eastern edge of the city and connects with other seg- ments of the extensive Southern California freeway network. In addition to the nearby Orange County Airport, scheduled flights and air freight service are available at the Long Beach Airport and Los Angeles International Airport. Convenient rail facilities are available in the city for freight shipment. Municipal Government The City of Huntington Beach was incorporated in 1909 and operates under its own charter, which was granted in 1937. The city is governed under a council-administrator form of government. The charter provides for election of the city clerk, city treasurer, and city attorney. The City Council is comprised of seven members elected at large for alternating four-year terms. Several commissions consisting of public-spirited citizens, including the planning, park and recreation, and library commissions, assist the City Council in making policy recommendations in their special fields. The city has a staff of 480 full-time and 170 part-time and seasonal employees under the overall coordination of the city administrator. Principal departments include public works, police, fire, harbors and beaches, recreation and parks, planning, and building. The water department is operated as part of the public works department. The City Administrator, Mr. Doyle Miller, has served in his present capacity since January 1960. Prior to coming to Huntington Beach, he served as the city administrator of Fontana, California, for four years. He has had previous city administrative experience in both Utah and Missouri, and is a registered professional engineer in both of those states. He has had a total of 25 years experience in municipal administration. Population and Area The latest population estimates by the Orange County and Huntington Beach Planning Departments indicate that the City of Huntington Beach experienced the largest numerical increase in population of all Orange County cities from 1960 to 1968. During that eight-year period, the city population increased by almost 87,500, a 761 percent increase, while county population as a whole increased 88 percent. City area has grown rapidly, and is now more than seven times greater than the original city area in 1909. Huntington Beach is pres- ently the third largest Orange County city in terms of area, and the fourth largest in population. The summary on the following page illustrates the rapid growth in city area and in city and county population since 1950. 16 Population and Area City Area City County Year (Sq.Miles) Population Population 1950. . . . . . . . . . . . . . . . . . . 4.71 5,237 216,224 1960. . . . . . . . . . . . . . . . . . . 23.41 11,492 703,925 1965. . . . . . . . . . . .. . . . . . . 26.13 75,053 1,123,657 1968. . . . . . . . . . . . . . . . . . . 26.61 98,982 1,322,000 The rapid growth in Huntington Beach is expected to continue according to all indications. Approxi- mately forty percent of the total city land area is yet undeveloped. The City Planning Department predicts a land area of 30 square miles by 1970, and has made the following annual population projections: 1969. .. . . . . . . . . . . . . . . . 113,000 1973. . . .. .. ... . .. .. .. . 143,000 1970. . . . . . . . . .. . . . . . .. 121,500 1974. . . . . . . . ... . . . . . . . 149,000 1971. . . . . . . . . .. . . . . . . . 129,000 1975. .. . . . . . ... . . . . . . . 156,000 1972. .. . . .. . . . . . . . . . . . 136,000 Indices of Growth Further evidence of the rapid residential and commercial development that has occurred in the city over the last five-year period can be seen in the tabulation below. Indices of Growth 1963 1964 1965 1966 1967 Value of Building Permits . . . . . . . . $80,023,720 $62,922,096 $83,769,427 $54,771,904 $ 38,195,330 Dwelling Units Started . . . . . . . .. . . . . . . . 5,250 3,301 2,851 2,164 1,607 Post Office Gross Receipts . .. . . . . . . . $ 283,988 $ 405,776 $ 476,024 $ 589,932 $ 693,765 Taxable Transactions . . . . . . . . . . . . $33,327,300 $47,445,700 $56,066,600 $73,406,400 $116,086,300 City Water Meters . . . . . . . .. . . . . . . . 10,499 16,147 18,922 21,593 23,462 Electric Meters . . . . . .. . . 17,095 22,307 25,571 28,164 29,947 Gas Meters . . . .. . . . . . . . 14,173 17,944 20,955 24,152 26,249 Construction Activity Residential development has been the greatest single factor in city growth during the present decade. From January 1, 1960, to January 1, 1968, building permits were granted for 24,237 dwelling units, primarily single-family residences. During the first six months of 1968, building permits were issued for an additional 1,464 housing units. The City Planning Department estimates that all residential tracts now under construction or authorized will house an additional 8,000 persons. Total value of building permits issued during the five-year period 1963-1967 was over $340 million. An additional $34,574,612 were issued during the first six months of 1968, indicating a vigorous construction program in the current year. Major building construction, totalling more than $32,500,000, for which building permits were issued since January 1, 1968, is summarized on page 20. Public and offsite construction, such as schools, streets, and sewers, are not included in these totals. Single-family residential building valuations per unit averaged more than $25,000, not including land and development costs. 17 In addition to the extensive residential construction that has been accomplished in recent years, several multimillion dollar residential and commercial developments for Huntington Beach have been initiated. Huntington Beach Company. The Huntington Beach Company, an affiliate of Standard Oil Company of California, which owns and leases extensive petroleum producing lands in the Huntington Beach area, has embarked on a long-range, comprehensive program for development of its surface holdings along the coastline and inland. A variety of real estate developments have been undertaken by the company, including: construction of a 58-acre regional shopping center, development of a 700-acre planned community surrounding a new 18-hole golf course, and construction of a 107-unit beach-front apartment. These activities are more fully described in the following paragraphs. The company has also completed a motel, restaurant and mobile home park on a site opposite the beach. An important addition to the community's commercial sector is represented by the 58-acre Huntington Center, a regional shopping center first opened in November of 1966. The center, with 800,000 square feet W of floor space under roof, contains 54 retail and service establishments, including a J. C. Penney department store (230,000 square feet), Montgomery Ward (200,000 square feet), and a Broadway department store (170,000 square feet). Total investment, exclusive of land, is reported at more than $20 million. In a joint venture with the Fluor Corporation, Ltd., the Huntington Beach Company is now completing construction of a 107-unit apartment building located on the beach. The three-story structure represents an investment exceeding $2 million and will be opened for occupancy this September. The company plans to develop adjacent portions of its shoreline holdings in a similar manner in future years. Architect's model of the new beach-front apartment building constructed at a cost of$2,000,000 by the Huntington Beach Company and Fluor Corporation, Ltd.The building contains 107 living units and is now open for occupancy. Photo courtesy of the City of Huntington Beach s it � e bji Gk ot RU , e gg W y . : na J 18 The Huntington Beach Company has initiated a program to make greater use of acreage previously used only as the site for oil wells. The first example is the planned development of 700 acres situated in the midst of a producing oil field. Located a short distance from the beach, the Huntington Seacliff project is a master planned community and golf course combination. The 18-hole course and clubhouse are now complete and open to the public. Approximately 6,000 dwelling units are planned, consisting of 1,000 single-family residences and 5,000 multiple-living units. Tract maps have been filed with the city in anticipation of the construction of the first 107 residences commencing in the latter part of 1968. Development of the property has been made possible by the concentration of producing wells in a number of tastefully concealed islands. Huntington Harbour. A subsidiary of Christiana Oil Company, Huntington Harbour is an aquatic resi- dential development consisting of approximately 878 acres within the northwestern city boundary. The development has transformed an area of tidal lands into a self-contained marine community with four man- made islands, waterways, turning basins, lagoons, and a main channel leading to the ocean. Under development for the past five years, the community will contain about 3,000 homes in island or mainland settings, together with multiple-family dwellings, shopping centers, schools, churches, and recreation facilities. The first elementary school and shopping center are now completed, and parks and beaches were created to supplement the 168 acres of water available for recreation. Approximately 1,000 homes and condominium living units have been built and occupied at prices ranging from $50,000 to more than $80,000. View of a portion of the 878-acre Huntington Harbour marine oriented development located in the northwestern portion of the city. Additional homes are scheduled for construction on the projections of land seen in the background. Photo courtesy of the City of Huntington Beach Aih T t. t7 dt s it 1' t Pa +„ s! a ° � t tt?t 4 �a ..,_;.'# 19 Major Building Construction January 1, 1968 - July 31, 1968 (Owner or Developer in parentheses) 22 four-unit apartments (Covington Brothers) . . . . . . . . . . . . . . . . . . . . $ 1,207,800 34-home residential tract (Doyle Developments) . . . . . . .. . . . . . . . .. . 1,035,492 93-home residential tract (Kaufman & Broad) . . . . . . . . . . . . . . . . . . . . 1,903,554 81-home residential tract (Deane Properties) . . . . . . . . . . . . . . . . . . . . . . . 1,874,037 20-unit apartment (Steinbaum Investment) . . . . . . . . . . . .. . . .. . . . . . . 212,187 29-home residential tract (Garfield Development) . . . . . .. . . . . . . . . . . 628,599 108-home residential tract (Macco Realty Co.) . . . . . . . . . . . . . . . . . . . . 2,341,776 32-home residential tract (Doyle Development) . . . . . . . .. . . . . . . . . . . 933,930 37-home residential tract (Helen Investment) . . . . . . . . . . . . . . . . . . . . . . 718,405 34-home residential tract (Shields Development) . . . . . . .. . . . . . . . . . . 632,292 21-home residential tract (Buccola Investment) . . . . . . . .. . . . . . . . . . . 505,874 Marina bulkhead (Huntington Harbour Corp.) . . . . . . . . . . . . . .. . . . . . 485,900 Food market (States Bros.) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . 268,800 66-home residential tract (Slater Development) . . . . . . . . . . . . . . . . . . . 1,881,534 51-home residential tract (Long-DeYoung Development) . . . . . . . . . . . 1,473,089 62-unit condominium (Huntington Harbour Corp.) . . . . . . . . . . . . . . . . 1,357,391 51-home residential tract (La Cuesta) . . . . . . . . . . . . . . . .. . . . . . . . . . . 996,955 25-home residential tract (Chanticleer Homes) . . . . . . . . . . . . . . . . . . . . 807,195 40-home residential tract (Slater Development) . . . . . . . . . . . . . . . . . . . 657,680 9 four-unit apartments (Kavanaugh&Beard) . . . . . . . . . . . . . . . . . . . . . . 457,587 40-unit apartment (The Rutherford Co.) . . . . . . . . . . . . . .. . . . . . . . . . . 322,873 91-home residential tract (Wm. Lyons Homes) . . . . . . . . . . . . . . . . . . . . 1,720,850 Office building (Mercury Savings & Loan Assn.) . . . . . . . . . . . . . . . .. . . . 510,000 Food market (Dutch Haven Homes) . . . . . . . . . . . . . . . . . .. . . . . . . . . . . 355,000 45-home residential tract (La Cuesta) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,088 118-unit apartment (Richard D. Croul) . . . . . . . . . . . . . . . .. . . . . . . . . . . 749,700 12-home residential tract (Calah Construction) . . . . . . . . . . . . . . . . . . . . 285,994 30-unit apartment (Dr. Robert Shupe) . . . . . . . . . . . . . . . . .. . . . . . . . . . . 274,460 9 four-unit and 1 two-unit apartments (Robert Stellrecht) . . . . . . . . . . . . 453,375 16-home residential tract (Meine Construction) . . . . . . . .. . . . . . . . . . . 473406 54-home residential tract (Armour Building) . . . . . . . . . . . . . . . . . . . . . 1,516:153 13-home residential tract (W. B. Moffett) . . . . . . . . . . . . . . . . . . . . . . . . 339,422 58-home residential tract (Security Fore Corporation) . . . . . . . . . . . . . . 1,263,552 14 four-unit apartments (Covington Bros.) . . . . . . . . . . . . . . . . . . . . . . . 768,600 Food market (Von's Grocery Co.) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . 309,411 Drug store (Thrifty Drug Store) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,000 Medical building (Arrc Enterprises) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . 136,732 11-home residential tract (Byron Lasky Co.) . . . . . . . . . .. . . . . . . . . . . 319,910 54-home residential tract (Wm. Lyons Homes) . . . . . . . .. . . . . . . . . . . 1,252,544 TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . .. $32,522,147 Commercial Activity The City of Huntington Beach, in the twelve months ending December 31, 1967, had total taxable trans- actions of $116,186,300, as reported by the California State Board of Equalization. This represents a 58 percent increase over the previous year, and a 248 percent increase in the last five years. The large increase in taxable transactions during 1967 is largely attributable to completion of the 800,000 square foot Huntington Center, described on page 18. 20 I Industry Huntington Beach is exceptionally well situated in relation to the major industrial and technological centers in Orange County and southern Los Angeles County. More than 300 industrial firms employing 100 or more persons are located within a 20-mile radius of the city. The principal manufacturing classifications include: electronics and electrical products, transportation equipment (aircraft, automotive, and ship building), space research and components, petroleum products, chemical products, food processing, paper products, and fabricated metal products and equipment. Table 6 on page 24 lists the major industrial firms in Orange County, all of which are within a reasonable commuting distance from Huntington Beach. Industry in Huntington Beach is diversified and ranges from the $50,000,000 McDonnell Douglas Astro- nautics Company, a division of McDonnell Douglas Corporation, to smaller plants involved in the production of fiberglass products and control assemblies. A recent industrial survey of the city listed a total of 57 manu- facturing establishments employing almost 10,000 persons. Other than the McDonnell Douglas Astronautics headquarters, the largest industries in the city are oil production and electricity. Many petroleum companies, including Standard Oil Company of California, Signal Oil and Gas Company, Union OR Company, and the Christiana Oil Corporation, operate more than 1,575 wells producing approximately 56,744 barrels a day, the second largest producing field in Southern California. The Southern California Edison Company operates the Huntington Beach steam generating plant with a staff of 327 employees. The station has a capacity of 870,000 kilowatts, enough to serve a city of 750,000 people. One of the largest steam generating plants on the Pacific Coast, this installation represents an invest- ment in excess of $110 million. McDonnell Douglas Astronautics Company. The largest employer in Huntington Beach, the McDonnell Douglas Astronautics Company of McDonnell Douglas Corporation, is also one of the ten largest manufac- turing firms in Orange County. Established in Huntington Beach in 1963 as the Space Systems Center of Douglas Aircraft Company, the installation presently covers 308 acres and employs approximately 8,000 persons in the assembly and testing of the third stage S-IV B launch vehicle used in the Saturn spacecraft and Apollo lunar excursion projects. The Huntington Beach facility is also engaged in research and develop- ment work in connection with the U. S. Air Force Manned Orbiting Laboratory program. The complex includes fifteen buildings, covering 1,628,000 square feet of floor area, and represents an investment of $50 million. The company expects the present employment level to remain stable during the next several years. Employment Residents of the city are within convenient commuting distance of the Orange County industrial base as well as southern Los Angeles County. The tabulation below shows the approximate distribution by industry of the persons employed in the Orange County labor market area according to the July Community Labor Market Survey compiled by the California State Department of Employment. Orange County Labor Market Survey 1960 1968 Agriculture . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 8,500 6,200 Construction . . . . . .. . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 21,700 24,400 Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,900 126,3000 Transportation, communication and utilities . . . . . . . . . . 7,100 12,500 Retail and wholesale trade . . . . . . . . . . . . . . . . . . . . . . . . . 47,500 93,600 Finance, insurance and real estate . . . . . . . . . . . . . . . . . . . . 7,400 17,400 Services . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 37,700 80,700 Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,000 54,900 Other . . . . . . . . . . . . . . . .. . . . . . . . . .. . . . . . . . . . . . . . . . . 2,800 3,900 Total . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . 204,600 419,900 QQ Includes electronics-46,400 and aircraft/missile-19,900. 21 i d Y� b ,I " idk T t s ,r „ Pictured above is the Huntington Center, a 58-acre regional shopping center located adjacent to the San Diego Freeway.This commercial facility was constructed at a cost of more than $20,000,000 and contains 54 retail and service establishments. Immediately beyond the shopping center is one of the city's three industrial parks. Shown near the upper right corner is a portion of the 122-acre campus of the Golden West Junior College. Photos courtesy of the City of Huntington Beach(above)and McDonnell Douglas Corporation (below) One of the largest employers in Orange County, and the largest in the city, is the McDonnell Douglas Astronautics Company, a wholly owned subsidiary of McDonnell Douglas Corporation. Seen below is the company's 308-acre Huntington Beach facility.Approximately 81000 persons are employed in research, development and manufacturing operations connected with the Saturn V, Apollo and U.S.A.F. Manned Orbiting Laboratory space programs. }!1 Y � rid ji➢ �Y�+ ! �t �': � ''�'`arv�;," illl 11 11 Illllil it llii �ii,� . r 5 i �t�.4fli;t.ut at'�� Y6 I Transportation The City of Huntington Beach is traversed by the Pacific Coast Highway (State Route 1) and Beach Boulevard (State Route 39) which provide good access to all north, south, and eastern points. The new San Diego Freeway passes along the eastern city limits and provides fast travel time to Los Angeles and San Diego County points. Overnight truck freight service by a number of carriers is available to Los Angeles, Long Beach, San Diego, San Bernardino, and other cities in Southern California. Pacific Greyhound and Santa Fe Bus Lines provide long distance bus service, while direct bus service to Los Angeles is provided by the Southern California Rapid Transit District and to Santa Ana by the Hunt- ington Beach-Santa Ana Stage Line. The Southern Pacific freight line runs north and south through the city, paralleling State Highway 39, from Los Angeles to Stanton. This railroad maintains a freight office in the city. The Orange County Airport, seven miles from the city, offers numerous regularly scheduled flights by Air California and Air West. Los Angeles Airways maintains a heliport at nearby Newport Beach, which provides direct passenger and air freight service to Disneyland and Los Angeles International Airport. Educational Facilities The City of Huntington Beach is served by one high school and five elementary school districts. In addition, four private or parochial schools are located within the city. The Huntington Beach Union High School District has two schools located within the city limits. Another high school is under construction and is scheduled to open in the fall of 1969. The Ocean View School District, serving the newer, rapidly-developing residential areas, has 17 schools in operation and has already purchased sites for 26 additional schools. The Huntington Beach School District, which serves the older, established sections, maintains six elementary schools and anticipates an ultimate need for 28 schools. The Westminster School District operates 22 schools, six of which are in the city. The Fountain Valley School District serves the eastern part of the city with six schools, and the Seal Beach School District serves a segment of the northern part of the city. Total 1967/68 registration at the 35 elementary and two high schools in Huntington Beach was reported at 26,132 students, a 557 percent increase over the 3,980 students attending Huntington Beach schools in 1960. The City of Huntington Beach also lies within the Orange Coast Junior College District. The district operates two junior colleges, one of which, the Golden West College, is located on a 122-acre campus in Huntington Beach. Golden West College first opened in 1966, and reported an enrollment of 2,300 daytime and 3,700 evening students at the beginning of the 1967/68 academic year. Long range plans for the college include a $15 million campus by 1975, and an enrollment of 5,000 full-time day students. There are seven colleges in Orange County, with an additional 12 located in the adjacent areas of southern Los Angeles County. Almost all of the campuses are located in the larger cities of the county and have become well-established and important segments of their respective communities. The schools and their approximate enrollments are: University of California at Irvine (3,400); California State College, Fullerton (9,000); Chapman College, Orange (3,000); Southern California College, Costa Mesa (525); West Coast University, Orange (college of engineering-800); Western State University, Anaheim (350); and Orange University College of Law, Santa Ana (250). A number of colleges and universities are also located in adjacent areas of southern Los Angeles County, including the California State College at Long Beach with a current enrollment of more than 20,000 students. The new Orange County campus of the University of California at Irvine is located approximately 12 miles from Huntington Beach on a 1,510 acre tract. The original 1,000 acres for the campus site was donated by the Irvine Company, owner of the surrounding 88,000-acre Irvine Ranch. Construction of the first eight buildings and ten residential units has been completed at a cost exceeding $20,000,000. Current enrollment of 3,400 students is expected to increase at the rate of 1,000 students per year to a maximum of 27,500 by 1990. The capital improvement program for the new campus calls for expenditures of more than $158,000,000 by 1972. 23 TABLE 6 MAJOR INDUSTRIAL FIRMS IN ORANGE COUNTY (100 or More Employees) Aircraft and Missile Research and Marco-Oak Industries Kwikset Division,Emhart Corporation* Sun Battery CompanyL.M.Cox Manufacturing Company,Inc.* Products Task Corporation Master Specialties Company A. J. Industries (Sargent-Fletcher U. S.Electrical Motors, Division of The Monarch Marking System Company Emerson Electric Company Thermo Products Company Corporation) Xerox Corporation Tubbs-Great Western Cordage Co. Aerojet-General Corporation, Ordnance Westinghouse Electric Corporation, Division Electronics Water Province Department Aeronutronic Division, Philco-Ford Williams Furnace Company Corporation* Adage, Inc. Air Industries of California Aeronutronic Division, Philco-Ford Metal Products Atlantic Research Corporation, Missile Corporation* Systems Division* Altec Lansing Division,LTV Ling Alloy Die Casting Company Edler Industries, tio Inc. Alice, Inc.* Aluminum Force Company,Division of Fruehauf Corporan* American Electronics, Inc. Altamil Corporation John J. Foster Manufacturing Co. Anaconda Electronics Company Anaheim Foundry Company Lear Siegler,Inc., Hokanson Division Astrodata-Comcor* Hartley Engineering Company Macro Manufacturing Company Autonetics Division,North American Kaynar Manufacturing Company, Inc.* McDonnell Douglas Corporation, Missile Rockwell Corporation* Leonard Precision Products and Space Systems Division* Babcock Electronics Corporation* Precision Castings,Inc. McDonnell Douglas Corporation, Missile Beckman Instruments Inc.* Rosan, Inc. and Space Systems Division, Bendix Corporation,hlectrical Shur-Lok Corporation Astropower Laboratory Components Division Standard Pressed Steel Company* North American Rockwell Corporation, Bertea Corporation* Townsend Company,Cherry Rivet Space Division* Borg-Warner Controls, Division of Division* Pacific Scientific Company Borg-Warner Corporation Transport Dynamics, Inc.,Subsidiary of Royal Industries, Engineered Products California Computer Products* Lear Siegler, Inc. Division* Certron Corporation United Can Company, Subsidiary of Shinn Engineering,Inc. Codamite Corporation,Division of Pacific Hunt Foods&Industries,Inc. Stresskin Products Co.,Division of Tool Ordnance Electronics Company Vard Newport Research and Engineering Corp. Collins Radio Company* Symbolic Displays, Inc. Dana Laboratories,Inc. Paper Products Diecon Electronics, Inc. Automotive Parts, Accessories,and Duncan Electronics, Inc. American Can Company, Dixie Products Electra Scientific, a Division of Gulton Division Products Industries, Inc. Buzza-Cardozo* Delco Remy Division,General Motors Electronic Engineering Company of Georgia-Pacific Corporation California,Components Division Hoerner-Waldorf Company Corporation Elpac, Inc. Kimberly-Clark Corporation* Garrison Manufacturing Company, Inc. Hughes Aircraft Company, Ground Mead Packaging Division of Mead Golden West Mobile Homes Systems Group* Corporation Globe-Union, Inc. Hughes, Newport Beach, a Division of Menasha Corporation, Container Division Viking-Edgewood Corporation Hughes Aircraft Company* Westab, Inc., Garden Grove Division Interstate Electronics Corporation,Division Construction and Building Materials of "Automatic" Sprinkler Corporation Petroleum Research, Products, and of America Ador Corporation ITT Cannon Electric Company* Manufacturing American Meter Company,Inc. Lear Siegler,Inc.,Electronic Anaheim Foundry Company Instrumentation Division* Chicksan,Division of FMC Corporation Associated Concrete Products Ling Altec Division, LTV Ling Martin-Decker Corporation Consolidated Rock Products Altec, Inc. Shaffer Tool Works Continental Moulding Company,Division Northrop Nortronics, Division of Signal Oil and Gas Company of Sequoia Forest Industries Northrop Corporation* Standard Oil Company of California, Lok Products Company Preston Scientific Inc. Chevron Research Company Sully-Miller Contracting Company Radiatronics, Inc. Union Oil Company of California, Radix Electronics Corporation Union Oil Research Center Consumer Goods and Services Raytheon Company* Servonic Division of Gulton Plastic and Fiberglass Products "Automatic" Sprinkler Corporation of Industries, Inc. America Telemetrics, Inc.* Amercoat Corporation Catalina, Inc. Varian Data Machines,Inc. Arrowhead Products* Costa Mesa Furniture Company Cabot Piping Systems Eddy Moss, Inc. Food Processing and Storage Cambro Manufacturing Corporation F. E. Olds&Son,Inc. Conolon Corporation Fender Musical Instruments, Division Adohr Milk Farms Continental Can Company,Inc. of CBS,Inc. Alex Foods,Inc. FESCO Division of Columbian Carbon Islander Yachts Alpha Beta Acme Markets, Inc.* Company JayMar,Inc. Bridgeford Foods Corporation Monsanto Company Jensen Marine Corporation,Division of Burry Biscuit Division, Quaker Oats Narmco Materials Division, Whittaker Bangor Punta Corporation Company Corporation Moore Business Forms, Inc. Case-Swayne Company, Inc. PBR Company, Inc. Ozite Corporation Cal-Compack Foods, Inc. Superior Laminates, Inc. Randolph Rubber Corporation of Excelsior Creamery Co., Ltd. Swedlow, Inc.* America* General Foods Corporation U. S.Polymeric Chemicals,Inc. Technicolor, Incorporated Glass Containers Corporation, Subsidiary U. S.Divers Company of Hunt Foods&Industries,Inc. Pumps and Valves Vista Furniture Company Holly Sugar Corporation Hunt-Wesson Foods,Inc., Subsidiary of Airco Cryogenics Drugs, Chemicals, and Paints Hunt Foods&Industries,Inc.* Cadillac Gage Company Interstate Bakeries Corporation Circle Seal Products Company, Inc. Allergan Pharmaceuticals Kraft Foods Company Cla-Val Company Collier Carbon&Chemical Corporation Laura Scudder's* Edwards Laboratories,Inc. GAF Corporation Pepsi-Cola Bottling Company J. C. Carter Company' Interchemical Corporation,Finishes R. J. Reynolds Company James Pond&Clark, Inc. Division The Coca-Cola Company, Foods Division Mueller Company Nutrilite Products,Inc. Rexall Chemical Hardware Rubber Products Warner-Lambert Pharmaceutical Co. Alexander H. Kerr & Company, Inc. Extruded Products,Inc. Electrical Products Coleman Engineering Company Kirkhill Rubber Company* Eaton Yale&Towne,Inc.,Reliance Reeves Rubber Company Anaconda Wire and Cable Company Division Uniroyal, Inc. Arnold Engineering Corporation Giannini Scientific Corporation W.J.Voit Rubber Corporation* Electra Motors, Inc. Kinney Air Conditioning West American Rubber Company *Indicates 500 or more employees. NOTE: Based on 1968 Industrial Directory of Orange County, compiled and published by the Orange County Chamber of Commerce. 24 i Utilities The following public utilities provide service in the City of Huntington Beach: Electricity . . . . . . . . . . . . . . . Southern California Edison Company Gas . . . . . . . . . . . . . . . . . . . . Southern Counties Gas Company of California Telephone . . . . . . . . . . . . . . . General Telephone Company of California Water . . . . . . . . . . . . . . . . . . City of Huntington Beach As previously indicated in the section on indices of growth, all utilities have experienced a rapid expansion of their services in the city and anticipate a continuation of this growth. Banking The following banks have a total of 14 offices in the City of Huntington Beach: Bank of America N. T. & S. A. (four branches), Security Pacific National Bank (four branches), United California Bank (two branches), Southern California First National Bank (two branches), Crocker-Citizens National Bank, and United States National Bank. In addition, three savings and loan associations operate offices in the city. The Huntington Beach steam generating plant of the Southern California Edison Company is one of the largest on the Pacific Coast. This station has a generating capacity of 870,000 kilowatts and represents an investment in excess of $110,000,000. Photo courtesy of Southern California Edison Company ZA "�� ""'"`►fit`4. €as;_ `=r � " ��� '�t ,� ���� i���Irt+? t ro T 25 Community Facilities Within the City of Huntington Beach are located 37 churches representing many religious denomi- nations. There are approximately 90 organizations, including the major service and fraternal groups. A new 141-bed general hospital, the Huntington Intercommunity Hospital, and three convalescent hospitals are located in the city. A total of 81 physicians and 41 dentists conduct their practices in Huntington Beach. The city library system maintains its main library at the Civic Center and also operates a bookmobile and reading center. The Huntington Beach Daily Pilot, Huntington Beach Independent, and Huntington Beach News are all locally published newspapers circulated within the city and adjacent areas. Additional newspaper coverage is provided by Metropolitan Los Angeles and Orange County dailies. Overnight and longer term accommodations for numerous visitors to the city are provided at five motels, eleven trailer parks, and many other types of rental facilities. Recreation Recreation is one of the major activities in the City of Huntington Beach. Each year several million bathers visit the eight miles of public beach area located in or adjacent to the city limits. Swimming and surfboard riding are extremely popular sports and are conducted under the supervision of the municipal lifeguards. Two state parks, Huntington Beach State Park and Bolsa Chica State Park, are located there. No overnight camping is allowed on the beaches; however, fire rings are provided for picnics. The 1,821- foot concrete municipal pier annually attracts hundreds of thousands of fishermen who find an abundance of halibut, red rock, cod, yellowfin, spotfin, croaker, bass, and sun perch. Grunion runs attract thousands of persons to the beaches every summer. In addition to the city's beach-front parking project, described in a previous section of this official statement, Huntington Beach is conducting an extensive improvement program within the coastline recreation area. These include: widening and median landscaping of the Pacific Coast Highway (State Route 1) adjacent to the parking project at a cost of $697,500 (in participation with the State Division of Highways), recon- struction of the city-owned beach restaurant at a cost of $300,000 for lease to a private operator, investment of $96,000 for improvements to the municipal pier, and reconstruction of the six concessionaires' stands on the one-mile city owned beach at an average cost of $50,000 each. These improvements, together with the parking facilities that will be financed with proceeds of the bonds now being offered, will provide a more attractive and convenient recreation area for visitors and residents alike. The 9,000 square foot restaurant pictured below is owned by the city and is located at the foot of the municipal pier, adjacent to the north end of the proposed parking facility. A $300,000 reconstruction project was completed in early 1968 and the restaurant is now leased to a private operator. Photo courtesy of the City of Huntington Beach F a t s� 1 efYa pit[ t 9 �t in rr -vc n , 26 I Renowned Orange County recreation areas in the vicinity of Huntington Beach include the Orange County Boat Harbor at Newport Beach, about a ten-minute ride, and Disneyland, Knott's Berry Farm, and the Movieland Wax Museum, each about a 30-minute drive from Huntington Beach. Adjacent to the northern boundary of the city, the Orange County Harbor District has acquired 63 acres of surplus Navy land for devel- opment of the Sunset Aquatic Regional Park. The first phase of development on 29 acres was completed in August of 1968, and provides an eight-lane launching ramp capable of accommodating up to 500 boats per day, parking for 220 cars and boat trailers, and overnight space of 500 house trailers. Ultimately it is planned that the aquatic park will provide public beach and picnic facilities for 2,800 people, public fishing floats, boat rentals and fueling docks, and berths for 1,000 to 3,500 boats of all types, depending on the availability of additional surplus Navy land. Residents of Huntington Beach also have convenient freeway access to all of the cultural and recreational attractions of Southern California. One of six concessionaires stands located along the one mile of city-owned beach. All have recently been reconstructed and modernized at an average cost of $50,000 each. Photo courtery of the City of Huntington Beach R 'fi a to t, 27 J