HomeMy WebLinkAboutRES-94-5710 (PARKING FACILITIES/REFINANCING-PLAZA HERMOSA)on
1
2
3
4
5
6
7
8
91
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
RESOLUTION NO. 94-5710
RESOLUTION OF CITY COUNCIL OF THE CITY OF HERMOSA BEACH
REGARDING THE HOLDING OF A PUBLIC HEARING AS REQUIRED BY
SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
PERTAINING TO THE REFINANCING OF PARING FACILITIES BY THE
PARKING AUTHORITY OF THE CITY OF HERMOSA BEACH
WHEREAS, the Parking Authority of the City of Hermosa Beach (the "Authority") is
authorized to provide parking facilities within the City of Hermosa Beach (the "City") under the
provisions of the Parking Law of 1949, constituting Part 2 of Division 18 of the Streets and
Highways Code of the State of California (the "Act'), including, without limitation, the authority
to acquire and sell real property and improvements thereon; and
WHEREAS, the Authority intends to refinance certain parking facilities (the "Project")
through the execution, sale and delivery of refunding certificates of participation in a principal
amount not to exceed $6,400,000 (the "Certificates"); and
WHEREAS, the City Council of the City, the duly elected public body of the City, has
conducted a public hearing following reasonable notice thereof on behalf of the Authority
regarding the Project as required by Section 147(fl of the Internal Revenue Code of 1986, as
amended ("Section 147(fl"); and
WHEREAS, pursuant to Section 147(fl, the City Council of the City has given
interested persons the opportunity to be heard regarding the execution, sale and delivery of the
Certificates by the Authority; and
WHEREAS, at subsequent meetings of the City Council of the City and of the
Authority, as necessary, it is anticipated that such bodies will consider resolutions authorizing
the execution, sale and delivery of the Certificates to refinance the Project, including approving
and authorizing the execution and delivery of related documents, agreements and actions by the
City and the Authority as shall be necessary.
4-
1
1.301
2
3
4
5
6
7
8
9
10
11
12
13
14
,.MOP" 15
16
17
1s
19
20
21
22
23
24
25
26'
27
� 2s
NOW, THEREFORE, the City Council of the City of Hermosa Beach does hereby
resolve as follows:
SECTION 1. The City Council of the City hereby approves the execution, sale and
delivery of the Certificates for purposes of both the issuer and host approval requirements of
Section 147(fl.
SECTION 2. Stradling, Yocok Carlson & Rauth, a Professional Corporation, Newport
Beach, California is hereby consumed to act as Special Counsel to the Authority in connection '
with the execution,sale and delivery of the Certificates in accordance with the letter proposal on
�'y P Po
file with the Authority.
SECTION 3. Each of the Mayor, Mayor Pro Tem and City Clerk of the City is hereby
authorized and directed, jointly and severally, to do any and all things and to execute and deliver
any and all documents which they may deem necessary concerning the aforementioned public
hearing and the execution, sale and delivery of the Certificates.
SECTION 4. This Resolution shall take effect from and after its date of adoption.
PASSED, APPROVED and ADOPTED, this 8th day of November, 1994, at a regular
meeting of the City Council of the City of Hermosa Beach by the following vote:
AYES: Edgertpn i ,QAkes:{ .Rev,�czky ( Mayor PXo Tempoxe Bowler
NOES. Npne
ABSENT: �IaXox Benz
ABSTAIN: Non-
OF THE CITY OF CITY OF HERMOSA BEACH
ATTEST: APPROVED AS TO FORM:
l Y
City Clerk City Attorney
-2-
,i/
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF HERMOSA BEACH
1, Naoma Valdes, Deputy City Clerk of the City Council of the
City of Hermosa Beach, California, do hereby certify that the foregoing
Resolution No. 94-5710 was duly and regularly passed, approved and adopted
by the City Council of the City of Hermosa Beach at a Regular Meeting of
said Council at the regular place thereof on November 8, 1994.
14W/ The vote was as follows:
AYES:
Edgerton, Oakes, Reviczky, Mayor Pro Tempore Bowler
NOES:
None
ABSTAIN:
None
ABSENT:
Mayor Benz
DATED: November 9, 1994
Cllr---�--
Deputy City Clerk
'..�