REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Oliver Chi, City Manager
PREPARED BY: Chuck Adams, Interim Chief Financial Officer
Subject:
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Adopt Resolution No. 2019-72 authorizing the execution and delivery of a Second Supplemental Indenture in connection with a change in the authorized use of proceeds of the Huntington Beach Public Financing Authority (Orange County, California) Lease Revenue Bonds, 2014 Series A, and authorizing the execution of necessary documents and certificates and related actions in connection therewith
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Statement of Issue:
City Council authorization is requested to amend the authorized use of available proceeds related to the 2014 Series A Lease Revenue Bonds to include soft costs related to the Police Building Modernization Project.
Financial Impact:
There are sufficient fund balances in the Infrastructure Fund (314) and the Bond Project Fund (319) to support this request.
Recommended Action:
recommendation
A) Adopt Resolution No. 2019-72, "Resolution of the City Council of the City of Hunting Beach Authorizing the Execution and Delivery of a Second Supplemental Indenture in Connection with a Change in the Authorized Use of Proceeds of the Huntington Beach Public Financing Authority (Orange County, California) Lease Revenue Bonds, 2014 Series A, and Authorizing the Execution of Necessary Documents and Certificates and Related Actions in Connection Therewith;" and,
B) Approve authorization to execute any necessary actions to comply with Resolution 2019-72 including: 1) the inter-fund transfer of $514,651 from the Bond Project Fund (319) to the Infrastructure Fund (314); and 2) an appropriation increase of $320,349 to the Bond Project Fund to utilize the remaining bond proceeds on capital projects as authorized in the Bond Indenture and Supplemental Amendments.
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Alternative Action(s):
Do not approve the recommended action and direct staff accordingly.
Ana...
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