HomeMy WebLinkAbout9718 - International Bay Clubs Refinancing TransactionRESOLUTION NO. 9718
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH RESCINDING RESOLUTION NO. 9643,
WHICH WILL REVOKE THE AUTHORIZATION FOR INTER-
NATIONAL BAY CLUBS, INC. TO ENTER INTO A REFINANCING
TRANSACTION WITH OPPENHEIMER INDUSTRIES, INC. IF
SAID REFINANCING IS NOT COMPLETED BY DECEMBER 31, 1980.
WHEREAS, the City Council on September 10, 1979,
adopted Resolution No. 9643 approving assignment of an interest
in the Balboa Bay Club leasehold estate by sale to the Balboa
Bay Limited Partnership, a Missouri Limited Partnership,
Oppenheimer Industries, Inc., a Missouri Corporation as General
Partner, and by leaseback to International Bay Clubs, Inc., with
repurchase agreement; and
WHEREAS, the negotiations between the principals
involved in said authorized refinancing are not completed; and
WHEREAS, it is inappropriate to leave Council autho-
rization for a transaction when said transaction may not be
consummated until some later time; and
WHEREAS, the City Council desires to allow the parties
until December 31, 1980, to complete the refinancing transaction;
NOW, THEREFORE, BE IT RESOLVED that the City Council
of the City of Newport Beach allows the parties to complete said
refinancing until December 31, 1980, and if said refinancing is
not completed by that date, Resolution No. 9643 which granted
authorization for International Bay Clubs, Inc., a California
Corporation, to enter into a refinancing transaction with Balboa
Bay Limited Partnership, a Missouri Limited Partnership,
Oppenheimer Industries, Inc., a Missouri Corporation as General
i Partner will be automatically rescinded.
ADOPTED this 21 day of January , 1980.
Mayo' ref
ATTEST:
ity Clerk
IPIED AS T IGINAL
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1/11/80