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RESOLUTION NO. ~
(Redevelopment Agency)
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RESOLUTION OF THE REDEVELO~MENT AGENCY
OF THE CITY OF SANTA MONICA DECLARING
ITS INTENTION TO SELL BONDS OF SAID
AGENCY IN THE AMOUNT OF $14,470,000
FIXING TIME AND PLACE FOR TAKING BIDS
AND DIRECTING PUBLICATION OF NOTICE
INVITING BIDS
WHEREAS, th~s Agency deems It proper and the
necesslty therefor appears that bids be lnvited for the
purchase of lts $14,470,000 aggregate principal amount
of Parklng Lease Revenue Bonds (the "Bonds"), and that
if blds are satlsfactory the Bonds be sold in the manner
and at the tlme and place herelnafter set forth;
NOW, THEREFORE, the Redevelopment Agency of the
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Clty of Santa Monica DOES HEREBY RESOLVE, DETERMINE AND
ORDER as follows:
Sectlon 1. Sealed blds for the purchase of the
Bonds shall be recelved by the Agency at the tlme and place
herelnafter set forth ln the Notlce Invltlng Blds.
Sectlon 2. The Secretary is hereby authorlzed
and dlrected to publlSh sald Notice Invlting Bids by one
lnsertlon in the Evenlng Outlook, a newspaper of general
circulatlon, publlshed ln the Clty of Santa Monlca,
Callfornia, said publlcatlon to be at least 10 days prlor
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to the date of openlng blds stated thereln.
Section 3. The Secretary is further authorized
and dlrected to cause to be furnlshed to prospective bldders
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coples of said Notice Invltlng Blds, but the fallure, in
whole or ln part, to comply w~th th~s sectlon shall not ~n
any manner affect the valldlty of the sale of said Bonds.
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Sectlon 4. Sald Notice Inviting Blds shall be
substantially as follows:
(See Exhlblt A attached)
ADOPTED, SIGNED AND APPROVED this 2nd day of
November, 1978.
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/ 1--. /
/.f-~.1 ~<._, l"'v"c.....~
chairmsn'of the Redevelopment
Agency of the City of Santa Monica
ATTEST:
se~~
Agency of
\-l{tJ~
of the Redevelopment
the City of Santa Monica
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(SEAL)
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Acb "'3
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Resolution No. 1'i1
Redevelopment Agency
I hereby certlfy that the foregolng resolution was duly
adopted by the Redevelopment Agency of the Clty of Santa Monica at
a special meeting thereof, held on the 2nd day of November, 1978.
AYES: Bambrick, Reed, Trives, Cohen
NOES: Scott
ABSENT: Swink, van den Steenhoven
~ T /l.f
"';f-d_AA.,~~
John alill, Secretary
APPROVED AS TO LEGAL FORM
AND ADEQUACY:
S~kn Sk~~~ S-t.f"~
City Attorney
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EXHIBIT A
NOTICE I""N"mNG BIDS ON
514,470,00
BONDS OF THE
REDEVEWPMENT AGENCY OF THE CITY OF SANT A MO~lCA
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NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $14,470,000 par value of
lease revenue bonds of the Redevelopment Agency of the City of Santa Momca wIll be received by said
Agency at tbe place and up to the tIme below specified-
TIME Monday, November 20, 1978
1)-00 o'clock A M
PLACE City Hall
Room 210
1685 Mam Street
Santa MOnica, Cahforma 90401
MAILED BIDS MaIled bIds should be addressed to
The Redevelopment Agency
of the CIty of Santa Momca
c/o Mr John Herner
CIty Hall, Room 210
1685 Mam Street
Santa MOllica, Cahforma 90401
OPENING OF BIDS The bIds wlIl be receIved and opened at 11'00 A M on November 20, 1978 and
presented to the <\gency at Its meetIng to be held later that same day
ISSUE' $14,470,000, desIgnated "ParkIng Lease Revenue Bonds" (the "Bonds"). conSIstIng of 2,894
bonds. numbered 1 to 2894, both inclUSIVe, of the denommauon of $5,000 each, dated December 1, 1978
MA TURITIES The Bonds will mature In consecutIve numencal order on December 1 m the amounts
for each of the several years as follows
Year Principal Amount Year Pnnclpal Amount
1981. _ -- . ...... .. .... . $180,000 1995 . __ $ 460,000
1982 _. . 190,000 1996 . .. ... 495,000
1983 _ . ..... .. 205,000 1997 . ... . ....... .......- . 530,000
1984 ... ....... .. 220,000 1998 .... ... 565,000
1985 .... . 235,000 1999 .. 605,000
1986 .... .. 250,000 2000. ..... ... 650.000
1987 270,000 2001 695,000
1988 290,000 2002 .. . .. . ............. .. 740,000
1989 310,000 2003 795,000
1990 . ... ..... ... .... . 330,000 2004 850,000
1991 . . .. .. 355,000 2005 . __ ......... .. .. 910,000
1992. __ 375,000 2006 975,000
1993 405.000 2007 1.040,000
1994 430,000 2008 1.115,000
I~TEREST The Bonds shall bear mterest at a rate or rates to be fixed upon the sale thereof but not to
exceed 8'Jt per annum, payable semiannually on June 1 and December 1 m each year
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PA YMENT The Bonds and the mterest thereon are payable m lawful money of the Umted States of
Amenca at the principal office of Union Bank. Fiscal Agent for the Agency. m Los Angeles, Cahfornla. or
at the optIOn of the holder. at the offices of the paymg agents In Chicago, IIhnols or New York, New York
REGISTRA nON The Bonds will be coupon Bonds regIstrable only as to both pnnclpal and mterest
and any regIstered Bond may be dIscharged from regIstratIOn, all m the manner and with the effect set forth
m the resolutlon provid1Og for the Issuance of the Bonds (heremafter referred to as the "ResolutIOn")
adopted on November 2, 1978
REDEMPTION PROVISIONS In the event of loss of. substantial damage to or condemnatIon of the
whole or any substantial part of the Project (as defined In tbe ResolutiOn), all or any part of the Bonds may
be called and redeemed pnor to matuntyon any succeedmg mterest payment date, at a redemption pnce
equal to the pnncIpal amount thereof wIth accrued mterest to tbe date of redemptIon but wIthout premlUm
Except as set forth m the precedmg paragraph, Bonds matunng on or pnor to December 1, 1988, are
not subject to call and redemption prior to matunty Bonds matunng on and after December I, 1989, may
be called pnor to matunty, at the optIOn of the Agency, as a wbole, or 10 part In mverse order of maturIty
and by lot wlthm a SIngle matunty, and redeemed from funds derived by the Agency from any source, on
December I, 1988, or on any mterest payment date thereafter, upon payment of a redemptlOn pnce equal to
the prmclpal amount thereof plus the followmg premIUms (percentage of par value) If redeemed on the
following dates In the follOWing years'
Redemphon Date PreouUDIS
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December I, 1988 or June I, 1989..... ... ..... .. .. .......... 3 %
December 1, 1989 or June 1, 1990... . .... '" .. ......... 31h
Ikcem ber 1, 1990 or June 1, 1991.... .. ...... .... u .... 2
December I, 1991 or June 1, 1992 .... . ....... Ph
December I, 1992 or June 1. 1993 u. n.... ....._ u _. " ... 1
December I, 1993 or June 1. 1994...... ................... If.2
December I. 1994 and thereafter.. .... .. .... ... . u u _ u. ...... 0
PURPOSE OF ISSUE The Bonds are to be ISSUed by tbe Agency under and pursuant to the
Commumty Redevelopment Law of the State of Cahforma (Part 1 of DlVlsion 24 of the Health and Safety
Code) to finance the constructIOn of pubbc parkIng faclhtles and related Improvements as part of a
redevelopment projeCt tn the CIty of Santa Momca, Callforma known as the Downtown Redevelopment
Project
SECURITY The Bonds are speCIal obhgatlons of the Agency and are payable, both pnnclpal and
mterest. solely from Pledged Revenues (as defined 10 the ResolutIon, mcludlOg the base rentals payable by
the City of Santa MOnica to the Agency for the leasmg of the facihues). Such obhgauons, however. may be
hmned by bankruptcy, msolvency or other laws affectmg tbe enforcement of creditors' nghts The Bonds are
not obhgatlOns of the City of Santa MODIca
TERMS OF SALE
Interest Rate: The maximum rate bId may not exceed 8% per annum, payable semIannually Each rate
bid must be a multIple of IJs or 1/20 of 1 % No Bond shall bear more than one mterest rate. and all Bonds of
the same maturity shall bear the same rate Each Bond must bear mterest at the rate specified In the bid
from ItS date to Its fixed matunty date Only one coupon wIll be attached to each Bond for eacb 10stallment
of mterest thereon, and bIds provIdmg for addItional or supplemental coupons wIll be rejected The rate on
any matunty or group of matuntles shall not be more than 1 Y.z% higher than the mterest rate on any other
maturity or group of matuntles
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 accrued mterest to the date of dehvery, the
purchase pnce. WhICh shall not be less than par, and the mterest rate or rates not to exceed those speCIfied
herem, at which the bidder offers to buy the Bonds Each bidder shall state In its bId the total net mterest
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cost m dollars and the average net mterest rate determmed thereby, which shall be consIdered mformatlVe
only and not a part of the bid
Highest Bidder: The Bonds will be awarded to the highest responsible bIdder or bidders consldenng the
mterest rate or rates specified and the premIUm offered, if any Subject to the foregomg condItIon, the
highest bId Will be determined by deductmg the amount of the premIUm bId (If any) from the total amount
of mterest which the Agency would be reqUIred to pay from the date of the Bonds to the respective matunty
dates thereof at the coupon rate or rates specIfied ID the bid, and the award Will be made on the basIs of the
lowest net mterest cost to the Agency The purchaser must pay accrued mterest from tbe date of the Bonds
to the date of delivery computed on a 360-day year baSIS The cost of pnntmg the Bonds Will be borne by the
Agency
Rigbt of Rejection: The Agency reserves the nght m Its discretIOn, to reject any and all bids and to the
extent not prohibited by law to waIve any lfregulanty or mformahty In any bid
Prompt Award: The Agency will take action awardmg the Bonds or rejecting all bids not later than 26
hours after the tIme herem prescnbed for the receIpt of proposals, prOVided that the award may be made
after the eXplTatlOn of the specified time if the bidder shall not have given to the Agency notice m wTltmg of
the withdrawal of such proposal.
Place of Dehvery; Funds for Payment: DelIvery of the Bonds will be made to the successful bIdder at
Jeffnes Banknote Company, 1330 West PlCO Boulevard, Los Angeles, Cahfornla. or at such other place as
may be agreed llpon by tbe successful bidder and the Treasurer of the Agency Payment for the Bonds shaH
be made In Federal Reserve Bank Funds or other immedIately available funds
Prompt Deli\lery; Cancellation for Late Deh\'ery: It IS expected that the Bonds Will be dehvered to the
successful bIdder wlthm 30 days from the date of sale thereof The successful bidder shall have the nght, at
hiS optIOn, to cancel the contract of purchase If the City sball fall to execute the Bonds and tender them for
dehvery wIthm 60 days from the date herein fixed for the receIpt of bids, and m such event the successful
bidder shall be entItled 10 the return of the check accompanymg hiS bid The Agency expects to make such
dehvery In the form of defimtlve bonds. but reserves the nght to make such dehvery In the form of
temporary bonds, exchangeable for defimtIve bonds, at no cost 10 the purchaser
Form of Bid- Each bid, together WIth the bid check, must be m a sealed envelope. addressed to the
Agency With the envelope and bId clearly marked "Proposal for $14,470,000 ParkIng Lease Revenue Bonds
of the Redevelopment Agency of the Crty of Santa Momca"
Bid Check: A certified or cashier's check on a responSible bank or trust company lD the amount of
$250,000 payable to the order of the Agency must accompany each proposal as a guaranty that the bidder,
If successful, will accept and pay for the Bonds m accordance With the terms of its bId The check
accompanYing any accepted proposal shall be applIed on the purchase pnce or, If such proposal IS accepted
but not performed, unless such failure of performance shall be caused by any act or omiSSIon of the Agency,
shall then be cashed and the proceeds retained by the Agency The check accompanymg each unaccepted
proposal will be returned promptly
Change In Tax Exempt Status: (a) At any tIme before the Bonds are tendered for delwery, the
successful bldder may disaffirm and withdraw the proposal If the mterest receIved by private holders from
bonds of the same type and character (except as stated In (b) below) shall be declared to be taxable mcome
under present federal income tax laws, eIther by a rulmg of the Internal Revenue ServIce or by a decISIOn of
any federal court, or shall be declared taxable by the terms of any federal mcome tax law enacted
subsequent to the date of thIS notice
(b) Interest on any Bonds held by any substantial user of the faCIlitIes financed by the Bonds or any
related person may be taxable pursuant to SectIOn 103(b) of the Internal Revenue Code and regulatIOns
adopted thereunder
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Closing Documents: Each proposal will be understood to be condlhoned upon the Agency furmshmg to
the purchaser, without charge, concurrently with payment for and delIvery of the Bonds, the followmg
closmg papers, each dated the date of such delivery
(a) Legal opimon - The unqualIfied opmlOn of O'Melveny & Myers of Los Angeles, Califorma,
Bond Counsel, approVIng the vahdlty of the Bonds and statmg that mterest on the Bonds IS exempt
from Income taxes of the Unned States of Amenca under present federal Income tax laws (subject to
paragraph (b) In "Change m Tax Exempt Status") and that such mterest IS also exempt from personal
Income taxes of the State of Cahforma under present state mcome tax laws (A copy of saId opimon of
O'Melveny & Myers, certJfied by an officer of the Agency by facsImile signature, wIll be printed on tbe
back of each Bond No charge wIll be made to the purchaser fOr such pnntmg or certificatIon.)
(b) Certificate Re OffiCial Statement - A certIficate of an officer of the Agency actmg m such
person's official and not personal capacIty, to the effect that at the time of the sale of the Bonds and at
all tImes subsequent thereto up to and mcludmg the tIme of the delivery of the Bonds, the OffiCIal
Statement relatmg to said Bonds dId not contam any untrue statement of a matenal fact or omIt to
state a matenal fact necessary to make the statements therem, m hght of the ClTcumstances under
whIch they were made, not mlsleadmg
(c) Non.Arbltrage Certificate - A certmcate of an officer of the Agency that on the basis of the
facts, estImates and CIrcumstances in eXIstence on the date of Issue, It IS not expected that the proceeds
of the Bonds wIll be used in a manner that would cause the Bonds to be arbItrage bonds
(d) Certificate Re LitIgatIon - A certIficate of an officer of the Agency certIfymg that tbere IS no
htIgatIon threatened or pendmg affectmg tbe vahdlty of the Bonds.
(e) Signature CertIficate - Certificate of the officers and representatives of the Agency, shOWing
that they have SIgned the Bonds, whether by faCSImile or manual signature, and that they were
respectIvely duly authonzed to execute the same
(f) Receipt - The receipt of the Agency showmg that the purchase pnce of the Bonds. mcludmg
mterest accrued to the date of dehvery thereof, has been received by the Agency
Official Statement: The Agency will furmsh to the successful bIdder as many copies of the OffiCIal
Statement as such bIdder shall reqUIre No charge WIll be made to the successful bidder for the first 250
copIes of the OfficIal Statement
OJSIP NUMBERS: It IS antiCIpated that CUSIP numbers wIll be prmted on the Bonds, but neIther
the faIlure to prInt such numbers on any Bond nor error With respect thereto shall constitute cause for a
failure or refusal by the purchaser thereof to accept delIvery of and pay for the Bonds In accordance With the
terms of the purchase contract All expenses of prtntmg CUSIP numbers on the Bonds shall be paid by the
Agency, but the CUSIP Servtce Bureau charge for the aSSIgnment of saId numbers shall be paid by the
purchaser
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Information Auilable: Requests for mformatIon concermng the Agency or for copies of, the Official
Statemenl prepared b)' the Agency descnbmg the Bonds should be addressed to
Redevelopment Agency of the City of Santa MODIca
Mr John Herner
City Hall, Room 2] 0
Santa MOnica, Cahforma 9040]
OR
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MUDlClpal Department
Blyth Eastman Dillon & Co Incorporated
555 Cabforma Street
San Francisco, Cahforma 94104
GIVEr-: by order of the Agency adopted on November 2, 1978
Secretary of the Redevelopment Agency
of the CIty of Santa Momca
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