R-318
~ RESOLUTION NO. 318 (R.A~
RESOurrION AUTHORIZlm THE ISSUANCE
OF POOJmr WAN NOTES IN
COHlfECTION WITH URllAN RmEWAL PROJECT
NO. CALIF. R-37 AND CALIF. R-44
HUD-9101.
(11-68)
.
WffEREAS the Redevelopment Agency of the City of Santa Monica
(herein c"''''2d the "LoceJ.. Public Agency") is duI.y autborized and proposes to
undertake and carry out a certain urban renewal or redewlopment project
(designated Project No(a 1 if. R-37 /44) of the character authorized by I.aw with financial.
aid by the United States of America (here in calI.ed the "Goverlllllent"), in the form
of a Project Temporary Loan under TiUe I of the Housing Act of 1.949, as emended
(~2 U.S.C. 1450 et seq.), which may be made by the Government to the Local. PubI.1c
Agency with respect to said Project in accordance with a certain Loan and Grant
Contract (herein c...llp.d the "Contract"), by and between the Local. Public Agency and
the Government; and
WHEREAS, in order to enab1.e the Local Public Agency to obtain such :financial.
aid, it is necessary for the Ice&! Public Ai!,ency to authorize and, from t!- to
t1......., issue certain obI.1gations in the form of Project Loan Notes, as herei~r
provided:
NOW,TH~RE, BE IT RESOLvJSD by the Local. Public Agency as follows:
Section 1.. Whenewr the following terms, or any of them, are used in this
Reso1.ution the same, unless the context shall. indicate another or different
meaning or intent, shall. be construed, are used, and are intended to haw meanings
as follows:
(1) Tbe term. "Resolution" sh""J mean this Reso1.ution.
(2) Al1 other terms used in this Resolution and. which are defined in the
Contract ShA.ll have the respective meanings ascribed thereto in the
Contract.
.
Section 2. The Contract entered into between the Local PubI.1c Agency and
the GoveriJiuent for the above identified Project is hereby declared to be a part
of this Reso1.ution and. all app1.icab1.e provisions thereof shall be deemed incorporated
herein to the same extent as if the proviSions thereof were expressly set forth in
full herein.
Section 3. In order to evidence payments made by the GoveJ"'11llf"nt on account
of the Project Temporary Loan pursuant to the Contract with respect to the Project
and to refund, renew, extend or substitute for any Note by this Reso1.ution authorized
to be issued (or any such Note by anY other resolution authorized to be issued and
which is outstanding, or on deposit for delivery pending payment therefor, as of the
date this Resolution becomes effective), there are hereby authorized to be issued,
from time to t1:me, Project Loan Notes of the Local. Public Agency in an aggregate
principal amount outstandinB at any one ti- (whether authorized by this Resolution
or any other resolution authorizing the issuance of Project Loan Notes) not in
excess of the amount of the Project Tempor&rJ' Loan availabI.e under the Contract.
Section ll.. The Execut I ve Director is hereby authorized to file with
the Government from time to time as funds are required, requisitions, together
with the necessary supporting doc'11IIPnts, requesting payments to be made on account
of the Project Temporary Loan available under the Contract, and the proper officers
of the Local. Public Agency shall prepare, execute and deliver to the Government
Notes hereinafter authorized and. shall accept payment therefor from the Govermaent
in the form of cash or other Notes issued by the Local PubI.ic Agency, and such
. officers are authorized to do and perform all. other things and. acts required to be
done or performed in order to obtain such payments. Cash proceeds from the issuance
of all Project Loan Notes sbaI.l be deposited and disbursed only in accordance with
the provisions of the Contract.
Section 5. Each Project Loan Note sh"'U bear interest and be payabI.e in the
form and manner prescribed by the Contract and this Resolution; shall be si@Ded
in the name of the Local PubI.ic Agency by the Cha i rman ;
and shall. have the official seal. of the Local Publ.ic Agency 1",!,ressed thereon a.nd
attested by the Secretary ; and
shall. otherwise be in substantially the form of BUD-9107 which is incorporated
herein by reference.
HUD-9l0l
(n-68)
Section 6. This Resolution shall supersede all previous resolutions authorizing
Project Temporary Loan Notes. and the Project Loan Notes authorized by this Resolution
shall be exchanged for any Project Temporary Loan Notes heretofore issued pursuant to
any previous resolution.
.
,
Section 7. This Resolution shall take effect immediately.
ADOPTED AND APPROVED TH I S 27TH DAY OF
MARCH
, 1973.
~-rdfi~
Anthony t.-?"'Onuri
Chai rmaV
.
I hereby certify that the foregoing resolution was duly adopted by the Redevelopment
Agency of the City of Santa Monica, California, at a regular meeting thereof, held on
the 27th day of March , 1973, by the following vote of the Agency Members:
AYES:
NOES:
ABSENT:
ABSTAIN:
MEMBERS:
MEMBERS:
MEMBERS:
MEMBERS:
Dlturi, GabrIel, Reidy, Rinck, Trives
None
None
Hoover, McCloskey
/tffhJ(
K. O. !grubb
Secretary
Approved as to form and
adequacy this~ay
of ~~~~ , 1973.
~#~
Euge B. Jacoy.s:7 -
Genera I Counij
.
.