R-458
RESOLUTION NUMBER 458 RAS
(Redevelopment Agency Senes)
A RESOLUTION OF THE REDEVELOPMEKT AGENCY OF THE
CITY OF SANTA MOKICADECLARING ITS INTENT TO ISSGE
TAX-EXEMPTION BONDS TO BE USED TO REIMBURSE THE
CITY FOR COMMERCIAL STREETS CAPE PROGRAyl
EXPENDITCRES PRIOR TO THE ISSUAKCE OF SUCH BOKDS
WHEREAS. the Redevelopment Agency of the CIty of Santa MOllica (the "Agency'")
desIres and mtends to finance certam public capnallmprovements preVIOusly approved by the CIty
of Santa Momca (the "Cny') and the Agency as the CommerCIal 5treetscape Program. compnsed
of the PICO Boulevard Phase and other CommerCIal Streetscape Improvements of benefit to the Santa
MOllica Earthquake Recovery Redevelopment Project (the "ProJecC). and
'WHEREAS, the Agency expects to cause the executIOn. deln-ery and sale of ta'(
exempt obligatIOns such as bonds to be repaId from the revenues of the Project tor the purpose of
prondmg financmg for all or a portIOn ofthe CommerCial Streetscape Program (the "ObligatIOns").
and
'WHEREAS, the CIty and Agency expect to mcur certam expenditures relatmg to the
Project and to pay for such expenditures from the CIty andior Agency's moneys on hand pnor to the
execution of the ObllgatlOns (the "Rennbursement ExpendItures"), and
W1ffiREAS, the Agency reasonably expects to use a portion of the proceeds of the
ObligatIOns to reimburse the City for expendItures made pnor to the date the ObligatIons are entered
mto,
NOW, THEREFORE. THE REDEVELOPMEKT AGENCY OF THE CITY OF
SANTA MONICA DOES HEREBY RESOLVE. DETER..l\rIINE A:\D ORDER AS FOLLO\V5
SECTION 1 DeclaratIOn of OfficIal Intent The Agency hereby declares ItS offiCIal mtent.
subject to the further approval of the Agency. to use up to $10.000,000 of the proceeds of the
Obhgations to reimburse Itself and/or the City for the Reimbursement Expenditures It is mtended
that thIS Resolution shall constitute a declaratIon of' offiCial mten!'" wIthm the meanmg of SectIOn
1 150-2 of the Treasury RegulatIOns promulgated under SectIOn 150 of the Internal Revenue Code
of 1986. as amended
SECTION 2 Other Approvals The adoption of thiS ResolutIOn shall not bmd the Agency
to proceed ,"vlth executIOn and delIvery of the OblIgatIOns untIl and unless all other necessary actIOns
and approvals are taken or receIved III accordance vvlth all applIcable laws
SECTION 3 The Agency Secretary shall certIfy to the adoptIOn of tlus ResolutIOn, and
thenceforth and thereafter the same shall be m full force and effect
APPROVED AS TO FOR..\1
;11tfj'; j JA. )]/ ~Iw
~~ j~n~tMo~tri; -
Agency General Counsel
[: ..\'fERL'SH:\R.E'Reievelop'"neRt"..Ei:~1l De":.PICO Street.KlpeJrci;.;.;:;emellt Reso P-w ROo\.....-x
Adopted and approved thIS 26th day of January. 1999
,
~~ -
1 . Pam O'Connor, ChaIr
I hereby certrfy that the foregomg ResolutlOn:-.Jo 458 (RAS) was duly adopted at a
meetmg of the Redevelopment Agency held on the 26th day of January 1999 by the follO\vmg
vote
Ayes
Agency Member
Femstem, Genser. Holbrook. McKeown, O'Connor.
Rosenstem
Noes
Agency Member
None
Abstam
Agency Member
None
Absent
Agency Member
None
ATTEST
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