R-354
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Resolution No. 354
(Redevelopment Agency)
RE30LL'TION OF THE REDEVELOPME!'l'T AGENCY OF THE cnY OF SA!\.T A MONICA
AUTHORIZING THE ISSUANCE OF 514,470,000 PRINCIPAL A1\10UNT OF PARKING LEASE
REVENUE BONDS OF SAID AGENCY TO FlI'\ANCE A PORTION Of THE COST OF A
REDEVELOPMENT PROJECf KNOW1\" AS THE DOWNTOWN REDEVEWPME~I PROJECf.
WHEREAS. the Redevelopment Agency of the City of Santa Momca IS a redevelopment agency (a pubhc
body, corporate and polItic) duly created. estabbshed and authonzed to transact busmess and exercise Its
powers. all under and pursuant to the Commumty Redevelopment Law (Part I of DlVlslOn 24 of the Health
and Safety Code of the State of Cahfornia) and the powers of said Agency mclude the power to Issue bonds
for any of Its corporate purposes, and
WHEREAS, a redevelopment plan for a redevelopment project known and desIgnated as the "Downtown
Redevelopment ProJect" has been adopted and approved and all requITements of law for, and precedent to,
the adopuon and approval of said plan have been duly comphed With, aDd
WHEREAS, in accordance With said redevelopment plan, the Agency has acquued a certam parcel of
land (the "Site") on which to construct a parkmg faclhty together With related pubhc Improvements thereon
and to lease the Site and the Facihty (referred to herem collectIvely as the "Leased Premises") to the City of
Santa MOnica (the "Clty"); and
WHEREAS, the Agency and the Councd of the eny have determined by resolutlOn pursuant to Section
33445 of the Health and Safety Code of the State of Cahforma that the Faciltty IS of benefit to the
Redevelopment Project Area, and
WHEREAS. the Agency deems It necessary to Issue Its bonds to finance a portlon of the cost of such
redevelopment, to WIt, the repayment of a promIssory Dote In the prinCIpal amount of $3,700,000 (the
UNote"), the proceeds of whIch have been used to aequITe the SIte, to pay the cost of construction of the
Facihtles and to pay other related costs and expenses,
Now, THEREFORE. the Redevelopment Agency of the City of Santa MOnica DOES HEREBY RESOLVE,
DETERMINE AND ORDER as follows'
Section 1 DefinitIons. As used In thiS Resolutlon the followmg terms shall have the followmg
meamngs
(a) "Bonds" means the $14,470,000 pnnClpal amount of lease revenue bonds authonzed by thiS
Resolution
(b) "City" means the City of Santa MOnica, Cahfomla
(c) "City Council" or "CouncIl" means the Santa Momca City CouncIl
(d) "Federal Securities" means any obhgatlons descnbed In subparagraphs (b) and (e) of SectIon
53601 of the Government Code of the State of Cahforma, to the extent that such obhgatlons are
ehglble for the legal mvestment of Agency funds
(e) "FmanClal Newspaper or Journal" means any edlt10n of the Wall Street Journal, The Dally
Bond Buyer, or any other newspaper or Journal contammg finanCIal news pnnted In the Enghsh
langauage, customanly pubhshed on each busmess day, and selected by the F,scal Agent, whose
deelSlon shall be final and conclUSive
(f) "Fiscal Agent" means Its successors and assigns, and any other corporatIOn or assoclatlon
whIch may at any Hrne be substituted In 11s place, as prOVided m thiS Resolution
(g) "Fiscal Year" means the twelve month penod begmnmg on July 1st and endmg on the next
followmg June 30th
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(h) uLease Agreement" means that certam Lease Agreement (to whIch thiS Resolution will be
attached as ExhIbIt B) to be dated as of December]. ] 978. between the Agenc)' and the CIty. mcludmg
any amendments of supplements thereof made m accordance with the provIsions of thIS Resolullon
(1) "MaXimum Annual Debt ServIce" means the largest of the sums obtaIned for any] 2 month
penod endmg December I by totalIng the followmg for each such 12 month penod endmg December]
(I) The pnnclpal amount of all Bonds and Panty Bonds payable m such 11 month penod
endmg December I and outstandmg at the tIme of such computallon,
(2) The mlDlmum term bond payments, If any, payable In such ]2 month period endmg
December 1 wIth respect to any Panty Bonds, and
(3) The mterest WhICh would become due dunng such 12 month perIod endmg December] on
the aggregate pnnclpal amount of Bonds (and Panty Bonds) whIch would be outstandIng In such
]2 month penod endmg December] if the Bonds (and Panty Bonds) outstandmg on the date of
such computatIOn arc retIred as they mature and If the term Panty Bonds outstandmg on the date
of such computatIon, If any. are retIred pursuant to a mimmum term bond payment scbedule set
forth In the resolutIon proVIding for the Issuance of such term Panty Bonds
(J) .'Panty Bonds" means any additIOnal lease revenue bonds ISSUed by the Agency as permitted by
SectIOn ] 4 of thIS ResolutJOn.
(k) "PaYIng Agent" means any paymg agent prOVided by the Agency pursuant to thIS Resoluuon.
(1) .'Pledged Revenues" means the Base Rental (as that term IS defined In the Lease Agreement)
payable by the CIty to the Agency under the terms thereof, all moneys credIted upon Base Rental as
prOVIded ID the Lease Agreement or In thIS Resolution, all net revenues, If any, receIVed by the Agency
from the reletung Or operallon of tbe Leased PremIses 10 the event of a default by the City thereunder.
and any other moneys whIch under thIS ResolutIon are placed m the Bond ServIce Fund.
(m) "ProJect" means the constructIon of the Facil1ty
(n) "Redevelopment Agency" or "Agency" means the Redevelopment Agency of tbe City of Santa
Momca
(0) "Redevelopment Law" or "Law" means the Commumty Redevelopment Law of the State of
Cahforma as CIted m the recItals hereof
(p) "Redevelopment Plan" means the redevelopment plan for the Redevelopment Project Area
approved and adopted by Ordmance No. lO21(CCS) oftbe CIty. and mcludes any amendments of said
plan heretofore or hereafter made pursuant to law
(q) "Redevelopment ProJect" means the project of carrymg out, pursuant to the Law. the
Redevelopment Plan for the Redevelopment Project Area
(r) .'Redevelopment Project Area" means the project area descnbed and defined In Ordinance No
1021(CCS) of the CIty, whIch project area IS known and deSIgnated as "Santa MOnica Downtown
Redevelopment Project ,.
(s) "ResolutIOn" means thIS ResolutIon, prOViding the terms and condItions for the Issuance of the
Bonds
(t) "Treasurer" or .Treasurer of the Agency" means the officer who IS then perfomllng the
functlons of the Agency
Section 2 Amount, Issuance and Purpose of Bonds. Under and pursuant to the Redevelopment Law
and under and pursuant to thIS Resolution. Bonds of the Redevelopment Agency 10 the pnnclpal amount of
$] 4,470,000 shall be Issued by the Agency for the purpose of financmg the constructIOn of the FacihtJes and
for other purposes related thereto as heremafter prOVIded
Section 3 Nature of Bonds. The Bonds shall be and are speCial oblIgatIOns of the Agency and are
secured by an ITrevocable and first pledge of, and are payable as to both pnnclpal and Interest from Pledged
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Revenues and other funds as heremafter provided, without pnorlty for number, date of sale. date of
execution or date of delIvery, except as expressly provided herem SaId Bonds and the mterest thereon are
not a debt of the CIty of Santa Momca, the State of Cahforma or any of ItS politIcal subdlVlslOns and neIther
said City, saId State nor any of ItS pohtlcal SUbdivISions IS hable on them, nor m any event shall saId Bonds
or mterest be payable out of any funds or properties other than those of the Agency as 10 tblS ResolutIOn set
forth SaId Bonds do not constItute an mdebtedness WlthlD the meamng of an) constItut!onal or statutory
debt limitation -or restrlctlOn_ Neither the members of the Agency nor any persons executmg the Bonds are
hable personally on the Bonds by reason of theIr Issuance
Any Bond for the payment and dIscharge of whIch upon matunty, or upon redemptIon pnor to
matunty, provISlOn has been made through the settmg apart m a specIal trust fund or account created
pursuant to thIS Resolution or otherWISe to msure the payment thereof, of money suffiCIent for the purpose,
shall be deemed to be no longer outstandmg wIthIn the meanmg of any prOVISIon of thIS Resolution
Nothmg In thiS ResolutlOn shall preclude the redemptIOn and payment of the Bonds pnor to matunty,
or tbe payment thereof at matunty, from the proceeds of refundIng bonds ISSUed pursuant to law. NothIng
m thIS ResolutlOn shall prevent the Agency from makmg advances of Its own funds howsoever denved to any
of the uses and purposes mentioned 10 thIS ResolutIOn
SectIOn 4. Description of Bonds. The Bonds shall be m the pnnclpal amount of 514,470,000, shall be
2894 In number, numbered 1 to 2894 mcluslve, and shall be of the denommatlon of $5,000 each SaId Bonds
shall be deSignated "Parlang Lease Revenue Bonds", shall be dated December I, I 978, and shall mature 10
consecutlve numencal order on December ] m each of the years and m the amounts as follows
Pnnclpal PnnClpal
Year Amount Year Amount
1981 ... ...... .. . .. $ 180,000 1995 .. .. ...... _. S 460,000
1982 190,000 1996 .......... .... 495,000
1983._ . .... .. 205,000 1997 . ............. .. 530,000
1984. 220,000 1998 ..... .. ....... .. 565,000
1985 h .. ........ 235,000 1999 . . .... ........ -- 605,000
1986 +.... ...... 250,000 2000.. . . . .. ..... ............ 650,000
1987 270,000 2001 __ .. . ....... .- 695,000
1988. . h - 290,000 2002 .. . ............. ... 740,000
1989 __ .. . .. . .... .. .. .... 310,000 2003 ... .. .... .. . .. 795,000
1990 .. . h . .. ........ 01- ... ........ 330,000 2004 _ .. .. .-.- ..... ... 850,000
. 199] .. . .. . .. . . ........ 355,000 2005. . .. . .... ... .... .... .. 910,000
1992 __ _ _. on . ........ ... 375,000 2006 ..... .. .. ....... .. n. ...... .... 975,000
1993 .. . _. ... 405,000 2007 ...... . ...... .. ] ,040,000
1994.. ........... ...... -- 430,000 2008. ..... .. . .. ..- ... .. .... .. . . 1,115,000
SectIon 5 Interest. The Bonds shall bear interest at a rate or rates to be hereafter fixed by resolutJon,
but not to exceed eIght per cent (8%) per annum, payable semiannually on June 1 and December I of each
year Each Bond shall bear mterest until the pnncIpal sum thereof has been paId; prOVIded, however, that If
funds are available for the payment thereof In full accordance WIth the terms of thIS ResolutIon, said Bond
shall then cease to bear mterest
SectIOn 6 Place of Payment. The Bonds and the mterest thereon shall be payable In lawful money of
the Umted States of Amenca at the pnnclpal office of the Fiscal Agent in Los Angeles, Cahforma, or at the
optIOn of the holder, at the offices of the paymg agents In ChIcagO, IlhnOIs or New Vork, New York
SectIOn 7 Execution of Bonds. The Bonds shall be SIgned on behalf of the Agency by Its ChaIrman by
manual or faCSImIle SIgnature and by ItS Secretary by manual SIgnature, and the seal of the Agency shall be
Impressed. Impnnted or reproduced thereon The Interest coupons on said Bonds shall be sIgned by saId
Secretary by manual or faCSImIle SIgnature The foregOIng officers are hereby authonzed and directed to
SIgn said Bonds and coupons In accordance WIth thiS Section 7
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Section 8 Registration, Temporary Bonds. The Bonds may be registered only as to both prmcIpal and
Interest, and any registered Bond may be dIscharged from regIstratiOn, all m the manner and WJth the effect
set forth In the provIslOns for regIstration con tamed In the form of Bond set forth In Section 32 hereof
The Fiscal Agent will keep or cause to be kept at Its office suffiCient books for the registratIOn and
transfer of the Bonds. whJch shall at all bmes be open to mspectlon by the Agency, and, upon presentatIOn
for such purpose, the Fiscal Agent shall, under such reasonable regulatlons as It may prescnbe, register or
transfer or cause to be regIstered or transferred. on saId regJster, Bonds as herem provJded
Any Bond Issued under thiS ResolutIOn may be ISSUed m temporary form exchangeable for defimtJve
Bonds when ready for delIvery The temporary Bonds may be pnnted, lIthographed or typewntten, shall be
of such denommatlOn as may be determmed by the Agency, shall be WIthout coupons and may contam such
reference to any of the provISions of thiS Resolution as may be appropnate. Every temporary Bond shall be
executed by the Agency upon the same condIttons and 10 substantially the same manner as the defimtlve
Bonds_ If the Agency Issues temporary Bonds, It shall execute and fUrnish defimtlVe Bonds without delay
and thereupon the temporary Bonds shall be surrendered for cancellallon at the office of the Fiscal Agent.
and the FIscal Agent shall dehver in exchange for such temporary Bonds an equal aggregate pnnclpal
amount of defimtlve Bonds of authonzed denommatlons of the same mterest rates and matuntles Until so
exchanged. the temporary Bonds shall be entItled to the same benefits under thIS Resolution as definitive
Bonds
SectJon 9 Funds. There is hereby created WJth the Treasurer a specIal trust fund called the Parlang
Project ConstructIOn Fund (the "ConstructIOn Fund")
There are hereby created the followmg funds to be held by the Fiscal Agent and apphed as desJgnated
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(a) The "Revenue Fund".
(b) The "Bond ServJce Fund",
(c) The "Workmg CapItal Fund", and
(d) The "Reserve Fund".
SaId funds, exclUSIve of the Working Capital Fund, are to be established and mamtamed to Insure payment,
when due or payable. whether at matunty or upon redemptiOn pnor to matunty, of the pnncIpal of and
mterest on the Bonds, mcludmg premIUms, If any, due upon the redemptlon of any thereof and to Insure the
apphcation of the proceeds of such Bonds to the purposes for which the same were ISSUed Any money placed
In any such fund shall constitute a trust fund and until the Bonds and allmterest thereon are paId or until
prOVISIon has been made for the payment of the Bonds at matunty or for redemptJOn thereof pnor to
matunty With mterest to maturIty or to the call date. by settIng aSide In some trust fund or account an
amount suffiCient for said purposes, the moneys m saId fund shall be applIed only to the purposes for which Jt
was created, proVlded, however. that mcome denved from the mvestment or deposit of moneys In the
Revenue Fund. the Bond Service Fund, the Working CapItal Fund and 10 the Reserve Fund pnor to
completion of the Project wIll be depoSited m the ConstructJon Fund
SectIon 10 Disposition of Bond Proceeds - Bond Service Fund - Construction Fund - Reserve Fund
- Working Capital Fund. Concurrently With the dehvery of and payment for the Bonds, there shall be
transferred to the FIscal Agent from the proceeds of sale thereof (a) for deposit m the Bond Service Fund,
an amount WhICh, together WIth the prerruum and accrued mterest, if any, shall be suffiCient to pay the
mterest commg due on the Bonds to and mcludmg December I, 1980, (b) for depoSIt m the Reserve Fund.
an amount equal to MaXimum Annual Debt Service and (c) for deposit 10 the Worlang Capital Fund, the
amount of $5.000
After the foregomg transfers have been made. the Treasurer shall deposIt the balance of the proceeds In
the Construction Fund The moneys so set aSide In the Construction Fund shall remam therem until from
time to time expended for the purpose of carrymg out the ProJect. mcludmg without lImItatIOn, payment of
the Note together with any accrued Interest due thereon Pa,rment of such Note (includIng accrued mterest)
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shall be made by the Treasurer on the date of dehvery of the Bonds and shall be deemed to have occurred
concurrent with such dehvery When the Project has been completed In accordance with the Lease
Agreement, any remammg balance m the Constructlon Fund shall be applied, at the directIOn of the
Agency, In whole or In part, as follows
(a) Transferred to the Bond Service Fund or the Redemptlon Fund, In which e.vent the Agency
shall credn the amount so transferred agamst the next or succeedmg mstallments of Base Rental.
(b) Retained In the Construction Fund and used to finance future additIOns or Improvements to the
Leased PremiSes, subject to the prOVIsIons of SectlOn 33445 of the Law, or
(c) Transferred to the Reserve Fund, to the extent necessary to mamtaln said fund In an amount
equal to MaXimum Annual Debt Service
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Seenon 11 Revenue Fund. From the date thIS Resolullon takes effect all Pledged Revenues shall be
placed In the Revenue Fund, and, except as expressly proVided In thIS ResolutJOn, shall be used only for the
purpose of paymg the pnnclpal of and interest on the Bonds as the same fall due So long as the Bonds are
outstandmg the Fiscal Agent shall on or before the dates set forth below transfer from the Revenue Fund
the followmg amounts to the follOWIng funds
(a) Commencmg May IS, 1981. and on each May 15 thereafter, to the Bond ServJce Fund an
amount whIch together WIth any balance therem Will be equal to the amount necessary to pay Interest
on the outstandIng Bonds on the next two ensumg Interest payment dates
(b) CommencIng November 15, 1981, an on each November 15 thereafter, to the Bond Service
Fund an amount equal to the amount necessary to pay the pnnclpal amount of Bonds matunng on the
next ensumg December I.
Any moneys In the Revenue Fund on January 15.1982 or on each January 15 thereafter whIch are JD
excess of the amounts requtred to pay pnnclpal and mterest on the Bonds In tbe succeedmg Fiscal Year
based upon the amount of Base Rental prOVided therefor shall first be transferred to the Reserve Fund to
make up any defiCIency therem and thereafter may, at the discretion of the Agency, In whole or 10 part, be
(a) Apphed by the Fiscal Agent to the purchase of outstandmg Bonds, prOVided that the purchase
pnce shall not exceed the then current redemptIon price or. If the Bonds are not then subject to
redempuo~ the maxunum r~rl""mpt1On price. or
(b) Transferred to the Workmg CapItal Fund, or
(c) Transferred to the RedemptIOn Fund and apphed to the call and redemptIon of Bonds, or
(d) Transferred to the ConstructIOn Fund and used for completIon of the Project or for additions
or Improvements to the Leased Premises, subject to the provisions of Section 33445 of the Law, or
(e) Either retamed In the Revenue Fund and apphed as a credIt agamst the next or succeedmg
mstallment of Base Rental commg due or paId to the City as reImbursement for any rental prevIously
paId
SectIOn 12 Working Capital Fund. Moneys depoSited In tbe Workmg Capital Fund shall. to the extent
available. be used for the payment of
(a) All taxes and assessments, if any, of any type or character leVied at any time dUrIng the term of
the Lease Agreement upon the Agency's mterest In the Leased PremISes or upon the Agency's
operatIOn of the FacIlIty or upon the Income or other revenue denved by the Agency therefrom,
(b) Insurance premJUms on all lDsurance requtred or pernlltted on the Leased Premises,
(c) Annual Fiscal Agent's fees. and all costs and expenses whIch Agency may !Denr as a result of
any default by the CIty under the Lease Agreement. mclud10g reasonable attorneys' fees and the costs
and expenses of any SUit or actIon at law to enforce the terms and conditIOns of the Lease Agreement.
and
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(d) If at any time the Agency shall operate the Leased Premises by reason of default of the Cny,
all costs of mamtenance and operatIon of the Leased Premises
To the extent that moneys m the Working Capital Fund are Jnsufficlent to pay any of the foregomg
Items when the same become due, the Agency shall, pursuant to Section 4(b) of the Lease Agreement,
require the Cny to restore such defiCiency through the payment of Addmonal Rental (as that term IS defined
In the Lease Agreement) Upon receipt of said AddItional Rental, the Agency shall depoSIt It With the Fiscal
Agent to be placed m the Worlang Capital Fund
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Section 13 Resene Fund. Moneys depoSited m the Reserve Fund may, to the extent avallable, be used
(a) to repair or rebuild the Facllny In the event of loss or damage thereto, (b) by deposit 10 the Redemption
Fund, the creatIon of whIch IS heremafter prOVIded for m Section 18, for apphcatlon as prOVided for moneys
m such fund In the event of loss or damage to the Facdlty unde;r cIrcumstances wbere the Faclhty IS not to
be repaIred or rebudt and (c) for the purpose of paymg mterest and prInCipal on the Bonds, all as more
particularly desCrIbed In this Section 13
(I) In the event of destruction of or damage to tbe Facihty, by fire or earthquake or other casualty
or event so that they become wholly or partly unusable, the Agency may apply moneys 10 the Reserve
Fund by transfer to the ConstructIOn Fund or the RedemptIon Fund, as the case may be, m the same
manner and to the same extent as the Agency IS requIred to apply and transfer money collected from
Insurance agalOst the destructIon of or damage to the FacIlity as proVlded In Section 9 of the Lease
Agreement and Covenant 6 of SectIon 20 of thIS ResolutIon, and may apply said moneys for the
payment of Insured casualty losses not covered by msurance because of deductIble amounts or policy
amount hmItatlOns, but no such Withdrawals shall reduce tbe balance In the Reserve Fund below one-
half MaXImum Annual Debt Service
(2) The moneys 10 the Reserve Fund shall be apphed for the purpose of paymg the mterest on the
Bonds as It shall become due and payable, mc1udmg accrued mterest on any Bonds purchased or
redeemed pnor to maturIty pursuant to thiS Reso]utlOn, or for the purpose of paymg the prmclpal of the
Bonds at their matUrIties, but 10 either case only to the extent that there are msufficlent moneys
avadab]e for such purposes In the Bond Service Fund Moneys m the Reserve Fund may be used 10 any
event to pay the prIncipal or mterest on the last maturity or matUrIties of Bonds outstandmg
Whenever moneys are Withdrawn from the Reserve Fund, the Reserve Fund shall be restored, by
transfer from the ConstructIOn Fund pursuant to Section 10 hereof or from tbe Revenue Fund pursuant to
SectIon ] 1 hereof, to the extent necessary to mamtam a balance therem equal to MaXimum Annual Debt
Service
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Section 14 Issuance of Parity BODds. In addltlon to the Bonds, the Agency may by resolutIOn or
resolutIOns prOVide for the Issuance and sale of additIOnal bonds, payable from the Pledged Revenues on a
panty With the Bonds, In such pnnclpal amount as shall be determmed by the Agency, but subject to the
followmg specific conditIons whIch are hereby made conditIons precedent to tbe Issuance and sale of such
Pan ty Bonds
(a) Such Panty Bonds shall have been authonzed to finance completion of the Project or an
additIOn or Improvement to the Leased Premises, and the Issuance and sale thereof shall have been
determ10ed and declared by the Agency to be necessary for that purpose, and the Agency shall have
comphed With the reqUIrements of SectIon 33445 of the Law
(b) The Agency IS not then m default under the terms of thiS Reso]ution
(c) The proceeds of the sale of such Panty Bonds, when added to any other moneys of the Agency
then available and approprIated for the purpose, wdl be clearly suffiCient (l) to pay the costs of
completion of the Project or the addition to, or the Improvement of the Leased Premises. (2) to pay
costs and expenses mCldent to the Issuance and sale of such Panty Bonds, (3) to depoSIt 10 the Reserve
Fund a sum suffiCient to bnng the balance therem to an amount equal to MaXimum Annual Debt
Service and (4) to prOVide suffiCient funds for the payment of mterest dunng the penod of constructIon
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The resolutIOn authonzmg the Issuance of Panty Bonds shall provIde that the proceeds of the sale shall
be used only for the foregomg purposes unul such purposes are satisfied
(d) The Agency and the Cny shall have entered mto a supplement to the Lease Agreement or a
new lease agreement fixmg the annual rental to be paid by the City followmg the constructIOn for which
the Panty Bonds are ISSUed~ and such rental, together with other rental payable under the terms of the
Lease Agreement, are In such amounts, and are payable for such terms, as will prOVIde to the Agency
suffiCient funds to pay, as the same become due. the pnnclpal of and mterest on all Bonds and Panty
Bonds whIch Will be outstandmg follOWIng the Issuance of such Panty Bonds
(e) The Panty Bonds shall be payable as to pnnclpal on December 1 of each year In which
pnnclpal falls due, and payable as to mterest on December 1 and June 1 of each year
(f) Before such Panty Bonds shall be ISSUed and delIvered, the Agency shall file with the Treasurer
and the Fiscal Agent a certIficate of the Chairman and the Secretary of the Agency certlfymg that the
reqUIrements above set forth In thiS Section have been either met or prOVided for, together with a copy
of the supplement to the Lease Agreement or new lease agreement required by subsecuon (d) of thiS
Section.
Subject to the foregOIng conditIOns. the Agency may by resolution or resolutions provide for the
Issuance and sale of such ParIty Bonds upon such terms and condI1Ions and with such provJslons and
covenants for the secunty of the Parity Bonds as the Agency may deem adVISable, and for that purpose tbe
Agency may, m such resolutIon or resolutions, Incorporate by reference, and make applIcable to the Panty
Bonds, proVlSJons of thIS Resolution
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Secuon 15 Deposit and Investment of Moneys in Funds. All moneys held by the Agency LD the
ConstructIOn Fund and by the Fiscal Agent m the Revenue Fund, Bond Service Fund, Working Capital
Fund and the Reserve Fund except such moneys which are at the time lDvested, shall be held In time or
demand deposits m any bank or trust company authonzed to accept deposIts of pubhc funds (mcludmg the
banlong department of the Fiscal Agent) and shall be secured at all tImes by bonds or other obhgauons
which are authonzed by law as secunty for pubhc depoSits, of a market value at least equal to the amount
required by law
Moneys lD the Construction Fund may be from ume to Hme invested by the Agency, and moneys m the
aforementIoned funds held by the Fiscal Agent may, and upon wntten request of the Agency, ~hall be
mvested by the Fiscal Agent In Federal Secutltles subject to the follOWIng resttlChOnS
(a) Moneys In the ConstructIOn Fund and the Working Capital Fund shall be mvested only In
obligations which will by their terms mature at or pnor to the date the Agency estimates the moneys
represented by the particular mvestment Will be needed for Withdrawal from such fund
(b) Moneys In the Revenue Fund shall be Invested only In obligatIOns whIch will by thcu terms
mature on such dates as to permit the transfers requIred by SectIon 11 hereof
(c) Moneys m the Bond ServJce Fund shall be mvested only lD obhgations whIch wIll by their terms
mature on such dates as to Insure that before each Interest payment date there wIll be In such fund,
from matured obhgatJOns and other moneys already 10 such fund, cash equal to the mterest and
pnncipal payable on such date.
(d) Moneys m the Reserve Fund shaH be Invested m obhgations which by theIT terms mature
Within five years from their date of purchase
ObligatIons purchased as an investment of moneys m any of said funds shall be deemed at all Urnes to
be a part of such fund and the mterest accrumg tbereon and any gam reahzed from such mvestment shall be
credited to such fund (prOVided, that any mterest or other Income denved from the Investment of moneys In
any fund pflor to completion of the Project shall be credIted to the Construcuon Fund) and any loss
resultmg from any such authonzed mvestment shall be charged to such fund or account Without hablllty to
the Agency or the members and officers thereof or to the Fiscal Agent The Agency or the FIscal Agent. as
the case may be, shall sell at the best pnce obtamable or present for redemptIOn any obhgal1ons so
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purchased whenever It shall be necessary to do so In order to provIde moneys to meet any payment or
transfer from such fund or account as reqUlred by this Resolution For the purpose of delermmmg at any
gIven time the balance 10 any such fund or account any such mvestment constltutmg a part of such fund or
account shall be valued at the then estimated or appl'aised market value of such Investment
Section 16 Can and Redemption of Bonds. In the event of loss of, substantial damage to or
condemnatlOn of the whole or any substantial part of the Leased PremISes, so as to render the same
unusable, as more fully set out In Covenants 5 and 6 of Section 20 hereof, all or any part of the Bonds at that
time outstandmg, may, at the optIon of the Agency, be called and redeemed pnor to matunty on any
succeedmg Interest payment date, at a redemptIOn poce equal to the pnncIpal amount thereof With accrued
mterest to the date of redemption but WIthout premIUm and only m the manner and only from the funds as
herem provided In the case of redemptIOn If less than an the Bonds are called pursuant to thIS paragraph,
the FIscal Agent sball call outstandmg Bonds In such a manner tbat approxImately equal annual debt
servlce will prevaIl Bonds to be then called In each rnatunty Will be selected by lot
Except as set fortb m the precedmg paragraph. the Bonds maturmg on or pnor to December I, ] 988.
are not subject to call and redemptIon prior to matunty The Bonds maturmg on and after December 1,
1989, may be called pnor to matunty, at the optlOn of the Agency, as a whole. or m part m lDverse order of
maturity and by lot wlthm a smgle matunty, and redeemed from funds derived by the Agency from any
source, on December 1, 1988, or on any mterest payment date thereafter, upon payment of a redemptlon
price equal to the pnnclpal amount thereof With accrued mterest to the date of redemption plus the
followmg premIUms (percentage of par value) if redeemed on the followmg dates m the followmg years
Redemption Date
Premium
December 1. 1988 or June ], 1989 _
December 1. 1989 or June I, 1990 .. .. .. .
December I, 1990 or June 1, 1991 .
December 1, 1991 or June I, 1992 .
December I, 1992 or June 1, 1993 n'
December 1, 1993 or June I, ]994 ..._.
December 1, 1994 and thereafter. ..
3 %
21/2
2
11/2
1
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SectIon 17 Notice of Redemption. Notice of redemption pnor to matunty shall be gIVen by pubbcauon
at least once prior to the redemptIon date m a Fmanclal Newspaper or Journal of general CIrculation In Los
Angeles. Cahforma. and In New York, New York, such pubhcatlon to be not less than 30 days nor more
than 90 days before such redemptlon date If any Bond called for redemptIon IS registered, notice of
redemption thereof shall also be mailed. not less than 30 days nor more than 90 days pnor to the redemptJon
date, to each registered owner of such Bond. but neither failure to mad such notice or any defect many
notice so mailed shall affect the suffiCiency of the proceedmgs for the redemptIOn of any of the Bonds Tbe
notice of redemptJon shall (a) state the redemption date. (b) state the redemption pnce. (c) state the
numbers and dates of maturuy of the Bonds to be redeemed, provided, however, that whenever any call
mcludes all of the outstandmg Bonds of any maturity, the numbers of the Bonds need not be stated, (d)
reqUIre that such Bonds be surrendered With all Interest coupons matunng subsequent to the redemptlOn
date at the office of the Fiscal Agent, and (e) state that mterest on the Bonds deslgnated for redemptlon
shaH cease to accrue from and after such redemption date
The actual receIpt by the bondholder of notice of such redemptJon shall not be a condItIOn precedent to
redemptIon, and failure to receIve such notIce shall not affect the vahdlty of the proceedIngs for tbe
redemptlOn of such Bonds or the cessatJon of mterest on the redemptIon date Notlce of redemption of Bonds
shall be gIven by tbe Flscal Agent for and on behalf of tbe Agency at the expense of the Agency
A certificate by the FIscal Agent that notice of redemptlOn has been gIVen as herem provlded shall be
conclUSIVe as agamst all partIes, and no bondholder whose Bond IS called for redemption may object thereto
or object to the cessatIOn of mterest on the redemptIOn date fixed by any claim or showmg that he falled to
receive actual notlce of call and redemptIOn
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Section 18 Redemption Fund. Pnor to the redemption date there shall be estabhshed wIth the FIscal
A..gent a redemption fund (the "RedemptlOn Fund") and prior to the redemptIOn date there must be set
aSide In the RedemptIOn Fund, moneys a..'allable for tbe purpose and sufficient to redeem, at the premIUms
payable as In thIS Resolution provided. the Bonds desIgnated In such notice for redemptIOn SaId moneys
must be set aSide In said fund solely for that purpose and shall be applied on or after the redemption date to
payment (pnnclpal and premIUm) for the Bonds to be redeemed upon presentation and surrender of such
Bonds and (except as to Bonds regIstered as to both prinCipal and Interest) all mterest coupons matunng
after the redemption date, and shall be used only for that purpose Any mterest coupon due on or poor to the
redemption date shall be paid from the Bond ServIce Fund as provIded herem upon presentatIOn and
surrender thereof
SeCl10n 19 Effect of tbe Notice of Redemption. When notIce of redemption bas been gIVen. substantIal.
Iy as prOVIded herem, and when the amount necessary for the redemption of tbe Bonds called for redemption
(pnnclpal and premIUm) IS set aSide for that purpose In the RedemptIOn Fund, as prOVIded herem, the Bonds
deSIgnated for redemptIon shall become due and payable on the date fixed for redemption thereof, and, upon
presentatIon and surrender of the Bonds and (except as to Bonds regIstered as to both pnnclpal and Interest)
all mterest coupons maturmg after the redemption date, at the place specified m the notice of redemptIon,
such Bonds shall be redeemed and paid at said redemption pnce out of the Redemption Fund, and no
mterest will accrue on such Bonds called for redemptIon or on any mterest coupons thereof after the
redemption date specified m such notice, aDd the holders of the Bonds so called for redemptions after such
redemption date shall look for the payment of the Bonds and the premIUm thereon only to the RedemptIon
Fund All Bonds redeemed and all mterest coupons thereof shall be cancelled forthWith by the Fiscal Agent
and shall not be reIssued
All Interest coupons pertamlng to any redeemed Bonds and which are payable on or pnor to the date
fixed for redemptIOn, shall continue to be payable to the respective holders thereof but without Interest
thereon All unpaId mterest payable at or pnor to the date fixed for redemptIOn upon registered Bonds shall
contlDue to be payable to the respective regIstered owners of such Bonds, or theIr order, but WIthout mterest
thereon
.
Sectlon 20 Warranty and Covenants. The prOVISIons of thiS SectIon 20 shall apply speCifically to the
Bonds and shall also apply to any Panty Bonds to which such proVISIons, or any thereof, are by later
resolution, made applIcable The Agency shall preserve and protect the seeunty of the Bonds and the nghts
of bondholders and warrant and defned theu nghts agamst all claims and demands of all persons So long as
any of the Bonds are outstandIng and unpaId or so long as provlSlon for the full payment and dIscharge
thereof at matunty or upon redemptIOn thereof pnor to matunty through the settIng apart In a speCIal trust
fund or account to Insure the payment or redemption thereof (as the case may be) of moneys suffiCient for
that purpose has not been made. the Agency makes the followmg covenants and agreements under the
proVISions of the Redevelopment Law which It deems necessary convement. deSirable and adVIsable for the
better secunty of the Bonds and to make them more marketable, and It shall be the duty of each and every
officer, representatIVe and employee of the Agency to do and perform each and every act necessary or
appropnate for such keepmg and performance by the Agency of every such covenant. agreement and
obligatIon
Covenant 1 Punctual Payment The Agency shall pay punctually the prmcIpal of and mterest on every
Bond Issued hereunder, together WIth the premIUm thereon, if any be payable, on the date or dates, at the
place or places. and In the manner mentIOned In the Bonds and coupons and 10 accordance WIth theIr terms,
and the payments IOta the Bond Service Fund and the Reserve Fund will be made, all in stnct conformity
WIth the terms of the Bonds and of thiS ResolutIOn, and shall faithfully observe and perform all of the
conditions, covenants, agreements and reqUirements and obligatIOns of thIS Resolution and all resolutiOns
supplemental thereto and of the Bonds. and that time of such payment and performance IS of the essence of
the Agency's contract With the bondholders
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Covenant 1 Discharge Clazms The Agency shall pay and discharge from funds available for that
purpose all lawful claims for labor, matenals and supphes or other charges, whIch, If unpaId, may become a
hen or charge upon any of the revenues of the Agency charged With the payment of the Bonds or upon any
of Its facilities or properties the revenues from whIch are pledged to the Bonds, and WhlCh may Impair the
secunty of the Bonds
Covenant 3 Commence ConstructIOn The Agency shall apply the proceeds of the Bonds to the
accomphshment of the purposes for which the Bonds are ISSUed and shall construct the Faclhty In
accordance With the Lease Agreement wl1h all practical dispatch and In an economical manner
Covenam 4 Enforce and Abide by the Lease Agreement The Agency shall comply with and perform
all Its obhgatlons under the Lease Agreement, and shall promptly take all steps necessary to enforce the
Lease Agreement and to reqUire the City to perfonn all Its obhgatlons thereunder, mcludlOg the proper
budgeting of all Base Rental and AddlUonal Rental pursuant to Sectlon 4(d) thereof The Agency shall
advise the Fiscal Agent In wntmg, prJor to the begmmng of each fiscal year and not later than the date fixed
for pubhc heanng on the proposed City budget, that saId budget mcludes amounts suffiCient to pay all such
Base Rental and Addmonal Rental whIch will become due In the then ensuing fiscal year In the event of
any default by the City under the Lease Agreement, the Agency shall promptly pursue and enforce all
appropriate remedies under the Lease Agreement, IOcludIng but not hmlted to the re-Iettmg or operatlon of
the Leased PremIses and the collectlOn from the CIty of all defiCIenCies as prOVIded in the Lease Agreement,
all to the end that the Pledged Revenues will be at least equal to the full Base Rental payable under the
Lease Agreement and will be suffiCient to pay, as the same fall due. the pnnClpal of and mterest on the
outstandmg Bonds The Agency, except as expressly permitted herein, shall not agree to any amendment of
or supplement to the Lease Agreement which would ImpaIr or reduce the secunty of the holders of the
Bonds.
.
Covenant 5 Covenant Agamst Encumbrances. etc. Use of CondemnatIOn or Sale Proceeds Except for
the Lease Agreement, mcludmg any optIOns or extenSIons of the tenn thereof granted to the City to lease
the Leased PremIses or any part thereof foIlowmg the eXpiratIon of the Lease Agreement and, except to the
extent pennltted herem, the Agency shall not mortgage or otherWise encumber, sell. lease or dIspose of any
part of the Leased PremIses, or any portIOn of the Pledged Revenues, or enter mto any lease or agreement
whIch mIght Impair or Impede the operation of the FaCility, or any part thereof, or might otherwIse ImpaIr
or Impede the nghts of the bondholders with respect to the Pledged Revenues In the event of any default by
the City under the Lease Agreement, thIS covenant shall not be construed to prevent the Agency, actIng In
accordance With the Law and the Lease Agreement, from leasmg or contractmg for the operatIOn or
management of any or all of Its faCilitIes or propertIes
If the Agency and the CIty each determme that any portIon of the Leased PremIses IS no longer needed
or useful for City purposes and purposes lDcldental thereto and that other facilitIes can be acqUIred or
constructed which WIll be better SUited to such purposes, the Agency may sell or otherwIse dIspose of such
portIon of the Leased PremIses if the proceeds from such sale or other dIsposItIOn (together With any other
avaIlable funds of the Agency) are suffiCient to acqUIre or construct such other faCilities, and if the CIty
agrees to an amendment of the Lease Agreement by whIch the new facilItIes are substItuted for the portIOn
of the Leased Premises so sold or otherWise disposed of for the same remammg term and at a rental not less
than the rental prOVIded In the Lease Agreement for the portIon so sold or otherWIse disposed of Any
balance of proceeds not needed for such acqulSluon or Improvement shall be placed m the Bond Service
Fund and may be credited against Base Rentals under the Lease Agreement
If any portIOn of the Leased Premises shall be taken by emment domaIn or other proceedmgs
authonzed by law, the net proceeds reahzed therefrom (together WIth any other money whIch shall be or
may be made available for such purpose) may be used to acqUIre or construct substItute facIhtIes under the
same conditions and restnclJons as are prOVided in the precedmg paragraph 10 the case of a sale or other
dlsposJt1on of a portion of the Leased Premises In the event the proceeds cannot or are nOl so used, such
proceeds shall be placed m the Redemption Fund and used to redeem Bonds m accordance With the terms
thereof
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Covenant 6 Insurance The Agency shall at all times mamtaIn or cause to be mamtamed with
responsible msurers all such msurance on the Leased Premises (valued as defined below) whIch IS
customanly maintained with respect 10 properties of like character against aCCident to, loss of or damage to
such properties Notwithstanding the generaht)' of the foregomg, the Agency shall not be reqUired to
mamtam or cause to be mamtamed any Insurance WhICh IS not avaIlable from reputable msurers on the open
market or more Insurance than IS speCifically referred to below
The Agency shall durmg any penod of constructIon and thereafter dUrIng the term of the Bonds
(a) Keep or cause to be kept (or If the CIty elects, the CIty shall keep) a poltcy or pohcles of
Insurance agamst loss or damage to the property covered by thiS Resolution resultmg from fire,
hghtmng, vandahsm. mahciOus mischIef, not and civil commotIon, and such perils ordlnanly defined as
"extended coverage" and other penIs as the Agency and the Cny may agree should be msured agamst
on forms and In amounts sahsfactory to each Such Insurance shall be maIntamed m an amount not less
than the full IOsurable value of the propertIes (such value to mclude amounts spent for construction of
the Faclhty, and architectural, engmeenng, legal and admmistratlve fees, lDspecUon and supervlSlon)
or the amount of the Agency's outstandmg Bonds, whIchever amount IS less, subject to deducuble
conditIons of not to exceed one-half Maximum Annual Debt Service for anyone loss The term "full
lDsurable value" as used In thIS SectIOn 20 shall mean the actual replacement costs. usmg the items of
value set forth above (Includmg the cost of restoring the surface grounds owned or leased by the
Agency but excluding the cost of restonng trees, plants and shrubs), less phYSIcal depreCiatIOn SaId
"full Insurable value" shall be determined from time to time by an mdependent appraiser appointed by
the Agency but not less frequently than once In every 36 months, and
(b) Keep or cause to be kept the FacilIty IOsured by earthquake msurance (If such msurance IS
obtamable on the open market from reputable Insurance compames) agalOst loss or damage by
earthquake In an amount not less than the full Insurable value of such properties or the amount of the
Agency's outstandmg Bonds, whichever amount IS less, With deductible conditIons of not to exceed one-
half MaXimum Annual Debt Service for anyone loss. and
(c) Mamtam or cause to be mamtamed use and occupancy or business mterruptlon or rental
lDcome msurance agamst the penis of fire, lIghtmng, vandalism and mahcIous mischIef and such other
penis ordInanly defined as "extended coverage" and earthquake 10 an amount equal to not less than 12
months' rental under the Lease Agreement, and
(d) MamtaIn or cause to be mamtamed pubhc lIability Insurance against claIms for boddy mJury
or death, or damage to property occurnng upon, m or about the Leased PremiSes, such Insurance to
afford protectIOn to a hmlt of not less than $500,000 With respect to bodily IDJury or death to anyone
person, not less than $1.000.000 WIth respect to bodily lOJury or death to any number of persons many
one aCCIdent, and not less than $500,000 With respect to damages to property resultmg from each
aCCIdent or event
All Insurance herem prOVIded for shall be effected under pohcIes ISSUed by Insurers of recogmzed
responsIbIhty, licensed or permitted to do busmess 10 the State of Cabfomla
All pohcles or certIficates ISSUed by the respectIve Insurers for msurance shall prOVIde that such pohcles
or certIficates shall not be cancelled or matenaIly changed without at least 10 days pnor wntten notice to
the Treasurer and the FIscal Agent Copies of such pohcles shall be depoSIted WIth the Treasurer and the
FIscal Agent together WIth appropnate eVidence of payment of the premiums therefor, and, at least 10 days
pnor to expiration dates of expmng polICies or contracts held by the Treasurer and the Fiscal Agent, copies
of renewal or new poliCies or contracts or certificates shall be depoSIted WIth tbe Treasurer and the FIscal
Agent
All proceeds of Insurance WIth respect to loss or damage to the Leased Facdmes shall be paId to the
Agency Upon payment thereof to the Agency (]) if the Facihty IS to be repaired or rebuilt. the Treasurer
shall deposit the same In the Construction Fund for applicatIon as prOVided With respect to moneys 10 such
.
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fund, or (2) If the FacIhty IS not to be repaIred or rebuIlt, the Treasurer shall transfer such proceeds to the
FIscal Agent for deposIt In the RedemptIon Fund for applIcatIOn as provIded for moneys m such Fund
Covenant 7 Records and Accounts The Agency shall
(a) Keep proper and complete books of records and accounts covenng all Its facilItIes and
propertIes, any revenues of which are pledged to the payment of the Bonds, and covermg all revenues
and funds controlled by thIS ResolutIon, separate from all other records and accounts, m whIch
complete, correct and current entnes shall be made of all transactIons relatmg to such facJlJtles,
propertles, revenues and funds and of all receIpts, payments, transfers and other transactIOns relatmg
thereto SaId records and accounts shall at all bmes be subject to the inspection of the holders of the
outstandmg Bonds or their representative or representatIves authoTlzed m wntmg, and
(b) Cause such records and accounts to be audited wIthm 120 days after the close of each Fiscal
Year by an lOdependent certified pubhc accountant or firm of certdied pubhc accountants A copy of
the report of such accountant or firm shall be available for lDspectlon by any bondholder at the office of
the FIscal Agent, and the Agency shall furnish a copy of saId report, or a summary thereof, upon
request to any bondholder and to any person, firm or corporation who ongmally purchased the Bonds
from the Agency
Covenant 8 Lzmlts on AdditIOnal Debt (a) No additional mdebtedness shall be ISSUed pursuant to tbe
Law or any other law of the State of Cahforma havmg any pnonty 10 payment of pnncIpal or mterest out of
the Pledged Revenues over the Bonds or over any Panty Bonds to whIch thIS covenant may be made
applicable
(b) Except for Bonds Issued for the purpose of refundmg the Bonds and any Panty Bonds to whIch this
covenant may be made applIcable. no addltJOnalmdebtedness shall be ISSUed except pursuant to SectIon 14
hereof and subject to the hnlltatlOns thereof
Nothmg 10 thIS covenant or 10 thIS Resolution shall be construed to prohibIt the Agenc)' from Issu10g
any bonds or 10curnng any other mdebtedness. upon such terms as the Agency may determme, whIch are
payable from any revenues or funds of the Agency other than the Pledged Revenues
Covenant 9 Tax Status oj Bonds NeIther the Agency nor the FIscal Agent wIll make any use of the
proceeds of the Bonds nor permIt the llse of any or all of the Leased PremIses In a manner whIch would
cause the mteJ"est on the Bonds to become subject to federal Income taxatIon
Covenant 10 Arbitrage The Agency covenants that under no CIrcumstances shall any ImtJallDvest~
ment, subsequent mvestment or relDvestment of the proceeds of the Bonds be made 10 such a manner as to
result In the loss of exemptIon from federal mcome taxatIon of mterest on the Bonds Except as permItted
dunng "temporary penods" (as such term is defined 10 the proposed Income Tax Regulauons referred to
herem) by said proposed Income Tax Regulations, the proceeds of the Bonds shall not be mvested directly or
mdlrectly 10 taxable obhgatIOns so as to produce a YIeld which IS materIally hIgher than tbe Yield on the
Bonds whIch results m the Bonds constltutmg "arbItrage bonds" wlthm the meanmg of SectIon 103 (c).
lmernal Revenue Code of 1954, as amended and the proposed Income Tax Regulations iSSUed thereunder;
but such sums may be otherwise mvested If and when such Code and any regulanons thereunder permIt the
Investment to be made In the manner made without causmg tbe Bonds to become "arbItrage bonds"
Section 21 Fiscal Agent and Paying Agents. The Agency hereby appomts Vmon Bank, Los Angeles,
CalIforma, as F1scal Agent to act as the agent and depoSItary of the Agency for the purpose of recelv10g
Pledged Revenues and other funds as prOVIded m thIS Resolution, to hold, allocate. use and apply such
Pledged Revenues and other funds as prOVIded m th1s ResolutIon, and to perform such other dutIes and
powers of the Fiscal Agent as are prescnbed ID thIS ResolutIOn
The Agency may remove the FIscal Agent mniaUy appoInted or any successor thereto and In such case
shall forthwlth appoInt a successor thereto but any successor shall be a bank or trust company domg
bUSIness and havmg an office m the CIty of Los Angeles. havmg a combmed capital and surplus of at least
.
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S50,000,OOO The Fiscal Agent herem appomted or an)' substituted Fiscal Agent may at any tIme resign as
such by wntmg filed. wIth the Agency 10 whIch event the Agency shall forthwIth appomt a substitute FIscal
Agent and the resIgnatIon shall become effectIve upon such appomtment In the event that the Fiscal Agent
or any successor becomes mcapable of actmg as such the Agency shall forthwIth appomt a substitute FIscal
Agent Any bank or trust company mto whIch the FIscal Agent may be merged or wIth whIch It may be
consolidated shall become the Fiscal Agent wIthout actIOn of the Agency A FIscal Agent may become the
owner of any of the Bonds authonzed by thIS Resolution or any of the coupons appurtenant thereto wIth the
same nghts It would have had If It were not the Fiscal Agent
The FIscal Agent shall have no duty or obhgatlon whatsoever to enforce the collectIon of or to exerCIse
dlhgence 10 the enforcement of the collection of funds assIgned to It hereunder. or as to the correctness of
any amounts received. but its hablhty shall be hmlted to the proper accountmg for such funds as It shall
actually receIVe
The recItals of fact and all promises, covenants and agreements, herem and m the Bonds shall be taken
as statements. promises. covenants and agreements of the Agency, and the Fiscal Agent assumes no
responsibilIty for the correctness of the same. and makes no representatIOns as to the vahdlty or suffiCiency
of thiS ResolutIon or of the Bonds or coupons, and shall mcur no responslblhty 10 respect thereof. other than
m connectIon WIth the dutIes or obhgations herem or 10 the Bonds aSSIgned to or Imposed upon the FIscal
Agent The FIscal Agent shall not be lIable m connectIOn WIth the performance of its dutIes hereunder.
except for Its own neglIgence or default
The Agency shall. durmg the hfe of the Bonds. proVIde for Paymg Agents, at least one 10 Chicago.
IllinOIS. and at least one m New York, New York, at the office of whIch the Bonds and coupons are payable
at the option of the holder
Section 22 Lost. Destroyed or Mutilated Bonds. In the event that any Bond or any mterest coupon
pertammg thereto IS lost. stolen, destroyed or mutllated, the Agency WIll cause to be ISSUed a new Bond or
coupon sImllar to the anginal to replace the same m such manner and upon such reasonable terms and
condItIOns, mcludmg the payment of costs and the postmg of a surety bond If the Agency deems such surety
bond necessary, as may from time to tlme be determmed and prescnbed by resolution The Agency may
authonze such new Bond or coupon or coupons to be signed and authenticated 10 such manner as It
determmes m said resolUtlon
.
Section 23 CanceDation of Bonds. AIl Bonds and coupons surrendered to the Fiscal Agent or any
PaYing Agent for payment shall upon payment therefor be cancelled ImmedIately and forthWIth transmItted
to the Treasurer All of the cancelled Bonds and Interest coupons shall remam m the custody of the
Treasurer until destroyed pursuant to due authorizatIOn
SectIon 24 Amendments without Consent of Bondholders. The Agency may. from tlme to tIme and at
any tIme, adopt such resolutions supplemental hereto as shall not be mconslstent WIth the terms and
provlSlons hereof (which supplemental resolutIOns shall thereafter form a part hereof),
(a) to cure any ambIgUIty or formal defect or omISSion in thiS ResolutIon or 10 any supplemental
resolutIOn. or
(b) to grant to or confer upon the Ftsca~ Agent for the benefit of the bondholders any additIOnal
TIghts, remedIes, powers, authonty or secunty that may lawfully be granted to or conferred upon the
bondholders or the Fiscal Agent, or
(c) to add 10 the covenants and agreements of the Agency contamed m thIS Resolution or many
supplemental resolutIon. other covenants and agreements thereafter to be observed. or to aSSIgn or
pledge additIOnal secunty for the Bonds, proVided, that no such convenant, agreement, assignment or
pledge shall adversely affect the mterests of the holders of the Bonds
SectIOn 25 Amendments lnth Consent of Bondholders. ThiS ResolutIOn, and the nghts and obhgatlons
of the Agency and of the holden. of the Bonds and coupons ISSUed hereunder. may be modIfied or amended
at any tIme by supplemental resolution adopted by the Agency WIth the consent of bondholders holdmg SIxt}
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per cent (60%) 10 aggregate princIpal amount of tbe outstandmg Bonds, exclusIve of Bonds, If any, owned by
the Agency or the CIt}, and obtamed as beremafter set fortb, provJded, bowever, that no such moddic.atJon
or amendment shall, without the express consent of the holder or registered owner of tbe Bond affected,
reduce the prIncipal amount of any Bond, reduce the mterest rate payable thereon, reduce any premIum
payable thereon upon redemptIOn thereof, extend Its matunty or the urnes for paymg mterest thereon or
change the monetary merllUm In whIch pnnclpal and lnterest IS payable, nor shall an}' sllch modlficatlon or
amendment reduce the percentage of consent required for amendment or mo<hficatlOn
Any act done pursuant to a modificatIOn or amendment so consented to shall be bmd10g upon the
holders of all of the Bonds and mterest coupons, whether such coupons be attached to Bonds or detached
therefrom, and shall not be deemed an mfnngement of any oE the provislOns oE thIS ResolutIOn or of the
Law, whatever the character of such act may be. and may be done and performed as fully and freely as If
expressly permmed by tbe terms of thiS Resolutlon, and after sllcb consent relatmg to such speCIfic matters
has been given. no bondholder or holder of any mterest coupon, whether attached to a Bond or detacbed
therefrom, shall have any nght or mterest to object to such action or m any manner to questIOn the proprIety
thereof or to enJom or restrain the Agency or any officer thereof from taking any action pursuant thereto
SectIon 16 Calling Bondholder's Meeting. If the Agency shall deSIre to obtain any such consent It shall
duly adopt a resolutIOn calling a meetmg of bondholders for the purpose of consldenng the actlon. the
consent to whIch IS desired
.
Section 27 Notice of Meeting. NotIce specifying the purpose, place, date and hour of such meetlng
shall be pubhshed once In a financIal newspaper or Journal of natlonal clrculatlon pubhshed m The City of
New York, New York, such pubhcatlon to be not less than 60 days and not more than 90 days pnor to the
date fixed for the meetmg Such notIce shall set forth the nature of tbe proposed actIOn. consent to which IS
deSIred If any of the Bonds shall be registered, the Agency shall on or before the publIcatJon of such notlce,
cause to be mailed a Similar notice, postage prepared, to the respectIve registered owners thereof at thelT
addresses appearmg on the bond regIstry books m the bands of the Fiscal Agent The place, date and hour of
holdmg such meetmg and the date or dates of publishmg and madmg such notJce shall be determmed by the
AgenC) m Its discretIon
The actual receipt by any bondholder of notice of any such meetmg shall not be a condItlon precedent
to the holdmg of such meetlng, and faIlure to rerelve such notIce shan not affect the validIty of the
proceedmgs thereat. A certIficate by the Secretary of the Agency approved by resolutIon of the Agency, that
the meeting has been called and that notice therof has been given as herem prOVided shall be conclUSive as
agamst all parties and It shall not be open to any bondholder to show that such person faded to receive
actual notIce of such meetIng
SectJon 28 Voting Qualifications. Bondholders may, pnor to any such meetmg, dehver their Bonds to
the FIscal Agent and shall thereupon be entItled to receive an appropnate receIpt for the Bonds so deposited,
callIng for the redehvery of such Bonds at any tlme after the meetmg The Fiscal Agent shall prepare and
dehver to the chairman of tbe meetmg a hst of the names and addresses of the registered owners of Bonds,
with a statement of the matuntles and senal numbers of the Bonds held and depoSIted by each of such
bondholders. and no bondholders shall be entItled to vote at such meetmg unless their names appear upon
such lIst or unless they shall present their Bonds at the meetmg or a certIficate of depoSIt thereof,
satIsfactory to the Agency. executed by a bank, trust company or other depoSitary No bondholders shaH be
permitted to vote with respect to a larger aggregate pnnclpal amount of Bonds than IS set agamst thelt
names on such lIst, unless they shall produce the Bonds opon whIch they deslTe to vote, or a certificate of
deposit thereof as above prOVIded
Secuon 29 Issuer-Owned Bonds. The Agency covenants that It WIll present at the meetmg a certdi-
cate. Signed and venfied by one member thereof and by the Treasurer, statmg the matuTltles and senal
numbers of all Bonds owned by, or held for account of, the Agency or the CIty directly or mdlrectly No
person shall be permItted at the meetmg to vote or consent With respect 10 any Bond appeanng upon such
certlficate, Or any Bond which 1t shall be estabhshed at or prior to the meetmg IS owned by the Agency or the
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CIt)', directly or mdlTectly, and no such Bond (m this Resolution referred to as "Issuer-owned Bond") shall
be counted In determmmg whether a quorum IS present at the meeting
Section 30 Quorum and Procedure. A representatJOn of at least sixty per cent (60%) III aggregate
prIncipal amount of the Bonds then outstandmg (exclUSIve of Issuer-owned Bonds. If any) shall be necessary
to consutute a quorum at any meeting of bondholders, but less than a quorum may adjourn the meetmg
from Ume to tIme. and the meetIng may be held as so adjourned WIthout further notice, whether such
adjournment shall have been had by a quorum Or by less than a quorum The Agency shall, by an Instrument
m wrItang, appomt a temporary chairman of the meeting, and the meetmg shall be orgamzed by the election
of a permanent chairman and secreta!)' At any meet10g each bondholder shall be entitled to one vote for
every $5,000 pnncIpal amount of Bonds WIth respect to whIch such person shall be entItled to vote as
aforesaId, and such vote may be glVen In person or by proxy duly appomted by an mstrument m wrItmg
presented at the meetmg The Agency, by Its duly authonzed representatIve, may attend any meetmg of the
bondholders, but shall not be reqUired to do so
SectIOn 31 Vote Required. At any such meetang held as aforesaid there shall be submItted for the
consideratIOn and actIOn of the bondholders a statement of the proposed actIOn, consent to whIch is deSIred,
and If such action shall be consented to and approved by bondholders hold1Og at least sixty per cent (60%f)
III aggregate amount of the Bonds then outstanding (excJusJYe of issuer-owned Bonds) the chaIrman and
secretary of the meetmg shall so certIfy III wntmg to the Agency, and such certIficate shall constItute
complete eVIdence of consent of bondholders under the prOVISIons of this Resolullon A certIficate Signed and
venfied by the chaIrman and the secretary of any such meetIng shall be conclUSIve eVIdence and the only
competent eVIdence of matters stated III such certificate relatmg to proceedmgs taken at such meetmg
SectIOn 32 Bond and Coupon Forms. Said Bonds shall be issued as payable to bearer, shall be Issued 10
negotIable form and shall be negotiable, and the form of saId Bonds and the Interest coupons attached
thereto shall be substantially as follows
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA
PARKING LEASE REVENUE BOND
No ..
$5,000
.
The REDEVELOPMENT AGE"lCY OF THE CITY OF SAl'o;iA MONICA (heremafter sometimes called the
"Agency"), a pubhc body corporate and polItic, duly orgamzed and eXlstmg under the laws of the State of
Cahforma, for value received, hereby promises to pay (but solely from the funds heremafter mennoned) to
the bearer or, if thIS Bond be reglsterd, to the registered owner hereof, on December 1, (subject to the
fight of prIor redemplton heremafter mentIOned), upon presentatIOn and surrender of thIS Bond, the sum of
FIVE THOUSAND DOLLARS ($5,000), With 10terest thereon (payable solely from saId funds) from the
date hereof at the rate of .. percent ( %) per annum, mterest payable semIannually on the first day of
June and the first day of December of each and every year until thIS Bond IS paId, upon presentation and
surrender of the respecttve mterest coupons hereto attached, prOVIded, however, that If at the matunty date
of thIS Bond funds are avaIlable for payment thereof, as prOVIded m the Resolution here10after mentIOned,
thiS Bond shall then cease to bear mterest Both prmclpal and mterest are payable In lawful money of the
Umted States of AmerIca at the pnnclpal office of UnIOn Bank, Fiscal Agent for the Agency, In Los
Angeles. CalI forma, or at the optIOn of the holder, at tbe offices of the Paymg Agents of the Agency In
Chicago, I1hnoIs or New York, New York
ThIS Bond and the Interest thereon are not a debt of the CIty of Santa MOnIca, the State of CalIforma
or any of lts pohttcal subdiVISIOns and neither saId CIty. said State nor any of ItS pohtlcal SUbdIVISions IS
hable thereon. nor tn any event shall thIS Bond or saId Interest by payable out of any funds or properties
other than the funds of the Agency heremafter mentIOned ThIS Bond does not constitute an mdebtedness
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wlthm the meamng of any constitutIOnal or statutory debt hmltatlon or restnctJOn Neither the members of
the <\gency nor any persons executlng this Bond are liable personally on this Bond by reason of Its Issuance
ThiS Bond IS one of a duly authonzed Issue of Bonds of the Agenc) deSignated .'Parkmg Lease Revenue
Bonds" (heremafter called Uthe Bonds") lImited m aggregate prmclpal amount to $14,470,000, all of lIke
tenor (except for bond numbers and matunty dates and differences, If any, m mterest rate) .and all of whIch
have been Issued pursuant to and to full conformIty with the ConStltUtlon and laws of the State of CalIforma
and partIcularly the Commumty Redevelopment Law (Part I of DivlSlon 24 of the Health and Safety Code
of the State of Cahforma) for the purpose of financmg a portIon of the cost of a redevelopment project
known and designated as The Downtown Redevelopment ProJect, and are authorIzed by and ISSUed pursuant
to Resolution No (RAS) (heremafter called .'the Resolution") adopted by the Agency on November
2, 1978. and all of the Bonds are equally secured 10 accordance with the terms of the Resolution, reference
to which IS hereby made for a speCific descnptlOn of the secunty therem prOVided for said Bonds, for the
nature, extent and manner of enforcement of such secunty, for the covenants and agreements made for the
benefit of the bondholders, and for a statement of the nghts of the bondholders, and by the acceptance of
thiS Bond the holder thereof and of the coupons attached hereto assents to all of the terms, condItions and
prOVISions of saId ResolutIOn In the manner prOVIded In the Resolution, said ResolutIOn and the nghts and
oblIgatIons of the Agency and of the holders of said Bonds and coupons, may (with certaIn exceptions as
stated in the Resolutlon) be mo(hfied or amended with tbe consent of the holders of 60% in aggregate
pnncIpal amount of outstandmg Bonds, exclUSive of Issuer-owned Bonds
The pnnclpal of thIS Bond and the mterest thereon are secured by an urevocable and first pledge of,
and are payable solely from, the Pledged Revenues (as such term IS defined 10 saId Resolul1on) and other
funds, all as more partIcularly set forth 10 the Resolution
The Bonds of the Issue of which thIS Bond IS one are redeemable pflor to maturIty 10 the event of loss of
or damage to or condemnatIon of the Leased Premises on any succeeding lDterest payment date, at the
option of the Agency, 10 whole or lD part. as more fully set out lD the Resolution, for the pnncIpal amount
thereof WIth accrued 10terest to the date of redemptIOn but WIthout premIUm and only m the manner and
only from the funds as prOVIded 10 said ResolutIon
Except as set forth 10 the precedmg paragraph, Bonds matunng on or prIor to December I, 1988, are
not subject to call or redemptlOn poor to matunty Bonds matunng on or after December I, 1989. may be
called pnor to maturIty. at the optIOn of the Agency, as a whole, or In part 10 mverse order of matunty and
by lot wIthm a smgle matunty, and redeemed from funds denved b)' the Agency from any source, on
December I, 1988, or on any mterest payment date thereafter upon payment of a redemptIOn pnce equal to
the prmclpal amount thereof With accrued mterest to the date of redemptIon plus the followmg premiums
(percentage of par value) If redeemed m the follOWIng years
Redemption Date PremIUms
.
December I, 1988 or June I, 1989.
December I, 1989 or June I, 1990.
December I, 1990 or June 1. 1991.
December 1, 199] or June I, 1992
December I, 1992 or June I, 1993 ...
December I, 1993 or June 1, 1994 n"
December I, 1994 and thereafter. .
3 %
2lh
2
Ilh
1
Ih
o
Notice of call and redemptIon pnor to matunty shall be given as prOVided In the ResolutlOn
ThIS Bond and the coupons attacbed hereto are negotIable Instruments and shall be negotIable by
delIvery ThIS Bond may be registered as to both pnnclpal and Interest only, 10 accordance with the
prOVISIons for registratIon endorsed hereon
It IS hereby recIted, certified and declared that any and all acts. condItIOns and thmgs required to eXist,
to happen and to be performed precedent to and m the Issuance of thiS Bond eXist, have happened and have
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been performed m due tIme. form and manner as reqUired by the ConstitutIon and statutes of the State of
CalIforma
Is 'WITNESS WHEREOF, the Redevelopment Agency of the Cny of Santa MOnIca has caused thIS Bond
10 be sIgned on 11s behalf by Its ChaIrman by facsImIle sIgnature and by ItS Secretary and the seal of saId
Agency to be Impressed, Impnnted or reproduced hereon, and the mterest coupons hereto attached to be
sIgned by said Secretary by facsImIle sIgnature and thIS Bond to be dated the first day of December, 1978
.
ChaIrman of the Redevelopment Agency
of the CIty of Santa Momca
(SEAL)
Secretary of the Redevelopment Agency
of the City of Santa M omca
[COUPON FORM]
On the first day of
the REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA
WIll pay to bearer. at the prmcIpal office of Umon Bank. FIscal Agent for the
Agency, In Los Angeles, CalIforma, or at the option of the holder, at the offices
of the Paymg Agents In ChIcago, IlhnOls or New York, New York solely out of
the funds mentioned In the Bond to whIch thIS coupon IS attached, the sum
shown hereon m lawful money of the Umted States of AmerIca, bemg the
semIannual mterest then due on ItS PARKING LEASE REVENUE BOND.
dated December 1, 1978
nh...h....19..
Coupon No
$
No
Secretary of the Redevelopment Agency
of the Cny of Santa MOnica
.
(FORM FOR REVERSE OF I!>.lEREST COUPON)
If the Bond to whIch thIS coupon IS attached IS redeemable and IS duly called for redemption on a date
pnor to the matunty date of thIS coupon, this coupon wlll be VOId
PROVISIONS FOR REGISTRATION
ThiS Bond may be regIstered In the name of any person as the regIstered owner hereof only as to
both pnnclpal and mterest, and, If regIstered, may be dIscharged from regIstratIon
Each registration, transfer after regIstratIOn, or discharge from registratIon of thIS Bond shall be
entered by the FIscal Agent In books kept by It for the purpose and noted by It m the registration blank
below Upon reg15tratIon, all unmatured coupons pertammg hereto shall be surrendered to the FIscal
Agent and may be preserved or cancelled In Its discretIOn
So long as thiS Bond IS registered no transfer hereof shall be valId for any purpose unless made by
the registered owner and entered and noted as herein proVIded, and the prInCIpal hereof and any
redemptIOn premIUm shall be payable only to the registered owner or to such person's order Interest on
thIS Bond. If registered shall be payable to the person whose name appears upon the regIstry books as
the registered owner hereof at the close of bUSIness on the tenth day precedIng the mterest payment
date. or to such person's order If thIS Bond is dIscharged from regIstratIOn. there shall be attached
hereto coupons representIng Interest hereon to become due thereafter to the date of matunty hereof In
heu thereof. and upon surrender and cancellatIOn hereof. the FIscal Agent In Its dIscretIOn may cause to
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be ISSUed by the Agency In exchange therefor a new Bond, with such coupons attached, Identical with
this Bond, except for the prevIous notatlons on the registratIOn blank hereon, and except that the
signatures on the new Bond shaH be those of the persons holdmg the offices at the tlme of affixmg such
signatures Except for any tax or other governmental charge, the first such Issuance of a new Bond or
new coupons shall be made WIthout charge, and thereafter any such Issuance shall be at the expense of
the regIstered owner
Each discharge hereof from reglstatlon shall be effected by ~n entry on the registry books, and a
notat1On m the blank below, that thIS Bond IS payable to bearer, whereupon thiS Bond shall become an
unregIstered bearer mstrument, negotiable by dehvery as If It had never been registered Each request
for registratIOn, transfer, or discharge must be 10 form satisfactory to the Fiscal Agent and must be
made In wrltmg, sIgned by tbe reglstered owner, or by such person's agent duly authoTlzed m wntmg, or
by the bearer, as the case may be
Date oj
ReglSlranon
In Whose Name
Re$lstered
Signature of
Ftscal Agent
.
Sectlon 33 Proceedings Constitute Contract. The prOVISions of thiS Resolutlon, of the resolutIons
prOVIdIng for the sale of the Bonds and awardmg the Bonds and fixmg the mterest rate or rates thereon, and
of all other resolutIons adopted in connectlon WIth the authonzatlOn of the Bonds shall constitute a contract
between the Agency and the bondholders and the provlSlons thereof shall be enforceable by any bondholder
for the equal benefit and protection of all bondholders SimIlarly Situated by mandamus, accountmg,
mandatory lDJunCtlOn or any other SUIt, actIOn or proceedmg at law or m equity that IS now or may hereafter
be authOrIzed under the laws of the State of Cahforma m any court of competent JUTlSdlctlon SaId contract
IS made under and IS to be construed m accordance With tbe laws of the State of Callforma
No remedy conferred hereby upon any bondholder IS Intended to be exclUSIVe of any other remedy, but
each such remedy IS cumulatIVe and In addltlOn to every other remedy and may be exerCIsed without
exhaustmg and WIthout regard to any other remedy conferred by the Law or any ather law of the State of
Cahforma No waiver of any default or breach of duty or contract by any bondholder shall affect any
subsequent default or breach of duty or contract or shall ImpaIr any Tights Or remedies on said subsequent
default or breach No delay or omiSSion of any bondholder to exercIse any right or power accrumg upon any
default shall lmpau any such Tight or power or shall be construed as a wal'.er of any such default or
acqUIescence therem Every substantive Tight and every remedy conferred upon the bondholders may be
enforced and exerCIsed as often as may be deemed expe(hent In case any SUit, actIOn or proceedlDg to
enforce any r1ght or exercise any remedy shaH be brought or taken and should said sun, actlOn or proceedmg
be abandoned, or be determmed adversely to the bondholders, then, and In every such case, the Agency and
the bondholders shall be restored to theu former poSitIOns, nghts and reme(hes as If such SUit, actIOn or
proceedmg had not been brought or taken
After the Issuance and dehvery of the Bonds, thiS ResolutIOn and supplementary resolutions thereto
shall be Irrepealable, but shall be subject to modificatIOn or amendment to the extent and m the manner
proVided m thiS ResolutIon, but to no greater extent and In no other manner
Section 34 Defeasance. If the Agency shall payor cause to be paid, or shall have made provlSlons to
pay. or there shall have been set aSide m trust funds to pay, to the holders of the Bonds and coupons. the
pnnclpal and mterest. and premIUm. If any, 10 become due thereon, then the pledge of the Pledged Revenues
and all other nghts granted hereby. shall thereupon cease. termmate and become VOId and be discharged
and satisfied
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Bonds or coupons for the payment and discharge of which upon matumy, or upon redemption prior to
matunty, provIsIOn has been made through the setting apart In a reserve fund or specIal trust account
created pursuant to thiS resolution or otherwise to Insure the payment thereof, of money sufficient for the
purpose or through irrevocable segregation for that purpose In some slnkmg fund or other fund or trust
account of moneys sufficient therefor, mcludmg but not hmited to, Investment Income earned or to be earned
on Federal SeCUritIes, shall, as provided herem, no longer be deemed to be outstanding and unpaId,
provIded, however, that if any such Bonds are to be redeemed pflor to the matunty thereof, the Agency shall
have taken all actIOn necessary to redeem such Bonds and notice of such redemptIOn shall have been duly
given or prOVISions made for the gl\lmg of such notice. and provided further that, If the maturity or
redemptIOn date of any such Bond shall not have arrived, prOVISIon shall have been made by the Agency by
deposIt. for the payment to the holders of any such Bonds and coupons. upon surrender thereof. whether or
not pnor to matunty or redemptIOn date thereof, of the full amount to whIch they would be entitled by way
of pnnclpal, premlUm, If any, or mterest to the date of such matuflty or redemptIOn. mcludmg In the
computatIOn of saId full amount any mcome to be earned by way of mvestment of said deposit. as provIded
below, and prOVISIon shall have been made by the Agency, for the pubhcatlOn, In a Fmancial Newspaper or
Journal of general clTculatlOn m New York, New York, of a notIce to the holders of such Bonds and coupons
that such moneys are available for such payment
Moneys held for payment or redemptIOn In accordance WIth the prOVISions of thiS sectIOn shall be
Invested In Federal Secuntles, to mature or be WIthdrawable. as the case may be. not later than the lime
when needed for such payment or redemptlon Net mcome earned on such Investments may he paid to the
Agency or may be used for the payment or redemptIOn of Bonds and to the extent permltted by law may be
conSIdered as adequate prOVISIon for payment
SectIon 35 Se~eTability. If any covenant. agreement or prOVISion, or any portton thereof, contamed In
thiS Resolution, or the applicatIOn thereof to any person or Circumstances, IS held to be unconstnutlOnal.
mvahd or unenforceable. the remamder of thIS ResolutIOn and the apphcation of any such covenant.
agreement or prOVISIOn, or portIOn thereof. to other persons or Circumstances, shaH be deemed severable and
shall not be affected, and thiS Resolution and the Bonds ISSUed pursuant hereto shall remam valid and the
bondholders shall retam all vahd nghts and benefits accorded to them under thiS Resolution and the
ConStltutlOn and laws of the State of Cahforma If the provISIons relating to the appomtment and duties of a
FIscal Agent are held to be unconstitutIOnal, mvahd or unenforceable, saId duties shall be performed by the
Treasurer
.
SectlOn 36 Effective Date. ThiS ResolutIOn shall take effect upon adoption
ADOPTED AI'D ApPROVED thiS 2nd day of November, 1978
J~~ ,J J~_L~'
S~cretary of the Redevelopment Agency
of the City of Santa Momca
i r.
... ' J...h f n- -t-"'- ,~ J.-~
-Chamila~ of the Redevelopment >\gency
of the eny of Santa Momca
(SEAL)
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Resolution No. 1~4
Redevelopment Agency
I hereby certify that the foregoing resolution was duly adopted by
the Redevelopment Agency of the City of Santa Monica at a special meeting thereof~
held on the 2nd day of November, 1978.
AYES:
Bambrick,Reed, Trives, Cohen
NOES; Scot t
ABSENT; Swink, van den Steenhoven
r / r- /- /
/~11 --/-' ci. L~--~
~.... \."
John Jal i 1 r. Secretary
APPROVED AS TO LEGAL FORM
AND ADEQUACY;
~3.nup- S~
~~~'n~ City Attorney
.
~
20