R-9636
RESOLUTION NUMBER....9..6.3..6.. (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA MONICA DECLARING ITS INTENT TO ISSUE
TAX-EXEMPT BONDS TO BE USED TO REIMBURSE THE
CITY FOR PARKING STRUCTURE EXPENDITURES
PRIOR TO THE ISSUANCE OF SUCH BONDS
WHEREAS, the City of Santa Monica (the "City") desires and intends to
finance certain public capital improvements, comprised of the Civic Center Parking
Structure Project, of benefit to the Santa Monica Earthquake Recovery Redevelopment
Project (the "Project"); and
WHEREAS, the City expects to cause the execution, delivery and sale of
tax exempt obligations such as bonds to be repaid from the revenues of the Project for
the purpose of providing financing for all or a portion of the Civic Center Parking
Structure (the "Obligations"); and
WHEREAS, the City expects to incur certain expenditures relating to the
Project and to pay for such expenditures from the City's moneys on hand prior to the
execution of the Obligations (the "Reimbursement Expenditures"); and
WHEREAS, the City reasonably expects to use a portion of the proceeds
of the Obligations to reimburse the City for expenditures made prior to the date the
Obligations are entered into;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. Declaration of Official Intent. The City Council hereby declares the
official intent of the City, subject to the further approval of this Council, to use up to
$5,000,000 of the proceeds of the Obligations to reimburse itself for the Reimbursement
Expenditures. It is intended that this Resolution shall constitute a declaration of "official
intent" within the meaning 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 bind the
City to proceed with execution and delivery of the Obligations until and unless all other
necessary actions and approvals are taken or received in accordance with all applicable
laws.
SECTION 3. The City Clerk shall certify to the adoption of this Resolution, and
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APPROVED AS TO FORM
F:IPLANIADMINICIVCTRICCPARKI NGIFUNDINGIREIMBRESO.DOC
Adopted and approved this 27th of March, 2001.
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Michael Feinstein, Mayor
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby
certify that the foregoing Resolution No. 9636 (CCS) was duly adopted at a
meeting of the Santa Monica City Council held on the 27th of March, 2001, by the
following vote:
Ayes: Council members:
Holbrook, O'Connor, McKeown, Genser,
Katz, Mayor Pro Tern Bloom, Mayor
Feinstein
Noes: Council members:
None
Abstain: Council members:
None
Absent: Council members:
None
ATTEST:
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Maria M. Stewart \