R-9754
RESOLUTION NO. 9754
(CCS)
(CITY COUNCIL SERIES)
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA. APPROVING THE ISSUANC~. AND SALE BY THE
REDEVELOPMENT AGENCY OF THE CI OF SANTA MONICA OF
ITS REDEVELOPMENT AGENCY OF THE ITY OF SANTA MONICA
OCEAN PARK REDEVELOPMENT PROJE TS TAX ALLOCATION
BONDS, SERIES 2002
WHEREAS, the Redevelopment Agency of the Ci~y of Santa Monica (the "Agency") is
a redevelopment agency, a public body, corporate and ~olitic, duly created, established and
authorized to transact business and exercise its powers, all tptder and pursuant to the Commun.ity
Redevelopment Law (part 1 of Division 24 of the Calitpmia Health and Safety Code) (the
"Law") and the powers of the Agency include the power t~ issue bonds for any of its corporate
purposes; I
WHEREAS, a redevelopment plan for.a redevelop~ent project known and designated as
"Ocean Park Project No. l(a)" has been adopted and appr ved and all requirements of law for,
and precedent to, the adoption and approval of said plan ha e been duly complied with;
WHEREAS, a redevelopment plan for a redevelop~ent project known and designated as
"Ocean Park Project No. 1(b)" has been adopted and appr4ved and all requirements of law for,
and precedent to, the adoption and approval of said plan havF been duly complied with;
WHEREAS, the Agency desires to aid in financi~g Ocean Park Project No. l(a) and
Ocean Park Project No. 1(b) by providing funds to Pt.' y a portion of the costs of said
redevelopment; .
WHEREAS, the Agency previously issued its Re~evelopment Agency of the City of
Santa Monica Ocean Park Redevelopment Projects Tax .f\llocation Refunding Bonds, Series
1992 (the "Prior Bonds"), pursuant to the Indenture of Trult, dated as of November 1, 1992, by
and between the Agency and Bank of America National Trust and Savings Association, as
trustee;
WHEREAS, the Agency desires to aid in refinancing Ocean Park Project No. l(a) and
Ocean Park Project No. 1 (b) through the refunding ofthe Prior Bonds;
WHEREAS, the Agency is indebted to the City Of~anta Monica (the "City") for certain
loans made by the City to the Agency, which the Agency i turn made use of in connection with
Ocean Park Project No. l(a) and Ocean Park Project No. ~ b), which inde~tedness is evidenced
by a promissory note (the ''Note'') executed by the Agency I favor of the CIty;
WHEREAS, the Agency des~res to ai.d in r<::financing Ocean Park Project No. l(a) and
Ocean Park Project No. 1 (b) by repaymg all or a portIOn oftre Note;
DOCSLAl :408223.3
WHEREAS, the Agency has determined that it would be in the best interests of the
Agency to provide the funds necessary to pay a portion of the costs of such redevelopment,
refund the Prior Bonds and pay all or a portion of the Note through the issuance by the Agency
of its Redevelopment Agency of the City of Santa Monica Ocean Park Redevelopment Projects
Tax Allocation Bonds, Series 2002 (the "Bonds"), in the aggregate principal amount of not to
exceed $25,000,000;
WHEREAS, pursuant to the Law, the City Council (the "City Council") of the City also
must authorize and approve the issuance of the Bonds; and
WHEREAS, all acts, conditions and things required by the laws of the State of
California and the City Charter of the City to exist, to have happened and to have been
performed precedent to and in connection with such authorization and approval do exist, have
happened and have been performed in regular and due time, form and manner as required by
law;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SANTA MONICA, as'follows:
Section 1. All of the recitals herein contained are true and correct and the City Council
so finds.
Section 2. The City Council hereby approves the issuance of the Bonds. Such approval
is intended to satisfy the requirements of Section 33640 of the California Health and Safety
Code.
Section 3. The officers, employees and agents of the City are hereby authorized and
directed, jointly and severally, to do any and all things which they may deem necessary or
advisable in order to consummate the issuance of the Bonds and otherwise to carry out, give
effect to and comply with the terms and intent ofthis Resolution.
Section 4. All actions heretofore taken by the officers, employees and agents of the City
with respect to the issuance of the Bonds are hereby approved, confirmed and ratified.
DOCSLA1:408223.3
Section 5. The City Clerk shall certify to the adoption of this Resolution and thenceforth
and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM:
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DOCSLAl :408223.3
Adopted and approved this 26th ofMlrch, 12002.
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby
certify that the foregoing Resolution No. 9754 (CCS) was duly adopted at a
meeting of the Santa Monica City Council held on the 26th of March, 2002 by the
following vote:
Ayes: Council members:
Holbrook, O'Connor, Genser, Katz, Mayor
Pro Tem McKeown, Mayor Feinstein
Noes: Council members:
None
Abstain: Council members:
None
Absent: Council members:
Bloom
ATTEST: