R-9843
F: \atty\mun i\laws\mj m\mainlibraryreimburse. doc
City Council Meeting 3-25-03
Santa Monica, California
RESOLUTION NUMBER 9843 (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY COUNCIL
OF THE CITY OF SANTA MONICA DECLARING ITS
INTENT TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the City of Santa Monica (the "Issuer") intends to construct and
improve a new main public library for the City of Santa Monica, including improvements
to existing and additional parking facilities relating to such library (the "Project"); and
WHEREAS, the Issuer expects to pay certain expenditures (the "Reimbursement
Expenditures") in connection with the Project prior to the issuance of indebtedness for
the purpose of financing costs associated with the Project on a long-term basis; and
WHEREAS, the Issuer reasonably expects that debt obligations in an amount
not expected to exceed $ 29,300,000 will be issued and that certain of the proceeds of
such debt obligations will be used to reimburse the Reimbursement Expenditures; and
WHEREAS, Section 1.150-2 of the Treasury Regulations requires the Issuer to
declare its reasonable official intent to reimburse prior expenditures for the Project with
proceeds of a subsequent borrowing,
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council finds and determines that the foregoing recitals
are true and correct.
SECTION 2, This declaration is made solely for purposes of establishing
compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This
declaration does not bind the City of Santa Monica to make any expenditure, incur any
indebtedness, or proceed with the Project.
SECTION 3. The City Council hereby declares its official intent to use proceeds
of indebtedness to reimburse itself for Reimbursement Expenditures.
SECTION 4. The City Clerk shall certify to the adoption of this Resolution, and
thenceforth and thereafter the same shall be in full force and effect.
City Attorney
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Adopted and approved this 25th day of March, 2003.
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Richard Bloom, Mayor
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby
certify that the foregoing Resolution No. 9843 (CCS) was duly adopted at a
meeting of the Santa Monica City Council held on the 25th day of March, 2003
by the following vote:
Ayes:
Council members: Feinstein, Mayor Pro Tem McKeown, Katz,
Genser, Holbrook, O'Connor, Mayor Bloom
Noes:
Council members:
Abstain: Council members:
Absent: Council members:
ATTEST:
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Maria M. Stewart, Ci Clerk