R-483
City Council Meeting: July 8, 2003
Santa Monica, CA
RESOLUTION NUMBER 483 _ (RAS)
(Redevelopment Agency Series)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA DECLARING ITS INTENT TO ISSUE TAX-EXEMPT
BONDS TO BE USED TO REIMBURSE THE AGENCY FOR SANTA MONICA
COLLEGE LIBERAL ARTS BUILDING REPLACEMENT PROJECT EXPENDITURES
PRIOR TO THE ISSUANCE OF SUCH BONDS
WHEREAS, the Redevelopment Agency of the City of Santa Monica (the
"Agency") desires and intends to partially finance the Santa Monica College Liberal Arts
Building Replacement Project Expenditures. Payment of the Santa Monica College
Liberal Arts Building Replacement Project Expenditures is of benefit to the Santa
Monica Earthquake Recovery Redevelopment Project (the "Project"); and
WHEREAS, the Agency 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 a portion of the Santa Monica College Liberal
Arts Building Replacement Project (the "Obligations"); and
WHEREAS, the Agency expects to incur certain expenditures relating to
the Project and to pay for such expenditures from the Agency's moneys on hand prior to
the execution of the Obligations (the "Reimbursement Expenditures"); and
WHEREAS, the Agency reasonably expects to use a portion of the
proceeds of the Obligations to reimburse the Agency for Reimbursement Expenditures
made prior to the date the Obligations are entered into;
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NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY
OF SANTA MONICA DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS.
SECTION 1. Declaration of Official Intent. The Agency hereby declares its
official intent, subject to the further approval of the Agency, to use $10,206,823 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
Agency 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 Agency Secretary 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
a~L5fj~~L1 ~
Mar Jones utrie
Agency General Counsel
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Adopted and approved this 8th day of July, 2003.
(?-~
Richard Bloom, Chair
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby certify that
the foregoing Resolution No. 483 (RAS) was duly adopted at a joint meeting of the
Santa Monica City Council and the Redevelopment Agency held on the 8th day of July,
2003, by the following vote:
Ayes: Agency members:
Feinstein, Chair Pro Tern McKeown, Genser,
Holbrook, O'Connor, Chair Bloom
Noes: Agency members:
None
Abstain: Agency members:
None
Absent: Agency members:
Katz
ATTEST:
~.
Maria M. Stewart, Agenc