R-9988
Council Meeting: October 12, 2004
Santa Monica, CA
RESOLUTION NO. 9988 (CCS)
(CITY COUNCIL SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA DECLARING
THE CITY'S INTENTION TO REIMBURSE EXPENDITURES
FROM THE PROCEEDS OF OBLIGATIONS TO BE ISSUED
BY THE CITY AND APPROVING CERTAIN RELATED ACTIONS
WHEREAS, the City of Santa Monica (the "City") desires to finance the
acquisition of land adjacent to Memorial Park (the "Project") that will remain in its
present condition until such time as plans are developed and approved by the
City;
WHEREAS, any future re-use or re-development of the site will be subject
to separate review for compliance with the California Environmental Quality Act
(CEQA);
WHEREAS, the City may use a portion of the proceeds of obligations
issued or incurred to implement the financing (the "Obligations") to reimburse
expenditures made to pay the costs of land acquisition and environmental and
other costs that might be incurred prior to the issuance or incurrence of the
Obligations;
1
WHEREAS, United States Income Tax Regulations provide generally that
proceeds of tax-exempt obligations are not deemed to be expended when such
proceeds are used for reimbursement of expenditures made prior to the date of
issuance of such obligations unless certain procedures are followed, among with
is a requirement that (with certain exceptions), prior to the payment of such
expenditures, the issuer must declare and intention to reimburse such
expenditures; and
WHEREAS, it is in the public interest and for the public benefit that the
City declare its official intent to reimburse the expenditures referenced herein;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF SANTA MONICA AS FOLLOWS:
SECTION 1. The City intends to issue and incur the Obligations for the
purpose of paying the costs of the Project and related costs.
SECTION 2. The City hereby declares that it reasonably expects (i) to pay
certain costs of the Project prior to the date of issuance or incurring of the
Obligations and (ii) to use a portion of the proceeds of the Obligations for
reimbursement of expenditures for the Project that are paid before the date of
issuance or incurring of the Obligations.
2
SECTION 3. The maximum principal amount of the Obligations is FIFTY
MILLION DOLLARS ($50,000,000.00);
SECTION 4. 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 5. The City Clerk shall certify to the adoption of this Resolution,
and henceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM
3
Adopted and approved this 12th day of October, 2004.
~!:Yor
I, Maria Stewart, City Clerk of the City of Santa Monica, do hereby certify
that the foregoing Resolution No. 9988 (CCS) was duly adopted at a meeting of
the Santa Monica City Council held on the 12th day of October, 2004, by the
following vote:
Ayes:
Council members: Mayor Bloom, Mayor Pro Tern McKeown,
Feinstein, Genser, Holbrook, Katz
Noes:
Council members: None
Abstain:
Council members: None
Absent:
Council members: O'Connor
ATTEST:
~~. ~:.-A-
Maria M. Stewart, ity Clerk
4