R-10118
29204-02
JH:ACH:brf
03/07/06
RESOLUTION NO.1 0118 (CCS)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA APPROVING ISSUANCE BY THE REDEVELOPMENT AGENCY
OF THE CITY OF SANTA MONICA OF TWO SEPARATE SERIES OF
BONDS WITH RESPECT TO THE SANTA MONICA EARTHQUAKE
RECOVERY REDEVELOPMENT PROJECT OF THE AGENCY
CITY OF SANTA MONICA
WHEREAS, the Redevelopment Agency of the City of Santa Monica (the "Agency") is a
redevelopment agency, and public body, corporate and politic, duly established and authorized
to transact business and exercise 'powers under and pursuant to the provisions of the
Community Redevelopment Law of the State of Cal ifornia, constituting Part 1 of Division 24 of
the Health and Safety Code of the State (the "Law"), including the power to issue bonds for any
of its corporate purposes;
WHEREAS, a Redevelopment Plan for the redevelopment project designated the
"Santa Monica Earthquake Recovery Redevelopment Project" (the "Redevelopment Project") in
the City of Santa Monica, California, has been adopted in compliance with all requirements of
the Law;
WHEREAS, to provide funds to refinance redevelopment activities with respect to the
Redevelopment Project, namely, the refunding and defeasance of the Agency's outstanding
Redevelopment Agency of the City of Santa Monica Earthquake Recovery Redevelopment
Project Tax Allocation Bonds, Series 1999, issued in the initial aggregate principal amount of
$65,285,000 (the "1999 Bonds"), the Agency has determined to issue on a federally tax exempt
basis its not to exceed $56,400,000 aggregate principal amount of Redevelopment Agency of
the City of Santa Monica Earthquake Recovery Redevelopment Project 2006 Tax Allocation
Refunding Bonds, Series A, and on a basis that is not exempt from federal income taxes its not
to exceed $16,700,000 aggregate principal amount of Redevelopment Agency of the City of
Santa Monica Earthquake Recovery Redevelopment Project 2006 Taxable Tax Allocation
Refunding Bonds, Series B (together, the "Bonds");
WHEREAS, Section 33640 of the Law requires the Agency to obtain the approval of the
City Council of the City of Santa Monica prior to issuance of the Bonds; and
WHEREAS, the City Council approves the issuance of the Bonds as being in the public
interests of the City of Santa Monica and of the Agency;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa
Monica, as follows:
Section 1. Approval of Issuance of Bonds. The City Council of the City of Santa
Monica approves the issuance of the Bonds by the Agency, as hereinabove described.
Section 2. Effective Date.> This Resolution shall take effect from and after its adoption.
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APPROVED AS TO FORM
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Adopted and approved this 28th day of March, 2006.
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Robert T. Holbrook, Mayor
I, Maria Stewart, City Clerk of the City of Santa Monica, do hereby certify that the
foregoing Resolution No. 10118 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 28th day of March, 2006, by the following vote:
Ayes:
Council members: Bloom, Katz, McKeown, O'Connor,
Mayor Pro Tem Shriver, Mayor Holbrook
Noes:
Council members: None
Abstain:
Council members: None
Absent:
Council members: Genser
ATTEST:
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