R-8791
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CA:MJM:f:\atty\muni\laws\mox\bond.res
city council Meeting 7-26-94 Santa Monica, California
RESOLUTION NO. 8791 (CCS)
(CITY COUNCIL SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA DETERMINING THAT THE
PUBLIC INTEREST AND NECESSITY DEMAND THE
ACQUISITION, CONSTRUCTION AND COMPLETION
OF CERTAIN MUNICIPAL IMPROVEMENTS AND
THEIR FINANCING THROUGH THE ISSUANCE
OF GENERAL OBLIGATION BONDS
WHEREAS, the city of Santa Monica (the "Ci ty") is authorized
to issue general obligation bonds to finance municipal improvements
pursuant to the provisions of Article 1, commencing with Section
43600, of Chapter 4 of Division 4 of Title 4 of the California
Government Code (the "Act");
WHEREAS, the City intends to issue general obligation bonds
under and pursuant to the Act to finance the acquisition and
construction of a POlice, Fire and Emergency Operations Center and
parking for official vehicles (the "Improvements"); and
WHEREAS, in order to initiate proceedings under the Act to
provide for the financing of the Improvements, the city Council of
the City (the "city Council") must make certain findings and
determinations;
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NOW, THEREFORE, BE IT RESOLVED, by the city council of the
City of Santa Monica as follows:
SECTION 1. The public interest and necessity demand, and it
is the intention of the City council to require, the acquisition,
construction and completion of the Improvements and to issue
general obligation bonds of the city to finance the cost thereof,
subject to completion of the proceedings required by the Act.
SECTION 2. The estimated cost of the Improvements is not to
exceed Thirty-Three Mlllion Dollars ($33,000,000.00) . Said
estimated costs include provislon for legal and other fees, and the
cost of prlnting of bonds and other costs and expenses incidental
to or connected with the issuance and sale of general obllgation
bonds to flnance the costs of the Improvements.
SECTION 3. The Clty Council hereby finds and determines that
the costs of the Improvements require an expenditure by the City
greater than the anount allo~led for lt by the annual tax levy of
the City. The princlpal anount of general obligation bonds of the
Clty to be issued for the Improvements will not exceed the
estiMated cost set forth above for the Improvements.
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SECTION 4. This Resolutlon is adopted, and general obligation
bonds of the City are to be issued, pursuant to the Act.
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SECTION 5. This Resolutlon shall be adopted upon a vote of no
less than two-thirds of all members of the City Council.
SECTION 6~ 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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M~rSha Jone Moutrle
Clty Attar ey
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Adopted and approved this 26th of July. 1994.
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I hereby certIfy that the foregoing Resolution 8791 (CCS) was duly adopted at a
meeting of the City Council held on the 26th of July, 1994 by the following vote:
Ayes: Councilmembers: Abdo, Genser. Greenberg. Holbrook. Olsen.
Rosenstein, Vazquez
Noes' Councilmembers: None
Abstain: Councilmembers: None
Absent' Councilmembers: None
ArrEST:
d2AffyfiJ~
~'-" - CitY Clerk