M-2/23/1988 (2)
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CITY OF SANTA MONICA
REDEVELOPMENT AGENCY MINUTES
FEBRUARY 23, 1988
A special joint meeting of the city Council and Redevelopment
Agency was called to order by Chairperson Conn at 7:45 p.m.
Roll Call: Present: Chairperson James P. Conn
Chairperson Pro Tempore Herbert Katz
Agency Member David B. Finkel
Agency Member William H. Jennings
Agency Member Alan S. Katz
Agency Member Christine Reed
Agency Member Dennis Zane
Also Present: Executive Director John Jalili
Agency Attorney Robert M. Myers
Acting Agency Secretary Donna R. Betancourt
RA-1: MINUTES APPROVAL: The Redevelopment Agency minutes of
January 16, January 26, and February l6, 1988, were presented for
approval. Chairperson Pro Tempore H. Katz moved to approve the
Redevelopment Agency minutes as presented. Second by Agency
Member Reed. The motion was unanimously approved.
CC/RA-2: TAX ALLOCATION BONDS/OCEAN PARK REDEVELOPMENT PROJECT:
Presented was a staff report transmitting resolutions approving
documents required to issue tax allocation bonds to refund 1984
Ocean Park Redevelopment Project tax allocation bonds and repay
outstanding debt with City. Discussion was held. Agency Member
Zane moved to approve the staff recommp-ndation on behalf of the
Redevelopment Agency, thereby adopting Resolution No. 419 (RAS)
entitled: "RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA MONICA APPROVING THE ISSUANCE OF NOT TO EXCEED $7,000,000.
PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY OF SANTA
MONICA, OCEAN PARK REDEVELOPMENT PROJECTS TAX ALLOCATION
REFUNDING BONDS, SERIES 1988A, APPROVING THE ISSUANCE OF NOT TO
EXCEED $2,415,612. PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF
THE CITY OF SANTA MONICA, OCEAN PARK REDEVELOPMENT PROJECT TAX
ALLOCATION REFINANCING BONDS, SERIES 1988B, APPROVING THE FORMS
OF THE AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE OF
TRUST, A PURCHASE CONTRACT AND AN ESCROW AGREEMENT AND THE
PREPARATION OF AN OFFICIAL STATEMENT, AND OTHER MATTERS RELATED
THERETO," reading by title only and waiving further reading
thereof, (1) approving the issuance of not to exceed $7,000,000
principal amount of Redevelopment Agency Ocean Park Redevelopment
Projects Tax Allocation Refunding Bonds, Series 1988A; (2)
approving issuance of not to exceed $2,415,612 principal amount
of Redevelopment Agency Ocean Park Redevelopment Project Tax
Allocation Refinancing Bonds Series 1988B; (3) approving the
forms of and authorizing the execution and delivery of an
Indenture of Trust, a Purchase Contract, and an Escrow Agree~ent;
(4) approving the preparation of an official statement; and (5)
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February 23, 1988
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other matters related thereto. Second by Agency Member Reed.
The motion was approved by the following vote:
Agency vote: unanimously approved 7-0
Councilmember Reed moved to approve the staff recommendation on
behalf of the City Council, thereby adopting Resolution No.
7563 (CCS) entitled: "A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA APPROVING THE ISSUANCE AND SALE BY THE
REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA OF ITS OCEAN
PARK REDEVELOPMENT PROJECTS TAX ALLOCATION REFUNDING BONDS,
SERIES 1988A AND ITS OCEAN PARK REDEVELOPMENT PROJECT TAX
ALLOCATION REFINANCING BONDS, SERIES 1988B," reading by title
only and waiving further reading thereof, approving the issuance
and sale by the Redevelopment Agency of its Ocean Park
Redevelopment projects Tax Allocation Refunding Bonds, Series
1988Ai and its Ocean Park Redevelopment Projects Tax Allocation
Refinancing Bonds, Series 1988B. Second by Councilmember Finkel.
The motion was approved by the following vote:
Council vote:
Unanimously approved 7-0
At 7:51 p.m., the~evel
s P. Conn
Chairperson
ADJOURNMENT:
adjourned.
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February 23, 1988