M-3/10/1987
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CITY OF SANTA MONICA
REDEVELOPMENT AGENCY MINUTES
MARCH 10, 1987
A special j oint meeting of the City Council and Redevelopment
Agency was called to order by Mayor Conn at 7:46 p.m.
Roll Call: Present: Chairperson James P. Conn
Chairperson Pro Tempore Herb Katz
Agency Member David B. Finkel
Agency Member William H. Jennings
Agency Member Alan S. Katz
Agency Member Christine E. Reed
Agency Member Dennis Zane
Also Present: Executive Director John Jalili
Agency Attorney Robert M. Myers
Assistant Secretary Donna R. Betancourt
CC/RA-1: MINUTES APPROVAL: Presented were the minutes of the
Redevelopment Agency meetings held January 13 and February 24,
1987. Chairperson Pro Tempore H. Katz moved approval of the
minutes. Second by Agency Member Reed. The motion was
unanimously approved.
CC/RA-2: OCEAN PARK REDEVELOPMENT PROJECT FINANCING: Presented
was a staff report recommending that the Executive Director be
authorized to negotiate and execute contracts with Rauscher
pierce Refsnes, Inc., Bond Underwriter, and Orrick Herrington
Sutcliffe, Bond Counsel, to provide services for refunding 1984
Tax Allocation Bonds and for refinancing other debt related to
the Ocean Park Redevelopment Project. Discussion was held.
Agency Member Reed moved the staff recommendation, thereby
authorizing the Agency Executive Director to negotiate and
execute Contract No. 4884 (CCS) wi th Rauscher pierce Refsnes,
Inc., not to exceed 1.5% of the proceeds, to serve as bond
underwriter, and Contract No. 4885 (CCS) with the law firm of
Orrick, Herrington, and Sutcliffe, not to exceed $40,000, to
serve as bond counsel, both to provide all services required for
the issuance and sale of Tax Allocation Bonds needed to refund
the Agency's 1984 Tax Allocation Bonds and to refinance the
repayment of as much of the Agency's Ocean Park Redevelopment
Project debt to the City as is financially advisable. Second by
Chairperson Pro Tempore H. Katz. The motion was approved by the
following:
Agency vote: Unanimously approved 7-0
ADJOURNMENT: At 7:50 p.m.,
Agency meeting.
Redevelopment