M-3/18/1969 (3)
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REDEVELOPMENT AGENCY
OF THE
CITY OF SANTA MON I CA, CA LI FORN IA
March 18, 1969
4:30 P.M.
The Redevelopment Agency of the City of Santa Monica. California, met in
regular meeting in the City Council Chambers on March 18, 1969. at 4:30 P.M.
PRESENT:
MEMBERS: J. Lee Schimmer, Chairman
B. Thomas Barnard, entered at 4:46 P.M.
Ted Fach
L. Wayne Harding
Mortimer T. Richey
Philip E. Whiting
ABSENT:
MEMBERS: Clifford connelly
ALSO PRESENT:
Arnie Friedman. Evening Outlook Reporter
Grace Thomas, Executive Dlrector.Secretary
Gary G. Jones. Assistant Executive Director
May Palfrey. Stenographer
APPROVAL OF MINUTES:
The minutes of January 21 and February 10 were
approved as mailed.
APPROVAL OF BilLS:
The Secretary reviewed the bi lis as follows:
~ugene B. Jacobs.
. . . $493.75
John Gray. . . . .
. $250.00
. $326.25
. .j420.00
TOTAL BILLS.
$1,490.00
Shuirman-Rogoway & Associates. .
Filley Analyses. . . . . . . .
Mr. Richey moved, seconded by Mr. Harding. that the bills be paid as
submitted, in the amount of $1.490.00. The motion carried with the follow-
ing roll cpll vote;
AYES:
NOES:
ABSENT:
MEMBERS:
MEMBERS:
MEMBERS:
Schimmer. Fach, Harding, Richey. Whiting
None
Barnard, Connelly
PROJECT ACTIONS AND REPORTS:
Project I (b):
Resolutions Authoriz!ng the Issuance and Delivery of
Project Notes
The Secretary introduced Resolutions No. 271 (R.A.S.) and 272 (R.A.S.),
which were prepared by HUD in accordance wlth the revised procedures for
private financing.
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Minutes - 3/18/69
Page Two
Mr. Harding moved, seconded by Mr. Fach, that Resolution No. 271 (R.A.S.),
'~ RESOLUTION OF THE REDEVELOP~ENT AGENCY OF THE CITY OF S~NTA MONICA, CAlI-
FORNIA, AUTHORIZING THE ISSUANCE OF PROJECT LO~N NOTES IN CONNECTION VITH
~~uANRENEWAL PROJECT NO, CALIF. R-44", be adopted and that further reading
be waived. The motion carried with the following roll call vote:
AVES:
NOES:
AbSENT:
Schimmer, Fach, Harding, Richey, Whiting
None
Barnard. Connelly
MEMBERS:
MEMBERS:
MEMBERS:
Mr. Fach moved, seconded by Mr. Harding, that Resolution No. 272 (R.A.S.',
I~ RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY O~ SANTA MONICA, CALI-
~ORNIAr AUTHORIZING THE SALE, ISSUANCE AND DELIVERY OF PROJECT NOTES AND THE
EXECUTION OF REqUISITION AGREEMENTS", be adopted and that further readIng be
waived. The motio~ carried with the following roll call vote:
AVES:
NOES:
AaSENT:
MEMBERS:
MEMBERS:
MEMBERS:
Schimmer. Fach, Harding, Richey. Whiting
None
Barnard, Connelly
Project J(b):
First Series 1969 Project Notes
The Secretary reported that a bid opening was held in the Redevelopment
Agency offices on March 11. 1969 for the sale of the First Series 1969 Pro-
ject Notes, in the amount of $3,030,000. She stated that it was a split
award, with $1,000,000 of the principal amount being awarded to the Crocker-
Citizens National Bank at 4.40 per cent per annum and a $2.00 premium, and
$2,030,000 to the Security-Pacific National Bank at 4.42 per cent per annum
and a $14.07 premium.
GENERAL:
Ratification of Travel
The Secretary requested ratification for the Chairman's trip to
Washington, D.C., for the attendance at the 38th Annual National Housing
Conference on March 9 and 10. Mr. Fach moved, seconded by Mr. Harding,
that the Chairman's trip to Washington. D.C.. on March 9 and 10, be ratified.
Mr. Barnard entered at 4:46 P.M.
The motion carried with the following roll call vote:
AVES:
NOES:
ABSENT:
ABSTAIN:
MEMBERS:
MEMBERS:
MEMBERS:
MEMBERS:
Schimmer, Fach. Harding, Richey, Whiting
None
Conne I Iy
Barnard
Project I (a):
Tax Increment for 1968-69 Year
The Secretary reported that the Agency had received its tax increment
from the County of Los Angeles in the amount of $181,220.83. She added
that the Agency had the option to reinvest these funds or to make a tender
offer to repurchase a portion of its outstanding Tax Allocation Bonds.
Discussion followed. Mr. Barnard moved, seconded by Mr. Harding, that
~ the Agency solicit tender offers to redeem a portion of outstanding Tax
Allocation Bonds, with bids to be received on April IS, 1969. The motion
carried with the following roll call vote:
AYES:
NOES:
ABSENT:
MEMBERS:
MEMBERS:
MEMBERS:
Schimmer, Barnard, Fach, Harding, Richey, Whiting
None
Conne I Iy
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Minutes - 3/18/69
~age Three
There being no further business to be brought befo~ the Members,
Mr. Richey moved, seconded by Mr. Harding, that the meeting be adjourned.
The motion carried with a unanimous voice vote.
The meeting adjourned at 5:05 P.M.
Grace Thomas
Secretary
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