M-6/8/1971
e
e
RESOLUTION NO, 301 (R,A,S,)
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA MONICA, CALIFORNIA, AUTHORIZING THE PURCHASE OF
OUTSTANDING BONDS IN ACCORDANCE WITH SECTION 19 OF
AGENCY RESOLUTION NO. 203 WITH REGARD TO THE REDEVELOP-
MENT PROJECT KNOWN AS OCEAN PARK PROJECT NO. l(A).
.
WHEREAS, the Redevelopment Agency of the City of Santa Monica, California,
(the Agency) pursuant to Agency Resolution No. 203 issued bonds to finance a
portion of the cost of the redevelopment project known as Ocean Park Project
No. I (a); and
WHEREAS, Section 19 of the Agency Resolution No. 203 permits the Agency
to purchase at this time all or a portion of such bonds with moneys in the
Special Fund (as that fund is defined and established by Agency Resolution
No. 203), and
WHEREAS, Section 15 of Agency Resolution No. 203 provides that moneys
in the Reserve Fund (as that fund is defined and established by Agency Reso-
lution No. 203) may be used and withdrawn for the purpose of paying for the
purchase of outstanding bonds in accordance with the provisions of Section 19
of Agency Resolution No. 203; provided, however, that the only moneys in the
Reserve Fund which shal I be used for that such purpose shall be moneys in such
Reserve Fund which are from time to time in excess of the minimum Reserve Fund
balance as defined in Section 15 of Agency Resolution No. 203; and
NOW, THEREFORE, the Redevelopment Agency of the City of Santa Monica,
California, does hereby Resolve, Determine and Order as follows:
Section 1. The Agency hereby determines that there are moneys in the
Reserve Fund at this time in excess of the minimum Reserve Fund balance as
established by Agency Resolution No. 203.
.
Section 2. The Executive Director-Secretary of this Agency is hereby
authorized to purchase Agency bonds (issued pursuant to Agency Resolution
No. 203) with moneys available In the Reserve Fund and in the Special Fund in
the manner establ ished in Section 19 of Agency Resolution No. 203 and in the
amount not to exceed $185,000 In face value of the bonds, including brokerage
or other expenses.
Adopted and approved this
so purchased together with all unpaid interest
shall be cancelled forthwith and shall not ~~5
~ ~.
day of ~/;:n~----7 ' 197~
/M-/:
jp~~2/z
B. Thomas Barnard
Chairman
8th
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Section 3. Any bonds
coupons pertaining thereto
I hereby certify that the foregoing resolution was duly adopted by the
Redevelopment Agency of the City of Santa Monica, California, at a regular
meeting thereof held on the 8th day of June , 1971, by the fol-
lowing roll call vote:
.
AYES:
NOES:
ABSENT:
MEMBERS:
MEMBERS:
MEMBERS:
Barnard, Connelly, Fach, Schimmer, Whiting
None
Harding, Richey
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,..., Gary G. JO~~~
EX.C""".,J^~
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Approved as to form and adequacy.
c&:q?1u$d~t,
Eugene.~. Jaco~-~~ -~
Genera"( Counsel U