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SR-203-001 (6) / . RP~DTA'dc . C~"lnc1l M~t1 ng': 2/23/82 . San ta Milifa, Cal1fornla :Z?/3~co/ Jl-\) TO: Mayor and C1ty Council F Eo ti .d ~ 1::'0' FROM: C1ty Staff SUBJECT: Appl1cat1on for 1980 Bond Act Funds Introduct1on Th1S report requests Council approval of the resolution author1zing appl1cat1on for 1980 Callforn1a Park1ands Bond Act allocat1ons to the C1ty of Santa Mon1ca and authorizat1on of the C1ty Manager to slgn the applicatlon for the funds. Background The State has 1ndicated that 1t 1S perm1ssable for the C1ty to apply for Bond Act funds w1thout a spec1f1c comm1tment to proJects. Th1S would enable the funds to be encumbered 1n the State budget for the 1982-83 f1scal year. The C1ty can then conslder the spec1f1c projects for these funds dur1ng the 1982-83 budget process March 1, 1982 15 the deadllne for appl1cat1on to the State.. The allocat1on for the C1ty 1 s 5269,491 Recommendalton Staff recommends the adoptlon of the attached resolutlon and recommends Counc1l authorlze the Clty Manager to sign the appllcatlon for these funds. Prepared by: Donald T. Arnett, 01rector Recreation and Parks DTA:dc JA -1) FEE! '? '" {~r>., . St!>a 01 (.l':ttmr~ -1 !.~ ;:L~",vr'.~ A~::.<1'! . D~~AMT"1cNT 0";' r:t~~(S '~:1i) OEC?EA) ;G.~ CAU;:("Wiq PA~'(U...N.1'; f,Cr 0;: j~2!_' APPlICA nON H,;'~ ~ QC;AL As.."~':;-l>('~C[ GRAN r Santa Monica Parks AM~t;l""t c~ G"'i3~t H~'1~.:;~t~:; (ft~lf" Gr~"'lt S20):)CC'} ;: __2Q9 .~_.__ I I j 1-- -. I i I ;-rOl:~: I" .tl'.. ES:"'I""'G~~~j To~;:!: P"c .~'-i: Cost .... . r; -- ---'~;~:-~~~~a~ta'::~',:: ,:-;.-"',---- - ----I i~;;c: ~~,{'~' ~~___ =~2 ~~~~ ::J 1685 Main Street 1----- ~-------- -- - ---. . Santa Man i ca, CA 90401 I I - ----~'w--~s-~~ ~ D,~-~,_::;=27 -~~-------11 S+l '-1... .r-;':) 1 ~ s..p...... ~~o ~~_--------._ - -- - - ---- ---- ---------"----_---.....---..--------~- -~~ -~---- ------....-"-+-"--- PrCJt.:-t Locutlor- Los Angeles COU'lt'i _____ N~, ,t C.r' _ Santa Mani ca - _~ rf... , _____~~~~____~_~__ -.-._......... {:"L. J ~l__-."-___ Donald T. Arnett Dlrector,Recreation & Parks , I I -------~ ----f __ Cl ty _~an_age.!~__~ L~1~_]2~-9~7~-,_~x~: 3011 ITJtl"\ (n,)'.,.a) j I I 1 . j --------~-~-- ~--- --- -~--- 1 Ad~rcs'" ""nd . J~?r.35: C-O;i ~i.~ ...~t t, ;-;.... _ 2' - ts. ~- ..::~..:; -' ~ t.\.~ ;";...........::,.. z.::.:! '"'"j ?e:-::;:Lih':)"1 ,., John H. A1schu1er l..-_ -"_____ _ ____ __ _--...___"_r__ ~_~_ ____.._~_~~~__ UI",p'-- ;, "~ ......"";l-~:"'" ('")v" "_--,;:),-: _ ~ - ~ ;.J~ f -:;I;'-C:: ~,f J''::T--,'~~U'' frOi1- aL......10r.~t...d r:::pr=S;..\fli.~ -, .-'''l ~. i Jr ~ ~ ---n;tl-er--- -----~- {21~ 393-9975, ext.3l1 ~- (P:l;~j-r- -- -- ~~- 1_ ~.... ~ =-!- :- ~-'.I.:Jo~'" :r-: I li"J i - Santa Monica Parks --r-- ---- ~-~l~O~;~ ~,:~" 'n ~~b:-~-=':~~~- ~ ;--- ~__---'r c(f~.....llej jr'l f:::.J !)I.... -l",,: I;'r' -~.- ItC~-". i :'-- -- t.'--jJ_~~ I-.~,...r - ______________ ,,-:::/'.:-.) __~_ _ __ __ .........--erl lit &....;". ::."r,.) ~ ~.'.. z.::-:.;:.' ~,:,r.: ________ _'cV.:::ili"jl Ili(';::.~-_______ya:,::"'I._;::;.= .::. ~i,.lI"'f.-.~';;1 Dtt,~~ d'-';2"1 ._~ ..."....,.; ~ -",-:.1.:: ---:l _ _~___~___ O"'n:?r 1""=..2....;l:~ (.! <~;3 ,.\ 1 ____ ______u____ _J_ Ce', :~',. ~.,~:" t,i-r~p:::f~~.,:~~;~<) l:,:.,~::r~:i~; .~- .~~~~c.3:~'-~:i~;'~..~"'c'~c~~j;~:::~c~,:,:: ;;',-~~: pr~J~:-~I::; ;~~~;~~ :,'+',~""~~,dl c'.~~/ .~ = c~~j I f~1.~1-k- ('"Jf"td:.,.. tk.3-r r-:r::: IS: .~''''J'''''';:'':-'!'. t;r \.~';I'1 h;;:!:[..,-_" --. .:' ~lj~-'! pllor to ~h2 C'O-:,.--Pl;:.::-~........ ~[-, J" \.~"::;rk c.-, ~ J ~II::"'.:J~ ........1 "c.,..- -: ~'"." ;.:.') I--....-,;.j'j --':'t_c~ .....1:...cr.oii..... ~.;1CP)Y f-Oi;" ~ nc-, :::....~~ "-OuP'(..:.:- , c -. 0-' ,t\;:::u~ ~-r.: ": .{-\:.:~..,::.,.~::~J ~'-:.:. r~,: ~i-.;:j...P.~ i!;;:::~ (")' f 1 F. ?,~: / +'.)--"" Dc+ . .11- RP.DTA:dS .esolut~on No. 6447 (CCS) (City Council Ser~es) . RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA NONICA APPROVING THE APPLICATION FOR 1980 STATE GRANT MONIES FOR ACQUISITION &~ DEVELOPMENT OF PARKS IN THE CITY OF SAi~TA MmnCA w~AS, the people of the State of California have enacted the Cal~fornia Park1ands Act of 1980, which provides funds to the State of California and ~ts polit~cal subdivisions for acquiring lands and for developing facilities for publ~c recreation and historical purposes; and WHEREAS, the State Department of Parks and Recreation has been delegated the responsibility for the administration of the program with1n the State, setting up necessary procedures governing application by local agencies under the program; and WHEREAS, said procedures established by the State Department of Parks and Recreation require the applicant to cert~fy by resolut~on the approval of applications pr~or to submiss10n of sa1d appl1cations to the State; and WHEREAS. the applicant agency w1l1 enter lnto an agreement with the State of California for the acquisit10n and/or development of the proJect. NOW. THEREFORE. the City Counc11 of the City of Santa Monica does resolve as follows: SECTION 1. The filing of the attached app11cation for 1980 state grant ass1stance for acqU1sit1on and development of parks 1n the City of Santa ~onica is hereby approved. SECTION 2. The City Council cert1fies that the Ciey understands the assurances and cert1fication 1n the application. SECTION 3. The C1ty Council certifies that the City has or will have sufficient funds to operate and maintain the proJect. SECTION 4. The City Council certifies that the City has reviewed and understands the General Provisions contalned 1n the state/local agreement. Page 2 . . SECTION S. The City ~anager is appointed as agent of the City to conduct all negotiat1ons, execute and submit all documents includlng but not limlted to appl1cat1ons, agreements, amendments, payment requests, and 50 on which may be necessary for the complet1on of the aforementioned project. SECTION 6. The Clty Clerk shall certify to the adoptlon of thlS resolutlon and thenceforth and thereafter the same shall be 1n full force and effect. APPROVED AS TO FOR."'1 rLrl4 ~~ ROBERT M. MYERS City Attorney ~-- \l . . ADOPTED AND APPROVED THIS 23rd DAY OF February 7 1982. ,Ltk U MAYOR 1 HEREBY CERTIFY THAT THE FOREGOING RESOLUTION NO. 6447(CCS)WAS DULY ADOPTED BY THE CITY COUNCIL OF THE I - CITY OF SANTA MONICA fiT A MEETING THEREOF HELD ON February 23 7 1982 BY THE FOLLOWING COUNCIL VOTE: AYES: COUNCILMEMBERS: Conn7 Edwards, Press, Jennings7 Reed, Zane and Mayor Yannatta Goldway NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None ABSTAIN: COUNCILMEMBERS: None ATTEST: ~>~ CITY CLERK . DISTRIBUTION OFFu~tt :--c;y? Council Meeting Date 2 --J..-?-j Z--- Agenda Item if /I-.j) (;/iur I~ Was it amended? .~~ ([1 t/ 7 c/ o u VOTE: Affirmatlve: Negative: Abstain: Absent: . :'I ORDINA1'ICE it Introduced: I Adopted: / * AU<lAYS PFBLISH ADOPTED ORDINMJCES DISTRIBUTION: ORIGINAL to be slgned, sealed and filed in Vault. Clty Attorney (thuse with their codes) Age~~ ~e~ti9.ned i.n document 0); staff .~e~t . . {J'll.h..:J-uLdl Qa~ ~l/t-c, (~ (cert~fled?) - I I J . Subj ect file (agenda packet) h~~ frre....1-. Counter file ~EWSPAPER PUBLICATION (Date: Department orlginating staff report Others: Airport Parking Auth. Auditorum Personnel Building Dept. Plannlng EnVlron. Servo Police (en- forcement?) Finance Purchaslng Fire Recr/Parks General Servo J ....J f 1 /-..... (.~ _ft /~/{/t~ J 1 ~iIV~X \~i -. Ct~!/ 1 Treasurer Transportatlon Library ~fanager SE~D FOU~ COPIES OF ALL ORDINANCES TO: CODED SYSTEMS, Attn Peter Macfearie PROFESSIONAL CENTER, ROUTE 71 BRIELLE1 NEW JERSEY 0&730 SEND FOUR COPIES OF AU. ORDT\JANrFC: TO: P~ESIDING JUDGE - . SA;{TA J>IO~ICA MUNICIPAL COURT 1725 MAI~ STREET SANTA MO~ICA, CA 90401 TOTAL COPIES ~ ...._ r- '''-. - e 2. t? j3-CJO/ CITY OF SANTA MONICA I NT E R - D E PAR T 1.1 E t~ T MEt.10 ;?ii\ PRi:~ CITY COUIV TO M elL AY 2 3 ~o-2 '4 THIS MlJ RETURNED Sf BE CITY ClE.RI{'STO THE FOR F1I.IN':FICE DATE, Hay 6, 1972 TO Perry Scott, Clt~T l:a.nacer FROM K. 1';atanabe, City Treasurer SUBJECT: E3cheathl.ent of Special Assessment Bor:.d Fund Payments nade on street mprovenent bonds :!lore than ten years ago renain uncla~ed in tha Clty Treasury. The Govern.'"1ent Code of the State of Cali.:ornia p:'ovlaes that any woney r~~in~~g Q~cl~ir.ed in a ci~y t~easu~z for ten years or more may bnconc the propcr~:r o:f the city afto::' publicG.tion of a not:..ce, provided txt ,.llth:..n the pe!"lod of tir.1e c:.s set forth in the notice, no verlfied co~Jlaint seek~~g to recover all or a designated part. of the money is filed l!1 a cou.."'t of competent jurisdiction. Such a notice \<:1aS published on the Seventee::1th of l:arch, 1972, statir.g th3.t on the Six:t!l day of 1:E..)T, 1972, such nor.ey ,'lould become the pro?E'rt~T of the City. :~o verified conplaints have been filed as of this date. Section 50053 of the Government Code provides that if such money becones t~e prope::'ty of the local as~ncy, the lezislative body - ..I- ~ f' . t -+ L' '" ~ F . ..,." . f r'l 20) 6' h ~ 'f[@..:f I.tra.DS_ er.l ...0 i.>:1e uer.era.l unc.. ..!le St.i..'j 0 ~(' c> . '0 .c.S escheated to the City as of this date, and is in the Street Bond Account ~n the Ci~y Treasury. Approprlate action should be taker- by the City Council to tr~~sfer this ~~ount to the General Fund. --<. LA~~ K. \-latanabe, Cit y Treasurer cc Director of Finance Recommended for Council approval. P /!; /' , r-'" v/ '/ '/'!>'. ~ r ;/ 1/,./. }/:/., ( . /( ~ -- ........ "-...../ F. A. GAUDIO, Director 01' .l"lnance . - ~ .... ~e ~~'!'''' ~ .,.._~~~~ "'""-I:I"1IJ_~ -.- PROOF OF PUBLICAnON STATE OF CALIFORNIA, 55 County of Los Angeles, I am a citlzen of the Umted States and a resident of the County afores:l.1d, [ am o\"er the age of eighteen years, <lnd not a party to or intcic<;ted 111 the abo\'t~ entItled matter 1 am the pnnclpal clerk of the pnnter of the EVENING OUTLOOK a newspaper of general cIfculatlOn, pnnted and rubhshed dally except Sunday m the CIty of Santa ~,Iomca, County of Los Angeles, and which newspaper has been adjudged a newspaper of general circulation by the Supenor Court of the County of Los Angeks, State of Cal1forma, under the date of Janu- ary 26,1931, Case Number 314319, that the notice~ of which the annexed IS a prmted copy, has been pubhshed in each regular and entire Issue of SaId newspaper and not 111 any supplement thereof on the follOWIng dates, to-wit Karch 17, 24, ......... .............,. ... oO" .. .... .. ....... ........ ....all In the year 19. 72 I cerhfy (or declare) under penalty of pur- jury that the foregomg ]s true and correct /7. . ""9/ hi} ..~.~.ek-f.--/.....-.c' ... C.;:.::':'<...t '-;:!:. ......... .... / SIgnature / Date.. ....~:~.:.~~. .~.~.' ...~:??~.. ............... .... e ~"" "'OTI(~ OF~_S(!IF.\Tl0Tlll (1T\ OI ''''''1 \\Hl'\I('" OF l."O \1\11 IJ "0,\ \ '\OTH I' ,... HI-RVB\ (,1' c-"': F.'l III' 1'1'.1' ln~ '("'Y" \(31' 'd-' ~., :hlrt' ~.~.... [fnlll"'fG un(I.J.'p-'t~:1 ~rl rl~f 11.,....;jl\ ,.- i:Lw l_~.'. fll .....dcrl.d \1"r11{d t~ Ild~.I\'II-I~fI!<~rf~ hidont~LC re....pC" (,\-( P~l'd"'d...r' ...'~.llkt:. "I III 1 ... I l,ll ~-)I \\li...hlll HI\ -! fr -,n12t.li, "'1~ [.' V~~...I C'Jt~ [,.."t... '.JlI- I~LH\'dl d ,Ir. "r..i'('....b ~t..l\' oLe" \~ II~t'lrL' 1~~~_-"\~ (I..I.--"r-I"; \"d:-' u-,q 1 tllrd ~t f~.)'''l \.'z.;r~ ....~...e "J \"II..,JI;rt' I)-\i.; l;~ \tUIne"" ,(("1 ''tI..:! '-'...anfi)t"o \ ,:('.&. H';H\.drd ",.... J.nd l\ ;]"'~i'n2"tli'l \.c Pit, ~RL!l"::' tll j-!il. 'I 1 roill Pi-hi' l~l~, 11i'("fJiqH!r.dflll..~rl(IIBhdlG'--..JLI'h( -V I LrI'It... .!:1fi 1\lr~ IC"\ ~'I 1'"'111 ~1' l d 2. ,r) 1"11' 171 ~I 19.h t."h d"j-.I (t.r' IIn oll'Lf ~t..(1" b ~~1 plJ.tIlJn;;f~ '-'i.::..l1ih('r~'r('.;; t... 2~~! .'....nl. ....t.f l ~ . . " l~ TOl \l ,,~ I Hf ~ T I'M'HU\ ( \1r' I ,;I)'\Il' 1 '\1\ ,f' 203 .~> Ira (h':i.i If\.rt.'!Io....dlG ffi..JfL1C'O:; '=.L1I b!:....vll1(' the pr--.pt. rl\ ,,' th.. ltt\ Ilf ~J.["!r.d \....i'lF::< i}- \1w b !(I~ 1. Ulll'(jt""l-,th"'~\ (>r\~dnj. Hi2 A\If)l"1 ~H.rl ""I" H.~ n "'Ij .I :J<" '1 h!l 01 40;."..j '.L ...~ ; 4..!I' (- ~ t~ Cf h WH\'\\Il~ TR~~';lm(, L1T\ Ui .,... '\ r \ \Jl)', 1,-- ~ Pull M:in J-, 1 (:!':'-lg72 r- t' ~ ~__~ ____ --~- DATE: TO: FROM: SUBJECT. -e f-' ------ ~e.. t---.-- ~ . ......J _______ Z.C3-()o/ CITY OF SANTA MONICA INTER.DEP ARTMENT MEMO February 27, 1968 /' ," r; / i i)' I; S D ~ 7":" r:~ ~r -T':~-:-\ F7." 0., - MlA1...;"~- ~Jl...l ... '.1': j C f I":p l"r I.'~.i. -:- .: ~ ,_' j . ....... _.:.. '-...-""-...- ...,...~J .;_ -/ ~ I Perry Scott, City Manager Grace Thomas, Executive Director Purchase of Tax Allocation Bonds "r8 .... -, ',~r.-'. . '- .6 I 1=.:::J THIS :\:lUS'f sm RETLR~"::D '10 THE !:lTY CLEl{K'S OFFICE FOR FILI:{G. It IS with great pleasure that the Agency Members have asked me to inform you and the Members of the City Council that on this date the Agency purchased $172,050.00 of its Tax Allocation Bond Issue (total $1,415,000). An offer to purchase at 93 from Blyth and Company, Inc., was accepted by the Agency which results in the savings of approximately $6,191.50. This purchase of a portion of the Tax Allocation Bond Issue is two years ahead of the projected schedule. It is also interesting to note that this is the first Redevelopment Agency in the State of California to purchase any or all of its Tax Allocation Bonds. L~ Grace Thomas (Mrs.) Executive Director GT/mp ~ L--- L.....; ~ - . .-.-! l I --- l__ - RESOLUTION NO. 262 (R.A.S.) ~HEREAS, 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. 1 (a) j and 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 REDE- VELOPMENT PROJECT KNOWN AS OCEAN PARK PROJECT NO. l{a). WHEREAS, Section 19 of Agency Resolution No. 203 permits the Agency to purchase at this time all or a portion of such bonds wLth 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 Resolution 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 shall 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 WHEREAS, in addition, Section 19 of Agency Resolution No. 203 provides that any such purchases shall be made only with the portion of the balance of the Special Fund which is in excess of the amount of interest due or to became due on the next following April 1st or October 1st as the case may be; and WHEREAS, Section 19 of Agency Resolution No. 203 further provides that any such purchases shall be made only after all transfers from the Special Fund to the Reserve Fund (as that fund is defined and established by Agency Resolution No. 203) have been made as required by Section 15 of Agency Resolution No. 203. 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 further determines that the batlnee In the Special Fund Is in excesS of tbe amount of interest nOW due or to become due on April I, 1968 by an amount of at least . CITY OF SANTA MONICA · ;Z t7 3- cc/ 66-C-46 ~n -J I, \ nA TR: July Zl, 1966 PDE" .r..F....""i\ T;-;o:~n ml" 0" L'"l!. ~Q~2;l', '. ~:..~-) . CITK' l' U ^- 1. 1'..j~i,., JUL 2 G 1966 THIS rvfCST J-:- RETURNED T~) ,. ~-~ .CITY CLERK'S O. ._~ EOR FILING .--.J TO: The Honorable Clty Council FROM- City Manager SUBJECT: Investment Return on Temporary Loans Pursuant to the request of Councilman Sorensen, the administration has investigated the possibility of temporary loans under SectlOu 53858 of the Government Code and the investment of the proceeds in order to take advantage of the interest spread between the cost of such borrowed funds and the return to the City on the investment. We can apparently borrow up to $11,000,000 and realize a net return of about $75, 000 during the 1966- 67 flscal year. Total Budget Less: Applied Surplus Anticipated Gross Revenue $15,898,150 983,Z13 $14,914.937 ApprOXimate Balance Uncollected as of 9/1/66 Borrowing Capacity on 9/1 $11.900,000 X 3/40/0 X 10/12 = $74,375 14.000,000 X 850/0 $Il. 900,000 The two objections which are most often raised to such a proposal are represented by those who state ~~t: 1. The use of municipal credit for such purpose would in future years Jeopardize the tax-exempt status of public borrowing. 2. Such public borrowing (for investment purposes) would tend to be reflected in a higher future cost of local, long-term securities. I would suppose that both arguments could be resolved by a businesslike attitude in that such money handling practices in a private corporation would meet with widespread support and approval. It is, in fact, good business. The issue of retention of tax-exempt status for municipal securities has been a bone of contention for a great many years. Many agencies have used public securities for the purchase and construction of industrial facilities m order to improve -1- . . Date: July 20, 1966 To: The Honorable City Council Subject: Investment Return on Temporary Loans 66-C-46 the local industrial tax base (all with tax-exempt funds). Although many financial experts have objected to this practice. it has not as yet affected the status of municipal securities nOr has it resulted in any substantial reduction in such practices. The obJections are philosophical and are supported in most conservative financial circle s. However, we are inclined to doubt that such objections are sufficient to forego an additional income of about $75,000. - - -) ~ " /' I / ~!tfircf~' f1it!~anager PS/cc Attachment: Opimon of City Attorney c. c. City Clerk City Attorney Director of Finance-City Controller . . CITY OF SANTA MONICA ~ r; T r ~ n" r"!<l\ ~...... -I' ,. ~ r" H y. t (",~' lZIi I; ~ 'lJ I --- - .. . i:1i ii i..n..-;,j... Llo'" I"",... ~., E r>.il 0 1'1 I~j n -\'I'E July 8, 1966 TO c~ty tIanager FRO~l c~t.y Attorney SUBJECT- Temporary BOrroWJng Pur:;U<lnt to your rQ'~L-c'c;t I h;l'..rc looked into the matter o( tc~rorary bOrrry~lrg by the CLty p~rSu2nt to Article 7.6, Chapter 4, Part 1, D~Vl.S1on 2, 'I'Ltlc ~ of ti:,--' Government Code commencing ~lth ~cction 53850 of said CoJ~. (A~~ 3cctlons referred to here- afte:: ;-trc to the Government Cuc.~.:' unli.>~~-' oUlcn"ise indicated.) ,~cction 53850 defulf~~ ;"". loe0J agencies and includes a city_ ~ :-;cct.lon 538S1 provH~f;s \...hD1.. the pm'!crs of this article (7.G)~rc on ;)ddition and i1n <lltr:rnalJvc to ,"lny other powers. scc'.:ion 53852 provir3~': th~>L on or ;liter the first day of "ny f l r;CctJ "/CL1T the ci ty m~'y jx,~-r'T,'] "O::1('Y pursuant to th~s a.rticle. 'l'hc ir,(ir'bl~cdnc :'--~:i to be; repro,,";"" :':('.~( hy ;; note or notes and the money oorru,:ca n,y! 0'.) 113Cd for <lny ')1 rfJ'~C' -0-( which the Cl..ty is authorized to c}-:lY~ncl ;r,O)"CYSI J..ncludlnc:.' }J;1: ''''''Jt 11~"ltca to current expenses, capi t~ll C;~_'11(h tl1rc"l and the c' I ~ ch<.r(,{~ of any obll.gation 01-" indebted- ness or t~c local 2gcncy. ~Lctlon 53853 proviCcs J,~t c~c note or notes shall be issued j)ur'~llt1iyL to a rcso) utH)r 'ulh"lzing the issu<1nce thereof by the CL t'l Council and sui c1 r,', ')1 ut 1 Oil ~.l1all set forth the form and the manner of the exccut~on of ~~, note or notes. ;;.:,ction 53054 provJ..rlC's tlWl- not."s issued under this article arc ncgotl.11-,lc, r..10Y be pay<'.)l(~ t -) OYv~" or to bearer, Play be 1.n any deno'TIinatlon, :::l1c'111 be pay~bJ r:- n')~:: -i; h::'r 1-lFD the lest day of the flscal ye"1-. in \oJnich issue6 an(~;'2Y >-.:ar interest not to exceed S1.X percent per annum. ~~C'C>Llon :13855 prov] 0C'-, for d cClll (lnd redemption for a pcrullum not to c}~cccd three r"LCCi1i: 0;:: the par value of the note. "cellon 5385() pr0'v1.CC,. tb<::t. Cl~l~' taxes, income, revenue, cash rlcc~pt~ or other moneys oC th~ Cltv, lncluding moneys deposited In in;:.'tlvc or term deposit::;, l"Z1? be pJ edged to the payment of the _I . . " city Ii;:naqcr July e, 1966 P <lgc '1'\'10 note or notes ~nd the interest thereon ano that the notes and the intorest arc first liens and <:l cI1;)rgo <lg:"linst the funds so pledged. Scct~on 53857 providc~ that sa~d notes notwithstanding ;lny of the provisions of Section S385G are general obllgatlons of the Clty ~nd to chc extent not paId from the pledged revenues shall be paid from any of the moneys or Lho City lawfully av~nlable. Fi.nally, scotian 538:';8 puts ~ liml.t on the aI'1ount which shall not exceed elghty flve percent of the estimated ~mount of the then uncollected taxes, inc0~(" revenue, cash receipts and other Money~ oE ~hc Clty which will b~ ~val~~ble in said flscal year for the p<l'flHcnt of the notes and J..n tC-C2 s t: z,nd fu.rther provides that to the cxLcnt thnt any interest or ~rincip~l on such notes 15 secured by pledge in tna <1mount in any Hl,ac t~ve or term deposit of the city the tC;t:T.1 of 'which '\.'1111 tcnninatc during the fJ.scal year, such principoJ and 1ntcrcst (eighty f1VC percent) may be disregarded in computl.ng said limit. It is my opinion that tl~c Cl ty :nay borrow under Chapter 7.6 w1.t1lQut rcg2.rd to the neccJ",_ty. 'i'hl:::; is borne out when one eX(tffiinrJ3 tlv'" original Chapter 7.6 cn~c-ted in 1957. That Article ,.1<:1S CO;-ilplr~tr'~ly repealed by cnacl,'C'nt of the n0l;J Article 7.6 in 1963, '\..,hl.ci1. I hvvc surnmarizcd above. '.:'nc old Article 7.6 provides, via 5cctio~ 53SSl thereof, that if fund3 are needed in any fiscal year then t::c city may borrow, ete. \',ihci-rwr it would be necessary to have t~e opinion of Bond Counsel as to tho val1dity of the notes to e~:;ure the salab11ity, I am not in a posit_ion t?~ state. /' / // . / ---'" f, ~,.-" , -~ , ~--.. , ROBERT G. COCKINS c~ty Attorney RGC:mh cc: controller ...,,~ - .....:;:"...., --.:..~ __rJi ~ .. . .' ~.;;; ........ .~ .... -:;;:~.......~.._...- - ---- .... i i' ... , .. " ... .. .... ""';.Ii. ... ~... "'- . ; -' -~-~ y.. , . ....::...,.. ~~ _......c.~ ..r';,1 : .tf:~ ... ;..:r~. ~. ...,.::. -, ....'5: r;... . ~ .. "..,~ ~ . I........ - .- I ...... : .....::r~ ~ . -"GNiio. rt: ,.. . .. ..~.. .Sff , . ... h ,. -~~t.. ~.... .. .::. ~. ... . "'... ~1II_t._...~.. ..~ "? -- h ~, , ( "'= ;, 't ...- . . . ...., ~. . . '. . .. ~..' -s.,.... -t. " .1.+'/ IC;.- ~111~""'_ ~~~~J: v- ~;'.P1~ e esf , , i . ( ....r ..... -I!""-......... '4 '}-C 2-03'-00/ Afril 2':', 1 :;48 SBnt~. .onic':l ,:~:.y r,J. str let Reel ty Bca.rd, L 52'7 \.117L t !'..: :1uul t'V ;0>1'(; , 3ant~ nU~:C', CBlifo~rla ",-,ntle--:-!l-:in: Attention Committee on Proposed ?ond !SPU6S. This ~lll a~hnowledge recalp~ of thd renort of the GOITJr.11 tteG uppal :It-3C by tr:s .~d:~al t~r .:-oarf. fer tne nurnose of stClLlying tho prop0'16C brmd. l~Eiuee The 0ouncl1 1s a~preclative uf th~ effort which :.vent Int.... th-u 'Jrd_i;ar8tl~.i. of' this rt.~)vrt. however J the 8ubJect has 06&n giv...:n exhG.ustivc cO;If>1darl::;tlon a.nt.: dUG tv the short length of tlce b=forc the electiuD 18 tu bt ijald, end the m~ny legal re3trletLms effective in connect 1.'11 with the holdlnp; of the ~lectiJn. this rc~ort nas ~e6n 0rderdQ flIed. Your~ v~ry truly, CI T't ;::,r .:;AJ1T .?-'i - r _~ l....t> City C16rk 1. GG 1M I --' . . ~---- /~'. ~ Santa -Monica J3alf 1Jistrict ~ealt1J J3oarJ. <;>:-/~~ ~'~>'+':'" I ... ~ . i. ~, -~.I'--_J -\ ~EALTCRS --- APR /,? 1948 I , - .~ . , Santa -,Monica, ealifomia ~ CITy CLERK'S .----/ ~'~" OFfiCE _ '; _ / '<'>) .~- /:.<{.>)' "<.. I. J--:- , .. ' \.' / ~-_. 13 ROElERT SMITH, PRE51DEN"1' ROBERT.J FOSTER. \oICE PI'tEEiIOEl'w.IT EDWAR D F KN EF'F'ER, SECRETARY-TREASURER 2:32'7 WILSHIRE BOULEVARD TELEPHONE S M 453::14 CHARLES A CRIST 2ND VICi"-pRESIDENT BO""RC OF DIRECTORS a ROBERT 51..otlTH ReBERT J FeSTER CHARL!:::S A CRI5T E.DWARD F KNE::PFER REX T::::SLE LUTH~R.J BRENT LOWELL V 8E.....DER April 14. 1948 City Council City of Santa Monica Santa Monica. California Dear Sirs: The following is a report of the Committee appointed by the Santa Monica Bay District Realty Board for the p~rpose of studying the proposed bond-issue. These reoommendations re- flect the majority of opinion of the three committee members. At the next regular meeting of the Board of heal tors on Thursday. April 22. 1948, the ~oard membership will go on re- cord on the bond-issue subject. and of whioh. you will be not- i fied. Committee Recommendations 1. SEWER BONDS. This iasue is one that should be definitely approved and sho~ld receive full voter a~pport. 2. WATER B01~S. The Oharnock .61ls line undoubtedly should be replaced, also the other items c81lad for in this issne, with the exception of the San Vicente heservoir are recom- mended. The committee feels that the very high differential in the cost of the San Vicente reservoir is not justified. hence the issue should be modi~ied to exclude this portion. z. REC~EATION BONDS. Opinion here is that this issue should be largely scaled down. the tennis courts should have approval, also. that in lie~ of the two proposed swimming pools, that reconsideration be given to the former program providing for an ollt-door swimming pool 0.11 the publicly owned landS north of the munioipal pier. 4. CITY YARDS. Majority opinion in this issae recommends the continuanoe of the present City Yards and not make the large expenditares as indicated for the proposed improvements at " W her e ill e ~\I 0 u n t a Ins Meet the Sea. .. e e Santa -./#onica 13aJ1 JJbtricl J(ealf1. 13oarJ? ._ 7 UJ .?-C3-PPJ REALTORS '" \ ~ .....- 8 RDa:E:RT.J FDST.E:R. VICE-PRE5IDE:NT CHARLES A CRIST. 2ND VICE-PRESIDENT 13 ROBEI'lT SMITH, PRES1D"'NT Sanla. .J.lolzi.ca, California E:DWARD F KNEPPER, SECRETARY-HIEASIJRER 2~2'7 WIL!3H]R~ BCULEVAR:O iELE::~H[Jr-,;'E Ei ">.1 453:3.... BaARD aF' DIRECTOJ';lS G RClBERT~ SMIT.... RlOBER"?,J F'QSTE.R C:HARLES A CRIS"'t' EDWARD ~ K=\IEPPER REX TEEI..E LUTH a;:r:;l' oJ ~RE:NT LOWELL v eE'JD~R Febrnary 26. 1948 To All City Councilmen Cl ty Ball Santa Monica. California Dear Sirs; The o~ficers and members of the ~oard of Directors of the Santa Monica Bay District Realty Board have been advised of a letter written to the Oity Cowocil by one o~ onr members, Mr. Carl Henderson, in which be opposes the furtherance of any act- ion on the sewer, water, and garbage disposal projects except for necessary maintenance only. The Bos:rd of Realtors of this 01 ty have an appointed com- mittee whioh is st~dying this problem, and as yet, they have s~bmit~ed ne recommendations for the Boards' consideration. Mr. Henderson happens to be on this oommittee. ~o avoid any possible confusion on this isane, 1 have been instructed to write the City Council that Mr. Hendersofis' opinion is not necessarily the considered opinion of the Eoard of Realtors. Ris views, which were stated in his letter mnst, therefore, be taken solely as that of a private individaal and not related to the forthcoming action, or stand o~ the Santa Monica Bay District He al ty .Board. You will be advised, as soon as possible, of the Boards' att- itnde on this matter throagh onr regalar organization ohannels. Very truly YOQXs. -f~J~/~~ EDWARD F. KNEPPER, S~C~ARY .--,/ EFK:ke " IF /1 ere t /1 e .AI Q !.I n t a Ins .l'v[ e 2 t t 11 ,3 Sea n :1- :2tJ3-Pt// CAR~. HENDERSON __#~cJ I I" ,Jim!der of 011;;, t ~n ct(\.',z. Ap"rtments Bus,nzss Prcp~rtv Hcm~s (nee-me Pr"cpcrtv ..R e61!ter=--1.1uilJcl' .~-:- T~J..~J..orle~ bU:!!lLi::>g 56246 R" .\R 3851, 1222 LIncoln Boulevard Santa l\tcntca} Ca'lt.:rnta FebruaI'""1 20, 1948 City Council City of SantE Monica ~Ente illonica, California Gan tlemen: I ~ave observed a distressin~ &D1ount of tElk recerltly about bona. iSl;:ues for ~an ts M.onics. I cons:.a.er this a ~anger signal ana. Err: "...ri ting thi s letter to you e.s the g.overning boc.y of tb.i~ fair li t~ to urge you to stop, look and listen cErefully before you put your ap?roval on any bond issues c.t ttUl time. Of course, y.'e must have en ade~uate sup~ly of pure water hi tt. a re::erve source of supply and we must al&o have an ac.equate sani t&Fj" se~er sY5te~. HOuever, tr~e proposec pl&n to add millions for 10 tor&ge to our presen t :.1etro.!.~oli tL"l -;'~a ter supply, pIll S OlJr O\<TI standbJr s;y-stero seerr.s superfluous to me. 1-..1 so , to t.slk of replf;,cing severlteen miles of se..er line be~euse of a fe~ dan~er points ~/ E'eems unnecesserily extravBger: t at ttis h:ne 011 high construction costs. I believe it was in 1959 that the voters were asked to approve a bond issue in the amount of t150,OCO.OO for building ~ nev- :mcinerE:tor. The voters rejected this proposal and the city has helped fill one of the old brick pits v.i th rubbish dur1ng the past nu.€ ye&.rs. That. brick pit is no~ being used as 6 priv~te l~mber yard unc t~eb Ere bebg paid on land thE.t once sole: for tE..Xe,S. No~ the city engineer ib reco~~errc1~g ~54C,COO.CO for R ne~ ir.cir.er~tor on the Sl te of the ITl8'l!UOt..'l brick pit recer. tly pUrCi1E..Sed by tl:.e city. Just br U,8 way of sugge5t~on, ho1.'-~ about continuing to use our old inc1nerfltor a fe.. core ;years for burr.lI:g the waste paper v.hich cannot be baled s'1d sole, end just dunp the balrnce of the rubbish in t.r,6 nev. pit vithout 'turning. Tl-_e pit \\oulc' be filled feEc.ter, but y.e still heve plenty of unfilled pits. I sometimes get to ttinking Vhat engineers, incluoing city, county, stEte ana high~ay, lose s~ght of tee fact tt~at Eo~e hard workiLE t6:lCpFyers have to proVJ.Ge 5~1 tJ::e money tLe;;r spend. CnE/t "fO -J /~ BI alrs. .', ~_ ~ ~A -~ ........ >-~ - - r ... bincerel;y Carl R. Henderson -- Your ~ for COfOInon sense economy in publi c