r-10576RESOLUTION NUMBER 10576 (CCSI
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA MONICA, APPROVING THE ISSUANCE BY THE
REDEVELOPMENT AGENCY OF THE CITY OF SANTA
MONICA OF ITS EARTHQUAKE RECOVERY
REDEVELOPMENT PROJECT, 2011 TAX ALLOCATION
BONDS, AND MAKING CERTAIN DETERMINATIONS
RELATING THERETO
WHEREAS, the Redevelopment Agency of the City of Santa Monica(the "Agency") is a
redevelopment agency duly created, established and authorized to transact business and exercise its
powers, all under and pursuant to the Community Redevelopment Law (Part 1 of Division 24
(commencing with Section 33000) of the Health and Safety Code of the State of California)
including for all purposes the Community Redevelopment Financial Assistance and Disaster Project
Law (commencing with Section 34000 of the Health and Safety Code) (collectively, the "Law") and
the powers of the Agency include the power to issue bonds for any of its corporate purposes; and
WHEREAS, a Redevelopment Plan for the Earthquake Recovery Redevelopment Project
Area has been adopted and approved by Ordinance No. 3940, of the City of Santa Monica (the
"City"), and all requirements of law for and precedent to the adoption and approval of said
Redevelopment Plan have been duly complied with; and
WHEREAS, the Agency has previously issued its Earthquake Recovery Redevelopment
Project 2006 Tax Allocation Refunding Bonds, Series A and .its Earthquake Recovery
Redevelopment Project 2006 Taxable Tax Allocation Refunding Bonds, Series B (collectively, the
"2006 Bonds") pursuant to an Indenture of Trust and First Supplement to Indenture of Trust dated as
of April 1, 2006 (collectively, the "Existing Indenture"); and
WHEREAS, the Agency has adopted its resolution entitled:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA AUTHORIZING THE ISSUANCE OF
NOT TO EXCEED $41,050,000 PRINCIPAL AMOUNT TAX
ALLOCATION BONDS ON CERTAIN TERMS AND
CONDITIONS, APPROVING A CONTINUING DISCLOSURE
CERTIFICATE, APPROVING THE FORM AND DISTRIBUTION
OF A PRELIMINARY OFFICIAL STATEMENT AND
FINANCING DOCUMENTS, AUTHORIZING CERTAIN OTHER
OFFICIAL ACTIONS AND PROVIDING FOR OTHER MATTERS
RELATING THERETO
WHEREAS, under and pursuant to the above-referenced Resolution, the Agency has
authorized the issuance of the Redevelopment Agency of the City of Santa Monica, Earthquake
Recovery Redevelopment Project, 2011 Tax Allocation Bonds, (the "Bonds") to provide additional
moneys to finance and refinance the Agency's undertakings under the Earthquake Recovery
Redevelopment Project pursuant to the Redevelopment Plan therefor, as further described in said
resolution of the Agency;
WHEREAS, the approval by the City of the Agency's issuance of Bonds is not a "project"
within the meaning of the California Environment Quality Act ("CEQA"), specifically CEQA
Guidelines section 15378, and thus is not subject to CEQA pursuant to CEQA Guidelines
section 15060(c)(3).
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa Monica,
as follows:
Section 1. The City Council hereby approves the issuance of the Bonds on a parity with
the 2006 Bonds in order to further finance and refinance the Agency's undertakings and for other
purposes related thereto, including, but not limited to, the funding of capitalized interest with respect
to the Bonds, all of which constitute a "redevelopment activity", as such term is defined in Health
and Safety Code Section 33678, pursuant to the terms of the Agency resolution referenced in the
recitals hereof and the accompanying Indenture.
Section 2. The City Council hereby reaffirms that any indebtedness of the Agency to the
City (other than statutory pass-through payments to the City payable pursuant to Section 33607.5 of
the Law), including any interest accrued therein, shall be payable from tax increment revenues on a
basis subordinate to the payment of the Bonds and any obligations of the Agency under the Indenture
of Trust pursuant to which the Bonds are to be issued.
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Section 3. All actions heretofore taken by the officers and agents of the City with respect
to the issuance of the Bonds are hereby approved, confirmed and ratified. The Mayor, the City
Manager, the City Treasurer, the City Clerk, the City Attorney (collectively and individually,
"Authorized Officers") and any and all other officers of the City are hereby authorized and directed,
for and in the name and on behalf of the City, to do any and all things and take any and all actions
which they, or any of them, may deem necessary or advisable in order to consummate the purchase
of the Bonds by E. J. De La Rosa & Co., Inc., on behalf of itself and Wells Fargo Bank, National
Association (collectively, the "Underwriter") pursuant to a Bond Purchase Agreement to be entered
into by the Agency, the Santa Monica Public Financing Authority and the Underwriter. The
Authorized Officers are each hereby authorized and directed to take any action with respect to the
existing Cooperation Agreement No. 9267 for Payment of Costs Associated with Certain RDA
Funded Capital Improvement and Affordable Housing Projects, and any agreements amending or
implementing such Cooperation Agreement, any loan or loans from the City or other arrangements
between the Agency and the City for the benefit of the Redevelopment Project (including those
certain Promissory Notes of the Agency dated December 14, 2004, as amended or supplemented and
the purchase and sale agreement related thereto), including acknowledgement of the subordination of
such payment obligations to the repayment of the 2011 Bonds, with the advice of General Counsel, ,
as maybe necessary or desirable to facilitate the issuance of the 2011 Bonds.
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Section 4. Effective Date. This resolution shall take effect from and after the date of its
passage and adoption.
THE FOREGOING RESOLUTION IS PASSED, APPROVED AND ADOp" tw~fHE CITY
COUNCIL OF THE CITY OF SANTA MONICA THIS A 41Y''~~ DAY OF
2011 , BY THE FOLLOWING ROLL-CALL VOTE:
AYES:
NOES:
ABSTAIN:
ABSF"'"'
ATT'
G~~4
~~
~1TY CLERK
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~~~
~~~~
MAYOR
APPROVED AS TO FORM:
Adopted and approved this 24th day of May, 2011
.---°°
Ri hard Bloom, Mayor
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby certify that
the foregoing Resolution No. 10576 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 24th day of May, 2011, by the following vote:
Ayes: Councilmembers: Holbrook, McKeown, O'Connor, Shriver
Mayor Pro Tem Davis, Mayor Bloom
Noes: Councilmembers: None
Absent: Councilmembers: O'Day
ATTEST:
Maria M. Stewart, City Clerk