r-7 (2)RESOLUTION NUMBER 7 (PEAS)
DATE OF FINAL PASSAGE Ma 24, 2011
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SANTA MONICA PUBLIC FINANCING AUTHORITY
AUTHORIZING PURCHASE AND SALE OF REDEVELOPMENT
AGENCY OF THE CITY OF SANTA MONICA, EARTHQUAKE
RECOVERY REDEVELOPMENT .PROJECT 2011 TAX
ALLOCATION BONDS, AND APPROVING CERTAIN RELATED
DOCUMENTS AND AUTHORIZING CERTAIN OTHER
ACTIONS
WHEREAS, the City of Santa Monica (the "City") and the Redevelopment Agency of the
City of Santa Monica (the "Agency") have entered into a joint Exercise of Powers Agreement (the
"Agreement"), creating the Santa Monica Public Financing Authority (the °`Authority"); and
WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the Government
Code of the State of California (the "Law") and the Agreement, the Authority is authorized to
purchase bonds issued by the Agency for financing and refinancing redevelopment activities of the
Agency authorized in an Agency project area; and
WHEREAS, pursuant to the Law and the Agreement, the Authority is further authorized to
sell bonds so purchased to public or private purchasers at public or negotiated sale; and
WHEREAS, the Authority desires to purchase from the Agency not to exceed $[Bond
Amount] tax allocation bonds designated "Redevelopment Agency of the City of Santa Monica,
Earthquake Recovery Redevelopment Project, 2011 Tax Allocation Bonds" (the "2011 Bonds"),
solely from the proceeds received from the Authority's concurrent sale of the 2011 Bonds to E. J. De
La Rosa & Co., Inc., as representative of itself and Wells Fargo Bank, National Association
(collectively, the "Underwriter'); and
WHEREAS, the proceeds of the 2011 Bonds will be used to finance and refinance
improvements of the character authorized to be made in project areas of the Agency of benefit to the
public and other undertakings of the Agency in implementation of the redevelopment plan for the
"Earthquake Recovery Redevelopment Project " as adopted and approved by ordinance of the City,
as amended from time to time;
NOW, THEREFORE, BE IT RESOLVED, the Board of Directors of the Santa Monica
Public Financing Authority as follows:
Section 1. The foregoing recitals are true and correct and this Authority so finds and
determines.
Section 2. The Bond Purchase Agreement (the "Purchase Agreement") by and among the
Agency, the Authority, and the Underwriter is hereby approved in the form presented, together with
such changes thereto as may be approved by the Executive Director, the Treasurer or their respective
designee (each an "Authorized Officer"), the Authorized Officer's execution thereof to be conclusive
evidence of such approval. In no event shall such Purchase Agreement provide for underwriter's
discount (exclusive of original issue discount) in excess of 0.70% of the principal amount of the
Bonds or for a true interest cost in excess of 7.75% per annum.
Section 3. All actions heretofore taken by the officers and agents of the Authority with
respect to the issuance of the Bonds are hereby approved, confirmed and ratified. The Chair, the
Executive Director, Secretary, the Treasurer, the General Counsel of the Authority and any and all
other officers of the Authority are hereby authorized and directed, for and in the name and on behalf
of the Authority, 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 from the
Agency and the sale and delivery of the Bonds to the Underwriter pursuant to the Purchase
Agreement approved herein.
2
Section 4. This resolution shall take effect from and after the date of its passage and adoption
and only upon adoption by the City Council and the Agency governing board, respectively, of
resolutions approving the issuance of the Bonds.
THE FOREGOING RESOLUTION IS PASSED, APPROVED AND ADOPTFr' _rE
GOVERNING BOARD OF THE SANTA MONICA PUBLIC FINANCING ATT ~~`j .THIS
~, DAY OF , 2011, BY THE FOLL~A ~y _.~LL-CALL
VOTE: ~ Y
~~~
AYES: ~~~~
NOES:
ABSTAIN:
ABSF~iT•
ATT
CLERK
APPROVED AS TO FORM:
il~l~ d/~
MA SHA O ES M TRIE
Aut ity o sel
G~~~
~,~
CHAIRMAN
3
Adopted and approved this 24th of May, 2011.
~~,.
,~ ~ ~^
___-
Ric 'ard Bloom, Chair
I hereby certify that the foregoing Resolution No. 7 (PEAS) was duly adopted at a
meeting of the Public Financing Authority held on the-24th of May, 2011, by the
following vote:
Ayes: Authority Members: Holbrook, McKeown, O'Connor, Shrives
Vice Chair Davis, Chair Bloom
Noes: Authority Members: None
Absent: Authority Members: O'Day
ATTEST:
~7`7/~ t,, rr ~n/'t .c1-~GG~iLt,~l j,,~ I
Maria Stewart~uthority Secretary