m-102511 pfaCITY OF SANTA MONICA
PARKING AUTHORITY MEETING IVHNUTES
OCTOBER 25, 2011
A special meeting of the Santa Monica Parking Authority was called to order by Chair Bloom at 10:08
p.m., on Tuesday, October 25, 2011, at City Council Chambers, 1685 Main Street.
Roll Call: Present: Chair Richard Bloom
Chair Pro Tem Gleam Davis
Authority Member Robert T. Holbrook
Authority Member Kevin McKeown
Authority Member O'Connor
Authority Member Terry O'Day
Authority Member Bobby Shriver
Also Present: Executive Director Rod Gould
Authority Attorney Marsha Jones Moutrie
Authority - Clerk Maria M. Stewart
CONVENE On order of the Chair, the Parking Authority convened to a special joint
meeting with the City Council and the Public Financing Authority at
10:08 p.m., with all members present.
ISSUANCE OF LEASE 8 -B: Public Hearing and Issuance of Lease Revenue/Refunding
REVENUE BONDS Bonds, Series 2011— recommendation that City Council hold a public
hearing, receive public comment, and adopt Resolution No. 10629
(CCS) entitled, "RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA AUTHORIZING THE EXECUTION AND
DELIVERY BY THE CITY OF A GROUND LEASE, LEASE
AGREEMENT, INDENTURE, CONTINUING DISCLOSURE
CERTIFICATE AND A BOND PURCHASE AGREEMENT IN
CONNECTION WITH THE ISSUANCE OF SANTA MONICA
PUBLIC FINANCING AUTHORITY LEASE REVENUE BONDS,
SERIES 2011A AND SANTA MONICA PUBLIC FINANCING
AUTHORITY LEASE REVENUE REFUNDING BONDS, SERIES
201113, APPROVING THE ISSUANCE OF SUCH BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED
$45,000,000, AUTHORIZING THE DISTRIBUTION OF AN
OFFICIAL STATEMENT IN CONNECTION WITH THE OFFERING
AND SALE OF SUCH BONDS AND AUTHORIZING THE
EXECUTION OF NECESSARY DOCUMENTS AND
CERTIFICATES AND RELATED ACTIONS" authorizing execution
October 25, 2011
and delivery of Ground Lease No. 9497 (CCS /PFAS), Lease Agreement
No 9498 (CCS/PFAS), Indenture Agreement 9499 (CCS/PFAS),
continuing disclosure certificate and Bond Purchase Agreement No. 9501
(CCS/PFAS) related to the- issuance of the-bonds, approving the issuance
of the bonds in the amount of $45,000,000, authorizing distribution of
official statement and execution of necessary documents and certificates,
and related actions; authorize the City Manager to negotiate and execute
documents required to accept transfer of Parcel No. 4291 - 009 -904 from
the Parking Authority to the City; approve proposed appropriation of-
funds and budget changes. Recommendation that the Public Financing
Authority hold a public hearing and adopt Resolution No. 9 (PFAS)
entitled, "RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SANTA MONICA PUBLIC FINANCING AUTHORITY
AUTHORIZING THE EXECUTION AND DELIVERY BY THE
AUTHORITY OF A GROUND LEASE, LEASE AGREEMENT, AN
INDENTURE, AN ASSIGNMENT AGREEMENT, AN ESCROW
AGREEMENT AND A BOND PURCHASE AGREEMENT IN
CONNECTION WITH THE ISSUANCE OF SANTA MONICA
PUBLIC FINANCING AUTHORITY LEASE REVENUE BONDS,
SERIES 2011A AND SANTA MONICA PUBLIC FINANCING
AUTHORITY LEASE REVENUE REFUNDING BONDS, SERIES
2011B, AUTHORIZING THE ISSUANCE OF SUCH BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED
$45,000,000, AUTHORIZING THE DISTRIBUTION OF AN
OFFICIAL STATEMENT IN CONNECTION WII14 THE OFFERING
AND SALE OF SUCH BONDS AND AUTHORIZING THE
EXECUTION OF NECESSARY DOCUMENTS AND
CERTIFICATES AND RELATED ACTIONS" authorizing execution
and delivery of Ground Lease No. 9497 (CCS/PFAS), Lease Agreement
No 9498 (CCS/PFAS), Indenture Agreement 9499 (CCS/PFAS), an
assignment agreement, an escrow agreement, and Bond Purchase
Agreement No. 9501 (CCS /PFAS) related to the issuance of the bonds,
approving the issuance of the bonds in the amount of $45,000,000,
authorizing distribution of official statement, execution of necessary
documents, certificates and related actions; and, approve proposed
appropriation of funds and proposed budget changes. Recommendation
that the Parking Authority authorize the Executive Director to negotiate
and execute the documents required to transfer Parcel No. 4291- 009 -904
to the City, and appropriate proposed funds and budget changes, was
presented.
There was no one present for public comment.
Motion by Councilmember Holbrook, seconded by Mayor Pro Tem
Davis, to adopt Resolution No; 10629 (CCS) authorizing execution and
October 25, 2011
delivery of Ground Lease No. 9497 (CCS/PFAS), Lease Agreement No
9498 (CCS/PFAS), Indenture Agreement 9499 (CCS/PFAS), continuing
- disclosure certificate and Bond Purchase Agreement No. 9501
(CCS /PFAS) related to the issuance of the bonds, approving the issuance
of the bonds in the amount of $45,000,000, authorizing distribution of
official statement and execution of necessary documents and certificates,
and related actions; authorize the City Manager to negotiate and execute
- documents - required -to accept transfer .ofParcel No. 4294 -009 -904 from
the Parking Authority to the City; and approve proposed appropriation of
funds and budget changes. The motion was approved by the following
vote:
AYES: Councilmembers McKeown, O'Day, Holbrook,
O'Connor, Shriver, Mayor Pro Tern Davis, Mayor Bloom
NOES: None
ABSENT: None
Motion by Public Financing Authority Member Holbrook, seconded by
Public Financing Authority Member O'Connor, to adopt Resolution No.
9 (PFAS) authorizing execution and delivery of Ground Lease No. 9497
(CCS /PFAS), Lease Agreement No 9498 (CCS /PFAS), Indenture
Agreement 9499 (CCS/PFAS), an assignment agreement, an escrow
agreement, and Bond Purchase Agreement No. 9501 (CCS /PFAS) related
to the issuance of the bonds, approving the issuance of the bonds in the
amount of $45,000,000, authorizing distribution of official statement,
execution of necessary documents, certificates and related actions; and,
approve proposed appropriation of funds and proposed budget changes.
The motion was approved by the following vote:
AYES: Public Financing Authority Members McKeown, O'Day,
Holbrook, O'Connor, Shriver, Vice Chair Davis,
Chair Bloom
NOES: None
ABSENT: None
Motion by Parking Authoritv Member O'Connor, seconded by Parkine
Authority Member Holbrook, to authorize the Executive Director to
negotiate and execute the documents required to transfer Parcel No.
4291 - 009 -904 to the City, and appropriate proposed funds and budget
changes. The motion was approved by the following vote:
October 25, 2011
AYES: Parking Authority Members McKeown, O'Day,
Holbrook, O'Connor-, Shriver, Vice Chair Davis, Chair
Bloom
NOES: None
ABSENT: None
ADJOURNMENT: On order of the Chair, the special joint meeting of the Parking Authority,
the City Council and the Public Financing Authority was adjourned at
10:14 p.m.
ATTEST:
Maria M. Stewart
Authority Clerk
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October 25, 2011