R-9452
RESOLUTION NO. 9452 (CCS)
(CITY COUNCIL SERIES)
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA APPROVING THE ISSUANCE AND SALE BY THE
REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA OF
ITS SANTA MONICA EARTHQUAKE RECOVERY REDEVELOPMENT
PROJECT TAX ALLOCATION BONDS
WHEREAS,
the Redevelopment Agency of the City of Santa Monica (the ?Agency?) is
a redevelopment agency, a public body, corporate and politic 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 of the California Health and Safety Code) and the
powers of such Agency include the power to issue bonds for any of its corporate purposes;
WHEREAS,
a redevelopment plan for a redevelopment project known and designated as
the ?Santa Monica Earthquake Recovery Redevelopment Project? has been adopted and
approved and all requirements of law for, and precedent to, the adoption and approval of said
plan have been duly complied with;
WHEREAS,
the plan contemplates that the Agency will issue its bonds to finance a
portion of the cost of such redevelopment;
WHEREAS,
in order to provide funds to finance a portion of the cost of such
redevelopment, the Agency has authorized the issuance of Redevelopment Agency of the City of
Santa Monica, Santa Monica Earthquake Recovery Redevelopment Project Tax Allocation
Bonds (the ?Bonds?), in the aggregate principal amount of not to exceed $69,500,000;
WHEREAS,
pursuant to the Law, the City Council (the ?City Council?) of the City of
Santa Monica (the ?City?) also must authorize and approve the issuance of the Bonds;
WHEREAS,
the Agency has issued, in favor of the City, a Promissory Note (Note #7),
dated July 1, 1999, and a Promissory Note (Note #8), dated July 1, 1999 (collectively, the
?Promissory Notes?);
WHEREAS,
the City desires to make the indebtedness evidenced by the Promissory
Notes subordinate to any pledge of tax increment to the bondholders of any tax allocation bonds
that may be issued by the Agency, and to any other indebtedness incurred by the Agency, as
reasonably necessary for the proper and orderly implementation of the redevelopment plan for
the Santa Monica Earthquake Recovery Redevelopment Project; and
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WHEREAS,
all acts, conditions and things required by the laws of the State of
California and the City Charter of the City to exist, to have happened and to have been
performed precedent to and in connection with such authorization and approval do exist, have
happened and have been performed in regular and due time, form and manner as required by
law;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SANTA MONICA
, as follows:
Section 1.
All of the recitals herein contained are true and correct and the City Council
so finds.
Section 2.
The City Council hereby approves the issuance of the Bonds. Such approval
is intended to satisfy the requirements of Section 33640 of the California Health and Safety
Code.
Section 3.
The indebtedness evidenced by the Promissory Notes is and shall be
subordinate to any pledge of tax increment to the bondholders of any tax allocation bonds that
may be issued by the Agency, and to any other indebtedness incurred by the Agency, as
reasonably necessary for the proper and orderly implementation of the redevelopment plan for
the Santa Monica Earthquake Recovery Redevelopment Project.
Section 4.
The officers, employees and agents of the City are hereby authorized and
directed, jointly and severally, to do any and all things which they may deem necessary or
advisable in order to consummate the issuance of the Bonds and otherwise to carry out, give
effect to and comply with the terms and intent of this Resolution.
Section 5.
All actions heretofore taken by the officers, employees and agents of the City
with respect to the issuance of the Bonds are hereby approved, confirmed and ratified.
Section 6.
The City Clerk shall certify to the adoption of this Resolution and thenceforth
and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM:
S/
Marsha Jones Moutrie, City Attorney
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Adopted and approved this 26th of October, 1999
S/_____________________
Pam OConnor, Mayor
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I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby certify that
the foregoing Resolution 9452 (CCS) was duly adopted at a meeting of the Santa
th
Monica City Council held on the 26 of October, 1999, by the following vote:
Ayes: Council members: Holbrook, Rosenstein, McKeown, Feinstein,
Bloom, Mayor Pro Tem Genser, Mayor OConnor
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Noes: Council members: None
Abstain: Council members: None
Absent: Council members: None
ATTEST:
S/_______________________
Maria M. Stewart
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