R-4997
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RESOLUTION NO. 4997(C~~)
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA MONICA, CALIFORNIA, APPROVING THE
ISSUANCE OF A $3,700,000 PROMISSORY NOTE
OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA MONICA, CALIFORNIA
WHEREAS, the Redevelopment Agency of the Clty of
Santa Monlca, is a redevelopment agency (a public body,
corporate and politlC) duly created, established and autho-
rlzed to transact bus~ness and exercise its powers, all
under and pursuant to the Community Redevelopment Law
(Part 1 of Dlvlsion 24 of the Health and Safety Code of the
State of California) and the powers of said Agency include
the power to issue bonds for any of its corporate purposes;
and
WHEREAS, a redevelopment plan for a redevelopment
proJect known and deslgnated as the "Downtown Redevelopment
Project" has been adopted and approved and all requlrements
of law for, and precedent to, the adoption and approval of
said plan have been duly complied wlth; and
WHEREAS, the plan contemplates that the Agency
will lssue its Promissory Note to finance a portion of the
cost of such redevelopment; and
WHEREAS, the City Council has been informed by the
Agency that the Agency deems it necessary to issue its
Promissory Note for the aforesald purpose;
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
SANTA MONICA DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
SECTION 1. The clty Council hereby approves the
issuance of a Promissory Note by the Agency in the pr~nclpal
amount of $3,700,000.
SECTION 2. The City Clerk shall certify to the
adoptlon of this resolution, and thenceforth and thereafter
the same shall be In full force and effect.
ADOPTED and APPROVED this 28th day of
March
1978.
WbM~~1 ~v,j
MAYOR
ATTEST:
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I hereby certify that the foregoing resolution was
duly adopted by the City Council of the City of Santa Monica
at a regular meetlng thereof, held on the 28th day of
March
, 1978, by the followlng vote of the Council:
AYES:
Councilmember: Bambrick, Cohen, Reed,
Trlves, van den Steenhoven,
Mayor Swink
NOES:
Councllmember: None
ABSENT:
Councilmember: Sc--ott
APPROVED AS T.O~O~:
~drL, .
~TY ATTORNEY'~-~.L.-
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C;- If CITY--CLERK
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) ss.
CITY OF SANTA MONICA )
I, Joyce Snider ,Clty Clerk of the
Clty of Santa Monlca, California, DO HEREBY CERTIFY
that the above and foregolng is a full, true and
correct copy of Resolution No. 4997 (CCS) of sald
City, and that the same has not been amended or
repealed.
DATED: Harch 28
, 1978.
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/' J . #1TY CLERK
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