R-9292
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CA:MJM:f:\atty\muni\laws\mox\libgo.reso
City Council Meeting 7-21-98
Santa Monica, California
RESOLUTION NO.
9292
(CCS)
(CITY COUNCIL SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DETERMINING THAT THE PUBLIC INTEREST AND NECESSITY DEMAND THE
CONSTRUCTION, IMPROVEMENT AND REMODELING OF THE SANTA MONICA MAIN
LIBRARY BUILDING, BRANCH LIBRARIES AND RELATED FACILITIES AND THE
FINANCING OF SUCH COSTS THROUGH THE ISSUANCE OF GENERAL
OBLIGATION BONDS
WHEREAS, the City of santa Monica owns and operates municipal
improvements commonly known as the Santa Monica Public Library Main
Branch, located at 1343 sixth street, the Fairview Branch Library,
located at 2101 Ocean Park, ~hc Montana Branch Library, located at
1704 Montana Avenue and the Ocean Park Branch Library, located at
2601 Main street, all within the City of Santa Monica (hereinafter
"Library"); and
WHEREAS, in order to provide for the anticipated needs of the
Library and the public it is desirable that the City make certain
capital improvements (Ulmprovements") to expand, remodel, improve
and enhance the Library; and
WHEREAS, the Library is a valuable City resource which serves
the community and the general public at large; and
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WHEREAS, in order to satisfy the growing needs of the
community, it is necessary for the city to make plans and take
action to accommodate future expansion of the LibrarYi and
WHEREAS, the City of Santa Monica (the IICityU) is authorized
to issue general obligation bonds to finance capital municipal
improvements such as the Library, pursuant to the provisions of
Article 1, commencing with Section 43600, of Chapter 4 of Division
4 of Title 4 of the California Government Code (the UActU)i
WHEREAS, the City intends to issue general obligation bonds
under and pursuant to the Act to finance the acquis i tion and
construction of the Improvements; and
WHEREAS, in order to initiate proceedings under the Act to
provide for the financing of the Improvements, the City Council of
the city (the UCity Councilll) must make certain findings and
determinations;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the
City of Santa Monica as follows:
SECTION 1. The public interest and necessity demand, and it
is the intention of the City Council to require the capital
construction and completion of the Improvements and the issuance of
general obligation bonds of the City to finance the cost thereof,
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subject to completion of the proceedings required by the Act.
SECTION 2. The estimated cost of the Improvements is not to
exceed TWENTY-FIVE MILLION DOLLARS ($25,000,000.00). Said
estimated costs include provision for legal and other fees, costs
of printing of bonds and other costs and expenses incidental to or
connected with the issuance and sale of general obligation bonds to
finance the costs of the Improvements.
SECTION 3. The City Council hereby finds and determines that
the costs of the Improvements require an expenditure by the city
greater than the amount allowed for it by the annual tax levy of
the city. The principal amount of general obligation bonds of the
city to be issued for the Improvements will not exceed the
estimated cost set forth above for the Improvements.
SECTION 4. This Resolution is adopted, and general obligation
bonds of the City are to be issued, pursuant to the Act.
SECTION 5. This Resolution shall be adopted upon a vote of no
less than two-thirds of all members of the City Council.
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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:
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Marsha Jone~~utrie
City Attorney
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Adopted and approved this 21st of July, 1998
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Robert Holbrook, Mayor
I, Mana M Stewart, City Clerk of the City of Santa MOnica, do hereby certify that
the foregoing Resolution 9292 (CCS) was duly adopted at a meeting of the Santa
MOnica City CouncIl held on the 21 st of July, 1998 by the follOWing vote
Ayes
Councllmembers
Ebner, Felnstem, Genser, Greenberg, Holbrook,
O'Connor, Rosenstem
Noes Councllmembers
Abstain Councllmembers
Absent Councllmembers
ATTEST
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Mana M Stewart, CIty Clerk