R-9070
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CA:f:\atty\muni\laws\mox\reimburs.1
city Council Meeting 7-23-96
Santa Monica, California
RESOLUTION NO.
9070
(CCS)
(CITY COUNCIL SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA DECLARING
THE CITY' S INTENTION' TO REIKBURSE EXPENDITURES
FROM THE PROCEEDS OF OBLIGATIONS TO BB ISSUED
BY THB CITY AND APPROVING CERTAIN RELATED ACTIONS
WHEREAS, the city of Santa Monica (the "city") desires to
finance the acquisition and construction of a public safety
bui lding and certain parking,
street,
utility and other
improvements related thereto (the nProjectn)j
WHEREAS, the city may use a portion of the proceeds of
obligations issued or incurred to implement the financing (the
"Obligations") to reimburse expenditures made to pay costs of
acquiring, constructing and financing the Project prior to the
issuance or incurrence of the Obligationsj
WHEREAS, United States Income Tax Regulations Section 1.150-2
provides generally that proceeds of tax-exempt obligations are not
deemed to be expended when such proceeds are used for reimbursement
of expenditures made prior to the date of issuance of such
obligations unless certain procedures are followed, among which is
a requirement that (with certain exceptions), prior to the payment
of any such expenditure, the issuer must declare an intention to
reimburse such expenditure; and
WHEREAS, it is in the public interest and for the public
benefit that the City declare its official intent to reimburse the
expenditures referenced herein;
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SANTA MONICA AS FOLLOWS:
SECTION 1. The City intends to issue or incur the Obligations
for the purpose of paying the costs of acquiring, constructing and
financing the Project.
SECTION 2.
The City hereby declares that it reasonably
expects (i) to pay certain costs of the Project prior to the date
of issuance or incurring of the Obligations and (ii) to use a
portion of the proceeds of the obligations for reimbursement of
expenditures for the Project that are paid before the date of
issuance or incurring of the Obligations.
SECTION 3. The maximum principal amount of the Obligations is
TWENTY-NINE MILLION FIVE HUNDRED THOUSAND DOLLARS ($29,500,000.00).
SECTION 4. 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:
1M",ILA_l~~~
MARSHA JON~ MOUTRIE .
City Attorney
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Adopted and approved thIS 23th of July, 1996
~~
Mayor
I hereby certIfy that the foregomg ResolutIOn 9070 (CCS) was duly adopted at a meetmg
ofthe CIty Connell held on the 23th of July, 1996 by the followmg vote
Ayes
Councllmembers
Abdo, Genser, Greenberg, Holbrook, O'Connor,
Rosenstem
Noes
CouncIlmembers
None
Abstam
Connellmembers
None
Absent:
Councllmembers
Ebner
ATTEST
"-
~~.~nJ-
CIty Clerk