R-9303
.
.
CA f \atty\munl\laws\elect98 10L
City Council Meeting 7-28-98
Santa MOnica, California
RESOLUTION NO. 9303 (CCS)
(CITY COUNCIL SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA DECLARING
THE CITYrS INTENTION TO REIMBURSE EXPENDITURES
FROM THE PROCEEDS OF OBLIGATIONS TO BE ISSUED
BY THE CITY AND APPROVING CERTAIN RELATED ACTIONS
WHEREAS, the City of Santa MOnica (the "City") desires to finance the
construction, remodeling and Improvement of Library bUIldings and other related facIlities
(the "ProJect"),
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 constructing and financing the Project pnor to the Issuance or Incurrence
of the Obligations,
WHEREAS, United States Income Tax Regulations provide generally that proceeds
of tax-exempt obligations are not deemed to be expended when such proceeds are used
for reImbursement of expenditures made pnor to the date of Issuance of such obligations
unless certain procedures are followed, among which IS a reqUirement that (with certain
exceptions), pnor 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,
.
.
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 constructing and finanCing the Project
SECTION 2 The City hereby declares that It reasonably expects (I) to pay certain
costs of the Project pnor 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 pnnclpal amount of the Obligations IS TWENTY-FIVE
MILLION DOLLARS ($25,000,000.00)
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
/2:::fJ::o~;ur
City Attorney
2
.
.
Adopted and approved this 28th of July, 1998
4-r~
Robert Holbrook, Mayor
I, Mana M Stewart, City Clerk of the City of Santa MOnica, do hereby certify that
the foregoing Resolution 9303 (CCS) was duly adopted at a meeting of the Santa
MOnica City Council held on the 28th of July, 1998 by the follOWing vote
Ayes Councllmembers
Felnsteln, Genser, Greenberg, Holbrook,
O'Connor, Rosenstein
Noes Councllmembers
None
Abstain Councllmembers
None
Absent Councllmembers
Ebner
ATTEST
--
~r..~ 1~_o_~_,-,oA-
\.
Mana M Stewart, City Clerk