R-9361
.
.
RESOLUTION NUMBER 9361CCS
(CIty CouncIl Senes)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA MONICA DECLARING ITS NTENT TO ISSUE T AX-
EXEMPTION BONDS TO BE USED TO REIMBURSE THE
CITY FOR COMMERCIAL STREETSCAPE PROGRAM
EXPENDITURES PRIOR TO THE ISSUANCE OF SUCH
BONDS
WHEREAS, the CIty of Santa Monica (the "CIty") desIres and mtends to finance
certam publIc capItal Improvements preVIOusly approved by the City as the CommerCial Streetscape
Program. compnsed of the PICO Boulevard Phase and other Commercial Streetscape Improvements
of benefit to the Santa MOllIca Earthquake Recovery Redevelopment Project (the "ProJecC), and
WHEREAS, the Cny expects to cause the executIOn, delIvery and sale of tax exempt
oblIgatIOns such as bonds to be repmd from the revenues of the Project for the purpose ofprovldmg
fmancmg for all or a portIOn ofthe CommerCial Streetscape Program (the "OblIgatIOns"), and
WHEREAS, the CIty expects to mcur certam expendItures relating to the Project and
to pay for such expendItures from the Clty'S moneys on hand pnor to the executIon of the
ObligatIOns (the "Reimbursement ExpendItures"). and
WHEREAS, the CIty reasonably expects to use a portIon of the proceeds of the
OblIgatIOns to reImburse the CIty for expendItures made pnor to the date the OblIgatIOns are entered
mto,
NOW, THEREFORE. THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES HEREBY RESOLVE. DETERMINE AND ORDER AS FOLLOWS
SECTION 1 DeclaratIOn of OffiCial Intent The CIty CounCIl hereby declares the official
intent of the CIty. subject to the further approval oftlns CounCIl. to use up to SlO.OOO.OOO of the
proceeds of the OblIgatIOns to reImburse ltselffor the ReImbursement ExpendItures It IS mtended
that tins ResolutIon shall constItute a declaratIOn of "officlal mtenf' wlthm the mearung of SectIOn
1 150-2 of the Treasury RegulatIons promulgated under SectIon 150 of the Internal Revenue Code
of 1986, as amended
SECTION 2 Other Approvals The adoptIOn OfthIS ResolutIon shall not bmd the CIty to
proceed WIth executIOn and delIvery of the OblIgatIOns untIl and unless all other necessary actIOns
and approvals are taken or receIved III accordance 'Vlth all applIcable laws
.
.
SECTION 3 The City Clerk shall certIfy to the adoptIOn of thIS ResolutIOn. and thenceforth
and thereafter the same shall be III full force and effect
APPROVED AS TO FORM
Ir!W~A fL~ 11; ~M
Marst-0ones i\.f9btne
CIty Attorney
f -.,r..tERDSH..l\RE\Rede':eIQpment".,Econ De\'-';P1ro Sneet'scape-'J.'lcucenrot Resc- PiCe- CC wpd
.
.
Adopted and approved this 26th of January, 1999
~'
".,. -
m O'Connor, Mayor
I. Marla M Stewart, City Clerk of the City of Santa MOnica, do hereby certify that
the foregOing Resolution 9361 (CCS) was duly adopted at a meeting of the Santa
MOnica City Council held on the 26th of January, 1999 by the following vote
Ayes Councllmembers
Feinstein, Genser, Holbrook, McKeown,
O'Connor, Rosenstem
Noes Councllmembers
None
Abstain Councllmembers
None
Absent Councllmembers
None
ATTEST
'--- -
~~.~
\
Mana M Stewart, City Clerk