R-9452 (2)
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RESOLUTION NO. 9452
(CCS)
(CITY COUNCIL SERIES)
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA APPROVING THE ISSUANCE A.'lD SALE BY THE
REDEVELOP.MENT AGE~CY OF THE CITY OF SA."iTA MONICA OF
ITS SANTA :\IONICA EARTHQUAKE RECOVERY REDEVELOPl\'1ENT
PROJECT TAX ALLOCATION BOl''DS
\VHEREAS, the Redevelopment Agency of the CIty of Santa Momca (the "Agency") IS
a redevelopment agency, a publIc body, corporate and polItIC duly created, establIshed and
authonzed to transact busmess and exerCIse Its powers, all under and pursuant to the Commumty
Redevelopment Law (Part 1 of DIVISIOn 24 of the CalIforma Health and Safety Code) and the
powers of such Agency mclude the power to Issue bonds for any of Its corporate purposes;
\VHEREAS, a redevelopment plan for a redevelopment project kno~n and deSIgnated as
the "Santa Momca Earthquake Recovery Redevelopment ProJect" has been adopted and
approved and all reqUirements of law for, and pre-cedent to, the adoptlOn and approval of saId
plan have been duly complIed \Vlth,
WHEREAS, the plan contemplates that the Agency will Issue Its bonds to finance a
portlOn of the cost of such redevelopment,
\VHEREAS, m order to proVIde funds to finance a portIOn of the cost of such
redevelopment, the Agency has authonzed the Issuance of Redevelopment Agency of the CIty of
Santa Momca, Santa MOllica Earthquake Recovery Redevelopment Project Tax AllocatIon
Bonds (the "Bonds"), III the aggregate pnnclpal amount of not to exceed $69,500,000,
\VHEREAS, pursuant to the Law, the Cny CounCIl (the "CIty CounCIl") of the City of
Santa Momca (the "CIty") also must authonze and approve the Issuance of the Bonds,
\''HEREAS, the Agency has Issued, m favor of the CIty, a PromISSOry Note (Note #7),
dated July 1, 1999, and a PromISSOry Xote (Note #8), dated July 1, 1999 (collectIvely, the
"PromIssory Notes"),
WHEREAS, the CIty deSIres to make the mdebtedness eVIdenced by the PromISSOry
Notes subordmate to any pledge of tax mcrement to the bondholders of any tax allocatIon bonds
that may be Issued by the Agency, and to any other mdebtedness mcurred by the Agency, as
reasonably necessary for the proper and orderly ImplementatIon of the redevelopment plan for
the Santa MOllica Earthquake Recovery Redevelopment Project, and
\VHEREAS, all acts, condItIons and thmgs reqUired by the laws of the State of
CalIfornIa and the CIty Charter of the CIty to eXIst, to have happened and to have been
performed precedent to and m connectlOn WIth such authonzatIOn and approval do eXIst, have
happened and have been performed In regular and due trme, form and manner as reqUired by
law,
DOCSLAI 322177 2
40233-4 GHl 10'18199
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NO\V, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SANTA l\rIO:'iICA, as follows.
Section 1. All of the recItals herem contamed are true and correct and the City Council
so finds
Section 2. The CIty Council hereby approves the Issuance of the Bonds Such approval
IS mtended to satIsfy the reqUirements of SectIOn 33640 of the CalIforma Health and Safety
Code
Section 3. The mdebtedness eVIdenced by the Prormssory Notes IS and shall be
subordmate to any pledge of tax Increment to the bondholders of any tax allocatIon bonds that
may be Issued by the Agency, and to any other mdebtedness mcurred by the Agency, as
reasonably necessary for the proper and orderly ImplementatIOn of the redevelopment plan for
the Santa MOllIca Earthquake Recovery Redevelopment ProJ ect
Section 4. The officers. employees and agents of the CIty are hereby authonzed and
dIrected, Jomtly and severally, to do any and all thmgs WhICh they may deem necessary or
adVIsable III order to consummate the Issuance of the Bonds and otherwIse to carry out, gIve
effect to and comply WIth the terms and mtent OfthIS ResolutIOn
Section 5. All actIOns heretofore taken by the officers, employees and agents of the CIty
with respect to the Issuance of the Bonds are hereby approved, confirmed and ratIfied
Section 6. 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
I1tILAJ1A-1:u... ~A
Mar'sha Jone-s -~tne~ City Attorney
Adopted and approved thIS 26th day of October 1999
~A /C/J-
1-
~ -
Mayor
DOCSL-\ 1 322177 2
40233-4 GH11O'18'99
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Adopted and approved this 26th of October, 1999
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Ci2?1L
I, Mana M Stewart, City Clerk of the City of Santa MOnica, do hereby certify that
the foregOing Resolution 9452(CCS) was duly adopted at a meeting of the Santa
MOnica City Council held on the 26th of October, 1999, by the follOWing vote
Ayes Council members
McKeown, Bloom, Feinstein, Mayor Pro Tem
Genser, Holbrook, Mayor O'Connor
Noes Coun~lmembeffi
None
Abstain Council members
Rosenstein
Absent Council members
None
ATTEST
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Mana M Stewart, City Clerk