R-7665
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Council Meeting 8/9/88
Santa Monica, California
RESOLUTION NOJ66S(CCS)
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA MONICA
AUTHORIZING THE CITY MANAGER TO EXECUTE
LOAN AGREEMENTS NO. LA-13-1-S8-3 AND NO. LA-l3-l-88-4
WITH THE STATE DEPARTMENT OF TRANSPORTATION
DIVISION OF AERONAUTICS TO COMPLETE CONSTRUCTION OF
THE SPECIALTY/LIMITED FBO HANGAR COMPLEX AT
SANTA MONICA AIRPORT
WHEREAS, the state Department of Transportation, Division of
Aeronautics has agreed to make two Caltrans Aeronautics Account
loans available to the City of Santa Monica to complete
construction of the specialty/limited fixed base operator hangar
complex at Santa Monica Municipal Airport; and
WHEREAS, the loans shall be disbursed in two phases, the
loan for each phase being in the amount of $375,000 for a term of
15 years at an annual interest rate of 6.7329 percent,
NOW, THEREFORE, THE CITY COL~CIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1.
The city Council approves California Airport
Loan Agreement No. LA-13-1-88-3 and California Airport Loan
Agreement No. LA-13-1-88-4 and authorizes the City Manager as
agent of the City to execute all documents pursuant to these loan
agreements.
SECTION 2. The City Clerk shall certify to the adoption of
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this Resolution, and thenceforth and thereafter the same shall be
in full force and effect.
APPROVED AS TO FORM:
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Robert M. Myers
City Attorney
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Adopted and approved
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Mayor
I hereby certify that the foregoing Resolution No.7665 (CCS)
was duly adopted by the city Council of the city of Santa Monica
at a meeting thereof held on August 9, 1988, by the following
Council vote:
Ayes:
Councilmembers: Finkel, Jenn~ngs, A. Katz, Zane,
Mayor Conn
Noes:
Counci1members: None
Abstain:
councilmembers: None
Absent:
Councilmembers: H. Katz, Reed
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ATTEST:
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