R-7796
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RESOLUTION NO. 7796
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA MONICA DECLARING ITS INTEREST IN
BORROWING MONIES FROM THE LOCAL GOVERNMENT
FINANCE AUTHORITY
WHEREAS, the City of Santa Monica desires to finance its
share of certain present and future obligations with respect to
the capital improvements at the Hyperion Wastewater Treatment
Plant; and
WHEREAS,
the
Local
Government
Finance
Authority
("Authority") issued revenue bonds prior to the passage of the Tax
Reform Act of 1986 and the proceeds of such revenue bonds may be
available to other governmental agencies to fund public projects;
and
WHEREAS, the City has been advised that substantial
saving may be realized by obtaining funds from the Authority; and
WHEREAS, the city must formally apply to the Authority in
order to obtain funds to finance the capital improvement payments
to the city of Los Angeles; and
WHEREAS, the City is authorized to undertake all of the
above pursuant to its Charter and other applicable laws of the
state of California,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1.
The city is interested in obtaining funds
from the Authority to finance all or a portion of its share of the
capital improvement costs associated with the improvements to the
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Hyperion Wastewater Treatment Plant.
SECTION 2.
The City Manager is hereby authorized to
execute all necessary documents in order to apply to the Authority
for funds from the Authority's revenue bonds.
SECTION 3. 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:
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ROBERT M. MYERS
City Attorney
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Adopted and approved this 25th day of April, 1989.
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Mayor
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I hereby certify that the foregoing Resolution No. 7796(CCS)
was duly adopted by the city council of the City of Santa Monica
at a meeting thereof held on April 25th, 1989, by the following
Council vote:
Ayes:
Councilmembers: Abdo, Finkel, Genser, Jennings,
Katz, Reed, Zane
Noes:
councilmembers:
Abstain:
Councilmembers:
Absent:
councilmembers:
ATTEST:
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