R-7136
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CA:RMM:lmd120/hpw
city Council Meeting 12-17-85 Santa Monica, California
RESOLUTION NO. 7136 (CCS)
(city Council Series)
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA MONICA, CALIFORNIA 1 DECLARING ITS
INTENTION TO ISSUE REVENUE BONDS FOR
CERTAIN AIRPORT FACILITIES
WHEREAS, on October 1, 1985 the City Council of the City of
Santa Monica adopted Ordinance No. 1345 (City Council series)
(the "Ordinance" ) specifying the powers and procedures for the
issuance of revenue bonds to finance facilities for participating
parties in the City of Santa Monica ("City") ; and
WHEREAS, Gunnell Aviation, Inc. ("Gunnell" ) has filed an
application with the City for financing assistance pursuant to
the Ordinance; and
WHEREAS, Price/Danforth & Associates dba Supermarine
Aircraft, Ltd. ("price/Danforth" ) has filed an application with
the city for financing assistance pursuant to the Ordinance; and
WHEREAS, the City Council of the City of Santa Monica
wishes to declare its intention to provide such assistance,
subject to certain conditions;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA, DOES RESOLVE AS FOLLOWS:
section 1. The City council of the City of Santa Monica
hereby declares its intention to assist in financing the
acquisition and construction of two fixed base operator
facilities at the Santa Monica Airport, one to be owned and
operated by Gunnell ("Facility 1") and the other by
Price/Danforth ( "Facility 2") , each of which constitutes an
airport facility within the meaning of IRC section 103(b)(4),
through the issuance and sale of revenue bonds in a principal
amount not to exceed five million dollars ($5,000,000) for
Facility 1 and three million dollars ($3,000,000) for Facility 2.
section 2. The issuance and sale of such revenue bonds
shall be upon such terms and conditions as may be mutually agreed
upon by the city and Gunnell and the City and Price/Danforth,
respectively, and as shall be set forth and authorized by
resolutions of the City council of the City of Santa Monica as
may be adopted hereafter.
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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 U
City Attorney
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Adopted and approved this 17th day of December, 1985.
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Mayor
I hereby certl fy that the foregoing Resolution No. 7136(CCS)
was duly adopted by the City Council of the City of Santa Monica
at a meeting thereof held on December 17, 1985 by the following
Council vote:
Ayes: Councllmembers: Conn, Epstein, Jennings, A. Katz,
H. Katz, Zane and Mayor Reed
Noes: Councilmembers: None
Abstaln: Councilmembers: None
Absent: Councilmembers: None
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ATTEST: - -
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C~LA~
City G-lerk .
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