R-7134
~ ..
. . .
CA:RMM:lmdl16a/hpw
City Council Meeting 12-10-85 Santa Monica, California
RESOLUTION NUMBER 7l34(CCS)
(City Council Series) ~
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA MONICA APPROVING THE PRELIMINARY
OFFICIAL STATEMENT AND BOND PURCHASE AGREEMENT,
AND AUTHORIZING AND DIRECTING CERTAIN
ACTIONS WITH RESPECT THERETO
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE
AS FOLLOWS:
SECTION 1- The Bond Purchase Agreement, by and among
Drexel Burnham Lambert, Incorporated (the "Underwriter"), the
Santa Monica Young Men's Christian Association (the "YMCA"), and
the City, relating to the purchase and sale of Revenue Bonds to
aid the YMCA in financing certain improvements at the Santa
Monica Family YMCA (the "Purchase Agreement"), substantially in
the form of that on file in the city Attorney's office, is hereby
approved. Subject to review and approval by the City Attorney
and Bond Counsel, the City Manager and the City Clerk are
authorized and directed to complete and execute the Purchase
Agreement on behalf of the City and the purchase price of the
Bonds set forth in the Purchase Agreement shall not be less than
96-1/2% of the aggregate par value of the Bonds.
- 1 -
~ ..
. .
The Purchase Agreement may be modified, prior to its
execution and delivery, by the Ci ty Manager upon the advice of
the city Attorney and Bond Counsel, provided that such
modification is consistent with the essential terms thereof and
- -
wi th the limitations set forth above. The city Attorney's and
the City Manager's approval of such modifications shall be
conclusively established by their execution of the Purchase
Agreement.
SECTION 2. The Mayor, City Manager, city Clerk, and other
officials of the City are hereby authorized and directed to
execute such other agreements, documents, and certificates as may
be required by the Purchase Agreement or otherwise necessary to
effect its purposes.
SECTION 3. Subject to review and approval by the City
Attorney and Bond Counsel, the Preliminary Official Statement,
dated as of December ~, 1985, relating to the Revenue Bonds,
substantially in the form of that on file in the city Attorney's
office, is hereby approved for use by the Underwriter in the
offering and sale to the public of the Revenue Bonds.
SECTION 4. The City Manager is authorized to approve
corrections and additions to the Preliminary Official statement
by supplement or amendment thereto, or otherwise as appropriate,
provided that any such corrections or additions shall be
necessary to cause the information contained therein to conform
with facts materials to the Revenue Bonds or to the proceedings
- 2 -
"
- . .
of the City, or that such corrections or additions relate to form
rather than substance.
SECTION 5. The city Manager is authorized and directed to
cause the preliminary Official statement to be modified into the -
form of a Final Official statement and to execute said Final
Official statement, dated as of the date of the City's execution
of the Purchase Agreement.
SECTION 6. 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:
~'-.~
ROBERT M. MYERS
city Attorney
- 3 -
. .
. .
Adopted and approved this 10th day of December, 1985.
~t~ ~
I Mayor ..........
I hereby certify that the foregoing Resolution No. 7134{CCS)
was duly adopted by the City Council of the City of Santa Monlca
at a meeting thereof held on December 10, 1985 by the following
Councll vote:
Ayes: Councilmembers: Conn, Epstein, A. Katz, H. Katz,
and Mayor Reed
Noes: Councilmembers: None
Abstaln: Councilmembers: None
Absent: CouncJ.lmembers: Jennings and Zane
'-,
. -
ATTEST: -
-
~:.5;1,~
~
_ _ _ _ L - - - - - - - - - --- L-.