R-7133
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CA:RMM:llmdl15a/hpw
City council Meeting 12-10-85 Santa Monica, california
RESOLUTION NUMBER 7133(CCS)
(City Council Series)
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA MONICA APPROVING ISSUANCE OF REVENUE
BONDS FOR THE SANTA MONICA YMCA PROJECT AND
APPROVING AND AUTHORIZING EXECUTION OF A LOAN
AGREEMENT, INDENTURE OF TRUST, AND OTHER AGREEMENTS
AND ACTIONS NECESSARY FOR SUCH BOND ISSUANCE
WHEREAS, on october 22, 1985, the City Council adopted
Resolution Number 7110 (CCS) declaring its intention to issue
revenue bonds to assist in the financing of the acquisition and
construction of facilities at the Santa Monica Family YMCA,
NOW 1 THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. Issuance of Revenue Bonds in the maximum
principal amount of $3,500,000 for the purposes of assisting in
the financing of the Santa Monica YMCA Project is hereby
approved.
SECTION 2. The Indenture of Trust, dated as of December 1,
1985 (the "Indenture"), by and between City and Security Pacific
National Bank, 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
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Manager and the City Clerk are authorized and directed to execute
the Indenture on behalf of the city, subject to Section 5 hereof.
SECTION 3. The Loan Agreement, dated as of December 1,
1985 (the "Loan Agreement") , by and between the city and the
Santa Monica Young Men's Christian Association, as Borrower 1 with
respect to the Santa Monica YMCA project, 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 execute the Loan Agreement on behalf
of the City, subject to Section 5 hereof.
SECTION 4. The Indenture and Loan Agreement may be
modified, prior to their execution and delivery, by the City
Manager upon the advice of the City Attorney and Bond Counsel,
provided that such modification is consistent with the essential
terms thereof and with the limitations set forth herein. Both
the City Attorney's and City Manager's approval of such
modifications shall be conclusively established by their
execution of the Indenture and Loan Agreement.
SECTION 5. The Indenture and Loan Agreement shall not be
executed by the City Manager, city Attorney or City Clerk until
(a) this City Council shall have approved an agreement with
Drexel Burnham Lambert, Incorporated for the purchase of the
Bonds described in the Indenture, and (b) an irrevocable Letter
of Credit, as required by the Loan Agreement and Indenture is
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obtained by the Santa Monica YMCA to secure payment of principal
and interest on the bonds.
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:
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ROBERT M. MYERS
City Attorney
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Adopted and approved this 10th day of December, 1985.
f1--btP.~
Mayor ~
I hereby certlfy that the foregoing Resolution No. 7133(CCS)
was duly adopted by the City Council of the Clty 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
Abstain: Councilmembers: None
Absent: Councilmembers: Jennings and Zane
ATTEST: ,-
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Ci ty~ _ le~k
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