R-7108
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CA:RMM:lmd085
city Council Meeting 10-22-85 Santa Monica, California
RESOLUTION NUMBE~ 7108(CCS)
(City council Series)
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA APPROVING
PRELIMINARY OFFICIAL STATEMENT AND
CERTIFICATE PURCHASE AGREEMENT, AND
AUTHORIZING AND DIRECTING CERTAIN
ACTION WITH RESPECT THERETO
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SAN'IA
MONICA RESOLVES AS FOLLOWS:
SECTION L The certificate purchase Agreement, by and
among paine Webber Incorporated (the "Underwriter") , Bank of
America National Trust and Savings Association as Trustee, and
the City, relating to the purchase and sale of certificates of
Participation to finance certain improvements at the Santa Monica
Municipal Airport (the "Purchase Agreement'f) , substantially in
the form presented at this meeting, is hereby approved. The city
Manager and the city Clerk are authorized and directed to
complete and execute the Purchase Agreement on behalf of the
city, subject to the following:
(a) The aggregate principal amount of Certificates set
forth in Paragraph 1 of the Purchase Agreement shall be the
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amount set forth in Section 601 of the Trust Agreement relating
to Airport Facilities, dated as of October 1, 1985, by and among
the City, the above named Trustee and security Pacific National
Bank, and shall be not less than $3,980,000.
(b) The purchase price of the Certificates set forth in
Paragraph 1 of the Purchase Agreement shall be not less than
96-1/2% of the aggregate par value of the Certificates.
The Purchase Agreement may be modified, prior to its
execution and delivery, by the City Manager with the advice of
the city Attorney, provided that such modification is consistent
with the essential terms thereof and with the limitations set
forth above. The City Manager's approval of such modifications
shall be conclusively established by his 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 purpose.
SECTION 3. The Prelminary Official statement, dated as of
October 22, 1985, relating to the certificates of participation,
substantially in the form presented at this meeting, is hereby
approved for use by the Underwriter in the offering and sale to
the public of the Certificates.
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SECTION 4. The City Manager is authorized to approve
corrections and additions to the Prelminary 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 material to such Certificates or to the proceedings 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:
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ROBERT M. MYERS
City Attorney
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Adopted and approved this 22nd day of October, 1985.
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/ Mayor
I hereby certify that the foregoing Resolution No. 7108(CCS)
was duly adopted by the Clty Council of the Clty of Santa Monica
at a meeting thereof held on October 22, 1985 by the followlng
Councll vote:
Ayes: Councl1members: Conn, Epstein, Jennings, A. Katz,
H. Katz, lane and Reed
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: None
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ATTEST: "."",:
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