R-5118
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RESOLUTION NO. 5l18(CC5)
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SA~TA MONICA, CALIFORNIA
APPROVING THE ISSUANCE OF $14,470,000,
PRINCIPAL A}IOUNT OF PARKI~G LEASE REVENUE
BONDS OF THE REDEVELOPMENT AGENCY FOR THE
CITY OF SANTA MONICA TO FINANCE A PORTION
OF THE COST OF A REDEVELOPMENT PROJECT I~
SAID CITY KNOW~N AS DOWNTOWN REDEVELOPME~T
PROJECT
WHEREAS, the Redevelopment Agency of the City of
Santa Monica is a redevelopment agency (a public body,
corporate and politlC) duly created, established and
authorized to transact business and exercise its powers,
all under and pursuant to the Community Redevelopment Law
(Part I of Division 24 of the Health and Safety Code of
the State of Californla) and the powers of said agency
include the power to lssue bonds for any of its corporate
purposes; and
WHEREAS, a redevelopment plan for a redevelopment
proJect known and designated as the "Downtown Redevelopment
Project" has been adopted and approved and all requirements
of law for, and precedent to, the adoption and approval of
sald plan have been duly complied with; and
WHEREAS, the plan contemplates that the Agency
will issue its bonds to finance a portion of the cost of
such redevelopment; and
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WHEREAS, The Council has been informed by the
Agency that the Agency deems it necessary to ~ssue lease
revenue bonds for the aforesaid purposes;
NOW, THEREFORE, the City Council of the City of
Santa Monica does HEREBY RESOLVE, DETERMINE AND ORDER as
follows:
Section 1. The City CouncIl hereby approves the
Issuance of bonds by the Agency in the aggregate principal
amount of $14,470,000 designated "ParkIng Lease Revenue Bonds".
Section 2. This ResolutIon shall take effect
upon its adoption.
ADOPTED, SIGNED A~D APPROVED this 2nd day of
November, 1978.
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MaytrP~o Tempore of the CIty
of Santa Monica
ATTEST:
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APP ,~ED. AS TO FOJU.I. /'
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!JIY ATTOIlNEY 0/7 - v ~
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I hereby certify that the foregoing resolution
was duly adopted by the City Council of the City of Santa
Monica at a special meetIng thereof, held on the 2nd
day of
Council:
November
, 1978, by the following vote of the
AYES:
Councllmember: Bambrick, Cohen, Reed,
Trives
NOES:
Councilmember: Scott
ABSENT:
Councllmember: van den Steenhoven, Swink
ATTEST:
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ADOPTED AND APPROVED THIS
November 1Q78
I -' .
Fourteenth
DAY OF
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I HEREBY CERTIFY THAT THE FOREGOING RESOLUTION WAS
DULY ADOPTED BY THE CITY COUNCIL OF THE CITY OF SANTA MONICA
AT A regular MEETING THEREOF HELD ON THE Fourteenth
DAY OF ~ovember
COUNCIL:
11978 I BY THE FOLLOWING VOTE OF THE
AYES:
COUNCILMEMBERS:
Bambrick, Reed, Scott, Trives,
van den Steenhoven and
Mayor Pro Tempore Cohen
None
NOES:
COUNCILMEMBERS:
ABSENT:
COUNCILMEMBERS: Mayor Donna O'BrIen Swink
ATTEST:
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