City Council

3.B. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST\nHOLLYWOOD APPROVING DOCUMENTS AND ACTIONS RELATING\nTO THE ISSUANCE AND SALE OF ONE OR MORE SERIES OF LEASE\nREVENUE BONDS BY THE WEST HOLLYWOOD PUBLIC FINANCING\nAUTHORITY TO FINANCE CERTAIN CAPITAL IMPROVEMENT\nPROJECTS FOR THE CITY AND REFINANCE THE OUTSTANDING\nWEST HOLLYWOOD PUBLIC FINANCING AUTHORITY 2013 LEASE\nREVENUE BONDS (CITY HALL PARKING; WERLE BUILDING) [D.\nWILSON, C. SAFRIET, M. LINDLEY, L. QUIJANO, C. CORRALES, A.\nRUIZ, K. BARENG]:\nSUBJECT: The City Council will consider adopting the attached resolution\napproving the issuance and sale of up to $45 million of 2024 Lease\nRevenue Bonds (the "2024 Lease Revenue Bonds") in one or more series\nby the West Hollywood Public Financing Authority (the "Public Financing\nAuthority"). The total bond issue of up to $45 million will provide financing\nfor: (1) the refunding of 2013 bonds; (2) construction of AIDS Monument;\n(3) the Design District Undergrounding Project, (4) development of a\nsurface parking lot at 8120 Santa Monica Boulevard; (5) acquisition and\nconstruction of Plummer Park Off-leash Dog Park; (6) acquisition and\nconstruction of improvements at Hart Park; (7) implementation of the\nDesign District Streetscape & Utility Undergrounding Project; (8)\nacquisition and improvement of Sunset and La Cienega Intersection; and\n(9) acquisition and construction of Melrose Gathering Place project.\nRECOMMENDATIONS: 1) Hold a public hearing on the proposed lease\nfinancing by the City and the Public Financing Authority and the\nsubstantial public benefits of the proposed financing; 2) Adopt Resolution\nNo. 24-______: "A RESOLUTION OF THE CITY COUNCIL OF THE CITY\nOF WEST HOLLYWOOD APPROVING DOCUMENTS AND ACTIONS\nRELATING TO THE ISSUANCE AND SALE OF ONE OR MORE SERIES\nOF LEASE REVENUE BONDS BY THE WEST HOLLYWOOD PUBLIC\nFINANCING AUTHORITY TO FINANCE CERTAIN CAPITAL\nIMPROVEMENT PROJECTS FOR THE CITY AND REFINANCE THE\nOUTSTANDING WEST HOLLYWOOD PUBLIC FINANCING AUTHORITY\n2013 LEASE REVENUE BONDS (CITY HALL PARKING; WERLE\nBUILDING); 3) Adopt Resolution No. 24-______: "A RESOLUTION OF\nTHE WEST HOLLYWOOD PUBLIC FINANCING AUTHORITY\nAUTHORIZING THE ISSUANCE AND SALE OF ONE OR MORE SERIES\nOF LEASE REVENUE BONDS TO FINANCE CAPITAL IMPROVEMENT\nPROJECTS FOR THE CITY OF WEST HOLLYWOOD AND REFINANCE\nTHE OUTSTANDING WEST HOLLYWOOD PUBLIC FINANCING\nAUTHORITY 2013 LEASE REVENUE BONDS (CITY HALL PARKING;\nWERLE BUILDING), AND APPROVING RELATED DOCUMENTS AND\nOFFICIAL ACTIONS; and 4) Authorize the City Manager, Deputy City\nManager and/or Director of Finance and Technology Services (in their\ncapacities as representatives of the City and the Authority) to execute any\ndocuments necessary to issue the 2024 Lease Revenue Bonds, provided\nthe principal amount does not exceed $45 million.\n4. LEGISLATIVE: