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R-388 . . . Attach:nent A ?V.";!f:4 RESOLUTION NUMBER 388 (RAS) (Redevelopment Agency SerIes) A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA ALLOCATING $1,000,000 INTO THE DOWNTOWN REDEVELOPMENT PROJECT LOW AND MODERATE INCOME HOUSING TRUST FUND TO PROVIDE FINANCING FOR THE CITY-WIDE HOUSING ACQUISITION AND REHABILITA- TION PROGRAM AND SENIOR CONGREGATE HOUSING PROJECT AND FINDING THE PROVISION OF SUCH HOOSING TO BE OF BENEFIT TO THE DOWNTOWN REDEVELOPMENT PROJECT. ;.... WHEREAS, the Redevelopment Agency has adopted ResolutIon Number 378 (RAS) establIshIng the Downtown Redevelopment proJect Low and Moderate Income HousIng Trust Fund; and WHEREAS, In accordance WIth ResolutIon Number 378 (RAS), the Redevelopment Agency deslres to allocate money to the HousIng Trust Fund, NOW THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS: SECT ION 1. Pursuant to ResolutIon Number 378 (RAS), the Redevelopment Agency does hereby allocate the sum of $1,000,000 Into the HOUSIng Trust Fund to he paId into the HOUSIng Trust Fund from property taxes allocated to the Redevelopment Agency pursuant to Health and Safety Code Section 33670 and the Re- development Plan for the Downtown Redevelopment ProJect. SECTION 2. The funds so alloca ted shall be held in the Housing Trust Fund untIl expended by the Agency for the purposes set forth In ResolutIon Number 378 (RAS). , . . . SECTION 3. The Redevelopment Agency hereby elects to make part of the requIrements of Health and Safety Code SectIon 33334.2 applIcable to the Downtown Redevelopment ProJect to the extent provided for in thIs resolution. SECTION 4. By adoptIng thIS resolutlon, the Redevelopment Agency oblIgates Itself to meet part of the legal reqUIrements of SectIon 33334.2 to the extent set forth hereIn. The payment of funds Into the HOUSIng Trust Fund as requIred by the ResolutIon - ...... pursuant to saId Health and Safety Code SectIon 33334.2 shall constItute an oblIgation and Indebtedness of the Redevelopment Agency for the Downtown Redevelopment ProJect. SECTION 5. Pursuant to Resolutlon Number 378 (RAS), the Redevelopment Agency hereby fInds, determInes and resolves that the use of HOUSIng Trust Funds outSIde of the Downtown Redevelop- men~ ProJect IS of benefIt to the Downtown Redevelopment Project. SECTION 6. The Controller of the Redevelopment Agency IS hereby authorlzed to retaIn or pay all other Income or loan re- payments or revenues receIved by the Redevelopment Agency arISIng from the expendIture of the funds allocated by thIS ResolutIon Into the HOUSIng Trust Fund and to use those funds to the extent avaIlable to supplement Downtown Redevelopment ProJect Funds needed to fund the allocatIon descrIbed In SectIon 1. ') . . . SECTION 7. The Agency secretary shall certlfy to the adop- tlon of thlS ResolutIon, and thenceforth and thereafter the same shall be In full force and effect. Approved as to form: ~~~~ Robert M. Myers <:J Agency Attorney - - - ") - . Adopted and approved thlS 4th day of September 1984. ~ Chairpef'"Son I hereby certlfy that the foregolng Resolutlon No. 388CRAS) was duly adopted by the Redevelopment Agency of the City of Santa Monlca at a meetlng thereof held on September 4, 1984 by the fol- lowlng Agency vote: . Ayes: Agency Members: Epsteln, Jennlngs, Press, Reed, lane and Mayor Edwards Noes: Agency Members; None Absent: Ag en c y Members: Conn Abstaln: Agency Members: None ATTEST: ~. >>; ~ Secretary .