R-388
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Attach:nent A
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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).
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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
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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.
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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:
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Robert M. Myers <:J
Agency Attorney
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Adopted and approved thlS 4th day of September 1984.
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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:
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Secretary
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