R-399
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RESOLUTION NUMBER 399 (RAS)
(Redevelopment Agency Serles)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA ALLOCATING $135,000 INTO THE
OCEAN PARK REDEVELOPMENT PROJECT lea) LOW AND MODERATE
INCOME HOUSING TRUST FUND TO PROVIDE FINANCING FOR THE
CITY WIDE HOUSING ACQUISITION AND REHABILITATION
PROGRAM AND FINDING THE PROVISION OF SUCH HOUSING TO
BE OF BENEFIT TO THE OCEAN PARK REDEVELOPMENT PROJECT
lea)
WHEREAS, the Redevelopment Agency has adopted ResolutIon
Number 389 (RAS) establishlng the Ocean Park Redevelopment ProJ-
ect lea) Low and Moderate Income Houslng Trust Fund; and
WHEREAS, the Redevelopment Agency has adopted Resolutlon
Number 380 (RAS) mak Ing part of the requlrements of Heal th and
Safety
Code
33334.2
Sectlon
concernlng
tax
Increment
expendltures for low and moderate Income houslng applicable to
the Ocean Park Redevelopment ProJect l(a); and
WHEREAS, In accordance with Resolutlon Number 380 (RAS),
the Redevelopment Agency deslres to allocate money to the
Cl ty-wlde Houslng Trust Fund to provide housIng at affordable
cost for persons and famllies of low and moderate Income.
NOW THEREFORE, THE REDEVELOPMENT AGENCY OF THE CI TY OF
SANTA MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1.
The Redevelopment Agency does hereby establish
the Ocean Park Redevelopment ProJect lea) Low and Moderate
Income Housing Trust Fund (the "Houslng Trust Fund") Into WhlCh
funds ITlay be approprlated by the Agency from tIme to tlme and
expended to Increase and Improve the supply of low and moderate
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Income hOUSing available at affordable costs wIthIn the CIty of
Santa MonIca.
SECTION 2. Pursuant to ResolutIon Number 380 (RAS), the
Redevelopment Agency does hereby allocate the sum of $135,0'0'0'
Into the Houslng Trust Fund to be paid Into the HOUSIng Trust
Fund from property taxes allocated to the Redevelopment Agency
pursuant to Health and Safety Code SectIon 33670' and the
Redevelopment Plan for the Ocean Park Redevelopment ProJect
1 (a) .
SECTION 3. The funds so allocated shall be held 1n the
Hous1ng Trust Fund untIl expended by the Agency for the purposes
set forth In ResolutIon Number 380' (RAS).
SECTION 49 The Redevelopment Agency hereby elects to make
part of the reqUIrements of Health and Safety Code SectIon
33334.2 appl1cable to the Ocean Park Redevelopment ProJect lea)
to the extent prov1ded for 1n thIS resolutIon.
SECTION 5. By adoptIng th1S resolut1on, the Redevelopment
Agency obll ga tes itself to meet par t of the legal requ 1 rements
of SectIon 33334.2 to the extent set forth hereIn. The payment
of funds Into the Hous1ng Trust Fund as requ1red by the
ResolutIon pursuant to saId Health and Safety Code Sect10n
33334.2 shall constItute an obl1gatlon and Indebtedness of the
Redevelopment Agency for the Ocean Park Redevelopment Project
lea).
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SECTION 6.
Pursuant to Resolut1on Number 380 (RAS), the
Redevelopment Agency hereby f1nds, determ1nes and resolves that
the use of Hous1ng Trust Funds outs1de of the Ocean Park
Redevelopment Pro) ect 1 (a) 1S of benef 1 t to the Ocean Park
Redevelopment ProJect l(a).
SECTION 7.
The Controller of the Redevelopment Agency 1S
hereby author1zed to reta1n or pay all 1nterest 1ncome earned on
th1S allocat1on into the Hous1ng Trust Fund.
The Controller of
the Redevelopment Agency IS further authorized to pay all other
income
rece1ved
by
the
loan
repayments
or
or
revenues
Redevelopment Agency ar 1Slng from the expend1 ture of the funds
allocated by th1S Resolut1on 1nto the Hous1ng Trust Fund and to
use those funds to the extent ava1lable to supplement Ocean Park
Redevelopment Project 1 (a) Funds needed to fund the allocat1on
descr1bed 1n Sect10n 1.
SECTION 8.
The Agency secretary shall cert1fy to the
adopt1on of th1S Resolution, and thenceforth and thereafter the
same shall be 1n full force and effect.
Approved as to Form:
~\-..~
Robert M. Myers
Agency Attorney
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Adopted and approved this 10th day of September, 1985.
tL~~..~
I Chairperson
I hereby certify that the foregoing Resolution No. 399(RAS)
was duly adopted by the Redevelopment Agency of the CIty of Santa
Mon ica at a meet ing thereof held on September 10, 1985 by the
following Agency vote:
Ayes:
Conn, Epstein, Jennings, lane and
Mayor Reed
Agency Members:
Noes: Agency Members:
None
AbstaIn: Agency Members:
None
Absent: Agency Members:
Katz
ATTEST:
~A~,l;;7~LM~
Secretary