R-405
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RESOLUTION NUMBER 405 (RAS)
(Redevelopment Agency Series)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA ALLOCATING $35,437 INTO THE OCEAN
PARK REDEVELOPMENT PROJECT 1 (a) LOW AND MODERATE IN-
COME 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) establishing the Ocean Park Redevelopment lea)
Low and Moderate Income Housing Trust Fundi and
WHEREAS I the Redevelopment Agency has adopted Resolution
Number 380 (RAS) making part of the requirements of Health and
Safety
section
increment
concerning
tax
Code
33334.2
expenditures for low and moderate income housing applicable to
the Ocean Park Redevelopment Project lea); and
WHEREAS f in accordance with Resolution Number 380 (RAS) f
the Redevelopment Agency desires to allocate money to the city-
wide Housing Trust Fund to provide housing at affordable cost
for persons and families of low and moderate income.
NOW THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY 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 "Housing Trust Fund") into which
funds may be appropriated by the Agency from time to time 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 $35,437
into the Housing 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
lea) .
SECTION 3. The funds so allocated shall be held in the
Housing Trust Fund until expended by the Agency for the purposes
set forth in Resolution Number 380 (RAS).
SECTION 4. The Redevelopment Agency hereby elects to make
part of the requirements of Health and Safety Code section
33334.2 applicable to the Ocean Park Redevelopment Project lea)
to the extent provided for in this resolution.
SECTION 5. By adopting this resolution, 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 Ocean Park Redevelopment proj ect
lea) .
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SECTION 6.
Pursuant to Resolution Number 380 (RAS) , the
. Redevelopment Agency hereby finds, determines and resolves that
the of Housing Trust Funds outside of the Ocean Park
use
Redevelopment Project lea) is of benefit to the Ocean Park
Redevelopment proj ect 1 (a) .
SECTION 7. The Controller of the Redevelopment Agency is
hereby authorized to retain or pay all interest income earned on
this allocation into the Housing Trust Fund. The controller of
the Redevelopment Agency is further authorized to pay all other
income or loan repayments 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 Ocean Park
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Redevelopment Project l(a) Funds needed to fund the allocation
described in Section 1.
SECTION 8 .
The Agency secretary shall certify to the
adoption of this ReSOlution, and thenceforth and thereafter the
same shall be in full force and effect.
Approved as to Form:
~~~~
Robert M. Myers 0
Agency Attorney
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Adopted and approved thls 22nd day of July, 1986.
)~L)c ~"
Chairperson
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I hereby certIfy that the foregoIng Resolution No. 405CRAS)
was duly adopted by the Redevelopment Agency of the Clty of Santa
Monlca at a meetIng thereof held on July 22, 1986 by the
folloWIng Agency vote:
Ayes:
Agency Members:
Conn, Epstein, JennIngs, A. Katz,
H. Katz, Zane and Mayor Reed
Noes: Agency Members:
None
Abstaln: Agency Members:
None
Absent: Agency Members:
None
ATTEST:
/' ~ t '?J, xi~~U~_f!
h J.__-" .... ______u______
Secretary