R-379
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RESOLUTION NUMBER 379
(Redevelopment Agency SerIeS)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA MONICA ALLOCATING $300,090 INTO THE DOWNTOWN
REDEVELOPMENT PROJECT LOW nND MODERATE INCOME HOUSING TRUST
FUND TO PROVIDE FINANCING FOR THE CITY WIDE HOUSING
ACQUISITION AND REHABILITATION PROGRAM AND FINDING THE
PRO VI S ION OJ!" SUCH HOUS ING TO BE OF BENEFIT TO THE DOWNTOWN
REDEVELOPMENT PROJECT
WHEREAS, the Redevelopment Agency has adopted Resolution
~~umber
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 desires to allocate money to the
Housing Trust Fund,
NOW TnEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA
MO~ICA DOES RESOLVE AS FOLLOWS:
SECTION 1. Pursuant to Resolution Number
378
(RAS),
tne Redevelopment Agency does hereby allocate the sum of $399,990
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 33679 and the
Redevelopment Plan for the Downtown Redevelopment Project.
SECTION 2.
The funds so alloc2ted shall be held in the
Housing Trust Fund until expended by the Agency for the purposes
~et forth in Resolution Number ___l7JL__(RAS).
SECTION 3. The Redevelopmec~ k~Bncy herety ~lects tn make
part of the requirements of Hpalth 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 resolution, the Redevelopment
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Aoency obligates itself to meet part of the legal requirements of
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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 ana inJr-",~'C~' ;.. -s~ ,.f ;;he RedeveJ O?;," n:
Agenf'Y for the Downtown RedevelQp-:i.\:;:-.Jt .. :..~je~t.
SECTION 5. Pursuant to Resolution Number
378
(RAS), the
Redevelopment Agency hereby finds, determines and resolves that
the use of Housing Trust Funds outside of the Downtown
Redevelopment Project is of benefit to the Downtown Redevelopment
Project.
SECTION 6. 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 Downtown
Redevelopment Project Funds needed to fund the allocation
described in Section 1.
SECTION 7.
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:
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Rober M. Hyers
Agency Attorney
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ADOPTED AND APPROVED THIS
13th
DAY
OF Decenber
. 198 3.
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_ :;::' A/t . f"':" _< t----- -- ,
~. -- ~A~I RPER~6N .--./
BY
I HEREBY CERTIFY THAT THE FOREGOING RESOLUTION
NO. 379(RAS)
WAS DULY ADOPTED BY THE REDEVELOPMENT
AGENCY OF THE CITY OF SANTA MOffICA AT A MEETING
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THEREOF HELD ON December 13
. 1 9 B3 BY THE F 0 L L 0 I-JI N G
AGENCY VOTE:
AYES:
flOES:
AGENCY MEMBERS: Conn, Jennlngs, Press, Zane and
Hayor Edwards
AGENCY MEMBERS: Epstein and Reed
ABSENT:
AGENCY MEMBERS: ~one
ABSTAIN:
AGENCY MEMBERS: None
ATTEST:
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B Y L {--? ,-- '71 / / L-'\- --vu,..c/ L--<....,
ANN M. SHORE - SECRETARY
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