R-357
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RESOLUTION NO. 357
(Redevelop~ent Agency)
RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF SANTA MONICA AMENDING
RESOLUTION NO. 354 (RAS)
NOW BE IT HEREBY RESOLVED THAT Resolution No. 354 (RAS), adopted
by this Agency on November 2, 1978, is hereby amended as fol lows'
SECTION 1. The paragraph following subsection (b) of Section 11
is hereby amended to read as follows:
"Any moneys in the Revenue Fund on January 15, 1981,
and on each January 15 thereafter which, together with any moneys then held
in the Bond Service Fund, are in excess of the amounts required to pay
prinCipal and interest on the Bonds on the next succeeding June and
December I shall first be transferred to the Reserve Fund to make up any
deficiency therein and thereafter may, at the discretion of the Agency, in
who 1 e 0 r I n pa rt be II
SECTION 2. The following sentence shall be added as the last
sentence of subsection 2 of Section 13:
"Any moneys in the Reserve Fund, on any January 15 which
are in excess of MaXimum Annual Debt Service shall forthwith be transferred
to the Revenue Fund."
SECTION 3. The Secretary shall certify to the adoption of this
resolution, and thenceforth and thereafter the same shall be in full force
and effect.
ADOPTED and APPROVED this ~ day of December, 1978.
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SEYMO~~~OHEN, Chairman Pro Tern
ATT~T:-
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JOHN ~ALlll, Secre~ary
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I hereby certify that the foregoing resolution was duly adopted by
the Redevelopment Agency of the City of Santa Monica at a special meeting thereof,
held on the -12th day of December, 1978, by the following vote of the Agency_
AYES:
Member" Bambrick, Reed, Scott, Trives, van den Steenhoven,
Cohen
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NOES'
Membe r: None
ABSENT.
Member
Swink
APPROVED AS TO FORM: , ~._"r ....
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RICHARD L. KNICKERBOCKER ~.
City Attorney
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