R-317
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.
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HUD 3155c
(11-70)
R~SOLUTION NO. 317 (R.A,S,)
RESOLUTION APPROVING AND PROVIDING FOR EXECUTION OF
PROPOSED LOAN AND CAPITAL GRANT CONTRACT, NUMBERED
CONTRACT NO CA L IF. R - 37/44! L4:lETWEEN REDEVE LOPME NT
AGENCY OF THE CITY OF SANTA MONICA AND
THE UNITED STATES OF AMERICA, TO AID IN FINANCING URBAN
RENEWAL PROJECT NO. CA L IF. R - 37/44 T
AND ESTABLISHING A PROJECT EXPENDITURES ACCOUNT AND
A PROJECT TEMPORARY LOAN REPAYMENT FUND WITH RESPECT
TO SAID PROJECT, AND FOR OTHER PURPOSES
WHEREAS. under TItle I of the Housmg Act of 1949. as amended. the Umted States of
Amenca ("Gmremment") has tendered to Redeve lopment Agency of the C j ty of
Santa Mon I ca ("Local PublIc Agency") a proposed Loan and
Capital Grant Contract. pursuant to wluch the Government would extend certam Federal Fman-
Clal assIstance to the Local Pubhc Agency m connectIOn WIth the urban renewal project described
therem. and
WHEREAS. under said proposed Contract the Local PublIc Agency IS reqUired, among
other thmgs. to establIsh. WIth respect to SaId Project. separate and speCial accounts on Its books
of account whIch shall be designated "Project ExpendItures Account. Project No Ca 1 if. R - 3 7/~' t
and "Project Temporary Loan Repayment Fund. Project Ncj:~ 1 if. R-37 /44". and to depOSIt and
mamtam the moneys recorded In said account m a bank or banks wInch are members of the
Federal DepOSIt Insurance CorporatIon Pronded, That. the Local PublIc i\gency may establIsh
and mamtam a consolidated bank account or accounts mto WhICh shall be deposIted the moneys
debIted to the Project ExpendItures Account for any or all urban renewal projects now bemg
carried out or to be earned out by the Local PublIc Agency under Contracts for Loan and CapI-
tal Grant WIth the Government and a consolidated bank account or accounts IOta which shall be
deposlted the moneys debIted to the Project Temporar,y Loan Repayment Fund for any or all
urban renewal projects now bemg earned out Or to be carned out by the Local PublIc Agency
under Contracts for Loan and CapItal Grant With the Government.
WHEREAS the Local PublIc Agency has glven due conSIderatIOn to saId proposed Con-
tract. and
WHEREAS, the Local Pubhc Agency IS duly authonzed. under and pursuant to the Con-
stItutIOn and laws of the Un i ted S ta tes of Arne rica and the S ta te of Ca 1 i forn i a
to undertake and carry out said Project and to execute saId proposed Contract
BE IT RESOLVED BY_THE REDEVE lOPMENT AGENCY OF THE CITY OF
SANTA MONICA, CALIFORNIA AS FOLLOWS
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-H U!J-3155c
(11 70)
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.
SECTION 1. The proposed Contract, designated "Loan and Capital Grant Contract.
Contract No Cal if.R-17144(lGhnsistmg of Parts I and II. and providmg for the makmg by the
Government of a Project Temporary Loan. a Project DefimtIve Loan. and a Project CapItal Grant
under TItle I of the Housmg Act of 1949, as amended, m connectIon With the project descnbed
therem and designated PtOj;ct No Ca 1 if. R~~71{~rebY m all respects approved
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SECTION 2 The Cha I rman
is hereby authonzed and dIrected to execute saId proposed Contract m three counterparts
on behalf of the Local PublIc Agency. and the. Secretary
is hereby authonzed and directed to Impress
and attest the offiCial seal of the Local PublIc Agency on each such counterpart and to forward
such counterparts to the Department of Housmg and Urban Development. together With such other
documents relatIve to the approval and executIon thereof as may be requued by the Government
SECTION 3 WIth respect to SaId Project. the Execut I ve Director
15 hereby authonzed to establish separate and speCial accounts on ItS books of account deSignated
"Project ExpendItures Account, Project No~allf.R-37/44", and "Project Temporary Loan Repay-
ment Fund. Project No Ca I, f. R-37/44 The moneys wruch. by the terms of the Loan and CapItal
Grant Contract. are reqmred to be recorded m said accounts shall be promptly deposited and
mamtamed m a bank or banks WhICh are members of the Federal Deposit Insurance CorporatIon
Pronded, That, the Local PublIc Agency may establIsh and mamtam a consolIdated bank account
or accounts mto WhICh shall be deposited the moneys debIted to the Project Expenditures Account
for any or all urban renewal projects now bemg carned out or to be carned out by the Local
PublIc Agency under Contracts for Loan and Capital Grant With the Government and a consolIdated
bank account or accounts mto wInch shall be depOSIted the moneys debited to the Project Tempo-
rary Loan Repayment Fund for any or all urban renewal projects now bemg earned out or to be
earned out by the Local PublIc Agency under Contracts for Loan and Capital Grant WIth the
Government.
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SECTION 4. The Execut I ve Director IS
hereby authonzed to fIle \1o'1th the Government reqUIsItIons together \vlth necessary supportmg doc-
uments. m accordance With the Loan and Capital Grant Contract, requestmg payments to be made
on account of the Project Temporary Loan, Project DefIllitIve Loan and Project CapItal Grant
prOVIded for m the Loan and Capital Grant Contract. and to perform all other acts requlfed to be
performed III order to obtam such payments
SECTION 5 ThIS ResolutIOn shall take effect ImmedIately
ADOPTED AND APPROVED THIS
27TH DAY OF
MARCH
, 1973.
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Anthony L. 0 ~r i, Cha i rman
I hereby certIfy that the foregoing resolution was duly adopted'~ the Redevelopment
Agency of the City of Santa Monica, California, at a re~ular meeting thereof, held
on the 27th day of March , 1973, by the follOWing vote of the Agency Members:
AYES: MEMBERS: Dlturl, Gabriel, Hoover, Reidy, Rinck, Trlves
NOES: MEMBERS: None
ABSENT: MEMBERS: None
ABSTAIN: MEMBERS: McCloskey
8p2!~d as to form and adequacy this
A '::J)tdav of ~rt../, 1973.
tfC~ d.. fL,-.e6
- t.ug€'T1e D. Jac~~"lieneral Counsel
/01 <J-
{ (1//(<~bff
K. o. ~rubb, Secretary