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R-389 . . . Attachment B F \( -, r.a-- RESOLUTION NUMBER 389 (RAS) (Redevelopment Agency SerIes) A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA ESTABLISHING THE OCEAN PARK REDEVELOPMENT PROJECT lea) LOW AND MODERATE INCOME HOUSING TRUST FUND AND ALLOCATING $104,490 INTO THE OCEAN PARK REDEVELOPMENT PROJECT l(a) LOW AND MODERATE INCOME HOOSING TRUST FOND 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 Resolu t i on Number 380 (RAS) makIng part of the requIrements of Health and Safety concer-nlng tax increment Code 33334.2 Sectlon expendItures for low and moderate Income housIng applIcable to the Ocean Park Redevelopment ProJect lea}; and vlHEREAS, 1n accordance Wl th ResolutIon NUrn~er 380 (RAS), the Redevelopment Agency desIres to allocate money to the Houslng Trust Fund to provlde housIng at affordable cost for persons and famIlles of low and moderate Income. NOW THEREFORE, THE REDEVELOP!1ENT AGENCY OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS: SECTION 1. The Redevelopment Agency does hereby establlsh the Ocean Park Redevelopment ProJect lea) Low and Moderate Income HousIng Trust Fund (the "Houslng 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 Income housIng avaIlable at affordable costs wlthIn the CIty of Santa Monlca. - 1 - . . . SECTION 2. Pursuant to Resolutlon Number 380 (RAS) 7 the Redevelopment Agency does hereby allocate the sum of $104,490 Into the Housing Trust Fund to be paId lnto 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 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 Heal th and Safety Code SectIon 33334.2 applIcable to the Ocean Park Redevelopment ProJect l(a) 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 her-eIn. The payment of funds Into the Houslng 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 ProJect 1 (a) . SECTION 6. Pursuant to ResolutIon Number 380 (RAS), the Redevelopment Agency hereby fInds, determlnes and resolves that the use of HOUSIng Trust Funds outslde of the Ocean Park - 2 - Redevelopment ProJect lea) IS of benefIt to the Ocean Park . Redevelopment Pr-oJect lea). SECTION 7. The Controller of the Redevelopment Agency is hereby authorlzed 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 rece~ved 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 Redevelopment Project lea) Funds needed to fund the allocatIon descrIbed in SectIon 1. SECTION 8. The Agency secretary shall certIfy to the . adoptlon of thIs ResolutIon, and thenceforth and thereafter the same shall be l~ full force and effect. Approved as to form: .....-"- c6 11.:" ~ ~ ~ ~ -~ ~..AA~~ /,\ I ~ Robert H. !'-lyers' 1 Agency Attorney . - 3 - . Adopted and approved thlS 4th day of September 1984. C~, 4 ~~~-~ '- Cha~rperson - I hereby certify that the foregoing Resolution No. 389(RAS) was duly adopted by the Redevelopment Agency of the Clty of Santa Monica at a meetlng thereof held on September 4, 1984 by the fo1- lowlng Agency vote: . Ayes: Agency Members: Epstein, Jenn~ngs, Press, Reed, Zane and t1ayor Edwards Noes: Agency Members: None Absent: Agency Members: Conn Abstain: Agency Members: None ATTEST: ~A~ Secretary .