R-390
.
.
.
Attachment C
t- V'i" 1'\
RESOLUTION NUMBER 390 (RAS)
(Redevelopment Agency SerIes)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA ESTABLISHING THE OCEAN PARK
REDEVELOPMENT PROJECT l(b) LOW AND MODERATE INCOME
HOUSING TRUST FUND AND ALLOCATING $282,510 INTO THE
OCEAN PARK REDEVELOPMENT PROJECT l(b) LOW AND MODERATE
INCOME 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
l(b)
WHEREAS, the Redevelopment Agency has adopted Resolution
Number 381 (RAS) makIng part of the reqUirements of Health and
Safety
concernIng
tax
increment
Code
33334.2
SectIon
expendItures for low and moderate Income housing applIcable to
the Ocean Park Redevelopment ProJect l(b); and
WHEREAS, In accordance WI th ResolutIon Number 381 (RAS) ,
the Redevelopment Agency desIres to allocate money to the
HOUSI:J.g Trust Fund to provIde hous.lng 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 l(b) Low and Moderate
Income HOUSIng Trust Fund (the "HousIng Trust Fund") Iota 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 WIthIn the City of
Santa MonIca.
- 1 -
.
.
.
SECTION 2. Pursuant to ResolutIon Number 381 (RAS), the
Redevelopment Agency does hereby allocate the sum of $282,510
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
1 (b) .
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 381 (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 l(b)
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 ProJect
1 (b) .
SECTION 6.
Pursuant to ResolutIon Number 381 (RAS), the
Redevelopment Agency hereby fInds, determInes and resolves that
the use of HOUSIng Trust Funds outsIde of the Ocean Park
- 2 -
.
.
.
Redevelopment ProJect l(b) IS of benefIt to the Ocean Park
Redevelopment ProJect l(b).
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
1 ncome or
loan
received by
the
repayments
or
revenues
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 Par~
Redevelopment ProJect l(b) 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.
Attorney as to form:
~~~~~
Robert M. Myers ,rl
Agency Attorney "'. ~j
- 3 -
.
Adopted and approved thIS 4th day of September 1984.
~
...........4
//
// cf
/~ _ _:r
~--._--._-_J_______
ChaIrperson
I hereby certIfy that the foregoIng ResolutIon No. 390(RAS)
was duly adopted by the Redevelopment Agency of the CIty of Santa
MonIca at a meeting thereof held on September 4, 1984 by the fol-
lowing Agency vote:
. Ayes: Agency Members: EpsteIn, JennIngs, Press, Reed,
Zane and Mayor Edwards
Noes: Agency Members: None
Absent: Agency Members: Conn
AbstaIn: Agency Members: None
ATTEST:
/} /h~
~_nf~J_nnnn.
Secretary
.