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R-389 (2) . . . Attachment B 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 1 (a) LOW AND MODERATE INCOME HOUSING TRUST FUND AND ALLOCATING $10'4,490 INTO THE OCEAN PARK REDEVELOPMENT PROJECT l(a) 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 1 (a) WHEREAS, the Redevelopment Agency has adopted Resolution Number 380' (RAS) mak1ng part of the requirements of Health and Safety concerning Code 33334.2 Sect10n tax 1ncrement expendItures for low and moderate income housIng applIcable to the Ocean Park Redevelopment ProJect l(a)i and WHEREAS, 1n accordance WI th ResolutIon Number 380' (RAS), the Redevelopment Agency desIres to allocate money to the HousIng Trust Fund to provIde housIng 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(a) Low and Moderate Income HousIng Trust Fund (the ~Houslng Trust Fund") into WhICh funds may be appropr Iated by the Agency from tIme to t IIDe 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 Resolut 1 on Number 380' (RAS), the Redevelopment Agency does hereby allocate the sum of $HJ4,490' 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 l(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 Health 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 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 (a) . SECTION 6. Pursuant to ResolutIon Number 380 (RAS), the Redevelopment Agency hereby fInds, determines and resolves that the use of Housing Trust Funds outSIde of the Ocean Park - 2 - ,- . . . Redevelopment Project 1 (a) IS of benefi t to the Ocean Park Redevelopment ProJect l(a). SECTION 7. The Controller of the Redevelopment Agency 15 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 loan revenues receI ved by the repayments or or Redevelopment Agency ar I S log from the expendl ture 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 l(a) Funds needed to fund the allocatIon descrlbed 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. Approved as to form: ~~.~~~.~~ . ,j 3 J Robert N. Myers Agency Attorney - 3 - . Adopted and approved this 4th day of September 1984. // c--/-5';(- _c__~ __?2~~~_-5_ Chairperson '------ I hereby certlfy 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 fol- lowlng Agency vote: . Ayes: Agency Members: Epsteln, Jennings, Press, Reed, Zane and Mayor Edwards Noes: Agency Members: None Absent: Agency Members: Conn Abstain: Agency Members: None ATTEST: ~A~ -- -- -- -- , Secretary .