R-389 (2)
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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.
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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
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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:
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Robert N. Myers
Agency Attorney
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Adopted and approved this 4th day of September 1984.
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_c__~ __?2~~~_-5_
Chairperson
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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~
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Secretary
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