R-390 (2)
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Attachment C
RESOLUTION NUMBER 390{RAS)
(Redevelopment Agency SerIes)
A RESOLUT ION 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 TROST 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 (b)
WHEREAS, the Redevelopment Agency has adopted Resolutlon
Numbe~ 381 (RAS) makIng part of the requIrements of Health and
Safety
Section
Code
33334.2
tax
Increment
concernIng
expendItures for low and moderate income houslng applIcable to
the Ocean Park Redevelopment ProJect l(b); and
WHEREAS, In accordance Wl th Resol UtI on Number 381 (RAS),
the Redevelopment Agency desires to allocate money to the
HousIng Trust Fund to provIde houslng at affordable cost for
persons and famIlies of low and moderate lncome.
NOvI THEREFORE, THE REDEVELOPf.1ENT AGENCY OF THE CITY OF
SANTA MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1.
The Redevelopment Agency does hereby establIsh
the Ocean Park Redevelopment P~oJect l(b) Low and Moderate
Income HousIng Trust Fund (the "HousIng Trust Fund") lnto WhICh
funds may be approprIated by the Agency from tlme to tlme 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 Resolutlon Number 381 (RAS), the
Redevelopment Agency does hereby allocate the sum of $282,510
Into the Housing Trust Fund to be pald Into the Houslng Trust
Fund from property taxes allocated to the Redevel opmen t Agency
pursuant to Health and Safety Code Sectlon 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 Resolutlon Number 381 (RAS).
SECTION 4. The Redevelopment Agency hereby elects to make
part of the requlrements of Health and Safety Code Sectlon
33334.2 appllcable to the Ocean Park Redevelopment ProJect l{b)
to the extent provlded for In thlS resolutlon.
SECTION 5. By adoptIng thlS resolutlon, the Redevelopment
Agency obllgates Itself to meet part of the legal requlrements
of Sectlon 33334.2 to the extent set forth hereln. The payment
of funds Into the Houslng Trust Fund as requlred by the
Resolutlon pursuant to sald Health and Safety Code SectIon
33334.2 shall constItute an obllgatlon and Indebtedness of the
Redevelopment Agency for the Ocean Park Redevelopment Project
1 (b) .
SECTION 6.
Pursuant to Resolutlon Number 381 (RAS), the
Redevelopment Agency hereby flnds, determInes and resolves that
the use of Houslng Trust Funds outslde of the Ocean Park
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Redevelopment ProJect l(b) IS of benefIt to the Ocean Park
Redevelopment ProJect l(b).
SECT ION 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
l.ncome
loan
received
by
the
repayments
or
revenues
or
Redevelopment Agency arl.Slng from the expendIture of the funds
allocated by thl.s ResolutIon into the HousIng Trust Fund and to
use-those funds to the extent avaIlable to supplement Ocean Park
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:
~ L~ t.'<A"--'';:' , . vi<!""
-oy ~~~~-;;~?-~,,~o~~2
Robert M. Myers ,~-~.
Agency Attorney ~
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Adopted and approved thls 4th day of September 1984.
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(L~ ~~~;c/ /f-
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Chalrperson
I hereby certlfy that the foregolng Resolutlon No. 390(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 f01-
lowlng Agency vote:
. Ayes: Agency Members: Epsteln, Jennlngs, Press, Reed,
Zane and Mayor Edwards
Noes: Agency Members: None
Absent: Ag en c y Members: Conn
Abstaln: Agency Members: None
ATTEST:
~.. ,11~
Secretary
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