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R-390 (2) . . . 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. - 1 - . . . 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 - 2 - . . . 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 ~ - 3 - . - . Adopted and approved thls 4th day of September 1984. ~~- -----~'/ (L~ ~~~;c/ /f- . . . . ... .~.. _. . .~A'~..?-c__--:_ __ _~~________ 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 .