R-336 (2)
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~S:JH:LK:9/17176
. RESOLUTION NO. 4802(CCS'.
City Council Series
RESQLUTiO:: :10.336 (K.A s.)
(R~develop"ept Agency)
A JOINT RESOLUTION OF THE CITY COUNCIL AND THE REDEVELOPMENT
AGENCY OF THE CITY OF SPiHA ~\ONICA ASSURI% pu,Yr1EIH OF HITEREST
ON REDEVELOPMENT pqOJECT TEMPORARY LOAN NOTES
WHEREAS, The Redevelopment 4gency of the City of Santa Monica ha~ an
o~tsta~ding debt incurred In conjunction with the Ocean Park Redevelop~ent
P~oJect; and
~HEREAS, said debt is In the forn of intere5t-accrul~g Project Te~po-
rary Loan Notes; and
WHEREAS, the City of Santa ~onica has apDl led for and received Cor--
mu~ity Deve!opnent Block Grant monies from t~e Federal Government; and
WHEREAS, said Federal approval of the release of the Block Grant
funds is contingent upon the assurances of the Redevelopment Agency and the
City t~at alternate funds are available for the payment of interest accruing
OJ! the
Project Te~porary Loan Notes;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA A~D THE
REDEVELOPI1ENT AGENCY OF THE CITY OF SANTA MONICA DO EACN HEREBY RESOLVE'
SECTION 1. That the United States Depart~ent of Housing and U~b3n
Develop~ent be assured that P.edevelopment Agency tax inc~e~ent fund~ in the
a~ount of $145.000 are now, and will be, available for the pav~ent of interEst
on Project Temuorary Loan Note~, and t~at said funds will be delivered to HUD
on or before June 21, 1977
SECTION 2. The City Clerk shall certify to the adoption of thiS
re5olution, and thenceforth and thereafter the sa~e shall be i~ Full force and
"ffect.
ADOPTED and APpD,OVED tf-ti s )8th dav of Septecrroer, 1976.
-:;y Rff'.r~ 7 ~~
Natharlel TrIVeS, Mayor
!1TTES]
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City Clerk
I hereby certIfy that ",'Ie ioregclng resolution 1~2S d1J1~1 ad(1f):e~ bv
t~~ City Cou~c!l of the CIty of Sa~ta MO~IC~ at ? r~~ulcl m~etrr9 L~ereof,
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ES:JH:lK.9/17176
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held on the ~8th day of September
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, 1976, by the fol lowing vote of the
Council:
AYES:
Counc i 1 rcembers'
Judson, HcCloskey, Reed, ST,vi-c.k,
van den Steenhoven, Trives
~one
NOES:
Counc i 1 rrenbers .
ABSENT' Councllmembers.
Cohen
J;PPR(JV~ AS TO FOR~:, / ;'
,~<</~J J)~JJ<t~~
''\/ City Attori{ey r!"1
;w.
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-..,' /"" C.:n
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City C Ie rk //
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ADOPTED and APPROVED this 28th day of September
, 1976.
-/l',.z~f 7 ~
Nathaniel Trlves, Chairman
Redevelopment Agency of the
City of Santa Monica
J hereby certify that the foregOing resolution '.as duly adopted by
the Redevelopment Agency of the City of Santa MO"1ica, California, at a special
ro 11 ca I I vote:
meeting thereof held on the 28th day of September, 1976, by the following
AYES:
NOES'
Mambe rs: Hone
Me~bers: Judson, McCloskey, Reed, Swink, van den Steenhoven, Trives.
ABSENT
Me~bers: Cohen.
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rid- rJ~
John JaIl I I, Secretary