R-4802
ES:JH:LK:9/17176
RESOLUTION NO. 48Q2(CCS)
City Council Series
RESOLUTION NO. 336 (R.A.S.)
(Redevelopment Agency)
A JOINT RESOLUTION OF THE CITY COUNCIL AND THE REDEVELOPMENT
AGENCY OF THE CITY OF SANTA MONICA ASSURING PAYMENT OF INTEREST
ON REDEVELOPMENT PROJECT TEMPORARY LOAN NOTES.
WHEREAS, The Redevelopment Agency of the City of Santa Monica has an
outstanding debt incurred in conjunction with the Ocean Park Redevelopment
Project; and
WHEREAS, said debt is in the form of interest-accruing Project Tempo-
rary Loan Notes; and
WHEREAS, the City of Santa Monica has applied for and received Com-
munity Development Block Grant monies from the 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 that alternate funds are available for the payment of interest accruing
on the Project Temporary Loan Notes;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA AND THE
REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA DO EACH HEREBY RESOLVE:
SECTION 1. That the United States Department of Housing and Urban
Development be assured that Redevelopment Agency tax increment funds in the
amount of $145,000 are now, and will be, available for the payment of interest
on Project Temporary Loan Notes; and that said funds will be del ivered to HUD
on or before June 21, 1977.
SECTION 2. The City Clerk shall certify to the adoption of this
resolution, and thenceforth and thereafter the same shall be in full force and
effec t.
ADOPTED and APPROVED th is 28th day of September, 1976.
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City Clerk
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I hereby certify that the foregoing resolution was duly adopted by
the City Council of the City of Santa Monica at a regular meeting thereof,
ES:JH:LK:9/17/76
held on the 28th day of September
, 1976, by the following vote of the
Counci 1:
NOES: Councilmembers:
Judson, McCloskey, Reed, Swink,
van den Steenhoven, Trives
None
AYES: Counc i 1 members:
ABSENT: Councilmembers:
Cohen
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City Clerk
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ADOPTED and APPROVED this 28th day of September
, 1976.
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Nathaniel Trives, Chairman
Redevelopment Agency of the
City of Santa Monica
I hereby certify that the foregoing resolution was duly adopted by
the Redevelopment Agency of the City of Santa Monica, Cal ifornia, at a special
meeting thereof held on the 28thday of September, 1976, by the following
ro 11 ca 11 vote:
AYES:
Members: Judson, McCloskey, Reed, Swink, van den Steenhoven, Trives.
NOES:
Members: None.
ABSENT: Members: Cohen.
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John Jalili, Secretary
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