R-7333
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RESOLUTION NUMBER 7333 (CCS)
ccity Council series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA MONICA AUTHORIZING EXECUTION OF AMENDMENTS TO
EXTENSION OF COMMITMENT AGREEMENT BETWEEN THE CITY
OF SANTA MONICA AND THE CALIFORNIA HOUSING FINANCE
AGENCY
WHEREAS, it is the policy of this locality to preserve and
improve the rental housing stock; and
WHEREAS, the California Housing Finance Agency (hereinafter
"Agency") will issue bonds to fund mortgage loans to finance the
rehabilitation and development of multifamily rental housing; and
WHEREAS, the City desires to amend the Extension to Commit-
ment Agreement with the Agency executed September 4, 1984 to
reserve additional proceeds of the bonds for loans for properties
located within its jurisdiction; and
WHEREAS, the Agency program regulations require that the
governing body approve by resolution the execution of the Commit-
ment Agreement and any amendment thereto,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1. There exists in this locality a need for funding
to encourage the rehabilitation and development of multifamily
rental stock.
SECTION 2.
The City Council does hereby approve and au-
thorizes the City Manager to execute the attached Amendment to
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Extension of Commitment Agreement by and between the City of San-
ta Monica and the California Housing Finance Agency, and any fu-
ture amendments for the reservation of funds for mortgage loans
for properties located within its jurisdiction.
SECTION 3. The City Clerk 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 M. Myers
city Attorney
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CALIFORNIA HOUSING FINANCE AGENCY
MULTIFAMILY REHAB AND INFILL NEW CONSTRUCTION PROGRAM
Amendment to Extension of Commitment Agreement
This is an amendment to the Extension of Commitment
Agreement (the "Agreement") executed by the Agency on
1986, between the City of Santa Monica (the "Locality") and the
California Housing Finance Agency (the "Agency").
Th@ orig1na1 approved commitment amount was $1,071,429 and
is changed to $1,170,415. The approved rema1ning comm1tment
amount shown in the Agreement 15 changed from $610,902 to
$709,888.
IN WITNESS WHEREOF, the parties hereto have caused this
amendment to the Agreement to be execute~ by their duly
authorized officers as of the date of execution by the Agency.
City of Santa Mon1ca
(Name of Locality)
Approved as to form:
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Robert Myers
City Attorney
By
(Signature of Authorized
Officer)
John Jalili
(Printed or typewritten name
of Authorized Officer)
, 1986
CALIFORNIA HOUSING FINANCE AGENCY
By
CTitle)
, 1986
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Adopted and approved this 28th day of october, 1986.
('~~k ~-
~ Mayor
I hereby certify that the foregoing Resolution No. 7333(CcS)
was duly adopted by the City Council of the City of Santa Monica
at a meeting thereof held on October 28, 1986 by the following
council vote:
Ayes: Councilmembers:
Conn, Epstein, Jennings, A. Katz,
H. Katz, Zane and Mayor Reed
Noes: Councilmembers:
None
Abstain: Councilmembers:
None
Absent: Councilmembers:
None
ATTEST:
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City; Clerk-_':"~-:-_
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