M-9/4/1984 (4)
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Attachment B
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RESOLUTION NUMBER 389 (RAS)
(Redevelopment Agency SerIes)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA ESTABLISHING THE OCEAN PARK
REDEVELOPMENT PROJECT lea) LOW AND MODERATE INCOME
HOUSING TRUST FUND AND ALLOCATING $104,490 INTO THE
OCEAN PARK REDEVELOPMENT PROJECT lea) LOW AND MODERATE
INCOME HOOSING TRUST FOND 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
lea)
WHEREAS, the Redevelopment Agency has adopted Resolu t i on
Number 380 (RAS) makIng part of the reqUIrements of Health and
Safety
concer-nlng
tax
increment
Code
33334.2
SectIon
expendItures for low and moderate Income hOUSIng applIcable to
the Ocean Park Redevelopment ProJect lea}; and
vlHEREAS, In accordance WI th ResolutIon NUm~er 380 (RAS),
the Redevelopment Agency desIres to allocate money to the
HOUSIng Trust Fund to prOVIde hOUSIng at affordable cost for
persons and famIlIes of low and moderate Income.
NOW THEREFORE, THE REDEVELOP!1ENT AGENCY OF THE CITY OF
SANTA MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1.
The Redevelopment Agency does hereby establlsh
the Ocean Park Redevelopment ProJect l(a) Low and Moderate
Income HOUSIng Trust Fund (the "Houslng Trust Fund") into WhICh
funds may be approprIated by the Agency from tIme to tIme 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 Resolution Number 380 (RAS) 7 the
Redevelopment Agency does hereby allocate the sum of $104,490'
Into the Housing Trust Fund to be paId Into the HousIng Trust
Fund from property taxes allocated to the Redevelopment Agency
pursuant to Health and Safety Code SectIon 33670 and the
Redevelopment Plan for the Ocean Park Redevelopment ProJect
1 (a) .
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 ResolutIon Number 380' (RAS).
SECTION 4. The Redevelopment Agency hereby elects to make
part of the requIrements of Heal th and Safety Code SectIon
33334.2 applicable to the Ocean Park Redevelopment ProJect l(a)
to the extent provIded for In thIS resolutIon.
SECTION 5. By adoptIng thIS resolutIon, the Redevelopment
Agency oblIgates Itself to meet part of the legal reqUIrements
of SectIon 33334.2 to the extent set forth hereIn. The payment
of funds Into the HOUSIng Trust Fund as requIred by the
ResolutIon pursuant to said Health and Safety Code Section
33334.2 shall constitute an oblIgatIon and Indebtedness of the
Redevelopment Agency for the Ocean Park Redevelopment ProJect
1 (a) .
SECTION 6. Pursuant to ResolutIon Number 380 (RAS), the
Redevelopment Agency hereby fInds, determInes and resolves that
the use of HOUSIng Trust Funds outslde of the Ocean Park
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Redevelopment ProJect l(a) IS of benefIt to the Ocean Park
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Redevelopment ProJect lea).
SECTION 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
income
or
loan
repayments
or
revenues
receIved
by
the
Redevelopment Agency arIsIng from the expendIture of the funds
allocated by thIs ResolutIon Into the HousIng Trust Fund and to
use~those funds to the extent avaIlable to supplement Ocean Park
Redevelopment Project lea) Funds needed to fund the allocatIon
descrIbed in SectIon 1.
SECTION 8.
The Agency secretary shall certIfy to the
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adoptIon of thIS ResolutIon, and thenceforth and thereafter the
same shall be l~ full force and effect.
Approved as to form:
.....-"- c6 11.:" ~ ~ ~
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Robert H. !'-lyers' 1
Agency Attorney
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Adopted and approved thIS 4th day of September 1984.
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'- ChaIrperson -
I hereby certify that the foregoing Resolution No. 389(RAS)
was duly adopted by the Redevelopment Agency of the CIty of Santa
Monica at a meetlng thereof held on September 4, 1984 by the fol-
lowIng Agency vote:
. Ayes: Agency Members: Epstein, JennIngs, Press, Reed,
Zane and t1ayor Edwards
Noes: Agency Members: None
Absent: Agency Members: Conn
Abstain: Agency Members: None
ATTEST:
tL-, M~
Secretary
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