M-7/25/1989 (3)
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RESOLUTION NUMBER 427 (RAS)
(Redevelopment Agency Series)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA ALLOCATING $164,400 TO THE OCEAN
PARK REDEVELOPMENT PROJECT 1 (a) LOW AND MODERATE IN-
COME HOUSING TRUST 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
lea)
WHEREAS, the Redevelopment Agency has adopted Resolution
Number 389 (RAS) establishing the Ocean Park Redevelopment lea)
Low and Moderate Income Housing Trust Fund (the IlHousing Trust
Fund"); and
WHEREAS, the Redevelopment Agency has adopted Resol ution
Number 380 (RAS) making part of the requirements of Health and
Safety
Section
33334.2
concerning
tax
increment
Code
expenditures for low and moderate income housing applicable to
the Ocean Park Redevelopment Project l(a); and
WHEREAS, in accordance with Resolution Number 380 (RAS),
the Redevelopment Agency desires to allocate money to the City-
wide Housing Trust Fund to provide housing at affordable cost
for persons and families of low and moderate income,
NOW THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1.
Pursuant to Resolution Number 380 (RAS), the
Redevelopment Agency does hereby allocate the sum of $164,400 to
the Housing Trust Fund to be paid into the Housing Trust Fund
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from property taxes allocated to the Redevelopment Agency pur-
suant to Health and Safety Code section 33670 and the
Redevelopment Plan for the Ocean Park Redevelopment Project
lea) .
SECTION 2. 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 3. The Redevelopment Agency hereby elects to make
the requirements of Health and Safety Code section 33334.2 ap-
plicable to the Ocean Park Redevelopment Project 1 (a) to the
extent provided for in sections 4 and 5 of this Resolution.
SECTION 4. The payment of funds into the Housing Trust
Fund as required by this 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 Re-
development Project l(a).
SECTION 5. Pursuant to Resolution Number 380 (RAS), the
Redevelopment Agency hereby finds, determines and resolves that
the use of Housing Trust Funds outside of the Ocean Park
Redevelopment Project lea) is of benefit to the Ocean Park
Redevelopment Project l(a).
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SECTION 6.
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 1 (a) Funds needed to fund the allocation
described in Section 1.
SECTION 7 .
The Agency secretary 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:
~ "'^" ~
ROBERT M. MYERS
Agency Counsel
:rala
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Adopted and approved this 25th day of July, 1989.
D~a~-
I hereby certify that the foregoing Resolution No. 427(RAS)
was duly adopted by the Redevelopment Agency of the city of Santa
Monica at a meeting thereof held on July 25, 1989 by the
following Agency vote:
. Ayes: Agency Members: Abdo, Finkel, Genser, Jennings,
Katz, Reed, Zane
Noes: Agency Members: None
Abstain: Agency Members: None
Absent: Agency Members: None
ATTEST:
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