M-8/9/1988 (5)
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RESOLUTION NUMBER 421 (RAS)
(Redevelopment Agency series)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA ALLOCATING $102,649 INTO THE
DOWNTOWN REDEVELOPMENT PROJECT LOW AND MODERATE INCOME
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 DOWNTOWN REDEVELOPMENT PROJECT.
WHEREAS, the Redevelopment Agency has adopted Resolution
Number 378 (RAS) establishing the Downtown Redevelopment Project
Low and Moderate Income Housing Trust Fund (the "Housing Trust
Fund"); and
WHEREAS, in accordance with Resolution Number 378 (RAS),
the Redevelopment Agency desires to allocate money to the
Housing Trust Fund,
NOW THEREFORE I THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. Pursuant to Resolution Number 378 (RAS), the
Redevelopment Agency does hereby allocate the sum of $102,649
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 Downtown Redevelopment Project.
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 378 (RAS).
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SECTION 3. The Redevelopment Agency hereby elects to make
the requirements of Health and Safety Code Section 33334.2 ap-
plicable to the Downtown Redevelopment proj ect 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 the Resolution pursuant to said Health and
Safety Code Section 33334.2 shall constitute an obligation and
indebtedness of the Redevelopment Agency for the Downtown Re-
development Project.
SECTION 5. Pursuant to Resolution Number 378 (RAS), the
Redevelopment Agency hereby finds, determines and resolves that
the use of Housing Trust Funds outside of the Downtown
Redevelopment Project is of benefit to the Downtown
Redevelopment Project.
SECTION 6. The Controller of the Redevelopment Agency is
hereby authorized to retain or pay all other interest income
earned on this allocation into the Housing Trust Fund. The Con-
troller 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 Downtown
Redevelopment Project Funds needed to fund the allocation
described in Section 1.
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SECTION 7.
The Agency secretary shall certify to the
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adoption of this Resolution, and thenceforth and thereafter the
same shall be in full force and effect.
Approved as to from:
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ROBERT M. MYERS
Agency Counsel
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Adopted and approved this 9th
988.
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I hereby certify that the foregoing Resolution No. 421 (RAS)
was duly adopted by the Redevelopment Agency of the City of Santa
Monica at a meeting thereof held on August 9, 1988, by the
following Agency vote:
Ayes:
Agency Members: F~nkel, Jenn~ngs, A. Katz, Zane,
Mayor Conn
Noes:
Agency Members: None
Abstain:
Agency Members: None
Absent:
Agency Members: H. Katz, Reed
ATTEST:
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