M-7/22/1986 (3)
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RESOLUTION NUMBER404{RAS)
(Redevelopment Agency Series)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA ALLOCATING $131,250 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 Fundi and
WHEREAS, in accordance with Resolution Number 378 (RAS),
the Redevelopment Agency desires to allocate money to the
Housing Trust Fund,
NOW THEREFORE, 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 $131,250
into the City-wide Housing Trust Fund to be paid into the city-
wide 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
part of the requirements of Health and Safety Code section
33334.2 applicable to the Downtown Redevelopment project to
the extent provided for in this resolution.
SECTION 4. 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 Resolu-
tion pursuant to said Health and Sa fety Code section 33334.2
shall constitute an obligation and indebtedness of the
Redevelopment Agency for the Downtown Redevelopment 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
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 Attorney
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Adopted and approved thIS 22nd day of July, 1986.
1/[. ILl ~/) n
~ Ct~
;I . ChaIrperson
I hereby certIfy that the foregoing ResolutIon No. 404(RAS)
was duly adopted by the Redevelopment Agency of the CIty of Santa
Monica at a meetIng thereof held on July 22, 1986 by the
folloWl~g Age~cy vote:
Ayes:
Conn, Epstei~, Jennl~gs, A. Katz,
H. Katz, Zane and Mayor Reed
Agency Members:
Noes: Agency Members:
None
AbstaIn: Agency Members:
N OY1e
Absent: Agency Members:
None
ATTEST:
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S.ecretary-