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CA:RMM:rmd158/hpca
City Council Meeting 1-28-86
---: l --t" (" ~- I JAN 2 B 1~6
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Santa Monica, California '--\.<~ .
STAFF REPORT
TO: Mayor and City Council
FROM: city Attorney
SUBJECT: Resolution Deferring TORCA Processing Fees
for 1527 centinela Avenue
At its meeting on January 21, 1986, the City Council
directed the City Attorney to prepare a necessary resolution
deferring processing fees for a tenant participating conversion
application for 1527 Centinela Avenue.
In response to this
direction, the accompanying resolution has been prepared and is
presented for city council consideration.
RE COIDIENDAT ION
It is respectfully recommended that the accompanying
resolution be adopted.
PREPARED BY: Robert M. Myers, city Attorney
6-R
JAM 2 8 1986
,
~EFORE DISTRIBUTION CHECK CONTENT OF ALL
DISTRIBUTION OF RESOLUTION # 7/ S ;5-
Councll ~1eeting Da te ~ ; .If G
Agenda Item # f-I(
Was It amended? ~O
VOTE : ~ffi r~a tl ve : C ~ ()
NegatIve: A.AI~
Abstain' -,
Absent:
-) PROOF VOTEc h-I TH ANOTHER PERSOF .BEFO~E A;\.TV_TH.IKG .
DlSTRIEUTI0~: ORIGIKAL ~o oe slgnea, seaLea ana flIed in Vault.
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FOR CITY CJ..ERK'S ACTION
ORDINANCE #
Introduced:
Adopted:
All"lAYS PUBLISH AOOP 1:tJ) ORDINANCES *
*Cross out Attorney's approval
KEWSPAPER PUBLICATION (Date:
)
)
Department originating staff report (
Management Sery.!~e? Lynne Ba~rette--urdinances only
Agency mentIoned in document or staff report
Ff
(certified?)
SubJect file (agenda packet) 1
Others:
Counter file 1
AIrport
AuditoIum
Parking Auth.
Personnel
Buildlng Dept.
Planning
CUiiflUIll ty and. Economic [lev,
Finance
Police (en-
forcement?)
Purchasing
Fire
Recr/Parks
General Servo
Transportation
Library
Treasurer
Manager
SEND FOU~ COPIES OF ALL ORDINANCES TO:
CODfD SYSTEMS, Attn Peter MaclearLe
12_0 1-1ain :tr~et -
__Av6>1'1 :\c;,,,, Jersey _07717
SEND FOUR COPIES OF ALL ORDTNj,Nr.F2 ,.To:
DeQ.J; a ~1yr Ick
SANTA MONICA MUNICIPAL COURT
'1 ,1 725 f.1AIN STREEt Room 118
\SA.NTA MONICA, CA 90401
I
_ *Check Code Sections before sending.
TOTAL COPIES
3
,
CA:RMM:rmd159jhpca
city council Meeting 1-28-86
santa Monica, California
RESOLUTION NUMBER 7152(CCS)
l
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
-OF SANTA MONICA DEFERRING PROCESSING FEES FOR A
TENANT PARTICIPATING CONVERSION AT
1527 CENTINELA AVENUE
WHEREAS,
Santa Monica Municipal
Code
Section 9367
authorizes the city council to establish processing fees for
applications for tenant participating conversions under Article
XX of the City Charter; and
WHEREAS, the City council has adopted Resolution Number
7027 (CCS) adopting processing fees pursuant to Municipal Code
Section 9367; and
WHEREAS, Carol G. Wayne is the owner of a four unit
apartment building located at 1527 Centinela Avenue in the City
of santa Monica; and
WHEREAS, Carol G. Wayne desires to file a tenant
participating conversion application for such apartment buildingj
and
WHEREAS, Carol G. Wayne, because of the filing of
bankruptcy, cannot prepay the necessary filing fees; and
WHEREAS, the City Council has carefully considered Carol
Wayne's claim of financial hardship and has determined that
deferral of the processing fee is appropriate,
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Clty Council Office OGE:cls
Council Meetlng of January 21, 1986
'7 - "I
J~N 2 1 f966
Santa Monlca, Californla
TO:
~1ayor and Councl1 r'lembers
FROt1:
SUBJECT:
Council Member David G. Epstein
Discussion of Communication fron Paul C. DeSantis
Regardlng Carole G. Wayne1s Request for Deferral of
TORCA Fee
Attached IS a letter from Paul C. DeSantis. It is requested that Council
dlSCUSS appropriate dlrectlons to staff regarding consideration of this
ma tter.
Attachment: Letter from Paul C. DeSantis
/1/ - Ai
JA# 2 1 1986
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JvIOSKATEL LAw CORPORATIOK
SUITE: 711
9595 WIl.SHIRE: BOUl.E:VARD
BEVERLY HILLS, CALII'ORSL\. 90212
TE:l.E:PHONE: 12131 273 -708 0
January 16, 1986
705-5
Councilmember David Epstein
C1ty of Santa Monica
1685 Main Street
Santa Monica, Callfornla 90401
Re: Carole G. Wayne, Debtor-1n-Possession
~~~kruptcy Case No. LA 84-12273 JD
Dear Davld.
ThlS firm has been apPolnted speclal counsel to
represent Debtor Carole G. Wayne 1n a Unlted States Bankruptcy
proceedlng. 'We were appolnted to determlne if it were
possible for Ms. Wayne to salvage some of her llfetime
earnlngs by flling a TORCA Appllcatlon.
Briefly, the debtor owns a small four unlt apartment
bU1ldlng at 1527 Centinela Avenue in Santa Mon1ca. She has
negotiated a TORCA Appl1catlon Wh1Ch has been signed by the
two tenants who have been residing In the un1ts, plus herselt.
(The fourth unlt ~s currently vacant.) A copy of the approved
Plan of Reorgan1zation 1S attached. Her app1icatlon 1S now
ready for flling. The problem 1S that the debtor does not
have the flliny fee of $1,/20 and thus cannot aftord to rile
her application.
The debtor1s bankruptcy counsel, Martha A. Warrlner,
petitioned the court for an order WhlCh would allow the
debtor to f1le her TORCA appl1cat1on and to create a llen
secured by the property ln favor of the C1ty of Santa Mon1ca.
The court granted th1S request. A copy of the Order slgned
by Judge James Dooley on January 10, 1986, is attached,
along with a copy of the Ex-Parte Appl1catlon WhlCh sets
forth the relevant 1nformat1on. Also attached lS a copy of
my declarat10n wherein I state that based upon my experlence
with the TORCA appl~cations, I bel1eve that Ms. Wayne's
application would be approved and that she should have un~ts
available for sale th2S Su~mer.
Please note that the lien be1ng created in ravor
of the City o~ Santa Mon2ca 1S subordinate to existlng
liens. To do otherw1se would requ1re a further hear1ng,
causing substantial further delays. T2Me 1S one th1ng this
debtor does not have. In fact, unless we can show that the
debtor has begun her TORCA processlng, I fear that she will
lose her property and 12fe earnings.
--"
Counc11member Dav1d Epste1n
January 16, 1986
Page Two
The C~ty woula hold a Jun10r lien on th~s property. However,
1f the applicat10n can be promptly f11ed, I see no reason
why the City should not be pald ln full.
I have recelved no fees to date on thlS appllcatlon.
We will be awarded fees as special counsel If thlS matter 1S
satlsfactorlly resolved. Our oftlce undertook the responslbll1ty
to represent Ms. Wayne because she 1S a small apartment
owner who truly can be helped through the TORCA process.
Otherwlse, I fear that we shall see headllnes of another
apartment owner who went 1nto bankruptcy in Santa Monlca and
lost her Ilfe earnlngs. None of that lS necessary. I
respectfully urge you to adopt a council resolut1on authorlzing
the Plannlng Commlss~on to acc~pt the flllng of th1s appllcatlon
forthwlth wlth a llen ayalnst the property ln favor 9f the
Clty of Santa Monlca In the amount of the flllng fee.
#
If I can be OL any further asslstance to you or
the members of the Clty Staff, please contact me.
Very truly yours,
p!!de~{~
PDS:fo
Enclosures
cc w. fEncl. :
Mayor Chrlstlne E. Reed
James P. Conn
Wllliam H. Jennlngs
Alan S. Katz
Herbert Katz
Dennls Zane
John JaIl 11..
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11-C: TENANT OWNERSHIP RIGHTS CHARTER AMENDMENT MORTGAGE REVENUE
BONDS: Presented was a staff report recommendlng approval of
gUld ellnes for the Llml ted Equity Cooper ati v e compon en t of the
Tenant Ownershlp Rlghts Charter Amendment (TORCA) Homeowner Shlp
Asslstance Program, adoptIon of a resolutIon regardIng l::suance
of mortgage revenue bonds, and dIrectIon to the CIty Man~ger to
take necessary actIons to 1mplement the bond program. DISCUSSIon
'as held. Member of the publ ic Paul DeSantls spoke 1n support
0f the program. DIScussIon was held. Councllmember Zane moved
to approve the operatIng gU1delines and program procedures for
the LImlted EqUIty Cooperatlve Component of the TORCA
Homeownershlp Ass.l.stance Program. Second by CouncllCTl€'llber
EpsteIn. The motIon was approved by the followlng vote:
Councll vote: Unan1mously approved 5-0
Absent: Councllmeillber Katz
Counc llmEmber Ep ste 1n moved to adopt Re sol ut 10n NO. 709C (CCS)
ent1tled, "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANIA
MaN lCA AUTHOR 1Z I NG APPLICA lION TO THE MORTGAGE BOND ALLOCATION
C OHMITTEE OF THE S TATE OF CALIFORN IA FOR AN ALLOCATION NOT TO
EXCFED $75,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF KJFTGAGE
F EVE.NUE BONDS - CALENDA R YEAR 198511, read ing by tl tl e only and
wa1v1ng any further readlng thereof. Sec0nd by Counc1lmember
Zane. The motIon was approved by the followlng vote:
Co~n~ll vote: Unanlmously approved 5-0
Absent: Councllmember Katz
founcllmember Zane moved to direct the CIty Manager to establl~h
a revenue account for the recelpt of the Bond Program Deposl ts
dnd take other necessary actIons to lmplement the bond program.
Second by Mayor Reed. The motIon was approved by the follOWIng
vote:
Councll vote: Ur.anlmously approved 5-0
Absent: Counc1lmember Katz
:IT~ ~CU\CI~ MI\UTES
Se?~2LD2r l~, 1935
II-C
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TRANSCRIPT OF. ,COUNC~USSION~,.
C:=-RE~ll-C ON SEPTEMBER 17, 1985 ~~
ll-C: TORCA GUIDELINES:
Staff report...
JENNINGS: F1rst of all I want to make sure that th1s 15 part of the
publ1C record. In determ1n1ng what the payments are gOlng to be on
any loan that we are gOlng to be maklng to 11m1t equ1ty costs.
Flrst of all, you take somethlng called a gross 1nltlal carrY1ng
cost and that 15 the payment, I want to make sure I am r1ght on
thlS, that 15 the payment on the flrst trust deed note plus the
expenses of operatlng the property plus the reserves. Is that
r1ght? It 1S the payments on the flrst, plus the expenses llke
malntenance and so forth, plus reserves and the reserve fund that
15 belng set up. ~MHXXMX~SMX~XXMMMX~XXXWM%NMXWMMX~XMMXSMHXXMMX~tX~
W~MXMXM~XXM~X~X~MMMXXXMMXXMHX~~~
ANN SEWILL: The resldual recelpts WhlCh would be due the City
would be the payments on the ...
JENNINGS: No. No. I'~ not there yet. The term gross lnltlal carrYlng
costs.
ANN SEWILL: Gross lnlt1al carrYlng costs refers to the inltlal total
rent and carrY1ng charges collected by the coop from ltS lndlvldual
members at the tl~e 1t 15 made.
JENNI~GS: What about the expenses of Malnta1nlng the property and so
forth.
ANN SEWILL: Those are not in1tlal carryings costs. Correct. Those
are later deducted to COMe up w1th the resldual that the coop can
pay the Clty.
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ll-C (contlnued)
JENNINGS: What a m1nute, I'm gett1ng a dlfferent explanat10n than I
got a couple of days ago. That's why I... In order to flnd out what
the C1ty 1S gOlng to be paY1ng on thlS loan, that you take the CPI
lndex, how much lt 1ncreases from the beginnlng of year three to the
end of year three, and you mult1ply that times the gross 1D1t1al
carrY1ng costs for the f~rst year. You take the thlrd year CPI,
multlply lt by the flrst year's gross lnltlal carrY1ng cost and then
you deduct the payments aD the flrst trust deed mortgage and you
deduct the ma1ntentance and other expenses and the amount that goes
lnto a reserve and then If there lS anything left, that's our pay-
ment on the note.
.~N SEWILL: That's correct.
JENNINGS: But your only applYlng the CPI factor to, baslcally the
lnterest. Excuse me, the payments on the flrst note, right? What
other carrYlng charges...
ANN SEWILL: NO. Your applYlng the CPI factor to the lncorne of the
cooperatlve.
JENNINGS: But the_ lncome of the cooperatlve 1S more than the payments
that are necessary on the first note.
ANN SEWILL: That's true.
JENNINGS: So 1t lS. So there lS a th1ng called gross lD1t1al
carrYlng cost, lS the payments on the f1rst note plus the malntenance
expenses, plus what wver they are putt1ng lnto the reserve.
ANN SEWILL: I see. Yes. You could say that, yes.
JENNINGS: OK. Is that accurate to say that?
ANN SEWILL: Yes. But perhaps a Ilttle cushion for reserves, yes.
JENNINGS: All r1ght. Then you got a three percent cap on years
. ,
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ll-C (cont1nued)
JENNINGS: ...after the forth year. What do you mean a cap? I don't...
It's a cap on what? What 1S supposed to DP-?
SEWILL: A cap on the C1ty...
JENNINGS: When would you ever be less than three percent?
SEWILL: If actual CPI had not been greater than three percent.
JENNINGS: Oh! So the CPI factor is applled to the subsequent year.
???: L1ffi1ted to three percent.
SEWILL: In no cases w1ll 1t be greater than three percent. It m1ght
be lower.
JENNINGS: Wh1Ch CPI do we apply to Wh1Ch year 1n order to f1gure out
what's gOlng to be th1S year.
SEWILL: The 1ndex 15 the same 1ndex used in the Charter Amendwent
1tself, Wh1Ch 1S the urban wager earners and cler1cal workers C.S.
Clty average.
JENNINGS: For whlch year, though?
SEWILL: For Wh1Ch ever 12 month period that we are rev1ew1ng the
loan for.
JENNINGS: But I mean to get the forth year, we take the third year
CPI and we apply lt to the f1rst year's gross lnlt1al carrYlng cost.
So, for the flfth year, we take the forth year's CPI and we apply it
to the forth year's carrY1ng cost. Back to the second year's carrYlng
cost.
SEWILL: It 1S only for the flrst year for deterro1n1ng your paywent.
It's only 1n your four that you go back to your one.
JENNINGS: OK.
REED: OK Mr. Jenn1ngs. Mr. Zane
ZA~E: I understand that w1th respect to thlS mortgage bond allocatlon
. 4
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ll-C
(cont1nued)
ZANE: ... that there 15, that the staff used th1S as a llm1ted
opportunlty that m1ght be ava1lable to us for only a short per10d
of t1me. Is that the case, or could you expla1D to me what the
status of that lS now? And also what the real1st1c expectat10n
of the amount of money that m1ght be available and what kind of,
how many un1ts that m1ght be able to. finance.
SEWILL: The state's allocat1on per year 1S lim1ted to, I think,
th1S year to two blll10n dollars. The urgency that you have
been hear1ng about from lnterested c1t1zens In gett1ng on the llst
has to do w1th whether we rece1ve an allocatlon 1n February of
next year or ln Apr1l of next year. It lS not an 1ssue of runnlng
out of money. It 1S merely a matter of gett1ng 1n 11ne and wait1ng
our turn.
REED: So lt 1S which quarter we get lt 1n 15 what people seem to
be carlng about.
SEWILL: That's correct.
ZANE: I guess I understood that there were concerns that there ffilght
be changes In, for example, the tax code that nlght affect the
avallablllty of thlS money at all. There seems to be speculatlon
that that probably wlll not happen 1n EMM~th1S year.
REED: Are you done Mr. Zane?
ZANE: Well, I d1d ask a questlon about how much ~oney mlght be avall-
able to the C1ty and how many unlts dld we estlmate mlght be able to
be flnanced?
SEWILL: The amount of money that we would probably ask for, the
standard 15 twenty ffillllon dollars. That, we have estlmated, makes
loans to 250 households.
REED: OK. that's nlce. Mr. Epsteln.
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ll-C (contlnued)
EPSTEIN: One thing that I dld not understand at all, and thlS 15
entltlement funds for supplementary funds.
SEWILL: That has to do with the type of allocatlon the way the State
dlVldes up ltS allocat1on. Entltleroent. Everyone who applies 1S
very entltled to 20 mllllon dollars. Supplementals, over and above
your entltlernent amount. In reallty, if you, say your coming at
the tall end of an allocatlon, they ffilght not be able to glve you
20 mllllon, they m1ght only have 10 ffi1lllon left. They would glve
you the rest ln supplemental.
EPSTEIN: But lt1s the same thlng and these are bonds that, they
lssue bonds that we lssue.
SEWILL: Bonds that we lssue, under thelr authorlty.
S'TEJ.J
E~: Authorlty to lssue bonds on our own, and we probably have
to make a deal In some Clty where a lot of new housing is being bUllt
and lssue the bonds ]olntly but they would'nt be general obllgatlons
In the city, they would be flnanced by the revenue from the mortgages.
Is that correct?
REED: Uh,huh.
EPSTEIN: Sounds good to ne.
REED: Alrlght, Mr. Jennlngs, another questlOn?
JENNIKGS: Now, we're not quite there yet, but when we get to the
Clover Fleld gardens and the $1.1 ffillllon loan, that's a $1.1 Mlllion
loan agalnst the TORCA fund, and all th~ stuff we're talking about
here ln Item ll-C is also loans out of the Torca fund, rlght. So the
Torca fund (Reed: that's correct! can have a $l.l IDllllon deflclt
(Reed: correct) as soon as we approve or fund thlS loan to Cloverfield
Gardens lf we do It. How long is It gonna take to put enough money ~
~ -.....
back 1n there that we can make any loan under this program we're gonna
approve in ll-C?
SEWILL: Our proJection 1S based on the number of appllcat10ns subwltted
1n the flrst year of the program, we could say we could pay that loan
off wlthln three years, assuming that those that have subm1tted loans
do actually convert and
our purchase that they would be pald off
. easily Wl thln 3 years.
~~ ~h~N: We're est1mating around $5,000junlt, r1ght that's gonna come
In. One year's rent. And that would mean for $1.1 illll, we're gonna
need, lS it 220? 220. How many un1ts have been approved so far In
h J ,.)
t e C.1 ty s process c..J" I ~'
SEWILL: I'd have to check w1th the plann1ng staff (stafft:1t's about
160 are In process, some of WhlCh have been approved.)
REED: Yes, several bUlldlngs have come through to us on ~emos as
. be~ng approved.
;;~j
~ ~~ta~: Are there any others?
STAFF: So actually lt could be the tlTIe frame of 2 years., could
be less, lf y(-- '" '\l; there are more conversions requested
. .uvr.-'-~; ~
~ ~--IN: Have any of the ones that have started actually paid any
money to us yet.
STAFF: The tlme frame wlthln WhlCh they pay) I don't belleve we
have reached that yet.
SEWILL: No they would pay (Staff: which (garbled) separate tall end
of the process where the payment 1S made. (garbled) perhaps that's the
DRE and thep- they have tlme to (garbled)
\ ....~
..j~~r"..[l'aIN: And how long lS the baslc \vai t before they actually sell
the unlts? ln general.
. I
Staff: DREs about a year.
Reed: Yeah, at least two years from start to end.
Epsteln:
, .
lts approved then that tenants have 2-years exclus1ve
opt1ons to buy (Reed: right)
JENNINGS: And we only got a IOD? We only got a 160 unlts (staff:
1D process now), lncludlng the ones that were approved.
~~~E~: Do we know how many have taken on appl1cations 1n addit10n
to the 160 that have subm1tted their appl1cat1ons and have been
through the process?
~~; I'm not sure r1ght now, we'll be happy to provide you
(garbled)
EPSTEIN: A lot of people w1ll take howe an applicat1on, that doesn't
mean that they're necessar1ly dOlng ~ore than speculating (garbled)
1f they were HGX lnterested.
ZANE: I know, but It'S just an 1nd1cat1on of aometh1ng gOlng on.
REED: Ok, are there other questions frow Ms. Sewlll frow the staff
report on Item ll-C? OK, then the matter 15 before the Councll.
EPSTEIN: Is there anyone from the publlC wlshlnq to speak?
REED: Let me see, thank you for rernlnding me. I th1nk there are
people from the publ1C. There 1S one person fro~ the public. Mr.
de Sant1s 1S wlsh1ng to be heard on this item.
ZA~E: Madame Mayor, I would llke to ask one other quest10n lf I could.
REED; Yes, Mr. Zane.
Zfu~E: Ann, for the benef1t of the Council and members of the public,
who m1ght be interested In thlS progr~, could you glve us some lnd~catlon
as to the lncorne ranges that would qualify for the TORCA loan pro9ram
and then also for the IToortgage loan because what we're talk1ng about
here 1S public f1nanc1ng for people to purchase the1r own homes under
~ ~ ~-~
Torca converslon process, and 1t mlght be of interest to members of the
publlctO know that this lS an opportunity that lS avallable to them
and they mlght want to know somethlng about the lncome gU1del1nes
for th1S program.
SEWILL: OK, for the Torca program, people must have a household income
of less than 80% of the area medlan. For famlly of 4 rlght now In
thlS area, that's approxlmately $2~,OOO/year. (Zane: 80% of the
medlan lS $22,000?). 80% 1S $22 thousand. For the Bond program, funds
wlll not be avallable for another 6-7-8 months. There would be a certaln
number of $ avallable to people who are ln that range and a certaln no.
that are avallable to people up to 120% of median, which is $32,000 per
famlly of 4 rlght now.
ZANE: So essentlally, lf these 2 programs pass sometlme In the near terM,
the Clty wlll be able to make available B low-interest loans to people
famllles of 4 up to $32000/year to purchase thelr homes (Sewlll: that's
correct). Are you aware of any other cOffiIDunlty that has a locally
generated flnanclng program of thlS sort? for home ownershlp?
SEWILL: A number of communltles lssue bonds slffillar to thlS. (ZANE:
the Torca?). No, not that I am aware of. I should mentlon, while I have
the radlo, that we also recelved an allocation of approx $200,000 froM
the State of Callfornla's Home Ownership ASslstance Program, and people
In the same lncome category should contact the Houslng D1V1S1on for
asslstance.
REED: OK, thank you very much, Mr. Jennlngs Has a questlon.
JENNINGS: But
the $200,000 is
SEWILL: It's also to make loans to asslst condominiu~ buyers under
Torca who are below 95% of the area's medlan lncorne.
JENNINGS: I thought that lt'S only condo buyers..
SEWILL: Correct, It's not for cooperatives.
REED: OK, so we have several programs about to be entered into, and
one ln process. Alright, we will hear from Mr. de Santls, the on Iv
member of the publlC requestlng to speak.
DE SANTIS: Thank you my name 1S Paul de Santls. I'd like to speak
1n Bupport of both the progra~ for fund1ng the Cloverf1eld garden project...
REED: OK, thank you }tr. De Sant1s. Mr. Epstein has a quest1on.
EPSTEIN: Let me Just try a motlon. I thlnk this is a well-crafted prograw
and I thlnk (ZANE: David, for some prlvlledge?) (REED: Mr. Zane.)
Zk~E: ThlS lS a program that was part of a valld neasure that I was a
codrafter of and one of the in1t1ators, unless you have some changes
you'd want to make, I appreclate the privlledge of maklng the motlon
on thlS (Epsteln: Nell, lf Mr. Zane wants to make the motlon, I certalnly
can see that...REED: Flne, we have 3 motlons to ~ake here, Mr. Epsteln,
you'll get to make one of them. Mr. Zane).
ZANE: Well, I llke to move the operating gUldel1nes the staff has presented
1n the program procedures for the Ilmlted equlty cooperat1ve component
of the Torca horee ownershlp assistance progran. (EPSTEIN: second.)
REED: It's been moved and seconded. Is there any dlScuSS10n on the
1st motlon WhlCh 1S the operatlng gUldelines on limited equlty? See1ng
none, please call the roll.
SHORE: (called the roll, mo~ion carrled)
REED: Mr. Epsteln, do you want to wake the second motlon?
EPSTEIN: OK, I'll be happy to. Wlth the permlssion of CM Zane, I move
we adopt the resolutlon author1z1ng the Clty Manager to submit an appl1catlon
to the Mortgage Bond Committee and cert1fy the good falth deposlt is
under control of the Clty as in the staff report. (Zane: second.)
REED: It's moved and seconded that we go lnto the State for the allocation
from the C1ty under the mortgage bond program. Is there any dlScusslon?
Seelng none, please call the role. (Roll was called, ~otlon carrled) .
, ~
REED: Maybe ~fr. Jennlngs or Mr. Conn would 11ke to make motlon #3.
Z~~E: rill move #3.
REED: Mr. Zane 15 rnov1ng #3, I w1ll second that. Mot1on ~3 is
dlrect1ng the Clty Manager to establlsh a revenue account for the
recelpt of the bond progra~ deposlts and all other adNinlstratlve
stuffs that goes along with the bond program. Is there any dlscussion
on that particular motlon?
CONN: ThlS rernlnds we of the an1mals dlsarmament conference In WhlCh
the bear propose that we all JOln 1n the un1versal hug-a-good fellowship.
REED: R1ght, exactly. Seeing no d1Scusslon other than Ilterary references,
please call the roll. (Roll called, mot1on carr1ed). Thank you, that
concludes the act10n on lte~ ll-C which was approved, now we have to
convene a speclal Joint meet1ng of the Council and Redevelopment Agency
together so donlt go any place.
Transcr1pt prepared Clty Clerk's Offlce
on 10/17/85
S~