R-6909
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RESOLUTION NUMBER 6909(CCS)
(City Counc1l Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA MONICA AUTHORIZING EXECUTION OF AN AMENDMENT
TO COMMITMENT AGREEMENT BETWEEN THE CITY OF SANTA
MONICA AND THE CAL1FORNIA HOUSING FINANCE AGENCY
WHEREAS, It is the POlICY of this locality to preserve and
improve the rental housing stocki
WHEREAS, the California Finance Agency (hereInafter "Agen-
cy") will lssue bonds to fund mortgage loans to fInance the
rehabllitatlon and development of multIfamily rental houslng; and
WHEREAS, the C1ty desires to amend the Commitment Agreement
with the Agency executed November 30, 1983 to reserve additional
proceeds of the Bonds for loans for propert1es located withIn 1ts
jurisdiction; and
WHEREAS, Agency program regulations requIred that the
governIng body approve by resolut10n the execution of the Commit-
ment Agreement and any amendment thereto,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1. There eX1sts In this locallty a need for fundlng
to encourage the rehab111tation of the mult1famlly rental stock.
SECTION 2.
The City Council does hereby approve and au-
thor1zes the Cl ty Manager to execute the attached Amendment to
Commitment Agreement by and between the Clty of Santa Monica and
the California Housing Finance Agency for the reservation of
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funds for mortgage loans for properties located wlthin its
JuriSdiction.
SECTION 3. The City Clerk shall certify to the adoption of
thlS resolut1on and thenceforth and thereafter the same shall be
ln full force and effect.
Approved as to form:
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Robert M. Myers - V
Clty Attorney
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CALIFORNIA HOUSING FINANCE AGENCY
['lULTIFAiIILY REHABI~IIAIION ?ROGRhJ.l
AMENDrvtENT TO COM\IInlENl' AGRt:E:1'1ENI
This is an amendment to the Commitment Agreement (the
"Agreement") dated November 30. 1983 the Cltv of
Santa Mon1ca (the "Local1ty")" and the Calilor-rua Houslng
Finance Agency (the IIAgency").
_.' 1" _. The app roved Comml tmen t Amount shown on page 7 of the
Agreement lS changed frorr. $1,058,435 to $ 1,741,000 .
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2. The Locallty shall furnlsh upon delIvery of thlS
Amendment to Commitrr.ent Agreement, cash or 3 cashler's chec~ 1n
tne amount of $23,890.00 equal to three and one-half (3-1/2%)
percent of the requested increased Com~lt~ent A~ount (the
"Commltment Fee").
IN WIINESS WHSREOf, the partIes hereto bave caused thIS
a~endment to the Agree~ent tG De executej by their duly
aucnorlzed officers as of the cate of executio~ by the Agency.
Approved as to form:
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Robert M. Myers -- U
City Attorney
C1 ty of Santa :~on1ca
(~a~e OI ~ocality)
by
(Signature of Authorized
Office r )
(PrInted or typewrlt~en na~e of
Authoflzed Offlcer)
, 1984
CALIfORNIA HOUSI~G iI~4KC~ ^G~jCY
By
(Inle)
, 1984
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Adopted and approved thlS 4th day of September, 1984.
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Mayor ,. ~ -
I hereby certify that the foregoing Resolution No. 6909(CCS)
was duly adopted by the City Council of the City of Santa Monica
at a meeting thereof held on September 4, 1984 by the followlng
Council vote:
Ayes: Councilmembers: Epstein, Jennings, Press, Reed,
Zane and Mayor Edwards
Noes: Councilmembers: None
Absent: Councilmembers: Conn
Abstain: Councilmembers: None
ATTEST:
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CitY'Cle~k