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06/08/2020 NOW, THEREFORE, THE COUNCIL OF THE CITY OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: Section 1. The recitals set forth above are true and correct and are hereby incorporated herein by this reference as if fully set forth in their entirety. Section 2. Sections 2.41.16 through 2.41.18 are hereby added to Chapter 2 (Administration), Article IV (Funds) as follows: Section 2.41.16. COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) FUND: A special revenue fund to be known as the "CDBG Fund" is hereby established. CDBG entitlement funds, program income, and any other CDBG revenues shall be deposited into this fund. The monies in this fund shall be expended solely in a manner that is consistent with CDBG regulations. Section 2.41.17. HOME INVESTMENT PARTNERSHIPS PROGRAM (HOME) FUND: A special revenue fund to be known as the "HOME Fund" is hereby established. HOME entitlement funds, program income, and any other HOME funds shall be deposited into this fund. The monies in this fund shall be expended solely in a manner that is consistent with HOME regulations. Section 2.41.18. HOUSING SUPPORT FUND: A special revenue fund to be known as the "Housing Support Fund" is hereby established. Transient Occupancy Taxes collected from short-term rental uses, AB 1717 Prepaid Wireless Utility taxes, and other monies designated by resolution shall be deposited into said fund. The monies in this fund shall be expended solely to provide housing affordable to extremely low income, very low income, lower income, and moderate income households in the City and for administration and compliance monitoring of the affordable housing program. Section 3. Resolution No. 15637 is hereby rescinded. Section 4. This ordinance is not a project subject to the California Environmental Quality Act ("CEQA") as defined in CEQA section 15378(b)(5) because it is an administrative activity that has no potential for resulting in either a direct or a reasonably foreseeable indirect physical change in the environment. Section 5. The City Clerk shall publish this Ordinance in accordance with applicable law. Section 6. This Ordinance shall go into effect thirty (30) days after the date of the passage and adoption. ATTY/ORD.516/CC ORD ADDING SECTIONS 2.41.16 - 2.41.18 TO CHAPTER 2, ARTICLE IV, TO THE MUNICIPAL CODE REV: 05-07-2020 PR MUFF NO. 305 ORDINANCE NO. 2482 Page 2 of 2